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You first must have an investment account. Keeping your retirement there helps. After that, taking advantage of their online banking features is easy. And the account can earn many times the interest of your other bank account.
I have been pleased thus far with my experience with Fidelity. I opened a brokerage account in February, and recently opened a cash management account and awaiting rollover of traditional IRA. The only minor problem experienced with the cash management account were the 4-7 day delays in making deposits from my former bank account into the CM account.
I was opening a business account and had a lot of back and forth, not having a clear understanding of what documentation was needed to open the account. After several phone calls and several faxes I finally talked to a lady by the name of Steffanie **. She was awesome. She listen to me and took on my issues and promised to help. Even though she didn't know all the answer she went out of her way to get me the right answers. She even offered to follow up with me regarding my issues, which she indeed did. I realized that it really depends on who you spoke with at customer service. My one star experience was turn around by one employee that helped me get the account up and running. My recommendation to the company, assign every new client a person of contact to help them through the account opening process, especially for business accounts.
I am not well versed in finances, but setting up an account online was easy. Fidelity Go allows me to invest the way I want without having to learn and select everything myself. It automatically makes changes based on my age and preferences for risk. I spoke with Lina over the phone to set it up and she was incredibly helpful!
I have never experienced any of the problems listed. 30+ year customer - it is the only brokerage house I trust. They walked me through many transactions over the years - rolled FOUR 401ks to them, setting up a recent Self-Emp 401k... They know their systems, products, and how to treat customers.
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Opened account, deposited my payroll check, 2 days later can’t log in. Called, said risk mgmt closed, it can’t tell me why. Work for this company 9 years, know the check is good. Now they say the only way to get my money is to mail as card, driver's lic, proof of residency then wait 30 days for check. Talked with people, said they did same thing but kept their money. People stay far away.
I have used most of the broker firms and got to say Fidelity is the worst for transferring money out. Do not do business with Fidelity. They think your money belongs to them. Terrible customer service and they think people have all day to wait on telephone for nothing. Quit wasting my time.
Have you ever heard of the Fraud department blocking your account and not notifying you? Have you EVER had to go two days without access to your money because the Fraud department blocked your card while the department was actually closed? Have you EVER heard of the Fraud department even caring about transactions you have made 15 miles from your home address that was $13 and $4? I never heard of that either until I opened a cash management account with Fidelity. So I have several employer related investment accounts with Fidelity and I THOUGHT it would be smart to open a checking account since it offers bill pay services, free ATM withdrawals and I can push pull money back and forth from HSA and investment accounts easily. HUGE mistake that cost me so much frustration that I am in tears and questioning every decision I ever made in life.
Long story short...
(1) On two occasions it has taken five days for Fidelity to pull money from a linked bank account into the new checking account. The EFT transfer policy states 2-4 days.
(2) My bill payments would not go out on the delivery date. It is actually 2 days after the delivery so bills were late and the confusion continues...
(3) I tried back-to-school shopping over the weekend and the fraud department blocked my debit card and I could not get it removed until Monday because they were CLOSED. Please Note that I had just moved all my money into this ridiculous account and I missed items for my kids that were on sale.
(4) There are no courtesy emails from the fraud-ghost dept notifying me that they even suspect any fraud. You just have to go through the process of decline, embarrassment and calling customer service. And then CS wont even know what activity prompted the fraud and not permitted to even remove the blocks. You cant verify ** with them.
(5) Fraud department does not accept calls from customers, has the weirdest hours and take forever and a day to contact you to verify transactions and unblock your card...
(6) When the Fraud department does respond they have these lame excuses like "Oh you went to Walmart twice in a day." "Oh you shopped at Amazon and eBay on the same day." "Oh it's a brokerage account." "Oh it's a new account." "Oh we see justfly.com and Spirit Airlines in the same day." "Oh you bought something for $4 then $13 in the same day."
Yea no ** Sherlock. I am planning a vacation and I ate breakfast for $4 and lunch for $13!!! Excuse my language as I am in tears and still waiting for someone to call me and unblock my card as I have a hair appointment in an hour and need gas in my car to get there!!! SMH. I have never felt this much pressure to just BE CALM and PATIENT with a business of this magnitude in all of my life!!! I guess because I am a single number I don't matter. So don't you do it!!! Choose a checking account from BOA or Chase.
Fidelity locked my online account without any real breach. It took me a lot more efforts and time to simply reset my password, compared with any other bank or investment company I dealt with. I was even asked to fax a couple of times to prove my identity and residence, plus making many calls to the customer service.
I have a 5 years CD Ladder with Fidelity Investments. I chose the Auto-reinvest option when setting it up, trusting that Fidelity would make the best choice for me. The first CD rolled over after one year, and Fidelity automatically picked a new CD for me. They sent me an email notifying me of the new CD choice. Alas, I did not look at it until the day of the purchase. The day they purchased my CD for me, 5 years CDs were maxing out at 2.4%. Some of them were callable, but the non-callable ones were listing at 2.2%. Fidelity chose a CD that pays 1.9% interest and committed me for 5 years.
When I complained, after the data sheet had been purchased but before the CD actually sold to me, they told me there was nothing they could do except take me off the auto-rollover program. I also received a polite but smarmy letter from Dusty ** - Executive Office - stating: "I note that you acknowledged the risks of the Fidelity Auto Roll Service when you established your CD Ladder on June 4, 2018. A replacement CD may have a lower interest rate than the original CD that it is replacing in your CD Ladder," and "I understand that we sent messages to your email address on June 10 and July 1, 2019, to notify you of a maturing CD that was enrolled in our Auto Roll Service. The message that we sent on July 1, 2019, provided you the opportunity to review the CD."
Long story short, you cannot trust Fidelity to choose the best CD based on interest rates when auto-rolling your CD Ladder. I can only imagine they received some other benefit by choosing an interest rate that was lower for me and committing me to 5 years with the inferior CD. I can only wonder if I should trust them with managing the picks in my 401K portfolio. We get a special rate through my company, but they have lost my trust. K **
Fidelity expert review by Clark Kendall
Fidelity Investments is a privately-held full-service financial firm that offers an extensive range of investment options, including online trading, retirement accounts, IRAs, mutual funds, life insurance and more. The company has been in business since 1946 and now serves more than 25 million individual investors. It is headquartered in Boston with locations across the United States.
Branch locations: Fidelity has nearly 200 branch location across the United States. Investors who want the option to trade online as well as get in-person help from a professional will appreciate this option.
International trading: Fidelity clients can trade on the stock exchanges in 20 countries, including Hong Kong, Japan, Australia and the United Kingdom. Investors can choose to purchase or cash out stocks in U.S. dollars or the foreign country’s currency.
Research trial: Account holders at Fidelity have free access to several research tools. They can learn about stocks, EFTs and other investments as well as set up watch alerts. Interested customers can sign up for a free 30-day trial to see whether they find the tools convenient and easy to use.
Managed accounts: Investors who prefer a hands-off approach can set up a managed account with Fidelity. The company offers five different managed account types with a $5,000 minimum investment.
Protection Guarantee: Consumers can feel secure with a Fidelity account. The company’s Protection Guarantee ensures that clients are covered if an unauthorized individual makes changes to their account. For full terms and details, visit the Fidelity website.
Best for: Fidelity Investment has tools that make it a good choice for all types of investors; its online trading features are best for self-directed investors.
Fidelity Investments Company Information
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