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Report: #798743

Complaint Review: Woodmen of the World - Internet

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  • Reported By: Jay — Staunton Virginia United States of America
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  • Woodmen of the World 1700 Farnam Street Omaha, NE 68102 Internet United States of America

Woodmen of the World Deceptive practices, damages peoples lives, horrifying client service Internet

*Consumer Comment: Strictly Observing

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This is the second problem my mother in law has had with this company. To preface my conversation She opened two accounts with Woodmen of the World. One a life policy that she put $40,000.00 into it and an annuity that she put in $25,000.00. It took them less than 2 weeks to accept her money, open the accounts, and deliver the supporting documents to her. She closed the annuity and transfered the money to another insurance company. They offered a better rate of return and thus she would earn more interest on her money. As a 70 year old lady, every dime is important in retirement. They took more than 3 months to transfer the funds. They offered no real explanation and no apologies for the delay. This past September she chose to move her money from the life insurance policy to another insurance company as well. She filed the paperwork on September 5th, 2011. According to them they did not receive the paperwork until September 25, 2011. Then they had the Area Manager Steve Bishop Jr from Roanoke, Va to meet with my mother in law. She did not understand why he wanted to meet her. This meeting took place more than 45 days after her request to move my money! Mr. Bishop arrived at her place along with another young man they recently hired. Mr. Bishop reviewed her policy and informed her that if she "needed money" she could withdrawl 95% of the account value with out penality. She chose to use this option. He also told her that both he and Woodmen of the world were very concerned for her money. However, they never asked her why she wanted the money. They were only concerned about loosing business. The meeting was only to train the new hire and a "dog and pony" show. He tried to call home office in NE, but could not get any assistance. He told her he would call her later in the afternoon to tell me the exact amount that I could withdrawl. A week later he still had not returned her call. She then got upset and called home office directly. They told her that he was incorrect and that she could not take 95% of the account value. Now, I'm sure that this incorrect information could be used to file a complaint against him with the state corporation commission in the state of Virgina. I also believe that Mr. Bishops "errors and omissions" regarding his explanation of my policy could present a problem for him. So, home office now had her request. 10 days later she contacted them and they informed her that her request was incorrect! They never called her...She had to call them. Then she had to fax a request to start the process all over again! They have strung out this 71 year old lady for more than 90 days to get her money. How insane and pathetic is that??? We cannot believe that this company is so hard up to keep the funds in house that they are willing to destroy their reputation. I see that there are other complaints about this company as well. If you ever want to get your money back as fast as they took it, you better take your business somewhere else. It is unbelievable that a company and an area manager (Steve Bishop from Roanoke Virginia) are such poor loosers when it comes to everyday business transfers. She have been informed by several insurance companies that this process should not take longer than 10 days to process! Woodmen of the World and Steve Bishop are using stall tactics and poor business practices to try and keep business with their company. Be aware, be warned, and look to other companies for product support and service! Do not do business with a company that uses stall tactics in order to avoid completing a clients transaction request!

This report was posted on Ripoff Report on 11/16/2011 03:24 PM and is a permanent record located here: https://www.ripoffreport.com/reports/woodmen-of-the-world/internet/woodmen-of-the-world-deceptive-practices-damages-peoples-lives-horrifying-client-servic-798743. 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

Strictly Observing

AUTHOR: Joe Stevens - (United States of America)

POSTED: Monday, February 13, 2012

 I came across this report  as intended, by researching several different companies and Woodmen of the World happened to be one of those. After reading this I feel the need to respond not to the woman or company but to others who may be basing important decisions on what is read here.

In my life I have been on both sides of the equation when it comes to finance. I have been on the client's side of the desk and I have been on the advisors side.

There is a lot of trust involved when giving your hard earned money over to someone to manage. Believe me I know, I've done it before. There is also huge responsibility placed on the money's managers. I don't this lady, her mother, and others.
There are  things that the company allegedly did that if true may not have been in best interest, but the thing that stood out to me is the complaint about the agent setting up a meeting with the mother before canceling the account.

Judging from my past dealings this is exactly what you would want an agent to do. I have been convinced before that there was a better deal, situation, better anything. The grass is always greener thing. It took an expert on those subjects to look things over, "Read the Fine Print" as they say and then show me that it would of been a huge mistake to move to that.  It was like I had a piece of gold in my pocket and someone wanted to trade me with theirs. It was bigger, shinier, polished but fools gold nonetheless.

There is more to every story that is never told and this is probably no different. From the daughter's viewpoint and the Company's as well. I may or may not have been in the woman's best interest to cancel that account but I think it's a good thing the agent was concerned enough to look everything over first and I think most people would agree. Maybe the new company plan was not as good and it would make no sense to change, the agent knew that but it was not what the clients wanted to hear. You can lead a horse to water but can't make it drink. Maybe the daughter was pushing this decision on her mother, She did refer to her mother's money as "my money!". We just don't know.

It seems this could have been more personal than professional. I would take that into account when reading anything on the internet good or bad.  Emotions can cloud the soundest judgement. Remove yourself from situations and judge everything equally.

I am not disputing anything in this persons account. It may and could be 100% verbatim. These are just the types of things I was thinking of when reading the complaint while trying to make rational decisions about this company.

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