I closed out a 401k plan, to use the money toward a down payment on a home. First of all, they said they could not send the funds electronically since I didn't have a bank account linked to the 401k account. Why would I have a bank account linked to a 401k account when the money that went into the account, was taken out of my paycheck? I received the check in the time frame they advised I would, I deposited the check, and my bank advised the funds would be available the next day.
The following day, I checked my account, only to find out my bank put a hold on the check. I went to my bank to find out why - they told me that when they presented the check to Fidelity's Bank - they were advised that the funds were not available - go figure. I didn't think Fidelity was a fly-by-night operation, but appears they are. Why would a company that handles billions of dollars, not have enough to cover a check they issued? If I wrote a bum check, I could go to jail. The fact that this hold is on the check, is causing delays with my home search and possible purchase.
I have not yet contacted Fidelity as their offices were closed by the time I was advised why my bank put a hold on the check, but they will be hearing from me bright and early on Monday Morning. This is not right, and I will be sure they know - they cannot mess with peoples' lives. Bad Business - if anyone ever asks me what I think about fidelity they get all zeros in every category.
My husband passed away leaving me two young children. When I notified Fidelity that his 401k should be disbursed to his beneficiary they told me I would have to call his former employer and get their "permission". After doing that I was informed that 401k's are not just distributed to your beneficiary. The investment company just creates a new account in the beneficiary's name and puts all of the money in there. Another account for them! They wouldn't disburse the money because there was a discrepancy between the zip code I provided and the one they had on the form (mine was right and their's was wrong). They had the right zip code on all the statements they sent us!
They insisted I would have to fill out a change of address to correct their wrong zip code. They finally said they were sending the check but when I called three weeks later they hadn't issued it and the value of the account had fallen. Their reps called my answering machine three times leaving an extension to call back on but their phone system doesn't allow you to enter extensions. You can not even speak to someone without providing your SS. When I first called them I didn't have an account with them and did not want to just hand out my SS.
When I complained to a supervisor about the horrible way they treat bereaved people he just kept saying "uh-huh, uh-huh..." I might as well have been talking to a wall. I think if most people realized how many hoops their loved ones will have to jump through to get access to these funds they would never invest in another 401K. If they do, they certainly should do it with Fidelity.
MULTI CITIES -- I am disputing a penalty being charged to me by Fidelity Investments - with a complaint regarding poor to nonexistent customer service, intentional misdirection of funds and delay in providing requested funds to investor.
My former employer of 14 months, contracted with Fidelity Investments to oversee employee benefits. They automatically create a 401k savings plan for all employees at time of hire. As far as I know, employees are not given a choice regarding this saving. Sound a little funky??
After I terminated my employment, I received a letter from Fidelity which stated my account balance was too low to leave in this basic 401k and I must make a decision to roll over to new employer plan, accept the money or roll to a Fidelity IRA - response required by 2/22/2008. On 2/20/2008 I contacted Fidelity Retirement and discussed my options in detail. I instructed the rep to send me a check. He verified my address, and confirmed I did not want any tax deduction at this time. I was to receive my check in approx 5 days.
On Tuesday, February 26, 2008 12:05 AM I received a form letter email from Steven P Akin, President Personal Investments stating my rollover assets have been received and I need to contact them to set up my IRA!! A letter dated 2/25 later arrived informing me of a 'de minimis distribution with subsequent transfer to an IRA' with my beginning balance noted as 2226.10 less 545.92 (noted as forfeited amount) leaving me with 1680.18 in an IRA!!
I NEVER ASKED FOR THE IRA!!!
Take note: I already have an IRA with Fidelity (also set up under questionable circumstances by their phone rep last year when I started the job!!) WHY WOULD I WANT ANOTHER ONE???? The same letter states "Please verify your transaction for accuracy and report any discrepancies within 30 days."
ADDENDUM - MY EFFORTS TO REACH FIDELITY BEGAN THE VERY DAY I RECEIVED CONFIRMATION OF THEIR ERROR. Well I started calling them (multiple attempts to log on to website have been equally exasperating). On call #1 I was informed I could take the money out of the IRA less the withdrawal penalty - only $50, but that's a lot of money to me and I DIDN'T MAKE THE MISTAKE - THEY DID!!! I did not accept that offer and asked to speak to a supervisor, Trading Supervisor in Dallas - he was extremely unprofessional, rude, condescending, and absolutely refused to recognize the error made by his company.
He ultimately instructed me to go to their website and request my money - less the $50 of course. I was in tears by this time. I called back and fairly easily tracked down the original rep, who remembered me immediately. He looked at my file and stated outright it was his error - he apologized profusely and stated he forgot to handle my transaction after our phone call on 2/20. He further stated he would "pay me out of his own pocket if he could" and would contact his supervisor and call me back. He did call back the same evening Monday 3/3 however I was leaving work and missed his call. I have been trying to reach him ever since.
