Still Having Problems With TIAA-Cref? Tell Us Now
On July 20, 2009 TIAA-Cref will be holding its annual participant meeting. There is an effort underway to encourage the company to be more socially responsible and accountable to its customers, and representatives will be attending the meeting to bring any common problems directly to the board’s attention.
Are you having customer service problems with TIAA-Cref? Please see the instructions below. Here are my past notable experiences with the company.
In March 2006, I scheduled a transfer from ING Direct to create my first SEP IRA on April 7, leaving enough time for the account to be created before the tax deadline. I noticed the problem the day after the account should have been created. The company did not create the account nor did they deduct funds from my ING account. There was still a week before the tax deadline, so I was not yet up in arms.
By April 18, 2006, the TIAA-Cref account had been created but they still did not deduct my funds. This was after the tax deadline, so I was very concerned that the funds would not be attributed to my 2005 SEP IRA. I had difficulties getting the correct department on the phone.
My 2005 SEP IRA was not funded until April 28, 2006, and my level of concern was much higher. I spoke to an account representative who assured me that even though they were late, my money would be applied to 2005’s tax year and I would get April 7’s price for the investment. My account information online confirmed this.
Fast forward to January 2007. I received my received my tax forms from TIAA-Cref which indicated my SEP applied to the 2006 tax year. I did eventually have this issue resolved, but it surfaced only one week after I reported that thousands of people were having problems with TIAA-Cref. Customers could not access their money, didn’t receive their payments, and couldn’t get in touch with any customer service representative who could fix the problems.
The company acknowledged the problems and attributed the mishaps to implementation of a new computer system. This excuse carried on as the problems did for at least a year. Even today, visitors are still voicing their concerns with TIAA-Cref in these comments this year.
Most people’s problems were a lot more frustrating than mine, involving restricted access to money and missing payments from the company. Although I think it may be too late, Neil Wollman, an author who has been following TIAA-Cref’s activities as a socially responsible company over the past twenty-five years, is looking to speak up for consumers at the company’s annual meeting later this month.
If you are currently having issues with TIAA-Cref that you have not been able to resolve by going through the normal channels, please let me know by commenting here using an email address where you can be reached or email me directly at flexo at this domain name. I will pass your information along to Mr. Wollman who will speak to the board of directors on your behalf.
Article comments
My brother had a stroke that left him with almost no short term memory. We put him in a assisted living facility for now. We went through a lawyer to get appointed Co guardians and conservators. I sent TIAA-Cref all the court approved papers. Right now I still am $16000 in arrears for my brothers’ housing. I have been jerked around over 3 weeks for the deposit needed to bring the facility up to date along with various other bills needed to be paid. They still have not released the funds needed. Every time I call they have a different answer and person, who has to talk to a ‘superior’! Now waiting 48 hours for a phone call to supposedly remedy the situation.
I need to cancel my payment for tomorrow . I can’t pay . I don’t have the Fonda for this month . We’re do I go in the app to cancel my payment
I have been attempting to withdraw funds from my annuity for 2 weeks without result. I continue to get the runaround about my advance. With the Covid 19 pandemic causing job loss such as mine, I thought this would be simple. But that is not the case. I’ve already lost plans for Christmas, now I am on the verge of losing everything else. At this time, I want to withdraw ALL of my money from TIAA. Please help.
I should have started receiving a return From tiaa at age 55. When addressing this issue if one of their representatives they sent you to sign a paper saying you wanted your money! My response was did you send any , no they did not! Continuing questioning about it but we’ll have to look into that onward. I want to know where my money is going don’t tell me because I didn’t sign anything given to God. I requested closing my account with them they said I can’t do that either except over a 10-year. I’ll be dead! These answers are not acceptable. This company should be ashamed if itself it’s told me three different times three different things. My raisins are the same due to this virus this money is very important to me right now. I agree with the person below no one I know has had to deal with anything like this. Through other companies.
It’s common knowledge that the tiaa traditional account is not liquid. It pays a higher interest rate as a result, and is not subjected to market fluctuations. In order to draw it down, it must pay out over 10 years, once per year. They retain all their original contracts indicating this, so ask for a copy of the document from their CCT unit
I contacted TIAA to request my retirement check earlier than the scheduled date due to additional expenses resulting from the coronavirus. I was told that TIAA could not honor my request because doing so would violate IRS policies. However, my friends who have retirement accounts with other companies were granted their early check request. Shame on TIAA.
