Dan S Idq

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Pacific Life is not the company to buy insurance or investments

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Pacific Life is not the company to buy insurance or investments
I had a variable annuity with Pacific Life for over 14 years. I decided it was time to transfer my IRA to Charles Schwab because the return on my investment was weak, and I was paying around $600.00 a year in fees. After I completed the application with Charles Schwab, the company contacted Pacific Life to request the transfer. Pacific Life transferred my account to Charles Schwab. This is when the nightmare began. Someone at Pacific Life made a mistake. The funds shouldn't have been sent until they had received a custodial release from the investment advisor who was the custodian on the account. Pacific Life realized they made a mistake and recalled the funds from Charles Schwab. The funds were transferred for the first time to Charles Schwab around March 24th. The funds finally made it to Charles Schwab around May 9th. It took six weeks to complete the transaction, which should have taken a few days. Over the six weeks, I talked to more than 12 customer service people and managers. The market had changed during those six weeks when the check finally showed up at Schwab. My account had lost about $675.00 in value. I explained my situation to Luke, a manager at Pacific Life. He had little empathy for my poor experience or the financial loss, even though his company made a mistake that cost me money, time, and frustration. My suggestion is to keep looking if you're considering Pacific Life.
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  • Lack of professionalism
  • Sent a check without the release

Preferred solution: The 675.00 I wouldn't have loss, if Pacific Life had made the mistake, which delayed the completion of the transfer to Charles Schwab

User's recommendation: I wouild not recommend this company

Shelly L Rte

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Verified Reviewer
| map-marker Newport Beach, California


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Updated by user Dec 01, 2023

I haven't heard from the supervisor, and I WANT MY MONEY. The apology maybe.

Original review Dec 01, 2023
I had my money stolen from my FORMER bank on Oct 31st through identity theft.
I get my husband's death benefit deposited in that bank, but I CHANGED the direct deposit on Nov 6th, in plenty of time. My money usually comes on the 28th at 9:40.

They sent it to the IDENTITY THEFT BANK. I called customer service so many times and they said it's in THAT BANK. I HAD TO CALL THAT HORRIBLE BANK, THEY TOLD ME IT NEVER GOT THERE. I'm going back and forth AGAIN WITH CUSTOMER SERVICE PEOPLE.

Then a supervisor called me and did nothing to help me. I'm sick of losing my money. He told me "well, I'll see..." And he said well, next month it will get there!!! Sick of people not doing there jobs.

If it was their money, they would be pretty upset and they'd fix it quick. Tired of this b.s.
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  • Usually they are good
  • Are making excuses for bad business practices

Preferred solution: Apology

User's recommendation: Triple check whenever you change your direct deposits.

1 comment
respectfully Y

contact a lawyer morgan and morgan can help . stop being nice and take it to court posting on a site like this does nothing to rectify your issue

Adrienne S Aor
map-marker Newport Beach, California


Updated by user Mar 22, 2018

Pacific Life wont let my mother transfer her money to another local company and change financial advisor

Original review Mar 21, 2018
This company froze my 78 year old mothers variable annuity account . I am my mothers DPOA and they trying to tell me I have to get guardianship of my mother which we don't need. I will not take my mothers civil rights or any other rights from her, They took medical paperwork from my half brother about my mothers medical condition and we did not authorize him to give anything about he medical condition. This is her privacy that was violated. Now my mother want to transfer her money over to another company and they wont let her because of my half brother, This company don't know nothing about us. My half brother is a criminal that served 15 years in prison and have nothing. So for them to freeze my mother account is not right, She worked very hard for her money and now all she want to do is live comfortable and not worry about anything. We do not like whats going on. Put yourself in my mothers shoes and mine too.
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  • Froze my mother account and wont unlock
Reason of review:
Poor customer service

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