TIAA-CREF Sure is Slow
The other day I went to check the transaction history on my new 457(b) and I noticed that, even though it had been 13 days since I got paid (and thus since my monthly contributions were withheld), the money still hadn’t shown up over at TIAA-CREF. Perhaps this is standard operating procedure for most investment companies, but I’ve never run into these sorts of delays with my employer-related retirement accounts at Vanguard or Fidelity. Rather, my contributions have always shown up within a few days at the most.
Curious as to what was going on, I put in a call to TIAA-CREF. In speaking with the phone rep, I learned that it can take up to 30 (!) days for contributions to be credited to my account. The good news is that they backdate the transactions to when the money was first withheld (or so they say), so it’ll eventually be treated as if it was invested immediately, with no delay. So if you ever run into this, have no fear… It may be annoying, but there’s no real harm being done.
Published on June 14th, 2007 - 5 Comments
Filed under: Saving & Investing
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My husband’s gets his paycheck on Friday’s, his 401(k) contribution at Vanguard shows up the next Tuesday or Wednesday.
I’ve never seen 13-day delays… Very strange. And a little upsetting when you know that someone else is collecting interest on that money while it’s floating around.
Comment by Lau — Jun 14th 2007 @ 2:46 pmThis is typical operating procedure for TIAA-CREF (though my Roth IRA is always credited the day after the semi-monthly transfer).
Comment by flexo — Jun 14th 2007 @ 4:20 pmTIAA-CREF may have the best interests of investors at heart in their fund management, but their customer service leaves a lot to be desired.
My wife had a 401 account with TIAA-CREF that we wanted to roll over to Fidelity. From the time we first submitted the rollover forms, to the time that the last of her funds were finally transferred, was nearly a year. And this was with a barrage of emailing, calling, and writing to get her funds shook free.
I would hesitate to ever give them my money, unless it was my only choice from my employer.
Comment by Milo — Jun 15th 2007 @ 2:02 amI don’t know why the first writer on the subject thinks it is OK to wait a month for the postings. I have waited up to 3 and 4 months for postings I hope Tiaa-Cref can get their act together or they are gong to lose a lot of customers. When you have late posting there is no one to talk to and they do not give you the curiosity of a e-mail or letter saying they are sorry. A big company with a bigger problem. I think their Board of Directors and CEO are a sleep at the wheel.
Comment by Shanon Christiansen — Jun 15th 2007 @ 8:09 amYou should really re-consider investing money w/ TIAA=CREF. My husband had a large amount of money invested w/ them through his 401K, and for over 6 months he could not get access to his account info. He also found errors in his statements. For over 6 months they told him that they were experiencing computer problems due to an upgrade in their system; however, when I did a goggle search, it turns out they have been having computer problems for more than two years plus!! It took forever for him to check that his balance was correct and even longer for him to even get access to his money. He’s now with Vanguard. Please be careful!
Comment by judy — Jun 21st 2007 @ 10:28 am