I just got off the phone with them with the same issues.
God help me, I haven’t yet tried to close my account yet (something to look forward to) but nothing about them is simple. When a quarterly statement runs to 26 pages, its not intended for you to understand it. I don’t care about the 43 accounts they’ve split my money into (without either my knowledge or consent); I just want the total amount. I can’t seem to find their contact info (phone #) or actually TALK to a person, not even an assistant.
I submitted my form for RMD take-out, and it very clearly stated that the amount was to be withdrawn on December 17, 2019. Instead, it was taken out on December 5. I got the statement on December 13 and called TIAA. They agreed it was a mistake and it would be corrected. Today (December 16), they said they needed clarity. I lost money.
I changed my contact phone number and cannot login TIAA-CREF. How can I update my phone number?
I WANT MY ACCOUNT AT TIAA-CREF CLOSED AND MY MONEY SENT TO ME NOW. THEY ARE VIOLATING THE LAW BY REFUSING TO DO THIS. THEY ARE HOLDING MY MONEY AGAINST MY WILL. HOW DO THEY GET AWAY WITH NOT FOLLOWING THE LAW. PLEASE, I NEED MY MONEY. PLEASE, HOW DO THEY GET AWAY WITH VIOLATING THE LAW, AND NOT CLOSING MY ACCOUNT. PLEASE HELP ME. I HAD A LAWYER, AND HE COULDN’T GET THEM TO CLOSE MY ACCOUNT. I WANT THIS ACCOUNT CLOSED. I NEED MY MONEY TO LIVE. IT IS NOT A LOT OF MONEY AT ALL. MAKE THEM CLOSE THIS ACCOUNT NOW, NOT OVER 5 YEARS. I WON’T LIVE 5 YEARS. IT IS MY MONEY, I WANT IT NOW. PLEASE HELP ME, I DID CASH MANAGEMENT FOR THE BANK I WORKED FOR, AND NEVER LOST THEM A CENT. I CAN HANDLE MY OWN MONEY. I WANT MY MONEY NOW, TIAA-CREF HAS NO RIGHT TO KEEP MY MONEY AGAINST MY WILL. I HAVE THE RIGHT BY FEDERAL LAW AND STATE LAW, TO CLOSE THIS ACCOUNT AND RECEIVE MY FUNDS IMMEDIATELY. IT IS MY MONEY, NOT THEIRS. THEY DO NOT HAVE THE RIGHT TO KEEP IT AGAINST MY WILL.
They have done the same thing to me. They have made money on us and now will not pay out a lump sum. I told them it was a dire situation and they did not care. I wish I never used them
Using their online tools for analysis and investing is a challenge. For example, when you exchange from one fund into another using their online program, only about half the funds give information about what you are potentially purchasing in terms of performance. Also, if you do make an exchange, you get about 7 notifications with dates that old but contain the current transaction (buggy programs). With so many billions of dollars involved, they could do much better. Also, their computer generated Investment Plans are so complicated and with too many exchanges without clarity of purpose (not better performing funds or less expensive fees, that incidentally are 0.6% or higher for some funds).
File a complaint with FINRA.org
I’ve been with TIAA for almost 20 years and they will not transfer any of my funds to a commercial broker. I’m going 30 miles this week and demand my money. It’s absurd. They must really be hurting for funds.
My husband and I no longer live in the communities where our TIAA accounts were opened and are having difficulty making appointments with TIAA representatives to review our accounts. The closest office is 45 minutes away (although we live in a medium-sized city with a university) and the wealth manager there refuses to meet with us since we also have investment accounts with a commercial broker (with whom we confer in person every three months). When making an appointment with a TIAA consultant today, I was treated as if it were unusual to want to review my investments (our last meeting was in December, btw). Now have an appointment in mid-September. This gives me concern about our ability to access accounts and make changes in the future.
