Update by user Jul 25
I finally got a person to resolve my issue. The difficulty with this process is that you always have to scream loudly, write a bad review and then have a person respond that actually takes the responsibility to solve the problem.
Whatever happened to customer service? These companies know how to collect their money.
They just don't know how or are unwilling to provide customer service. They should rename customer service as " we don't give a *** but if you must call here's a number".
Original review posted by user Jun 23
Nine years I purchased two annuities from MetLife through a financial advisor. They promised a guaranteed return of 5%.
(Without going into a long narrative, depending on the type of annuity, the return beyond the guarantee, and the magic age of 78, it may not turn out to be what it appears – buyer beware.) For five years things went pretty much as expected. They sent me monthly statements in the mail and I was aware of the balances and the distribution of the investments.
Then, about four years ago, I was informed via email that there would be two changes. The first being that there would no longer monthly statements mailed but could only be accessed online. The other being that my annuities would be spun off to a new company called Brighthouse.
This was presented as an improvement. Of course, that was another lie. Brighthouse was a separate corporation owned by MetLife. Now MetLife would benefit from the profits but be spared from any of the liabilities.
Another one of those “legal” accounting tricks (This has become a common corporate accounting strategy -perfectly legal, but buyer beware).
When I first was brought into Brighthouse I was able to see the value of my annuities, the percentage of the various investments, the various amounts, etc. It actually was an improvement from the previously mailed information, but shortly thereafter the problems began to appear. One day I logged on an neither one of my annuities appeared. Alarmed I called Brighthouse.
They said they would fix it and shortly thereafter they both reappeared. Then one day only one of my annuities appeared. Again, I called Brighthouse. They fixed it an both annuities reappeared.
This went on, in the same manner, back and forth for about three years. My frustration was ever growing and I was constantly speaking with different people. The problem would be fixed for a couple of weeks and then begin again. Then in the past year I encountered a new problem associated with the problem mention.
Neither one of my annuities were showing.
I called and they told me that they needed some information from me to reestablish the online information. To my horror they were only able to locate one of them. I can’t express how upsetting this information was to me. However, after sometime had passed they were able to make the connection to the other annuity.
Being very upset and concerned that this crap that they were pulling would result in a serious financial loss to me, I demanded to speak with a supervisor. One side note – they actually acknowledged that I had been complain about this problem since they had moved to Brighthouse, which had been fours ago!
I ended up speaking with someone that promised me that he would handle the problem. As a result, matters did not improve but got worse. The frequency of problems accelerated rather than becoming less frequent.
I was told that I had to link the annuities myself through an online application. When I attempted to do that a prompt came up that told me that I needed to call a certain number to finish the process. Believe it or not, I got a telephone intercept that told me that this number was invalid and no longer in service.
This company is a collection of the biggest idiots that has been my misfortune to deal with. This would be like an online banking situation were one day you could see both your saving and checking account, the next day you could see neither, the next day you could see your savings but not your checking and then finally being told – “We don’t have a record that you have any savings with us”.
What is amazing during this whole span of nine years is that they always managed to successfully take out their service fees, which by the way is no small amount.
This company either has one of the worst overpaid IT departments or I’m dealing with a band of crooks. Either way I’m in need of help.
Product or Service Mentioned: Metlife Annuity.
Reason of review: Poor customer service.
Monetary Loss: $3000.
Preferred solution: Fix it and return unwarranted service fees.