Complain about a product or service

Fidelity Investments

Stacey of Franklin, KY March 2, 2009

On August 29th Fidelity had a system glitch that eliminated transactions. I had called in and asked for 50% of my IRA to be moved to a Fixed Asset/Money Market account and it did not happen. When I called in to complain they admitted they had had a system glitch but that they would correct it. Finally the end of November I got a partial resolution however they did not put 50% of it in a Money Market, only part of it and the rest they put in some sort of Bond? Which was not my instruction. They told me I would have to escalate this problem to a Covington, KY address so I Fed Exd the information (have a delivery reciept) and never heard back again.

Due to the problems they had they did give me my PAS fees back (591) which does not begin to cover the losses. This has been going on for 6 months now and I can't get anyone to resolve it! They won't let me listen to the voice recording of my original conversation with D.l Garon proving my request and told me I would have to get an attorney and then still probably would never hear it.

Loss of 24K+ in 401k monies

Janice of Houston, TX December 17, 2008

I had a 401k rollover account with them and was charged a series of unreasonable fees just to have my account with them. When I tried to finally close my account, I was given the run-around and in the end they charged me again to move my own money from their management! Their customer service is terrible, their employees make a huge profit from our hard earned savings and there is not one thing we can do about it.

I have lost thousands of dollars while my account was under Fidelity's management.

Harold of Bloomfield Hills, MI November 30, 2008

I opened my account and found Fidelity had gone in and removed over 44,000 dollars. The following day they called and said the made an error on my account in May of 2007. This was September 2008. I purchased 5000 shares of Keppel stock through [their] International department and received a confirmation on my purchase. I sold the stock almost 3 months later and they decided I wasn't entitled to get what I purchased.

Their Senior Legal Attorney has yet to tell us under what law they had a right to break into my account and remove funds. I have asked for the names of those who committed the crime so I can press charges

They have taken almost 45,000 dollars out of my IRA account. I have since moved my two largest account out of Fidelity. I have another case in Arbitration against the company with Finra.

Angela of Tallahassee, FL October 22, 2008

I purchased a 2003 Pontiac Sunfire in Cairo Ga in 2005. Since the vehicle was used, I felt that it was to our best interest to purchase the extended warranty (5 years/100k miles). I recently took the vehicle in to have the air conditioner checked. Based on the repair needed, it would have been covered by our extended warranty. The repair center contacted Fidelity and was informed that the warranty expired January 08. This of course did not fall with in the 5 year,100k miles.

I called to find out what the deal was and was told that since the car had over 6,000 miles at the time of purchase, the years began at the date the car was manufactured not purchased. I am VERY upset with the dealership for not explaining the true facts regarding this warranty. We asked specifically if the warranty would begin at the time of purchase. We were told that it would. There's no way that the dealership was unaware of this.

This is a deceptive practice at best. We purchased the vehicle and warranty in good faith and hoped that this courtesy would be extended to us. Fidelity and Thomas are guilty of this deception and not to mention, very poor consumer relations.

We are going to have to pay 700 out of pocket to have the repairs done on the vehicle.

Michael of Lino Lakes, MN October 16, 2008

I have a brokerage account through Fidelity investments. I am also a margin borrower. Due to the recent market volatility, I have been receiving margin calls on a daily basis. I have moved adequate funds over to meet the calls in a timely fashion as per my agreement with Fidelity. On Friday, Oct. 10th. I called Fidelity for a status on my margin calls. I was told by Fidelity that my account was in good standing and I had a margin call for around 200.00(the employee contacted their margin area for this number). I promptly deposited the funds and the Fidelity employee said they would notify their margin dept of the call being met and my position was fine for Friday.

I checked my balance 2 hours later and Fidelity liquidated the entire position for a net loss of 11,000 on my end. I immediately contacted them and was told that their department gave me bad information and that they tried to contact me via email of the error. I never received an email, voicemail, or phonecall asking for more funds to be deposited..which I would have done. I have contacted them 2x for an explanation and I have received nothing but excuses. I still have not received the phantom email from them that they said they originally sent.

Overall: Fidelity informed me my high dollar investment was fine. They confirmed my margin calls were met. They made an error and never contacted me for further funds, which I would have provided. They have not provided any proof of a communication and misled me to believing my position was in good standing then liquidating it 2hours after I was told everything was fine. I have since moved all my accounts from Fidelity and pursuing legal action.

11,000 realized loss after all margin calls were met. No communication of further funds needed by Fidelity, which would have been provided promptly. I had met 5 margin calls previously with no problems. Deception from Fidelity saying they sent an email telling me my position would be liquidated and yet I never received communication. Admission that their margin department said everything was fine, then made an error. Fidelity has done nothing but sell my position for a loss, said they tried to contact me but never did, and refused to correct the situation by allowing me to keep my position which I was told was safe.

