MISLEADING!!! Be CAREFUL!! Hidden and misleading fees.
Use extreme caution when working with this company.
I have been with Genworth for 10 years and have never missed a payment and always been a great customer. About a year and a half ago I was forced pull money out of my account value (almost $20,000) that I had accumulated so that I could pay my bills. This account is expensive as it's a variable account with a hefty 3% fee on the front end, plus up to 2% fees on the mutual funds, plus another 7.17% monthy "administrative charge (6.00 on 83.72), but hey I signed up for this in the beginning and didn't realize I was paying so much. I have obliged by my contract and made all payments. After 18 months I was able to get the funds back together that I had previously pulled out and called customer service to "replenish my account". I was informed by a Sandra Witt that I could do this by making an "unschedule premium payment". (In the prospectus or contract that was provided to me the only place I can this is basically a repayment of policy debt). She states that the money I put in will go back into my account value. Thus my thinking is I will replenish my original account value and be back on track. However, 3 months later I get my annual statement only to find that Genworth has actually charged me $525.00 for this. When I call in I get a very rude "customer service rep" by the name of Shannon Richard that explains to me that it's a transaction charge and that it's in my contract. I escalate the file to her manager (Valerie Brooks) and quickly learn that this is a "gotcha" clause that this large institution is using to squeeze additional money out of it's customers. Sadly, when I go above Valerie I just get a dear John letter from a Renee Moreau. This letter makes it clear that they "got me" with this gotcha clause in the contract. I made repeated attempts to get through to just one person that was ethical and reasonable and that would be willing to take the time to review the file and see that I pulled money out and have not replenished it with the EXACT amount. I am now being effectively charged a 2nd time for this money and now it totals 6%. Of course they avoid that conversation. The worst part is I then speak with a Kellie Carter who is the "team supervisor" and she gives me the same exact contract talk. Finally I get her manager DD Maddox who then goes on to tell me the exact same thing. The saddest part is DD went back and reviewed the file, but would not for 1 second really listen to me as the customer. The entire focus of the entire operation was to squeeze every penny they could. This company is the exact problem that people in general have with "big banks" and corruption. After speaking with DD she refused to give me any information as to who I could contact or complain to and simply said she would not work with me at all since the contract says you have to pay. The worst part about this is that I spoke with a James Cox after I made this transaction and asked him in detail how it would work and he told me there would not be a charge on putting the money back into the account. He specifically said there were no charges after I asked him again. They justified his promises by saying that he is in training and was incorrect. When I reviewed the contract with her I pointed out that it doesn't show anywhere what exactly an "unscheduled premium payment is" and she says in a demeaning manner that a premium is a premium is a premium. It's unbelievable that she is such a position of authority and is able to treat a customer so poorly and get away with it. I have never felt so helpless in a situation as they are the "big bank" and have all the control in the matter. They are extremely misleading so be careful.
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