TIAA Reviews 175

The worst bank we have ever experienced in a lifetime of dealing with banks around the world. Without notice or warning, they appropriated both our balances for inactivity and now cannot account for them. At first we operated on the hunch it was identity theft but after never being given a manager to account to us we discovered the money was supposedly given to the state, but we promptly confirmed with the state this was never done. We have called their one customer-service number repeatedly to no avail, written many times to Support for help, but all we get are mailed promises "we will reply to you shortly" which never happens. Even the $20m-a-year CEO Thasunda Brown Duckett ghosts us while parading as a moral influencer talking about
"Character" as her top priority. Even the BBB refuses to accredit this disreputable institution. TIAA does not follow norms/bank protocol. Stay away. They lie
routinely. Customer service is a waste of time. They send you in circles. With the worst reviews out there, TIAA is shameless. To think they do this to teachers!

I thought retiring would be a relatively simple procedure with TIAA payouts for life. The associate assigned to me was very nice, available and tried to be helpful but I think the fault lies with TIAA itself. Most retirement accounts, you name a beneficiary and if you pass away the beneficiary receives your payouts. With TIAA you are charged for a specific length of time that a beneficiary may receive your benefits if you pass away. I chose 20 years meaning that if I die within 20 years after receiving benefits my spouse will continue to receive my payouts but not after the 20 year period expires. I was charged for this "service". On another note, it was nearly impossible to pin down exactly how much my monthly payouts for life would amount to. I was finally given a ballpark figure but the contract I was sent had a much lower figure. I was told that I would receive the agreed upon amount (even though there is no legal document to back that up) and would only receive the substantially lower amount in the contract under very rare circumstances that have only happened 3 times in the past 90 years. The lack of a formal legal document stating how much I will actually receive monthly is frightening. The lower amount in the actual contract is all they are legally bound to pay and can default to that amount for any reason they choose. I also have to add that the application process to access my own money for retirement was byzantine, confusing and not entirely up front. They have all the hallmarks of a shady business. I hope my monthly payouts remain constant and I regret having to forfeit some of my hard earned money so that my wife will be guaranteed to receive my pension for a period of time. I could have chosen the option for her to receive my payouts for an unlimited period of time but this was too costly for me to consider. Again, my primary contact at TIAA was mostly helpful, available and responsive but it is TIAA's policies that are suspect. Another contact never answered my numerous emails. If I could do it over again I'd choose a different retirement financial management company.

One of the worst bank experiences you can have. If you like a good bank try Primis or Lending Club, you will regret this one

I retired in 2017 and my wife passed away in early 2021. Other than a rollover of her account, Iive not heard from TIAA since meeting with an advisor more than 5 years ago shortly after retirement.
I'm considering moving the assets to Fidelity or a another discount broker since I'm not looking for anything more than solid performing (4 star+) mutual funds or ETFs.

Experienced the same frustrating event that was reported by BioProf. After several days on the phone I gave up on trying to increase the federal withhold rate for my RMD in accounts held by TIAA-CREF. I resolved the problem in 30 seconds with a click of a mouse in a parallel IRA account held in Vanguard. More upsetting I have 2 TIAA-CREF traditional accounts which are both in the processes of undergoing 10 year systematic withdrawals. On March 1st the interest on ALL not some TIAA-traditional accounts were supposed to undergo an annual revision. This year due to the enormous increase in the interest rates the payout was significantly increased. This up grade,however, did not show up for these two accounts. When I enquired I was told that the increase would be instituted at the time of the next payouts 7 and 11 months from March 1st. This floored me and I have not been able to find any written statement in the contracts or on the TIAA-CREF web site consistent with this policy. Congratulations to TIAA-CREF they appeared to have developed a new way of screwing their clients and pocketing the millions of dollars in interest owed them. If anyone else has had this experience please post. I am looking into legal action.

Terrible terrible terrible horrible , employees are liars lazy low IQ , they refuse to give me my money , stay far away from these thiefs.

