MetLife Insurance Co. Deceptive client advice, unauthorized outrageous administrative fees Des Moines, Iowa
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.
1 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
Question
#2Consumer Comment
Sat, November 05, 2011
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?