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Fidelity Investments Consumer Reviews - Page 2

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Fidelity refuses to release funds
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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.

Notoriously Predictable
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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...)

Where is my check?

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.

Resolution Update 06/07/2008:

Got the check. Cashed it at a check cashing place

By -

CORONA, CALIFORNIA -- I have paid this tax relief service $5,000 in 2005 to take care of my deceased husband's tax liabilities. Nothing was done on it other than they told me that it was still being reviewed. I was tired of hearing that it was reviewed. So I called the IRS myself to find out that my case was dropped 6 months after we submitted it. We are talking at least 18 months to find out that there was not an OIC with the government.

When I found this out I called the service. Their answer was "the attorney working on your case was let go over a year ago". I asked "Why I was not contacted?" No answer to that but they did say for another $1,200 they would get me a better attorney and have it settled in 90 days. Well the 90 days passed and when I called to see if anything was done they transferred to me to the person taking care of my account **. When I heard her voice I realized that it was the same woman I talked to in 2004. My husband hired a tax relief service in 2004, paid $5,000 and didn't get any results. This was the same woman under a different service name.

At that time, their name was American Tax Relief. As you see they do nothing to help people. They change their company/service name and go after other needy people. With my husband's $5,000, my $6,200, we are out a lot for absolutely no results.

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Fidelity Investments Rating:
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1.0 out of 5, based on 4 ratings and
14 reviews & complaints.
Contact Information:
Fidelity Investments
245 Summer St
Boston, MA 02210
800-343-3548 (ph)
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