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Review 11/16/2011
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A few years ago I worked for a retail store with a profit sharing program administered by Benefit Planning, Inc. I left the job before becoming fully vested, but I still had some money in the account. In 2010, BPI contacted me, saying if I didn't roll the money over into another investment, my account would be closed and the money sent to me - minus a $150 "processing fee". It was only a few hundred bucks to begin with, so the $150 seemed excessive - particularly when friends who work in finance explained it as essentially charging a fee to write a check. Speaking with BPI's John Haberkorn, I asked him to break down the fee. He couldn't (or wouldn't). Yet he insisted the fee was "not arbitrary." I say if it's not arbitrary, you should be able to break it down. Either way, they never sent my money.
It was over a year later when I contacted them to see why my money had never been sent. Haberkorn passed me on to BPI's Crystal Morgan and Yvonne Beye. Yvonne said to allow 10 business days from our chat for the check to reach me.
Two weeks later, no check. Crystal said Yvonne should not have told me to expect the check in 2 weeks, citing various department approvals and regulations holding things up. I pointed out that it has been well over a year since the date THEY gave me, plenty of time to sort out any procedural issues. One particularly insulting excuse she offered: while the letter I received said I would be paid a lump sum after September 13, 2010, it didn't say specifically WHEN after that date the payout will actually occur!
The current status? More buck passing. The continued delays are still being attributed to procedure and similar factors.
THIS is the level of service they're taking $150 for. Or all of my money from the fund, really, since I'm still waiting on my check.
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