Fidelity Investments

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Consumer Complaints and Reviews

Agents at the trading desk have frequently provided unacceptable service and false information that cost a considerable amount of money and trading freedom.

One example that comes to mind was when a night shift agent was working with my account. The agent informed me that the "system went down" while working with my account. I was informed that I would not be able to do anything with (trade) my shares until the issue was resolved. The next day I watched helplessly as the value of my shares dropped about a thousand dollars.

And to top it off, the agent was not able to resolve the problem that he had set out to correct. My advice to anyone who will listen is to stay away from that company. I disagree with the certification below, but my business relationship is as a customer. My certification below is made solely for the purpose of getting my review posted. For my protection I have used a pseudonym, pseudo-address, and pseudo-phone number. Therefore no rules, guidelines, regulations, laws, etcetera have been broken. Any disagreement is subject to my approval, and is not very likely. So there.

Fidelity is nothing but a bucket shop robber baron. I had enough of the costly nickel and diming this company exhibits on foreign securities transactions and the extremely poor execution of the trade that has cost me in both direct and opportunity costs that is worth much more than the free level one quote services offered. In my original inquiry with them I was lead to believe the firm has direct access to foreign trading desks accessible to the relative tighter spreads on shares which are typically lower priced like the UK Australia and Canada but the trade always is routed through the costly inefficient gray OTC bulletin board price spread mechanism with no volume and liquidity and in addition they tack on an additional 1/4 cent foreign exchange fee on top of what is being charged by a competitor.

In a recent merger arbitrage deal which I let go to expiration the price received on BNKJF was approximately 2% worse compared to Ameritrade and as you know with arbitrage investing you are squeezing fractions of a percent in return. To get a relative perspective in terms of a risk free rate like a 6 month treasury my loss would take 4 years to make up in interest income.

I have a retirement account with Northrop Grumman (NG). NG farms their accounts out to Fidelity Investments. I accessed the account the first weekend of October 2016 and was able to use the user name and password that I set up years ago (2011). I was able to view the amount in the account and discovered I had not changed my address so I changed the address to my current address on the account. I attempted to access the account a day later and was locked out. I found two other accounts placed with Fidelity that I did not open. These accounts were former employers. The NG account was not showing up.

I called the 800 number and was told only one person could handle the situation and so I am stuck waiting for this person to have the time to fix the situation and return phone calls. I was told my SSN had been transposed a number off and I would have prove my identity by mailing a copy of my SS card. I don't think so. I called back and was told by another person the account is there but in a different location that no one can access. This is BS. I was able to contact the "Executive Escalation Department." I am waiting on another phone call from NG so this issue HOPEFULLY is resolved. Most finance companies have effective security protocol and customer service. I do not trust Fidelity. The FTC is my next route resolved or not. Chaos is a huge red flag of fraud.

My husband passed away in April 2015. I applied for his 403B in May 2015. The literature they sent indicated that they resolve claims in 30 days. On the telephone, their representative said they required a medallion from my bank to verify who I am. I went to the bank and the bank said they could give me a medallion, but the bank needed a piece of paper indicating how much was in the account. Fidelity told me they could not give me a piece of paper but would tell me that over the telephone. This was unacceptable to the bank. I told Fidelity they had me in a loop that I couldn't get out of. So after literally shouting at the rep on the phone in the bankers office, they said they would talk to their attorneys. A week or so later, I received a letter with the necessary information.

I then got the medallion, filled out the forms and sent them in. When I had heard nothing from them by July, I called. They said no one had worked on the claim yet, but gave no reason. I called again in August and got the same answer. However, this time the person said she would expedite the claim. Finally in August they processed the claim--4 months after my husband died.

Fidelity mishandled my pension payout. I had to keep calling to check on where it was. Finally, after 12 weeks they informed me that the benefit calculation date was too old and the process would have to be started all over again! When I pressed them their agent admitted that their automated system messed up and none of the many times when I called them did the people figure this out. I had to re-submit and start the entire process over again! They certainly don't have their act together. Find another company!!!

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I could write a book on my experiences, but I won't. I thought I was the only person having problems. I tried to take about $25k out of my IRA. In the end, Fidelity put a restriction on my account. I could not withdraw, transfer, or close it. They required I get a POA because they were concerned (I'm sure it was my age (68), and I'm not senile, do not have dementia, etc. I had to hire a notary, fill out the papers, had my son sign as my 'agent'. Sent them in. They sent them back and said I needed to make changes to the POA. I hired another notary, had my son sign, and sent them in again. Now I'm waiting.

