Report: #795342

Complaint Review: MetLife Insurance Co.

  • Submitted: Sat, November 05, 2011
  • Updated: Sat, November 05, 2011
  • Reported By: George — Lewes Delaware United States of America
  • MetLife Insurance Co.
    P.O. Box 10356
    Des Moines, Iowa
    United States of America

MetLife Insurance Co. Deceptive client advice, unauthorized outrageous administrative fees Des Moines, Iowa

*Consumer Comment: Question

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I am a 64 year old public school teacher with a retirement annuity account with MetLife Insurance company. I experienced a personal emergency (divorce) where I needed to withdrawal funds to buy my partner out of our joint owned property. 

I asked the advice from my local MetLife agent who told me that I would have to pay the state and federal taxes when I made the withdrawal. After the transaction was completed and I received my check there was a $3500. processing fee taken from my retirement savings. 

I was never advised that there would be any fee and feel this is beyond  reasonable and also a  deceptive business practice. Shame on you MetLife for stealing money from a teacher's retirement annuity.

Please help with any legal recourse I can take.
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This report was posted on Ripoff Report on 11/05/2011 06:32 AM and is a permanent record located here: http://www.ripoffreport.com/reports/metlife-insurance-co/des-moines-iowa-50306/metlife-insurance-co-deceptive-client-advice-unauthorized-outrageous-administrative-795342. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Question

AUTHOR: Robert - (U.S.A.)

There is a big difference between taking $3500 on a $7000 withdraw and $3500 on a $50,000 withdraw.  So how much did you withdraw and were any of those "fees" withholding for the taxes you had to pay?

If they were for the taxes then take up your complaint on the amount with your State and the IRS.  If they are specifically for MetLife's fees then what does the terms say?  Did they take more than was in the terms?

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