I have been trying to get my funds out of TIAA since mid December of last year. I still have no answer on this. I have asked to speak to a supervisor. They claim their process is to have one call you back in 24-48 hours. I have requested 12+ times and have not yet received that call. They are full of excuses and it is an endless game of "just wait" just be patient. Someone named Marcus told me "you know how the mail is." Sorry Marcus, I don't think it takes 3 months to receive a document, if it was really sent. That suggestion was one of the least customer friendly, among many that were received. I wouldn't invest with them under any circumstances. They are the worst I have ever dealt with or even heard about. I would rate them a -5.

TIAA has been one of the most stressful parts of my father’s death. His accounts with them have been very difficult to get where they needed to go. I called 15 times every time there is a different answer. Spend hours on the phone being transferred. I send in forms then have to call and they say they were not received after I sent them UPS overnight and it proof of time and delivery. Then they would admit they did have the papers but they cannot look them up by my name. I went down to Fidelity, who I use, to help me with TIAA they called with me and were surprised how difficult they were. We asked to talk to a supervisor (no I am not a Karen) because we were transferred 7 times to no avail and the supervisor said I did not need a medallion signature and told us which forms. I could’ve gotten the signature that day and instead the paperwork was sent in and then rejected for not having medallion signature. I had to drive again two hours take the day off work to go get the paperwork done with the medallion signature and that was just a small part of the runaround I got with TIAA.

Absolute nightmare. Would give zero stars if available. Simply trying to get my 403(b) RMD payout with the withholding that I want (above the minimum). Different answers from different reps and the top-level resolution guy expresses his frustration in dealing with the tax department that does not understand their own W4P and W4R versions of the IRS withholding forms. It is a different nightmare each year and every year is worse than the last.

It has been a nightmare recently. 1. I ordered a contribution transaction but for a month could not get through and no one tells me the situation and the reason. When I complained about the service, I was told it was my fault. I was trapped in the crack between their departments for weeks even with my advisory team’s help. 2. A transaction order submitted in the process center was ignored for weeks without explanation till my advisory team came to rescue; 3. A completed transaction was reversed without my authorization and notice. How can a customer trust this system that each completed transaction was secured and will not be reversed weeks later. Based on the above facts, TIAA has very bad customer service, especially their customer resolution team staff who failed to take the customers’ grievance as an opportunity to improve their operation, instead to prevent the TIAA operation system from improving and rejuvenating. The top TIAA management should pay attention to details of their internal operation and create a customer friendly firm culture. These problems will affect TIAA’s reputation and business in the long run.

Set up an annuity. A future deposit to it was missed.
Lots of excuses made.
Next month wanted to check my loses and gains in about 100 company stocks (brokerage account). Reps lied that cost basis was not sent by previous plan. In fact, it was sent 7 months before and not entered. I said I'm closing out the account because of this lack of integrity. Customer service "ghosted me". Brokerage said they wanted $55 for each transfer if I closed it out. I had to spend 4 hours to sell the stocks myself going through multiple screens and dropdown menus. One Rep forgot to put me onhold when he consulted with another. I overheard and recorded the totally disrespectful customer attitudes exchanged. This has to be leadership. It is disgusting to think I should trust them.

Absolutely the WORST company i have dealt with. I attempted to withdraw my money, I wanted it sent to my daughters house because I just changed jobs and did not have a new address.....they absolutely REFUSED to send the money where i wanted it sent. they said my ONLY option was direct deposit. I set up the direct deposit and get the run around again. These people are THIEVES! DO NOT DO BUSINESS WITH THESE CROOKS!!

After reading the reviews posted here I find that my feelings are validated. TIAA-CREF is poor when it comes to supporting client needs. It is unnecessarily vague and complex. The information one needs to process options at retirement is confusing or not easy to find. There is no simple step-by-step guide to how to exercise options. Too many calls are required. Requirements for signing forms are downright silly and archaic. Questions go unanswered. The advisors I've spoken to offer generic advice, nothing really useful and they fail to listen. If I had to do it all over again, I definitely would not use TIAA-CREF

BEWARE Green card holders/permanent residents. TIAA Traditional is paid out over 10 years, we were not explicitly told that when signing in 2002, nor in 2021 by their agent when discussing retirement. We are relocating back to home country and will be subject to Exit Tax and double taxation on our TIAA funds! Company response was "you signed the contract" and "it's in the statements"

