Principal Financial Group  » Finance  »
4.5
1 votes
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  • This includes the ability to call them up with a problem or question that you think is going to be hard, but they make it so easy you think there was a mistake
  • My employer selected Providian to oversee our 401K retirement plan a couple of years ago and, at the time, I was impressed with the services they offered to make my account as low maintenance as possible while giving it the potential to grow
  • Before calling them, I visited their Web site and I found answers to every one of my questions about the loan
  • After that experience, I'm hoping my company plans on keeping Principal Financial Group for a long time

    • by Steve
      TRUSTWORTHY

      all reviews
      Sometimes it’s the little things that make a company stand out from its competitors. This includes the ability to call them up with a problem or question that you think is going to be hard, but they make it so easy you think there was a mistake.

      Providian Financial Group is one of those companies.

      My employer selected Providian to oversee our 401K retirement plan a couple of years ago and, at the time, I was impressed with the services they offered to make my account as low maintenance as possible while giving it the potential to grow. In fact, it was so low-maintenance, I have never called their customer service; until last night that is.

      My wife and I work hard to make sure our bills are paid. We may have one or two that get paid a


      week or so late, but our creditors have no complaints.

      However, over the past year or so, we’ve had several medical emergencies and, even though we are insured, we still ended up with about $1,500 in out-of-pocket costs and another $100 or so every couple of months from some doctor deciding to bill us or for a forgotten lab test. Even though we’ve been making regular payments toward that debt, the hospital still decided to put the bill in collections (something I always thought was illegal for them to do). Since I didn’t want this on my credit report and certainly didn’t want to be paying interest to a bill collector, I eventually decided that, since I was unable to come up with the money elsewhere, I would have to borrow from my 401K to pay off the bill.

      Of course, I was scared about doing this. I didn’t know how it would affect my retirement and was afraid of potential penalties. And, just as importantly, I was expecting tons of paperwork to fill out.

      Thanks to Principal, my fears were unwarranted.

      Before calling them, I visited their Web site and I found answers to every one of my questions about the loan. I found out I wouldn’t be penalized as long as the loan was paid back and, even though I had to pay interest on the loan; that was being paid to me (which I liked better than paying it to the collection agency). The only thing Principal got out of it was a small processing fee.

      I called them up a few minutes after I got home from work and made sure I ...


      • Principal Financial Group
      was comfortable because I expected it to be a long call. Their initial automated system was a bit confusing and I had to hang up and dial the number again because I got lost. But, the second time, I was able to talk to a live person in about 2 minutes.

      When I told the representative I needed to take out a loan, I was expecting to hear some sort of lecture about using my 401K as a last resort and trying other means first. Instead, she told me how much I was allowed to borrow and then asked me how much I needed.

      When I told her, the rest of the conversation was about the terms of repayment and whether I agreed to them. When I told her I did, she told me a check would

      be sent to my place of work in about a week. There was no paperwork that needed to be signed.

      I looked at the clock and realized I had only been on the phone with her for about 7 minutes. I was so shocked by this I had to make sure we were really done. And, when I was talking to my wife later on, I told her I didn’t know whether I should be concerned that it was so easy for me to borrow from my 401K because it’ll make it too much of a temptation later on.

      After that experience, I’m hoping my company plans on keeping Principal Financial Group for a long time. I just can’t see how they could find a company that would be an improvement over the great customer service I have received.




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Principal Financial Group
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The review was published as it's written by reviewer in January, 2008. The reviewer certified that no compensation was received from the reviewed item producer, trademark owner or any other institution, related with the item reviewed. The site is not responsible for the mistakes made. 421601281560331/k2311a0116/1.16.08
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