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Fidelity Investments Consumer Reviews - Page 2

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Wrong Loan Date
StarEmpty StarEmpty StarEmpty StarEmpty StarBy -
Rating: 1/51

TENNESSEE -- I was given bad information on when I could take a loan out. I took this bad information and made financial obligations for a major purchase. The representative Morgan today told me she was sorry and nothing can be done for the bad information she gave me! Wow is all I can say. She refused to transfer me to a manager or give the customer complaint department. This company has very poor customer service skills and don't care about its clients! I wish my company would change 401k holders!!!

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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?

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Trading Errors - Resolution Process
StarEmpty StarEmpty StarEmpty StarEmpty StarBy -
Rating: 1/51

BOSTON, MASSACHUSETTS -- Although I provide clear evidence of an improper transaction cost by providing 3 enclosures, Fidelity forces you into a administrative timely and costly arbitration process. For non-active traders Vanguard has superior customer service and have reps empowered to resolve dispute issues at the lowest level.

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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.

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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.

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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 = 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.

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Doesn't Honor Its Contracts
By -

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.

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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.

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Fidelity Investments Rating:
Star Empty star Empty star Empty star Empty star
1.0 out of 5, based on 12 ratings and
21 reviews & complaints.
Contact Information:
Fidelity Investments
245 Summer St
Boston, MA 02210
800-343-3548 (ph)
www.fidelity.com
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