I knew I had an upcoming need to access $10,000 for a car purchase and planned to make my first withdrawal from my TIAA 403B so I called about six weeks in advance to ask how long that withdrawal process would be. 4-5 days, I was told. So when the time came to start the withdrawal my lead time with the dealership was ten days. I called TIAA to start the process and they said they had an issue with verifying my bank account. Even though the test deposits and withdrawal to my account occurred (and I can see them on my statement) they claimed that there was a problem with the verification "that they had never seen before." They told me the only way that I could withdraw MY money from MY account was by check, which will take longer. THEN they finally looked at what kind of account I had and said "Oh, we have to go to your former employer to okay this withdrawal and that will take 30 days." I am now scurrying to sweep together any money I can get from my savings account and credit card and begging from family members to come up with the $10,000 in time to get my car and not lose my $1000 deposit. An embarrassing and expensive process for me with wiring fees and credit card interest rates. The second the TIAA check comes in I am taking my retirement account away from them. They haven't apologized or done anything to fix a problem they have caused and I'm sure they could care less about my measly retirement account. Steer clear.

I concur with many of the reviews here. The paperwork to move retirements accounts from a deceased spouse to the living one is a nightmare. This has been going on for 11 months and still not resolved. This is one of the most bureaucratic organizations I have ever worked with. I had my POA forms notarized and submitted months ago, but can't speak with anyone at customer service for a parent because they can't see my status as POA. I would urge anyone with parents who have accounts here to move them to a more modern and user-friendly business.

Every time I log to the website, on it does not recognize me. I reset my password, only for it to not work the next time. I have done this at least 10 times, and it STILL does not recognize me.

The website is difficult to maneuver around and find basic info... such as I changed my plan within their ideas of "conservative or aggressive." When I went to check the next day to see if things had actually changes, it was nearly impossible to find this same reckoning. We have other accounts at a different investment firm with NO difficulties in navigating the website for our info. I am considering moving all my funds to them for simply because of how difficulty it is to navigate the TIAA website. Oh, and phone call to address this gets you 20 minutes on hold and two months for an appointment.???

