1963, VIRGINIA -- I have been investing with Fidelity for over 20 years. All of a sudden, I get this letter from them that they have the power to terminate any customer account at any time for any or no reason, and that all of my accounts were being terminated, and that I was instructed to find another company to invest with. Don't unpack your bags with this one! You too can be struck dead by their God! Buyer Beware!
HOUSTON, TEXAS -- I called in on Dec. 10, 2019 to have my account rolled over. I spoke with an associate and was told the amount that I would be getting minus what the employer matched. When I received the check to deposit, it was not the correct amount. I logged onto my account and saw that they accessed a $25 terminated maintenance fee which was not discussed or told to me at the time that I requested the rollover. I called on 1/14/20 and spoke with someone named Timothy who was no help at all. He told me that that is a fee that is accessed if I rollover or withdraw the funds.
I asked to speak with a manager and he told me to hold. I held for 8 minutes and he got back on the phone reiterating what he had told me. I told him that I was holding for a manager, not him to get back on the line. I was once again put on hold. A manager named Jake got on the line and he told me that Timothy explained the situation to him. I explained what happened once again, and he said the same thing Timothy said. He said that he could not reimburse the $25 to me.
I explained to him that if the associate explained all of the fees to me then I could've made a better decision on taking the money out or leaving it in. I was robbed of that choice at this point. I asked him for a manager above him and he said that there was not one. I then asked for a corporate number which he said there was not one, and I found the number on Google. He gave me an address to write for complaints. I'm very upset on how this matter was handled.
CINCINNATI, OHIO -- At approximately 4:15 p.m. on Monday, July 27, 2015, I placed with Fidelity via the internet 4 buy orders for various dividend-paying common stocks. The following day my orders were filled... and then some. I noted a confirmation slip for a company with the symbol "NGLS" which I had not ordered. I immediately phoned Fidelity on July 28.
After speaking with a Rep for about 10 minutes, including being put on hold twice, I was told the matter could not be resolved that day and would be referred over to a dept. for investigation. I was, however, told that the NGLS order was placed at 7:15 p.m. on July 27. I was home watching TV at that time. I live alone. No one other than Fidelity has my user name or password.
When 2 weeks passed without further word from Fidelity, I called again on August 11. I was told there was no record of my previous call. Very strange since you always get a message saying the call is being recorded. I repeated my problem. The representative thought he could resolve it in 30-40 minutes. I told him I'd be home for the next 90 minutes.
He called back in about 20 minutes and said the matter would have to be looked into by the fraud dept. He asked me what I was seeking. I told him I wanted to be made whole with the money placed back in my account. I did not want the stock. The representative called back on August 12 and left a message on my answer machine saying they were still working on it.
On August 13 I received a call from the representative saying no fraud was found, and that Fidelity does not feel responsible. He wanted to know if I wanted the stock sold. I said yes and that I would decide what my next step would be to recover any loss, including removing my accounts from Fidelity. He expressed regret since I've been with the company for 30 years.
I don't know what happened at their end. I do know nothing occurred at mine. Even if anyone else had my log-in info, it would make no sense to order for my account as there is nothing to be gained. In view of my long-standing relation with the company, I believe they should have stepped up to the plate.
The year should be 2015 rather than 2017.
Phone call after phone call to attempt opening an account and moving an initial amount of $50K to be increased to $200K. Their online system continually did not allow me to log in instead requesting I call. Each and every time I spoke with a representative they assured me all was fine and I could transfer funds and begin trading. This never happened. Fortunately their system had yet another glitch and my funds were never transferred. The last person I spoke with stated the account had been closed with no reason or explanation. "We do not have to give a reason and can close an account at any time with no notification". Be forewarned and do business elsewhere.
