Fidelity Investments Complaint - Fidelity refuses to release funds
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 checkwriting on the account. Fidelity provided the signature card, wich 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 hte enclosed form, and everything sould 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 he 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 becuase of Fidelities incompetence. Or maybe it was intentional - they did get to use th money for free for the whole time they had it.....