When you sign paperwork that you want a disburseme...
When you sign paperwork that you want a disbursement of interest 365 days after the initial deposit, Puritan Life Canvas Annuity pays out interest on day 356 or 367, whenever they claim that they mailed the check or processed an ACH Direct Deposit. The contract states that they will pay out the interest on the day you select, but Canvas Annuity pays it out earlier or later. This changes the amount of interest paid.
Bookkeeping on my end is now based, not on 365 days, but on whatever day they claim. This causes me to call in for every annual interest payment I receive to find out how much the interest was, how much the deductions were, etc. It didn't used to be this way, but now it is a mess. You have to find out what day they paid interest through, record it, and then find out what day they paid it again approximately 365 days later. There is no firm annual date for payments anymore! No other financial firm I deal with does this!
Secondly, Canvas Annuity has data entry processors that enter information incorrectly. Instead of getting an ACH deposit, they have to mail a check because they entered the account number and/or routing number incorrectly. So they are mailing me a check and I have to resubmit ACH bank information again! I sent the original paperwork to demonstrate that they made the error? Do you think that they will pay me extra interest while I wait for the check?
I also had to contact Canvas Annuity Puritan Life corporate to get them to deduct state taxes because they didn't know that the law in Arizona changed and now allows for this. How can Puritan Life not know this? They should pay me for educating them. How about a consulting fee of $100,000? That would be cheap since their highly paid officers don't know the law.
Beneficiary information was entered incorrectly, misspelling the names of beneficiaries. You would think they could hire competent individuals, but then the top officers don't know the state withholding laws, so how can you expect the entry level individuals to do their jobs competently.
When you attempt to contact the Vice President or CEO's office, the office manager refuses to direct your call to them stating that you have to work your way up the chain of command! I saved them a lot of fines by pointing out the state withholding issue the last time I reached a Vice President. Transfer the call and let me speak to someone in the office of the CEO or Vice President. I do have their names.
I work with a lot of financial companies and I don't have these issues with other companies. Beware!