BOSTON, MASSACHUSETTS -- Fidelity is high on hassle, high on paperwork, low on speed, low on customer concern, low on performance. The benefits in transaction processing (customer service) always fall to Fidelity. For example, sending them $money$? 7-11 days. It leaves you at the speed of light, and shows up at Fidelity 11 days later. Surely this cannot be. Banks and investment firms have not gotten the message from us. Customers want digital speed service (which Fidelity uses for itself) not surface mail times and a chat service that has 22 people lined up in front of you. Or customer service reps who are short and arrogant with you on the phone. It's our money, and its all about service.
BOSTON, MASSACHUSETTS -- My doctor says I need a simple surgery to fix a problem with my toes, otherwise I could get an infection and therefore lose my toe, my foot, or my leg. I don't have the money for this surgery and my insurance says they won't cover it unless I pay $1,000 upfront plus 20% of the bill. I don't have that kind of money, I BARELY pay rent as it is. It's bad enough they take money out of my pay for this idiotic 401K, and now that I NEED money for foot surgery, I can't even get any of MY OWN MONEY from MY OWN ACCOUNT!!!
They want to give me a LOAN (!!!), which I can't afford because I make a low wage as it is, and having all these medical deductions for insurance is a huge strain on my pay in the first place! WHY do I need a loan I can't afford??? I have more than enough money in my account! Now I'm at risk of getting infection in my foot, losing my toe, my foot, or my leg because they REFUSE to give me some of MY MONEY! I have double the amount in my account that I need, so it's not like I need all of it! Seems to me this set up is nothing but an elaborate SCAM to milk people out of their hard earned money! They don't have any problem TAKING your money, but when you NEED it for a possible life-threatening medical condition, YOU CAN'T HAVE IT!!!
TEXAS -- I cannot fully express how badly this company is on support. The people have been very cordial, but the fact that you can't reach anyone within less than 20 minutes, even at 9:30 pm, and that nothing I've been told has been truthful so far, is enough to make you crazy. As a new customer, asking questions before opening an account, I expressed that I was an options trader.
During our conversation, I was told I could be funded and trading the same day. The next day I called to open an account and fund it, but later found that options requires up to 5 day approval before allowed. It's day 4 now and I'm still not approved. TD Ameritrade doesn't even ask, it's immediately granted, so this upset me. Never have I seen less than 16 people in chat, and yesterday it was 47 on average. I've never reached anyone in less than 20 minutes on the phone, chat is slower.
The kicker is that the Fidelity platform has crashed many times before during the most busy market times, and having this occur while not being able to reach anyone could ruin someone, and it has ruined many people already! I was lied too many times, too. First that I could trade options, next that I would be approved by Friday. Neither occurred, and I'm closing the account.
Nice people, but terribly inept operations and support functions that don't allow customers to get the help they need at the time they need it, and this alone could be extremely detrimental to your portfolio. This is probably the worst place to go for this reason alone. In times of trouble, it would just get much worse.
CAMPBELL, CALIFORNIA -- They refuse to accept the power of attorney that my sister and I were granted by our mother. She put it in place in 2008, now in 2017 she is no longer of sound mind and lacks capacity to handle her finances. It is a "springing" POA, and we obtained the two capacity letters from physicians and completed an affidavit. The POA lists myself and one of my sisters as Co-Attorneys in Fact. Fidelty's legal department refuses to accept it because their forms only accommodate for 1 power of attorney, not two. They even suggested having Mom complete a new form and getting it notarized..... this from their legal department after knowing that Mom is not of sound mind and cannot legally enter into any agreements. Their next suggestion was for one of us to resign as the power of attorney to satisfy their requirements with no regard for the wishes my mom put in place. They also suggest we spend more money on lawyers to change it to their satisfaction as well. The document we have is completely legal and they refuse to accept it. So therefore we cannot make Mom's "required minimum distribution" that is required by the IRS annually. Every year she will be penalized because they will not allow our legal document to be used as it is intended. The account balance is only approx $15K and we intended to leave it in there but just need to satisfy the IRS requirement, which they refuse to comply with. Without the power of attorney, they also refuse to update the address, therefore soon all the documents will be mailed to a house my mom doesn't own anymore.
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.
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!