TIAA Reviews 175

My agent, Michael Holter,(CRD#1413532) is refusing to answer any of my emails or texts.

I had 300k in a fund and using their site, set up a trade into a 3 separate brokerage account funds in the amounts of 33%, 33%, and 34% of the 300K. The web app showed the correct amounts of 100K each to be bought. When the transaction processed, it did the first 33% at 100K as is should have, but when it tried to do the second, instead of moving 100K, it recalculated using the 200K balance and only moved 66K, then the third transaction recalculated again, moving only 45K. After 3 hours on the phone, they finally admitted it was a bug in their web app. I cannot believe a firm this large could have an IT issue like this. So they offered a way to correct it which was moving all the cash to a money market first (1-3 business days), then do the transaction (another 1-3 business days). So we moved the cash. The next day, the move was complete, and on the brokerage side it said I had 100K to trade. When I went to do the trade on a different screen, it showed the 100K as unsettled cash. WTF????? When I called, the brokerage rep said I had 100K. When I pointed out the discrepancy, he was clueless and said since it hadn't settled I had nothing to work with. He had NO CLUE. TIAA SUCKS, their website SUCKS, their customer service SUCKS. They must be lining educational institution pockets to use their services because no decent corporation is using their garbage services. Can't wait to retire and move it all to fidelity.

Received ( several days ago ) an apparent scam email stating that it was a “Profile Change Confirmation” which I never did. Suspicious as I was I went on to scrutinize the email page and it was absolutely credible in format and features with TIAA’s. However at the bottom the corporate information read TIAA Bank, 11 Oval Drive, Islandia, NY which after a Google Earth flight reveals a warehouse, empty parking lots, trucks and a dumping site. Watch out! I was supposed to call a certain number if I had not made any profile changes on my TIAA retirement account. I immediately wrote to to report but received no response to date. We retirees deserve a lot more and prompt response or action. Disappointing!

They make it so difficult to transfer funds to another institution. Arcane rules that tie you up with rounds of forms.

As far as I'm concerned, TIAA locks you into old-fangled products with sub-optimal returns and a potential to go bankrupt. They seem to do this to protect dinosaur employees who run these products.

They make an annuity sound GREAT. They write papers about this all the time. But they don't tell you that an insurance plan can go underfunded over the many years that it is run. And they don't tell you that an annuity locks you into potentially sub-optimal investments that don't keep up with the times.

Just learned that TIAA.org leaked my social security number and other personal information. This is supposed to be my trusted retirement account, but instead they're putting all my banking info on the dark web for people to scam and rip me off.

I had 60 days after leaving my employer to elect a distribution method, with the default for non-election a lump sum. I called within 60 days but they wouldn't take my election because they said according to their records, I was still employed, but said they would correct this right away. Despite multiple calls, it was not corrected until 4 months later and they forced me to take the lump sum distribution (which had serious negative tax and Medicare premium consequences as it doubled my apparent income). I engaged my former employer's HR/lawyers on the matter. TIAA LIED AND TOLD MY EMPLOYER THAT I HAD NEVER CALLED THEM until I produced two call logs from Xfinity and TIAA themselves that proved that they were lying. Ultimately, we forced TIAA to reverse the lump sum so I could elect a 5 year distribution (but not until the lump sum distribution was made and I had to pay the increased taxes). I had to send them a check for the total amount, including additional funds because I had already paid taxes on the total amount.

First, they did nothing, until I complained.

Then they deposited only about ONE THIRD OF MY CHECK in my account. (until I complained)

Then they deposited TWICE THE AMOUNT OF MY CHECK in my account (until I pointed out the error).

Then they made the correct deposit and distributions for 2023 and 2024 as agreed and all that was left to do was to issue a new W2 so I could get my tax refund and Medicare premiums lowered.

Instead, they issued a W2 that showed TWICE THE AMOUNT OF INCOME that I actually had received! They refused to fix the error until I threatened them with legal action.

Then they issued a W2 with the correct income, but without listing the taxes that had already been withheld. My accountant said that the IRS would expect me to PAY THESE TAXES AGAIN. It is now only a matter of copying and pasting uncontested amounts from one box to another of my W2 and even after my accountant called them, THEY ARE STILL REFUSING TO FIX THEIR ERROR! I can't file my amended tax return and get my refund.