Fidelity sent the police to my home to 'see if there was elder abuse or fraud'. Then today a Social Worker showed up for the same purposes. I am sooo ticked I can't stand it. What right does Fidelity have to get into my own person business. And of course they know none of us can afford an attorney. If I ever get the restriction lifted my son will have to request a withdrawal because I guess I'm too nutty to do it myself!! I am researching another company and came across all these complaints. Now I wonder if I'll ever get my money or if they'll allow me to transfer it somewhere else.

The company I was working for went under and they used Fidelity for our payroll. Long story short I got my last check and it was not for the right amount... I went to Fidelity to access my pay stub and the service was gone. I called and Fidelity said they don't talk to employees and could not help. They informed me to hunt down someone from my old payroll. So here is how ** Fidelity's service is. I can't access a pay stub the same day my last check, but a great service like ADP I can still access my stubs from jobs 10 years ago.

9 months ago, I started with Advance Auto Parts. Get FLOODED by my company with "sign up today for your 401k plan" so I did... NOWHERE did it say "You have 3 choices to withdraw money, die, QUIT, or retire"... Just go click click click and there's your account. I have some SERIOUS money need issues, and don't give a damn about penalties, so I call Fidelity morons and tell them "I want my money."

They say "Sorry, YOUR PLAN DOESN'T ALLOW FOR YOU TO TAKE OUT YOUR MONEY EXCEPT if you leave your job or retire." !!! WTF??? Seriously??? So I tell the idiot on the phone I want to speak with a manager, and I get a 'customer resolution manager' or some such crap. Same story, THREE TIMES... I don't have a lot put in with them, but I'm here to tell you that the amount I've contributed is THE amount in the account, which means it hasn't grown ONE BIT in 6 months!!! Definitely NOT worth the time effort or energy. Their site is HORRIBLE to navigate. Options are hard to find and CS is a JOKE! Seeking legal recourse now.

I have spent 3 weeks and approximately 10 phone calls trying to transfer shares from one account to another. It is impossible to speak with the same person twice. I get letters requesting additional information, but the letter doesn't specify what information is needed. A reference number is in the letter, but when I finally get through to a live assistor, the reference number apparently means nothing to them. After considerable delays, each 'suggests' some thing I should mail or fax. They profess to not have email capability, and I don't have a fax machine. I did finally go to an office store, pay $24.50 to fax documents I had provided in the past by mail. It seems that when mailed, it is hit/miss whether the documents get associated with the correct account. By far the worst experience I've ever had with any financial institution.

Fidelity is a terrible company. It has now been over half a year (8 months!) that I have been trying to roll over my pension plan to an Etrade IRA account. I started Dec. 2015. Three times Fidelity has said that we cannot pay you on the selected date (that Fidelity set!) as it is not within the 90-day window. Three times now they have set back my settlement date. They have provided no information on my plan including, the total value of my plan so that I can check that I am receiving my correct Quadro percentage, nor proof of and how the settlement amount is calculated. For all I know this amount has been pulled from thin air.

Fidelity seems to use a call center of nice but clueless staff. The "solution manager" has not even received an email reply from the calculation department in over the last two weeks even though (after I threatened litigation) my case was supposed to be expedited. Fidelity incompetence and the deliberate holding onto of pension rollover money must be widespread. Does anyone know of an existing class action lawsuit against Fidelity? I'm in.

I am absolutely appalled at the terrible service I have received from Fidelity in trying to move my 401K to another financial investment firm. They have lied, given me the run-around, given phone numbers with extensions that do not lead me back to the same person. I am contacting the Better Business, Clark Howard, and any place else I can post a review. They are happy to help if you want to give them money but try to change over to someone else... expect chaos... delays... etc.

They have repeatedly given false or misleading information, made promises that they have no intention of keeping and when I have called them to follow-up. I have been routed to someone new even though the previous person gave me a private extension. I have been told that I had never called before or they aren't authorized to read the previous notes because it came from a different department (so why was I routed to this person?). List goes on and on. I have wasted more time than I care to think about and have finally just come to the conclusion that I am totally at their mercy as to when this transaction is completed.

Fidelity gave me 300 and 500 free trades for 2 new account opened. Free trades would just magically disappear and commission was charged. That happened on at least 3 occasions. I let it go the first couple of time as the sale rep fixed it, giving me back the free trades and was very polite, although I was not reimbursed for the commission. Said system didn't allow it. Last time I checked over $700 commission was charged. When I explained they kept telling me the free trades expired which I told them I got 2 years. Then they said I used them up. I then asked them to count them. Supervisor said the system reflected something different.

