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I became unemployed in June of this year. After two weeks, I decided to cash in my 401K so that I would have money to live until I could find a job. I contacted Wells Fargo on July 13, 2010, instructed them to close my account and forward the money to me. (around $6, 000) They explained that it would take 2 business days for the transaction to be completed and that a check would be on the way on July 16, 2010. The check was being mailed from Minnesota.
I still had not received the check by July 22, 2010 and contacted Wells Fargo. They verified that the check was mailed to the correct address on July 16 and there was nothing they could do for 7 to 10 business days. I went to the Post Office to see if they were holding any mail for me and asked them what I could do to try and find the check. I called an 800 number and filed a tracking request with the Post Office.
On July 27, 2010 I again contacted Wells Fargo and asked to speak to a supervisor. I requested that they stop payment on the original check and reissue another one. I was told that a stop payment would take 2 business days to complete. I inquired about direct deposit to my bank here (Frost) and was told Wells Fargo did not do direct deposits to other banks. I asked about a wire transfer and received the same answer... they don't do those either. I asked if they could over night the check and they said yes, but it would cost me $50.00 through UPS. They do not use the post office’s priority or next day mail service unless I sent them the correct postage paid envelope. My only option was to wait for them to mail a new check through the U.S. Postal Service on July 30, 2010, wait another 7 to 10 business days and if I had not received it by then to call them back.
They would not tell me whether the original check had been returned by the Post Office or cleared their bank.
So here I am on August 9, 2010, almost a month after requesting MY money and I still haven't got it. I am on the verge of losing my vehicle, haven't been able to pay any bills for over a month and having my credit rating, that I worked for a year to improve, ruined!
Wells Fargo is not the least bit concerned or interested in my situation. I guess they figure that since I am no longer a customer they have no obligation to me. I could have driven to Minnesota and back twice by now plus have my money.
I strongly agree with the above. At the end of September I called Nationwide to withdraw my 401K. It's now December 12th. Nationwide still has my money and I'm fighting to get it from them. I have sent them an additional "nice" letter. If I don't hear from them by December 14th, I'll have to take this to the regulators. I also dealt with Wells Fargo who were receptive and I received a check one week after I called them. NEVER USE NATIONWIDE.
ON 5/8/2014 Wells Fargo said they mailed my 401K loan. When it didn't arrive in 7 days, I called them, same story. 10 business days before they will issue a cancel/reissue. I complained heavily and got escalated to a supervisor, who was nice, but wouldn't budge. I had to call back on the 10th business day and pay $80 for overnight, but it would be 3 business days to process. My first loan payment was yesterday 5/21, the check won't be here until Sat. I called today to say, never mind, cancel the loan, cancel the check, refund the payment I already made. Their answer was, it'll be 15 business days to process the refund, then we'll mail you a check, another 10 business days to arrive. If it arrives. Holy smokes. This is NOT the level of service I expected from Wells Fargo. The retirement services seem completely disjointed from the main Wells Fargo. Why can't you just wire the money into my Wells Fargo checking account? Their only answer is, that's not their policy. Okay, so now I'm just going to cash the check and pay it back in full. How do I do that? Mail them a cashier's check only. Can I use Wells Fargo bill pay? No. What if I mail in a check for the balance and you don't process it before my next paycheck auto payment? Then we'll process the refund in 15 business days + 10 days for check mail... OMG. This is a nightmare.
Wells Fargo has absolutely disgusting customer service for 401K issues. I sent in my purchase agreement in February, 2017. It is now 3/22/17 and I still do not have my money. I have called over a dozen times and they keep requesting additional information which I have sent. I then get the story that their loan department will need to review and let me know if the loan will go through. My down payment was due almost a week ago and I'm on the verge of not getting this home and also having to be out of my apartment in 2 weeks. They even went to far (Steve in Charlotte North Carolina) as to say my loan was being processed and I would have the money in 3 business days. When I followed up, I was told that was not true and they were still waiting for additional information. Makes no sense at all. Completely disgusted with their service, You also cannot go into a branch and discuss. You can only call their 1-800 number. That's it.
In 2012 I left the company. I withdrew $100.000.00 from my 401K I paid back my 30.000.00 loan. The thirty thousand made money over the 10 years it was in wells fargo 401k and then the company i used to work for pulled out of Wells Fargo 2021. When I called Wells Fargo about my plan They said there was no money andgave me a run around. They told me to check millinium trust. I had $3000.00 . the fees they charged was 135.000.00 over the 10 year period. I believe I was taken by theives . What can I do in this situation. ?