I have been told he is in 2 different time zones and his work schedule has been quoted as everything from 8 am EST through midnight MST! Sometimes I'm told he's "on the other line" then the same day another call, another person will tell me he hasn't come to work yet!?!? (How come it was so easy to find him before my file had these problems noted in it???) I have called multiple times daily asking for his x 3281 - what happens next is nothing short of amazing!!! I am transferred and security checked (really scary questions they ask about my past life -things even I had forgotten!) a minimum of 3 times per phone call.
All the individuals I've spoken with read my file and tell me to hold while they 'try to help' - the hold time averages about 30 mins between people 'helping me' (usually my cell phone since I'm @ work). Today during my lunch break, after speaking to 3 people I was transferred to a 'Supervisor' (after 28 mins into the call) and he informed me I need to speak with... the very person I had asked for 30 mins earlier and had even requested his extension!!!! I am soooo frustrated - I need the money right now, and at this point have no promise of getting any of it with or without my rightful $50!
Later today (7:30 pm) EST I called again and told the 2nd person who came to the phone "I give up - just send me a check". He said "Hold on and I'll get someone to help you"... I held on till 8 pm - no one ever came to the phone, I was still at work and the building closes at 8 so I had to leave... unresolved again.
This mega company needs to be stopped from abusing and belittling people like myself who are not the Warren Buffets of the world! How can they be so big and successful with this apparent corporate policy of deception, dishonesty and lack of regard for their customer? FAIR WARNING TO ALL.... WATCH YOUR ASS-ETS IF YOU ARE FORCED INTO USING FIDELITY!
I just had to vent my recent experience with Fidelity. I needed to talk to someone about transferring some assets, so I called their 1-800 number. I was greeted by an automated system that gave me the standard set of questions to help narrow down where they needed to send me. This is where it got tricky, and I started to get annoyed. After providing my account number, they wanted me to provide my password as well from my online account. No problem, but they wanted me to "speak it" into the phone. No option to type it in.
So I said it out loud as a phrase first. Their system failed (of course) to recognize it. So they said try again, I spelled it out very clearly this time. Once again, the system could not recognized what I was saying. It now told me my account was locked and I needed to reset my password. Great. I just want to speak to someone about a question, and now my account is locked. Okay, fine, next it asks me some security question I must have put in years ago. I knew the answer, but this time it wanted me to type it using the phone pad. It was not a short answer, so I tried my best to type it in, not knowing what to type for spaces in the answer. Finally after 3 attempts I get past.
Now it wants me to reset my password, again using the phone keypad... Why is all this necessary for me to talk to a customer service rep? I just wanted to call and ask a simple question? So I change my password, update my files so I know what it is next time (not that it will help, since their voice automated system could not recognize it the first time around). At last I'm in!! Once talking to an actual live person I must say I was impressed with their level of customer service but getting there was an entertaining mess.
ALL TOWNS AND CITIES, CALIFORNIA -- As an employee of the public education system in 1980 I was offered a family life insurance policy through Pacific Educators Group (only for public educators) underwritten by Fidelity Security Life Insurance Co. This policy was very cheap in the beginning as I was only 28 years old. It included insurance on my children and my husband. It started at 150K for both of us and 15K on each of my children. Although I have paid on this over the past 35 years, while the payments have continued to go up up up, the policy has retracted and reduced itself to almost no value at this time. By the time I am 70, my 150K policy will only be worth 10K, just enough to bury me with.
What a rip off for 40 to 50 years of payments. I was shocked that no one ever sent updates or asked questions over these years. On occasion I have called to get different answers from PEG, which I'm now told was incorrect answers. This is not a good investment or insurance for "PUBLIC EMPLOYEES." BUYER BEWARE!!!! You may end up with nothing but a lot of bills in the end.
KANSAS CITY, MISSOURI -- In November 2006, I purchased a short-term health insurance policy from FSL (http://www.fslins.com) because they are the provider of my alma mater's insurance plan. All application questions were answered accurately and truthfully - qualifying me for coverage. On December 26, 2006, I fell ill and was checked into the hospital from the emergency room. The illness was not pre-existing - and in fact, FSL now states that the issue is not a pre-existing issue (a change from their original position for almost one year). They simply decided to rescind my insurance policy without cause in April of 2007 - effective from the date it was activated on December 1, 2006.
They have provided documentation from non-medical resources indicating their "concerns" about a pre-existing condition that they did not ask about in their application (i.e. references from answers.com rather than references from American Medical Association, American Heart Association, or other noted/respected sources). They still refuse to pay the outstanding bills. I need payment for all bills as contracted in November 2006, as well as payment for my year-long (longer) battle with them to urge them to honor the contract. Their actions have caused other financial harm in terms of credit, interest rates, and otherwise - in addition to lost work.
I'm still battling this issue through the Insurance Commissioner's office and reporting them to the Better Business Bureau. I'm still sorting through the best legal firm to handle the case. Warn every alumni group and business about FSL's negligent and unethical practices. Insurance is an important investment because nothing is more important than your health. It's unfortunate that this company seems to feel that money is, in fact, so much more important that they will defend their breach of contract.