They said I was taking advantage of the system as they had gave me more free trades than I should have gotten. They asked me for screenshots to show that I was given free trades. Sure I would have screen shot if I knew they were not to honor the agreement. I told them this is not right and asked them to count the trades that I had made and if it was less than the amount I was given, they should reimburse me. This happened not once, but 3 times. Not only that, when I have another questions on the account, they would not help, saying they do not wanted to be taken advantage. Today, I am still waiting for their 'investigation' and response for the missing free trades and the $700 commission.

Used a log on ID that was "assigned" to my father. Did not know that I was suppose to create one of my own. Fidelity flagged his account inaccessible. Advised for him to call in and confirm no fraud occurred. Did so. Was then advised he must write a letter of instruction AND have Signature Guarantee. Attempted to get Sign. Guarantee but bank said Fidelity must send a form for them to complete. Fidelity said they did not have a form for banks to complete. Attempted to move money out of Fidelity and we are unable to move money away from Fidelity because account was locked.

When I moved my IRA to Fidelity Investments I was told I would have a top level team of advisors to manage my IRA. Hogwash when they lost $37000 in the last quarter of 2015 - all I got from them when I called was a lot of double talk. They tried to explain that they have no control over the markets and that there are ups and downs. I did some research and found out that since my IRA was not in the quarter million dollar range my team was a bunch of 20 somethings out of college managing my $180,000 account. They were not moving with the market but trying not to lose a lot of money instead. Not once was I offered any kind of rebate on my fees for their service so I move elsewhere and are much happier with the new company. If you are thinking of using Fidelity Investments find someone else if you only have a small investment. They do not tell you the truth about who is handling your account.

I had bad time with check delivery and they did not know about direct transfer to my Oriental Bank Account. A Fidelity manager told me with an e-mail I can get the money in my account. Today I called Fidelity - Mrs. Arland ** - told me there is an code input error in my records made by Fidelity. Error is telling I am an employee coming from US transferred to PR (not true). That error will take now 4 to 5 days to fix. I cannot begin a withdrawal process for that Fidelity error. And again this employee does not know I can get transfer directly to my account.

Fidelity has absolutely no sense of security as far as handling my money. I requested a sale and withdraw from my account and it was executed and the check was sent overnight as promised. When I came home there it was in a cardboard envelope lying on my front porch for anyone passing by or wind to blow away or rain to soak.

Fidelity has to get its house in order as far as using a competent delivery service, and not UPS. They tried to put the blame totally on UPS who is totally irresponsible but it is Fidelity's responsibility to securely deliver funds and not be so haphazard about delivering them as cheaply. Fidelity claims to offer electronic funds transfer but it is not available online. It must be setup by hard copy and snail mail.

I have been trying to close my Fidelity Investment accounts and move them to a more competent company. Knowing what I am trying to do Fidelity Investments has stood in my way at every turn. First asking me for a notarized letter with my signature. Over a month period I have sent this written and notarized letter with the exact wording specified by Fidelity and each of these letters has been lost in the mail.

Today, I finally lost my patience and called to speak to someone of authority. The woman who came on the phone in response to my explanation said "I don't know who told you a notarized letter would suffice, we need a letter with a signature guarantee." This woman could not explain the difference.between a guaranteed signature and a notarized signature.

So, I inquired about how I get a guaranteed signature and she told me some banks will do it or I can go to a Fidelity office. I am a disabled Veteran. For me to get to their office in downtown Charlotte, NC, get parked and get to their office and make a return trip would take an entire day. Anyone who joins Fidelity Investments after reading this will deserve the horrible customer service they will receive from this bunch of incompetents.

Mailed in all documents to Fidelity investments to Cincinnati, OH, 45277 with wet stamps & signed on all copies. Then I call the day after they received it and no one called me. Now when I called they said that I sent in blanks. Then I ask for the original to be mailed back and they DID NOT match my printer even after they said it was the original that were being mailed back. I also was told they shredded them after scanning them in to their system. I said then, "Are you nuts no one shreds original copies to transfer of assets." Then they turn around and said they were not shredded. Now I am on the phone asking for an email to show them what they sent are not the originals and a copy of what my printer made and the receipt of how much it cost to mail them in. They are even refusing to give an email to show them.