I have another employer related account with TIAA. I wanted to roll it over to another company so that I would not have to contend with these morons. THREE SEPARATE REPRESENTATIVES told me that I could do this and one actually filled out the online paperwork for me. Then the company refused to do the rollover, saying it was against the law.

I wrote a letter to the CEO. In response, they have connected me with 3 different representatives. One's approach was to just be a brick wall and "just say no". I ditched her and they gave me someone who was essentially a human shield. Finally, I have someone who seems to be trying to do the right thing, but she is relatively powerless against the people who actually make things happen.

This company makes repeated mistakes, and actively fights against correcting them, even when presented with overwhelming evidence. Do not let them near your retirement money. I am submitting this review to TIAA. I would not be surprised if they again deny responsibility and perhaps try to smear me in the process.

Absolutely unreliable. Last year they lost $40000 of my money. This year they keep sending my annuity check to the wrong account. Now just today $3000-4000 is missing. Good luck getting anyone's attention. I have given them way too many chances and the only sensible thing for me to do is to get my money out of this retirement account is to put it with someone else. I gave them my business for 40 years and they were bought out by somebody and I guess that explains the haphazard way they care for my account.

The closest synonym for TIAA is failure. I want to point out that the people you talk to over the phone for your account needs were and I suspect are still a really good collection of people. The rot is at the top. The employees don't like dysfunction anymore than you do. If you only know the thousands of hours customers used to spend resubmitting various forms you would crap your pants. The anguish they have caused is just plain sad. I could write a book on management's missteps. Many are public - like losing their tax-exempt status, buying Nuveen, and their hapless short-lived journey into banking. TIAA doesn't appear to understand that fundamentally they IT is an integral part of their business. If that's your business, why on earth would you outsource a significant part of it? How secure do you think outsourcing overseas is?

I regret enrolling in the TIAA retirement plan instead of the NC State plan. Over the years, the “financial advisors” at TIAA have not helped me grow my funds or achieve significant gains for a more comfortable retirement. I am currently 65 years old, so I have a few years left to prepare.
I sought advice from a person at another financial institution who has successfully managed my wife’s portfolio. Yesterday, I spoke with a young “advisor” at TIAA who used complex terminology, making it seem that everyone should inherently understand funds, numbers, and financial concepts. When I thought I grasped what he was saying and asked for help in moving some funds and eliminating others, he said I had to do it myself. Is this how a financial institution operates? It’s disappointing for TIAA and this advisor to deny assistance when we are paying their salaries.
I also discovered that I cannot move my TIAA Traditional funds, as no one had ever explained this to me. Avoid TIAA at all costs; they will never help you achieve your financial goals. And their customer service (advisors) is not helpful.

When I wished to cash in a variable annuity, some TIAA folks found various way to slow my progress. I did get the money in the end but I was frustrated by being told my redemption form could not be found which made me send it a second time by certified mail; then I was forced to send a form that was not truly needed, etc. To be clear, I am complaining about the annuity division only. The rest of TIAA has been fine for my wife and me -- we have an excellent advisor and the company's service besides the annuity division has been commendable. I recently advised my daughter to choose TIAA as her funds manager.

I had many of the same complaints about TIAA's service that I've been reading here, and had a good idea. I used to have GOOD TIAA advisors, but they left several years ago (probably due to the reasons delineated in the NBC story about the whistleblower at TIAA). When I looked up where they had gone, I discovered that one had stayed in my area and was now working with a smaller, but very reputable firm. I was able to get his advice. He says that a lot of others in his firm send him the TIAA questions.

The most incompetent employees I have ever dealt with
They drag everything longer than needed
It 4 months and I still don’t have my money
Every time you talk to them they ask for different documents and give different information

TIAA is nothing but a bunch of ego-driven incompetent white men posing as financial agents. I am sick and tired of their employees lack of comprehension skills, lack of common sense, lack of listening skills, lack of uniformity, lack of honesty, lack of understanding policies, etc. They do WHATEVER they want to do with YOUR money, and I am fed tf up! Fraud is being committed at every turn, and since they refuse to correct it, I will simply remove my business! Not only will I be closing my account with them, but I will be reporting them to the BBB for a second time, and the SEC! DO NOT UTILIZE THERE SERVICES! I don’t know if it’s just misogyny, racism, or pure ignorance with them, but whatever it is I REFUSE to deal with it. Michael Powers, Doug Hindeman, Torin Wallace, and Bernie Davis are the most recent idiots I’ve had the absolute terror of dealing with, STEER CLEAR!