CHANDLER, ARIZONA -- I was let go from my job last month and due to no income and piles of bills I was forced to cash out my 401K (I don't want to file for unemployment). I called Fidelity to cash it out and was promised the check would arrive in 7-10 business days. Well, that was on January 25th. After two weeks of waiting, I called Fidelity to ask if the check had been sent. I was told the check was cut on Feb 4th and sent on the 7th and that I should get it on the 15th or 16th. It is now the 18th and I am still waiting. I have called several times and nobody can seem to help me. Everyone tells me the same thing: "you should have gotten it already."
I don't understand how it can take almost a month to mail a check. Good thing I have another job that I am starting this week, but it is going to take me awhile to play catch up on all of my bills as I now owe late fees. I am very upset with Fidelity and their empty promises.
Got the check. Cashed it at a check cashing place
After opening a Fidelity account for my non-profit, Fidelity refused to allow me to access the funds, and when I finally closed the account, Fidelity retained the funds for two weeks after the account was closed. Fidelity provided the signature cards needed to authorize check writing on the account. Fidelity provided the signature card, which I filled out and mailed in. two weeks later, I got a letter stating that it was the wrong form, "please fill out the included form instead", but it was the same form. After spending a long time on the phone with a rep, I was instructed (line by line) to fill out the enclosed form, and everything could be fine.
This happened three times, so Fidelity had almost all of my operating capital tied up in an account that they would not let me draw on - for over a month. Finally, I got fed up, and closed the account Monday morning at 9:45 AM. I was assured that the check would be cut and mailed (I had run out of petty cash, and the non-profit was in real financial trouble) immediately.
I had not received the check the following Monday, so I called again, and was informed that the check had not been cut until Friday, and that it would get mailed out "some time this week". The funny thing is that they had no problem accepting my signature to deposite checks, close the account, or sell stock - the only time they refused to allow a transaction was when I was trying to actually write a check.
End result: After Fidelity essentially stole most of my operating capital for a bit over a month, I'm waiting to see if I actually get the check some time in the next week or so. Oh yeah, and there aren't any regulatory agencies that I can find to file official complaints with that make any difference, so Fidelity essentially sat on a tens of thousands of dollars for a month, while the company that actually owned the money was forced to shut down - all because of Fidelity's incompetence - or maybe it was intentional. They did get to use the money for free for the whole time they had it.
DISTRICT OF COLUMBIA -- Wall oven in unit purchased in August found not working. Called Fidelity September 23rd; paid the $50.00 'co-pay,' scheduled a technician's service. Guy shows up, figures out what's wrong which is the computerized panel - which he orders. Schedule another service call, he shows up with the new computerized panel - which not only doesn't fit, but lacks a schematic. Guy's helpless. Fidelity then tells me they have to schedule a Whirlpool technician - who shows up, can't fix it, calls Fidelity while here, puts me on the phone, they then tell me I have to PROVE the oven worked when I purchased the unit.
I ask why I didn't need proof when they took the $312.00 to initialize the coverage; why didn't I need proof before they took my $50.00 co-pay; and, what exactly were they providing a warranty on if not the items indicated in the contract. The response was that they "assumed" everything covered - worked - to which I replied, I "assumed" when they accepted the $312.00, what they indicated in the contract as being covered - was covered. I called my realtor who called their VP, who apparently lit a fire under some butts, because now they're tripping over themselves to accommodate me.
Unfortunately, they've scheduled repair through SEARS, which has become another nightmare unto itself. So here I sit, it's now November, and I still don't have a working wall oven. Unless you've got good connections - AVOID FIDELITY HOME WARRANTY - (take a look at the BBB site - see what others have experienced) and, don't patronize Sears at any cost until they begin to feel it through lost revenues because that's what it'll take for them to change. This non-service is non-acceptable. (see my SEARS post - as well as a ton of others...)
NAPLES,, FLORIDA -- I feel I have to do the world a favor and let them know that Fidelity Readers service, a door to door magazine sales, is rip off. The pricing list is wrong. I chose a Magazine that was listed at $30.00 and I was charged 60.00 to cover their commission. A man came to my door and I gave him the check for $60.00. Something felt wrong when the man selling them gave me two phone numbers to reach him to cancel and both numbers were unlisted. They give you 3 business days to cancel. I canceled within 24 hours and I never got my money back. The company gives you a bunch of bull crap about how the post office won't let them have their mail (which is illegal).
The people that work there were as helpful and friendly as vipers! They'll scam you by telling you that they are trying to help get through school, but the only thing they can help do is rip you off of your money! The staff is rude, liars, thieves and a pain in the ass! The man in charge hung up on me! That's some way to treat a customer. One thing I know all too well is karma, and their stealing will eventually end up making the company close down and lose all their stolen money.
My heart bleeds for these idiots. BEWARE OF THE LYING THIEVES who are out to take your money and dignity. Don't make the same mistake the rest of us innocently did buy magazines by trusting thieves. They'll get theirs and I live for the moment!