I requested hardship payment on June 13, 2019 on June 17 documents were sent to be signed and notarized. I sent them by 5:15pm on June 17. July 2, 2019 I still don’t have the funds and have spoken with 14 representatives. This is The worst customer service I have ever, ever experienced. On June 13, I sent banking voided check with instructions I needed this proceeds sent to my checking. Spoke with 3 people I needed monies sent to my account, they mailed it. I am homeless sleeping on the floor and you have 14 people who can’t get anything right. You all can’t survive with this many idiots. SAD! Everyone is nice and compassionate. But S L O W!
TIAA-CREF will not close my account. They put it in a 5 year annuity where I can’t afford to pay my
monthly bills. They will not renegotiate the plan. They told me to get a home equity loan. I will not do this. I am 73 years old. Since there is not enough money to pay my monthly bills, there is also no money for the luxuries, like food everyday, gas for the car. I am looking for a job. Hard to get at my age. I also have benign tremors caused by an inability to resolve a situation. This is the situation, their refusal to close my account. It is my money and I can handle it responsibly. I did cash management for the bank I worked for and never lost them a cent. I am a responsible person. According to Federal and PA laws, it is my right to close this account and receive my funds immediately. TIAA-CREF refuses to follow the laws of the USA and the Commonwealth of Pa. Please help me, they are criminals. Please, I just want my money, please help me, Please.
THEY HAVE ALL MY MONEY, AND THEY WON’T GIVE IT TO ME. IT IS MY MONEY, AND I NEED IT NOW. I HAVE BEEN TRYING TO CLOSE THIS ACCOUNT FOR YEARS. I AGREED TO A 5 YEAR PLAN, BUT I’M STARVING, I WILL NEVER LIVE 5 YEARS. PLEASE WHY WON’T THEY CLOSE MY ACCOUNT. IT IS MY MONEY AND I NEED IT TO NOW.
Terrible customer service, terrible website. It is March 17, 2019 and I am still waiting for my tax statements for 2018. I was forced into their brokerage after they purchased Everbank, who I had no complaints about. It is difficult to navigate their website and it took them forever to post my information.
I have turned in forms and had all my forms confirmed as correctly turned in with TIAA. They have repeatedly refused to give me the money that is mine. They have held my money hostage for 17 days and I see no end in the future. What is the problem. According to them my old employer refuses to be in connection with them. So the employer that ditched me as an instructor (instructors don’t get paid well) refuses to confirm that I left with them nearly a year ago when I stopped working with them in June of 2017. Because of this they refuse to take action or turn over the few thousand (very few) that I am allowed. You wold think a trillion dollar company would be able to release what in comparison is a few cents to them.
They’re holding my money hostage, too (16 days and counting). I’ve told them I feel like the boy Michael in the Mary Poppins movie, where the bank won’t give him his tuppence back! In my case, the roadblock appears to be a “free” Wealth Management Advisor, whom they appointed for me, but is not my fiduciary. I realize that he is being paid to benefit TIAA’s bottom line, but he did nothing for me except try to steer me into certain annuity products. When he refused to find the best withdrawal strategy that met my financial needs (especially liquidity), I had to ignore him and perform the optimization calculation myself. However, the “lowly” advisors within TIAA apparently fear him, and refuse to service my requests. The Wealth Management Advisor simply passed me on to someone else, who then passed me on to someone else, who then passed me on to someone else, so that nothing has been done. Unfortunately, I live in a “red” state where the Insurance Commissioner believes he has no responsibility to citizens, only to insurance companies.
I have been trying to set up a self managed brokerage account for weeks. Tiaa has set up a Target Date model that would basically size 62% of my savings and put it into San illiquid low income “TIAA tradional Annita” against my wishes. The online instructions are useless and the customer service people have not been able to correct the situation. They have told me several things that are untrue and refuse to confirm anything in writing. The deadline for the change is February 27th so I am very concerned. This would be a disaster for my retirement plans. I think forcing people to sell their investments at a fixed date no matter what the market conditions are is unethical and something no responsible financial company would normally due. Unfortunately I will have to engage an attorney to resolve this situation and shield my retirement savings from their predatory practices
I’ve tried 2 days to reach customer service. I’m on hold for over an hour right now. Last week no pickup after 2 hours. Does this bank really exist or are they just lazy?
