Complaints

• Initial Complaint

  11/04/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  September 20, 2024 - I attempted to cash out my 401k using their online portal. When I got to the confirmation screen it was showing my old address as the delivery address so I updated my address. Then when I attempted to resubmit the distribution it was showing that I was ineligible due to the address change. I called to see if I could request the distribution via phone and I was told no. I asked when I would be eligible to submit it through their website. They told me to try again in a week. Oct 7, 2024 - I called because I was still unable to submit my request online. I wanted to know when I would be able to submit the request and I wanted to freeze the account because my account was decreasing in value while I waited to submit my distribution. They refused to freeze the assets to stop the assets from dropping and they couldnt give me an exact date as to when it would be available online. Oct 8, 2024 - I went online and was able to submit the distribution. My account had dropped $421 since the first attempt. October 30, 2024 - I called to inquire on my check because I still had not received anything. They reassured me that the check was mailed October 22 and would be arriving any day.November 4, 2024 - I called again and they said the check was put in the mail on October 21, 2024 so I should have received it. They could re-issue but it would be a $30 processing fee. I pointed out that it was not my fault the check wasnt received. They provided 2 different dates so how could I really believe they even put the check in the mail. They refused to waive a processing fee and wouldnt send another check without me paying and they couldnt provide a confirmation that the check was actually delivered to the post office. In addition they told me it would be another 7 to 10 business days to reissue the check. Their service and policies are unacceptable. They dont provide accurate timelines and blame customers for their errors.

• Initial Complaint

  08/28/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  i have a 401k with ******** called to request a loan. i advised that it was for an eviction. i was advised to use the loan option because it was quicker and easier. i got the loan called my job to get it approved to make the process go faster. everything was approved on 8/27 and i was told once i saw the amount deducted from my 401K to call for the tracking number. i woke up on 8/28 saw my money missing called 5 times and no one wants to give me a tracking number ***** N was rude i asked for a manager and she refused. so i have no clue where my money is and no one will help me. i paid $30 to get my funds faster and still do not have them.

• Initial Complaint

  08/07/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  I left my employer and have made numerous calls to get my money. However, they apparently have numbers on my social security number transposed. Ive done everything theyve ask and have been told numerous times over the past 9+ months that they will take care of it, but its still not resolved. Im a single mother and times are hard. I need MY money. I call and call but cant seem to get anywhere.

• Initial Complaint

  07/31/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  I had requested a withdrawal from my 401k ...........customer service is horrible and they refuse to cooperate with my employers HR department researching this company i noticed many other with same complaints **********************************************************

• Initial Complaint

  05/22/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I left my previous employer and requested a refund on April 15th 2024 on April 17th 2024 I was told the check was mailed it is now May 22nd and I have not received it I did call the office because they're charging a $30 stop payment fee on a check I did not receive I advised that that was unfair I asked for the number to headquarters they said they don't have one and tried to give me an email address I did not take it because I'm sure it was something that was bogus for instance the email to that same supervisor I spoke to spoke to the supervisor and I asked her I said if this happens again will it be another fee charged and will you charge fees until the check is all gone she said that's possible so this is just a scam and they will take your money I actually made a phone call to headquarters actually it is the it's matrix and matrix is the company that Mails out the On April 15th 2024 I requested I withdrawal from my 401k since I left my previous job it is now May 22nd and I still have not received it I contacted the office and was advised they will charge a $30 stop payment fee I advise the fee is not fair because I've never received the check they can see it is not cashed I asked the supervisor if I don't receive the check this time if they're going to charge another fee and if it continues to happen or they will continue to charge fees until the check is gone and she said that could happen **** gave me the number to a relationship manager ager named *****************.I have not heard from him yet I actually had just left a voicemail today. I also spoke with a representative named **** from matrix who gave me the phone number and he let me know that the check has not been reissued yet or he has not received that request I would just like my refund and I would like for them to waive the $30 fee the check has not been cashed because I have not received it and I do believe that they are going to continue to charge $30 fees until the whole check is gone

