188 views
New Reviewer
1 comment
stars-rating-full stars-rating-full stars-rating-full stars-rating-full stars-rating-full
1.0

ADP deducts money for the ADP 401k and that money vanishes for several weeks. They deducted money on 3-17-17 from my payroll and as of today 3-28-17 it is still missing.

This happened befire and I thought perhaps the account setup took 2 weeks. So where does the money go, and are they making money the laundered payroll deductions while they sit in limbo? You bet they are.. ADP chooses the investment firms we ccan select from.

I divided my funds up to over half a dozen companies, and all of them lost money. My 401k balance went down as a result of investment loss, not fees, and for an investment account this is unacceptable. Also, I called to close my account and the rep refused to cancel it (legal issues there) she stated that only my company could close an account. I believe that is illegal, and holding the deducted money for weeks at a time before investing it is also illegal, if they are making money from it or deducting fees weeks before the actual funds are invested.

The website has the appearance of a scam site, with no contact page with information and no numbers to call.

Over several months, the 401k has caused mass confusion, missing money every week, and a loss of original funds due to poor investment choices. This appears to be more of a professional scam, instead of a good retirement plan

Reason of review: Problems with payment.

Do You Have Something To Say ?
Write a review

Comments

chat-icon

Please avoid publishing any personal information and promotional content

You will be automatically registered on our site. Username and password will be sent to you via email.
Post Comment
ADPSocialCareTeam

Hi,

Please send us your name and employer name so that we can look into this for you at ask_adp@adp.com if this is still an issue.

ADP Reviews

  1. 227 reviews
  2. 42 reviews
  3. 11 reviews
  4. 8 reviews
  5. 5 reviews
ADP reviews