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Terrible Platform, Non-Existent Support
StarEmpty StarEmpty StarEmpty StarEmpty StarBy -
Rating: 1/51

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.

Customer Service Is Incompetent
StarEmpty StarEmpty StarEmpty StarEmpty StarBy -
Rating: 1/51

NATIONAL, PENNSYLVANIA -- I called two weeks ago and was given misinformation, but in a friendly, timely manner. I called today because I found out that I was lied to (couldn't access my money today, as I was told I could) and I spent 20 minutes on hold waiting for a manager who ultimately spoke down to me and said half of what I was told last time, and half what I was told today, so I have no faith in any of the information I receive by phone. Can I give negative stars?

Phantom Stock Purchase
StarEmpty StarEmpty StarEmpty StarEmpty StarBy -
Rating: 1/51

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.

Update 08/13/2015:

The year should be 2015 rather than 2017.

Fidelity = Horrible Customer Service
By -

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.

Issuing a bum check
StarEmpty StarEmpty StarEmpty StarEmpty StarBy -
Rating: 1/51

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.

Buyer Beware
By -

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.

Misdirection of Funds/Deplorable Service
By -

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!!

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!

Voice automated customer service fiasco
By -

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.

Fidelity refuses to release funds
By -

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
By -

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...)

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Fidelity Investments Rating:
Star Empty star Empty star Empty star Empty star
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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