• Initial Complaint

  04/04/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Started over a month ago, withdrawing money from a 401(k) because my daughter has to have emergency surgery on her mouth. Newport group made it absolutely impossible by throwing brick walls in front of me. Every time I turned around, trying to access my money.. I advised them I did the expedited because of the health issue for my child. They would never let me speak to a supervisor when you called to speak to a supervisor youre placed on hold for hours at a time and then when I told them about my deadline over and over and how they cannot mail me a check because Georgia has a problem with its mail sorting service right now and people arent getting their mail. They still mailed a check for over $2300 to me that has no tracking number to track the actual payment to me . I spent a total of 35 hours on the phone and logged in on their website as well as filling out paperwork faxing responding to emails and more and Im requesting compensation for that time that they took from me by keeping me on hold for hours on end, as well as the lies given, this caused me extreme stress and extreme anxiety trying to access money that belongs to me for an emergency medical procedure for my child which I now wont have the money for in time for her procedure !

  Business response

  05/01/2024

  Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved.

  Customer response

  05/01/2024

   
  Complaint: 21533589
  
  I am rejecting this response because: it states that they have reached out to me and that they have resolved the issue. They have not reached out, they issued my one payment but I lost 10 hours of my life on the phone and on hold and messaging and emailing and I want compensation for that time! 
  
  Sincerely,
  
  ************************

• Initial Complaint

  03/27/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  A former employer used Newport for retirement accounts and I had about $1,500 in my account when I left the company in October of 2020. It's now March of 2024 and I've been fighting to get a withdrawal while Newport keeps charging me every month. Now my account is down to just $42. Yup, you read that right, $42. They keep making excuses of why they can't process the withdrawal, now it's because my balance is too low. This company is nothing but a scheme to steal your retirement. Good luck getting anyone to help you or even respond. Get ready to lose your money.

  Business response

  05/01/2024

  Thank you for forwarding. We have reached out directly to the complainant to resolve the matter.

• Initial Complaint

  03/09/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  My profile in Newportshows a termination date 2/23/24. However, their system also shows me an active employee. Newport did not ask me for a final payroll statement or other supporting documents. They claim my former company has to fix it. Newport gave me a non working phone number to a contact ******************. They told me they started a ticket. They said it could take 3 business days to resolve. Then they said 5 business days. I have the right to withdraw funds, regardless of my former companys attempt to stall or claim admin error.

• Initial Complaint

  02/09/2024

  Complaint Type:

  Order Issues

  Status:

  Unanswered

  More info

  I submitted a request on 1/10/2024 for a loan request from my 401 K I was informed to call in so I did an was told my employer could not electronically sign my papers they had to manually sign it. My employer signed manually an I resubmitted my loan paper work 1/16/2024. I was then told that because I put my repayment option as twice a month they were unsure when I wanted to make my loan payments back I have had over a total of 8 calls now repeating the same information to the Newport representative that my pay dates are the 10th and 26 of each month but each time I call back they continue to say that my case is being closed due to not understanding when an how often I want to set my repayment option I spoke with a supervisor on 2/5/2024 she escalated the issue to explain that they need to follow the bi weekly payment that my plan covers. I then called back on 2/8/2024 as I was advised to do by the supervisor an I am still having the same issue. This is very unprofessional it should not take a month for me to be having this problem to a simple question of how often Im repaying my loan. No one is calling me an the issue is not being resolved for me to recieve payment.

• Initial Complaint

  02/08/2024

  Complaint Type:

  Product Issues

  Status:

  Unanswered

  More info

  They took half my funds in retirement as their own fee (not a penalty as a total rollover request).They sent me an incorrect 1099-R form but make it impossible to get help.They were difficult to deal with and take steps to limit your ability to rollover your money. If you don't follow the process, you forfeit your retirement funds.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