Dealing with TIAA is very frustrating. I have now tried for 3 days to transfer some money from the brokerage to my checking account. In the middle of things, their website crashed and the transfer request did not go through. My advisor here confirmed that id did not work and told me that that often happens on weekends. Their website is awful and unreliable.
If I could transfer all my accounts to some other broker, I would do it, but that may make things even worse.
I am a long time participant in TIAA-CREF and have been retired since 1998 (interest only at first and minimum distribution subsequently). If I could manage to get completely out of TIAA-CREF tomorrow I would do it in a minute. Two years ago I rolled over all of my CREF investments to a T-C IRA, it took more than two months with constant phone calls, emails and letters to get it done by late afternoon on 31 Dec. Within a few days of finally getting it done I moved it to Fidelity (much, much better choice).That still left me with a sizable amount in TIAA Traditional although about a third was already in a Transfer Payout Annuity (3 more payments to go). Last fall I decided to start another TPA to move another big chunk, because the forms allowed it I chose to direct the annual payments to the Fidelity IRA. As noted above I had been using minimum distribution and for more than five years T-C computed the RMD by including the TPA balances (I have three MDO accounts hence six TPA contracts). Then last month when the monthly RMD went to my bank I found that the accumulations T-C used did not match the total shown on the 12/31/2012 Quarterly report. When I called T-C I was told that in order to have the TPA balances included I would have to re-direct the annual TPA payments to be re-invested in the MDO accounts, they could not tell me where in the contracts this was specified and it is not mentioned in any of the materials pertaining to rollovers. I reluctantly agreed to do the re-investing but insisted that they send me corrected “2013 Minimum distribution option review” forms that would should the accumulation amounts used to compute the RMD. When I got the “corrected” forms, the sum of the three accumulation amounts did not match the total given on 12/31/2012 Quarterly report, about a $50 discrepancy. When I called them their first reaction was that $50 was not much of a discrepancy. Rather than going all the way back and correcting everything they had covered for the errors in the computed RMD by setting up “systematic withdrawals” (although these are still not correct). In their computer system there is a crucial difference between payments classified as RMD payments and “systematic withdrawals”
I also had been told back in January that once the annual payments were re-invested I could then do a rollover (once a year for each of the different TPA payments) of the re-invested amounts to my Fidelity IRA. When I mentioned this to the consultant yesterday I was told that the re-invested amounts would be needed to cover the “systematic withdrawals”, i.e. RMD payments can be taken from TIAA Traditional units (held in the MDO accounts) but the systematic withdrawals could not. When I asked them to go back and process the correct amounts completely as RMD payments they said their system wouldn’t allow it. All of the computer problems that made the news some years ago are still there and the incompetence is still there. T-C still relies on rules and practices that are not disclosed until you run up against them and even then there is no written evidence of them.
In regard to the TIAA-CREF, in KY. My mother died a couple of years ago and left my father as the beneficiary. However, he claims that TIAA is now getting ready to cut him off from receiving benefits and he will not longer have it unless he takes what he has an reinvests, thereby going through and investor which would be at a cost as opposed to trusting TIAA to invest wisely. As well, he states that after he dies, this would not be included in his estate for my brothers and I, which he would want. It doesn’t look like he is losing money or much anyway on the TIAA, but I am not sure if he is getting cutoff by them, as if they are not investing in that account. I know my mother was getting retirement from TIAA close to 78,000 anually and I would think, depending on the stock market my father should continue receiving such until he dies, then I would like to know what is the best way for us as siblings.
Sister died left me her TIAA-CREF, WELL i GOT THE TIAA , but they said it hand to be included with the estate. We are talking about $4900.00. My papers stated that the beneficiary from TIAA carry over to the CREF. TIAA said no but I got that in writng with some of my sisters statements.
Had to meet with the TIAA representitive before I could get any money.
I was trying to obtain a loan through my TIAA-CREF, all the necessary paperwork were provided and faxed, delivery of documentations were confirmed, but I encounter a dead-end, unfortunately the contact person of my former employer was unable to be located to confirm that i was no longer employed by the company (I left the company over 20yrs ago). I placed numerous calls to seek a solution and I asked if a notarized letter from my present employer as well a my 1040 tax form would be recognized, (which I feel are reputable documents) and was decline due to the policies at TIAA. I respect policies as my line of work is to implement them, but my company takes accountability of their limitations and we try to find other means to provide a quality of service. To say the least, till today I haven’t been able to obtain that loan which I desperately need.
