Ing
ING Plan Administrator for 401 (k) Gives erroneous information on 401 (k) loans, does not refund excess funds in a timely manne

I took out a loan against my 401 (k) administered by ING in March.in July I had some extra money and wanted to make an additional principal payment against the loan. I called on 7/25 and spoke with Ramiko, who advised me I could make an additional principal payment of $400.in light of this information, I mailed a check to ING. On 8/4, I called ING to confirm the payment was received and Ramiko again answered the phone. He then advised me the previous representative (he did not take personal responsibility for the misinformation), gave incorrect information, and that I could only pay the balance in full. But not to worry, ING did take a monthly payment of $209.94, and would mail me a check for the difference of $190.06 within 14 days. I waited until 8/18, and because I did not yet receive a check, I called ING again. This time, I spoke with Jessica. She found it "odd" that I didn't receive a refund, but she would put a stop payment on that check, and would have another re-issued.

After waiting until 8/31, I called ING again, and this time spoke with Laurie. Laurie had to spend about 40 minutes to find this information, and in the end transferred me to Cody, but in the end, it turns out they only mail refunds one day of the month, which takes place in the third week of the month. So, I would have to wait until near the end of September to receive my refund. Though it is only $190.06, because of ING's lies and deception, I have missed the opportunity to at the minimum put this money in a interest bearing savings account, and at the most invest the money or pay down a higher interest debt.inG refuses to offer any reparations for the misinformation.in addition, they will not take responsibility to even ensure the check does receive me in late September (ie, send it a
traceable method such as FedEx or UPS.)

So even though 2 months does not seem timely to handle a complaint to me, they can't even guarantee they will resolve it within two months.

Company: Ing
Country: USA
State: Connecticut
City: Windsor
Address: 1 Orange Way

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