I suffered a Hardship when a family member stole o
OVER $60,000 from me.I was offered or told about A Modification Loan,to keep me in my home.JOKE.After putting down $120,000 down and paying on time for about 16 years,I just got ANOTHER LETTER from TIAA Bank,which is asking for Documents,sometimes sent up to FIVE TIMES.I have sent EVERY DOCUMENT and MORE.Depending on WHO I talked to,sometimes THREE People in a DAY,they were either CLUELESS,altho every call is recorded and supposedly documented,to what I need,what I didn't need,what to expect a nightmare for myself who is not disabled and my 26 year old son,who is broad spectrum but helping send documents etc,fill out his portion of the forms,as told on occasions to numerous to mention but on my phone,email etc and record ONLY to receive a letter yesterday,being asked for same documents,forms,etc but NOW,even IF I send all and DID,may still be FORECLOSED and not sent IN TIMELY MATTER.My son and I have LIVED,BREATHED,trying to accommodate TIAA BANK,yet told may still be foreclosed Sometimes just up to FORECLOSURE on the end if Sheriff.I have done this,FOUR LONG MONTHS.ALSO,just told ONE WEEK AGO but a RUDE associate in PASSING CONVERSATION, and know it was discussed,I told THEM,never in ANY of the forms I filled out,NEVER a question THAT NOW TIAA BANK,does not due Loan Modifications,with any home with liens on it!WHAT! ALSO,rudely told to maybe get ready for a RAINLY DAY.I didn't even create the liens,but my r.i.p.x and put the debt on cc to SAVE MY CREDIT.Had gotten no doc loans in past,due to credit being sterling etc and purchased own home at 19,then rentals.I was SPEECHLESS. Called same day and told that it was RARE but up to underwriter to make that call.Now this new later,actually yesterday as couldn't sleep due to this NIGHTMARE and now letter to maybe pending FORECLOSURE,sending AGAIN,documents.Changing documents,as just sent MORE DUPLICATE documents they said I did,didn't need ,or didn't receive or DID RECEIVE but want MORE.Truly an unreal 4 month NIGHTMARE.It has caused MYSELF and son,to say FRUSTRATION,is super mild! I Have thought about ending my life,severely depressed,never knowing when,I might be HOMELESS.The only reason I have NOT,is that my son's challenges will make it IMPOSSIBLE to be on his OWN.As much PAIN,STRESS,LOSING SLEEP,HAIR,looking for homes for my beloved pets,things acquired and where I will live,I for the most part,once a spitfire,am disappointed to large degree due to this NIGHTMARE SITUATION and my son MOSTLY,being homeless.I have actually said that to them,MANY TIMES,RECENTLY.Now..you never know with this BANK,or what they say or DON'T.Kinda waiting for a
SHERIFF to show up.Yup,more repeat documents asked for.Literally,throwing up from the stress.My son has been BRAVE,as I am a mess but always on top if it regardless Now,after yesterday's letter and conversation with PAMELA,that all we did was MUTE POINT,as liens in property,he is SCARED,DAILY.I have already looked into rehoming my pets and subsided housing.Back in July,I was called from a number that identified as TIAA BANK.Very long story short,knew my unfro etc,told I WAS APPROVED for a
FEDERALLY FINDED LOAN MODIFICATION and send them almost $900 to find out,the FEX X BOX,I sent it two,is in front of a Primo's pizza and SCAMMED.Now being investigated.When calling TIAA bank,as just made payment to SCAM ARTIST PHONE READ,stay on line with TIAA BANK OR MERGE WITH TIAA BANK! I WOULD go on but there is NO WAY TO BE CONCISE with what myself,son,misinformation,LOST? information and MENTAL ANGUISH OF GOING THROUGH THIS and NOW,this letter! I literally right now could throw up,can't sleep and starting asking for help as SOMETHING ISN'T RIGHT! I truly have thought about ending my life NOW DAILY.I OWE THEM ONLY 62,000.I applied for food stamps and got them,renegotiated all my DEBT after rebuilding it,putting another $1,000 to bring me and surely be able to pay in a $62,000 debt.I am speechless and soon will call as stomach upset.I PRAY if I help ,ONE person from this happening,making NEW CEO AWARE OF THIS,and the SCAMNER IS BEING INVESTIGATED BY POSTAL INSPECTION.
SO,here I sit.THIS LONG LENGTHY LETTER CANNOT EXPRESS being disabled,my age,having a somewhat disabled 26 year old who will not be able to support himself and DEATH RUNNING a Close second almost,to not giving up.I dread another call,calls,reaching out and now being physically ill.
I GAVE THEM 120,000 DOWN,OWE 62,000 and PAID MY LOAN IN A TIMELY MATTER for almost 16 years.I can only keep trying and PRAY as this clock ticks.It is a HORRIBLE WAY TO LIVE.ALMOST SURREAL,that they can RUN A BANK.TONI COSTANTINI I HOPE SOMEONE READS THIS,BELIEVES THIS,ALTHO,I do have documents and the hell,we are living with.

TIAA has been incredibly difficult to work with after the death of our parents. They are unresponsive and their paperwork is incredibly confusing. It has been very difficult and they have made a hard thing far harder. My parents would be crushed to know that their heirs are being treated this way after they left all their money in TIAA accounts.

I am a long time customer of TIAA but am shocked at their poor customer service and lack of technology, especially compared to their competitors. I have IRA accounts an a number of brokerage firms and TIAA is by far the worse. Last week I wanted to change the beneficiary of my IRA accounts.

At Vanguard and Fidelity this took 10 minutes on-line. Not at TIAA - they send you a form that you have to fill out and can fax it back to them. And even then, it is not clear how long you have to wait for confirmation. Huh? Why? Even the customer service agent admitted is was backwards and behind the times. I sometimes write checks out of my IRA as a withdrawal. No problem at Vanguard and Fidelity. Not a TIAA. It is forbidden. Why? The customer service agent had no idea.

It is clear that TIAA is technologically backwards and not very customer oriented, Recent newspaper articles confirmed some of their misleading practices. I was going to transfer a large sum of money into their high yielding money marker accounts but have dropped that and have encouraged others not to use TIAA. They may be fooling their educator customers but I will keep working on my education colleagues to quit using this firm