My sister died gave me all papers before she died I was listed as beneficiary as TIAA from 1987 in 2000 she started with CREF now they say it will go to her estate. Have letter from company stating “The beneficiary designation in effect for your original TIAA annuity contract will also apply to this new annuity certificate” But they said estate. Before my sister died she checked with them by phone that her beneficiaries were in order. It has been five weeks. I will be hiring a lawyer for this soon.
My wife sent in a contribution for her IRA at the beginning of April 2009 for her tax year 2008. The item was never posted to her account. In July she received the envelope back, return to sender PO box closed!! We have spent several hours on the phone on several occasions and wrote customer service with copies of the envelop, check and deposit slip (with the same address on it) trying to get the $5,000 posted to the tax year 2008. We finally seemed to get it worked out and sent in another $5,000 check. This January we got a tax statement from them stating it was posted to 2009 tax year. Another couple of hours on the phone did not get this resolved. Now it’s getting near April 15, 2010 and we don’t know what to do about the 2009 contribution. Help!?!
Today Sunday 1/24/10
I tried to shift money several times (like 10). All I got was “the website certificate is no longer valid.” VEry frustrating!!!!!!!!!!!
I’ll lose money if I don’t get it out. Does TIAA have a way to compensate for losses like this?
TIAA-CREF has misallocated funds resulting in the loss of nearly my entire fund. I contacted the SEC Commission and they concurred that TIAA-CREF is not acting honorably. SEC suggested I take it to the next level. I am not in a mediation phase with FINRA. Up to now, I can only say that TIAA-CREF should not be trusted. They are really disorganized… When I discovered the problem, they should I should fax them documentation and I would hear back in 72 hours… I dod not hear back for over 10 days… I contacted them again and they said their fax machine had been broken for days on end. Has anyone visited their offices? Are they working out of a garage or something? It is unheard of that such a large financial institution handling so much money doesn't even have a functioning fax machine.
TIAA-CREF has misallocated funds resulting in the loss of nearly my entire fund. I contacted the SEC Commission and they concurred that TIAA-CREF is not acting honorably. SEC suggested I take it to the next level. I am not in a mediation phase with FINRA. Up to now, I can only say that TIAA-CREF should not be trusted. They are really disorganized… When I discovered the problem, they should I should fax them documentation and I would hear back in 72 hours… I dod not hear back for over 10 days… I contacted them again and they said their fax machine had been broken for days on end. Has anyone visited their offices? Are they working out of a garage or something? It is unheard of that such a large financial institution handling so much money doesn’t even have a functioning fax machine.
My Mom has a pension from TIAA-CREF, and I have a retail mutual fund account with them.
We haven’t had any problems dealing with them, but neither have we had any complex
issues to challenge them with, LoL……..
Back when I worked as a financial advisor, I had a few coworkers who wouldn’t even bother with potential clients who had 403(b)s at TIAA-CREF due to the near impossibility of getting the money rolled over into an IRA.
I have a distinct memory of one saying over lunch, “Without the Jaws of Life, it’s just not gonna happen.”
Happy to hear that you and Mr. Wollman are taking them up on some of their service issues.
You guys are idots, I left a comment as a employee of TIAA resolution manager a comment that TIAA does not want others to know because it forces them to answer questions within 48 hours and it is not allowed to be posted. Safe to say this site is only intended to her problems and not solutions to them.
If you are acting and posting as a representative of TIAA-CREF, it’s not wise to call your customers idiots.
I think and hope that anonymous was calling TIAA idiots and admitting that internal employees see the foul treatment of their clients and don’t have anything they are willing to do about it. I requested to talk to a manager and was hung up on. They finally called me back and I asked to speak with the managers manager one Chris Ye. The first manager was Shawn Montgomery. If they even game their true names out which I doubt. Shawn transferred me to a recording by someone claiming to be Chris Ye that told me he was unable to handle any type of resolution. It is a true sad state of affairs. TIAA are crooks.