I no longer trust TIAA with my money or investments. They used to be a solid bank, but that has changed. If I were you, I would not trust them with a single penny of my money.

I am the executor of my friend’s estate and had a bad feeling contacting them after a letter I received. Spoke with a woman today to get the process started. Just emailed the death certificate. All other entities I am dealing with are accepting the copies of the will. TIAA wants letters testament from Probate court stating my executorship. Something doesn’t feel right, especially reading all of the reviews. Will report back.

Tiaa Cref has got to be a contender for the worst financial service outfit. I started an account for my daughter 30+ years ago when she was a minor and I was new to investing.The fund performance has been terrible. A mere fraction of what it should be. Couple that with the terrible phone tree and lack of service. My daughter now 40 tried to roll into Vanguard. She was unable to because she is listed as a minor. I called. After a painful journey through the phone tree I reached a human, I went through all the security hoo ha. Old telephone numbers and addresses etc Stuff no one else would know and I bearly remember. Then apparently lacking 1 bit of info , there is always 1 more bit they need, I was told I am unable to access the account. So the 40 year old minor can't move her money and I don't have access. I then tried general nonspecific to the account questions on how the system works. The human was unable to grasp the concept. Kept saying I didn't have access. Finally blew my top and got scolded for swearing. Meanwhile, they still have our money. Still fighting for access. This has been going on for a couple of of years. The phone calls are so frustrating that my daughter gave up. I give up for a while then try again. STAY AWAY FROM TIAA CREF investments.

So, I've been with TIAA for about 10 years now, using their retirement and lifetime annuity products, and honestly, it’s been solid. They offer free advice, and in that time, my portfolio has more than doubled. That’s without any crazy fees or extra hoops to jump through. It’s kind of impressive considering how low-maintenance it all felt.

One of the best parts? They keep things pretty straightforward. I didn’t have to dig through complicated jargon or feel like I needed a finance degree just to make smart moves with my money. Their team was always clear about the pros and cons of different options, which gave me confidence in the choices I was making.

On the flip side, the returns aren’t always as aggressive as some riskier products out there, so if you're into high-stakes growth, you might find it a bit slow. But if you’re more about steady, reliable growth (like me), then TIAA’s advice and products are a solid choice.

Compared to other places I’ve looked at, TIAA feels way more personalized. You actually get real advice without having to pay for it, which is a rare find these days.

I have been trying to start my annuity payments for MONTHS. My paperwork just sits there, they don’t follow through, I have been promised repeatedly that my payouts will start.

I did make an error early on, not understanding that I had to call TIAA after I had verified my bank account. When that was clarified, I received, completed, and submitted the additional verification paperwork required that same day. (7/08/24.) I was assured that upon submission of this paperwork that everything would move forward quickly, and I would then begin receiving my annuity as of August 1, 2024.
Three weeks later I called to check on the status as it did not appear in my online account that anything had occurred. I was told at that time that “there had been a computer error“ and none of my paperwork had been forwarded for processing.

From trying to initiate the process until today, I have called EIGHTEEN TIMES. I have spoken with SEVENTEEN different “specialists.” I have not been able to speak to a supervisor. For purposes of this review, I have had to select a date of the experience, but this has been going on since May, 2024.

I have been living out of my savings and having to take from other investments while waiting for this. That’s doable for the short term, but not at all how I envisioned my retirement. As of today, I was told it will now be NEXT month that my annuity will start. I have no reason to trust them.

I must say, however, that the financial analyst with whom I worked over the past year has ALWAYS been helpful, responsive, and true to their word. In fact, I finally contacted them out of frustration, and with their intervention - and actually doing someone else’s job in an entirely different area of responsibility- was able to move one document forward that had been sitting with TIAA for 48 days.

What can we do as a collective group to draw attention to this pattern?

If your employer gives you a choice of investing with TIAA or something else, choose SOMETHING ELSE. The pattern of mistakes—75% of the transactions I have attempted—can only be read as intentional fraud.

I've had my money with them for 35 years. They have found a way to FAIL TO DELIVER my own money to them almost every time. A wire transfer that didn't go through; a cheque that never arrived; a cheque with the wrong address; a transaction cancelled by mistake; agents who for mysterious reasons can't see my account "right now."

They are now as shady as a health insurance company. Tomorrow I shall look into closing my account.