Susan of West Newton, PA October 6, 2008

Fidelity messed up the pricing of securities on Friday October 3rd, 2008. Although the prices were corrected that day, transactions and possibly customer balances were not corrected. I have called and they cannot give me an exact time my account will be corrected..just that they are working on it. They are holding my money hostage (around 2,600).

I could be possibly trading with that money or gaining money on it; instead, they are holding it themselves. It is ashame that with such a big company you have to babysit your account daily and have a pretty good knowledge of trading to catch their errors. I am being offered no type of compensation for the error and no time of correction. If and when it is corrected it will be very difficult for me to calculate whether or not it was corrected accurately.

Kurt of Scottsdale, AZ August 15, 2008

I purchased this warranty thinking it would help in care repairs but they will have the dealership talk about the warranty with the scare tactic pitch. Actually they hardly cover you at all. For example, my service guy mentioned that having a cv boot rip is important but its not covered but if the axle breaks and the car becomes a danger to drive then they will cover the more costly repair. It doesn't make sense.

I am not happy with this scheme at all. My fiance bought this extra warranty because they used the scare tactic sales pitch. Are there any honest companies anymore?

I purchased a Platinum warranty but I'm still having to pay for repairs. I don't get it. Furthermore we want out of the contract ASAP. Our contract says we are bound to the deal as long as we own the car. What is this?

Jeanette of Toledo, OH July 22, 2008

I had requested a check from my 401 account. They sent me 4 emails telling me the check has been approved and the shipping tracking. I got the check the day I was going on vacation. Went and put it in the bank...The next week when I returned from my vacation I got a call for the bank, stating my account was 1000. overdrawn. Fidelity stopped payment on my check with not brothing to contact me to let me know.

When I called them on Monday, They said it was a error on thier part. The money was not available. It was like too bad for all the overdrafts fees and 1300.00 was going to be my problems. Please any idea how the can do that. Like I said, I have 4 copies of emails they sent stating ther money had been approved and sent on its way. The orginal check was for appox. 2000.00 after taxes abd fees were taken out....Im at a lost on what to do...Looking for any advise you can share. Also they told me this had happen to several people within that week and it was all a error on their (people or computers) not sure.

Major overdrafts...and bounce checks...By rights I should still have enough money to pay my bills....not negitive balance in my account. I have a daughter and 2 grandaughters to support.

Rayya of Cleveland, OH March 6, 2008

Fidelity distributed funds from my ex-husband's retirement account for court ordered child support and incorrectly identified me on the 1099-Rs submitted to the IRS creating a tax liability for me. The 1099-R should have been reported to the IRS with my ex-husbands SSN as it is his tax liability. Fidelity in effect has reduced the court ordered amount of child support money I received by the amount of taxes I had to pay on the distributions even though it is not my retirement account. Could this be tax fraud? Fidelity is completely unresponsive, telling me I should seek advice from a tax adviser. I am in the process of filing a grievance with Fidelity and I am in the process of seeking advocacy from the IRS and the state of Ohio.

I have paid over 5000 in taxes that I am not liable for. Fidelity has deep pockets and this is litigatable for the taxes paid, legal fees, damages for Fidelity causing my daughter's child support to be reduced by 5000. The child support order has ceased. I have not received a penny for 2007 tax season but I just got a 1099-R for 2007 from Fidelity. The retirement distributions continue to be sent to the child support agency who forwards the money to my ex-husband and Fidelity causes me to pay the IRS the taxes on the distributions.

Kevin of Corinna, ME February 3, 2008

Where do I start with fidelity? Fidelity took over our benefits when the company I work for was bought out. The first indication we had that there were going to be problems was when I noticed that I was has money taken out of my paycheck for dependent child insurance, which would be fine except for the fact that I have no children. I notified fidelity of this on several occasions; the problem was never resolved, and the company refuses to refund any of the money saying that it's up to me to prove I have no children! The next thing that happened was that someone mis-keyed my benefits info and canceled my wife's health insurance. This one could have been serious; we went to pick up a prescription and were told she wasn't covered. Fortunately our pharmacist knew us and gave enough medicine to get us through the week.

Finally, the last straw, I called Fidelity and requested instructions about how to pay off a 401k loan and take out a new one. I made my plans 100% clear to the representative. After the conversation I took 800.00, got a money order, and sent it to Fidelity. Only after they got the money did I find out that I didn't have a loan available. Fidelity was no help what so ever; they refused to reverse the loan pay off or assist me in any way. In fact, they basically said it was my fault because the rep never said I could take out another loan. Again my intentions were made totally clear: if I wasn't able to take another loan shouldn't the rep have notified me of that before I sent in the 800.00? A reasonable, responsible person would say so, however it seems that those are two adjectives which simply don't apply to fidelity, as I told them if they were my bank or my car insurance company, or my cable company I would fire them for their horrible service. Unfortunately, I am stuck with them, in a word, Fidelity service is terrible.

The economic damage that occurred was that we sent in the 800 that was our mortgage payment fully intending to pay the mortgage when the new loan arrived. This caused the first 30 day mark ever on our credit.

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