Well, well, well while filing a complaint against Penchecks company regarding them refusing to…read morerelease my 401(k) funds they obtained through a former employer of mine, I stumbled on this...another company name at the same address and the reviews are typically horrible and mention Penchecks by name. Following is my nightmare dealing with Penchecks:
"Since January 27, 2025, I have been trying to get Penchecks Trust Company of America, located at 8580 La Mesa Boulevard, suite 100, La Mesa, Ca 91942, to transfer 401(k) funds of mine ($1,059.14) that they have been holding for ten years from my previous employer into my current 401(k). I have made five lengthy phone calls with three different Penchecks representatives, and numerous emails to them. Each time I call about these funds there is a new problem or reason they haven't processed this transfer. The first problem was a wrong checked box which was corrected, the second problem was an incorrect social security number which did not come from me. It took until the fourth call with a third rep (we spoke to one twice) to be told Penchecks needed a copy of my social security card and driver's license. Something neither of the other reps told me was required. As you can see, every time we call, there is a new problem or new requirement preventing them from disbursing my funds. The reps are always unfailingly polite, but do absolutely nothing to bring this debacle to a close. Our latest conversation on 03/24/2025, they assured me that they mailed the check to my current 401k address on 03/20/2025. I asked for a tracking number because I had paid $30 to have the check sent certified mail to my current financial institution that administers my 401(k). After stalling for several minutes, the rep finally provided me with a USPS tracking number. i Immediately went on to the USPS website to track the number and it showed the number was in pre-shipment, meaning the check, in fact, had not been mailed. When we pointed this out to the rep, he gave a not very convincing explanation for why this could be occurring. Upon checking again today, 03/26/2025, it still shows as being in pre-shipment, six days after Penchecks claims to have mailed the check. Upon researching Penchecks on line, I have read complaint after complaint about this company on Google reviews and the Better Business Bureau. Apparently, this is a common tactic of theirs. Penchecks stalls to disburse funds and also claims the check must have been lost in the mail, charging the customer another $30 to resend it. It is unconscionable that this company is allowed to do this with people's money. I have filed a complaint with the Consumer Financial Protection Bureau and am researching who else I can file a complaint with about this company. Stay far, far, away from them if you have the option to do so. I did not. My previous employer gave them my 401(k) earnings when he closed his business and I had no say in where they went."