Now I have transfer of assets with wet stamp and signature floating around inside of Fidelity office in Cincinnati, OH. I am also asking for all 4 phone calls to be reviewed and they are refusing to do that as well. Now after 1 hour and 10 minute still waiting for just the scanned front page of the copy they scanned to be emailed to me and it all can be blank out and they are refusing. They are still refusing to give me just an email to prove my side of the stories and still refusing that. Beware Said the same thing to us.

Now why didn't Erin ** from risk management is calling me a liar and all he had to do is listen to the calls. He also refused and said I was abusive on the calls. If any is abusive on any calls, it should be mandatory to listen before even call me. Why did he not listen to the call before judging someone that was trying to transfer asset to them? After they received our paperwork from there it was all downhill one lie after another. Lie 1) Said would mail original copies back and sent fakes (did not match my printer); Lie 2) Talked to 3 supervisor. I really think they lied (ask for the same person back and refused); and Lie 3) Told me they shredded them after scanning them into their system (then was told by someone else they don't shred them).

Refused 1) Listen to recorded messages. Refused 2. Asked them to email me the front page of what I sent in them, that they said that was scanned so I could match up with my printer. I even asked them to black out all info which really would be just emailing me a blank page. Everybody know what is scanned into a computer will print out the same way (NOT A FIDELITY); Refused 3) Asked for everything to be mail back to us refused; and Refused 4 Asking for a email address to show them my proof that they were lying. REFUSED. I guess they don't want the truth. (Please beware of this company). Review all complaints online. I just did and this just keeps repeating like a broken record.

Fidelity has locked father's accounts twice. There has been no communication as to why, specifically, this was done. Now they won't unlock accounts until a guardian is appointed. Can't have a guardian appointed because he's not legally incompetent. So Fidelity says "He may need to move his money out of Fidelity." Dad is 93 years old, he can't learn the funds of another company. I really want to sue them. Bills aren't getting paid, my attorney thinks we'll have to go to court to get an injunction to have some funds released. UNBELIEVABLE!!!

I transferred my assets including margin to Fidelity and two weeks later, I found a better brokers with a lot lower interest rate on the margin account. I contacted Fidelity customer service and they said they will work on matching up the rate. The request was submitted to the margin department and they said it can take 3 days to process. I never heard back from them. I decided to initial the transfer to the new brokers since I didn't hear back from Fidelity. Fidelity rejected the transfer request and the reason is I have to flatten out the margin and pay it off to transfer the assets to a different broker. They are asking me to sell my assets with a lost or pay off the margin to take my assets out of the account. They also refused to reduce my margin interest rate. So, I'm basically stuck with them and I have to pay their high interest rate and no any other option.

I am buying a condo, so I decided to take a loan from my 401k so I could give them a higher down payment and this have a lower monthly payment. I figured, borrowing from myself, low interest rates, payments only about $20 a month, sounds great! I called Fidelity on 3-7-16 & the rep walked me through filling out the quick online application. He then told me my check would be mailed out and I would receive it on 3-16-16. He did mention that they offer express shipping where it would get to be in 2 business days, but there was a $25 fee and he had assured me I would have the check by the 16th if I had it mailed normally, so I went with that option.

I called their number on the 14th to check and make sure it was still scheduled to arrive the 16th. Their automated system told me I would have it on Tuesday the 15th, a day earlier than the rep had told me. I thought, great, it's coming early! I went and checked the mail on that day to find that the check hadn't come. I was a little disappointed but thought, oh well, no big deal, 1 more day won't kill me. So I go to check the mail again the next day (which was the 16th and the day the rep originally told me the check would come) to find it still had not come. I was annoyed by this time and called Fidelity. This rep told me that it would most DEFINITELY be there the next day.

Guess what happened the next day? No check. By then, I was mad. I called Fidelity back and gave them what for about assuring someone that money they really need is going to be there a specific day when they obviously can't guarantee that. They told me give it 1 more day, they were sure it'd come, but if not, they could cancel that check and send it UPS express shipping so I could get it in 2 days. They said if I did that on a Thursday, it would get to me on Saturday. The next day, no check. Mind you, their automated system is STILL saying "you should've received the check Tuesday March 15th" every time I call.

They FINALLY cancelled the check and had it sent UPS, but I STILL didn't get it until Monday when they had told me Saturday! I never did receive the original check they claim they mailed on March 8th. What on earth takes so long to mail a piece of paper?! When I mail something or order something offline, it takes a maximum of 5 days for me to get it. I think it's absolutely ridiculous that a check takes so long. They need to look at what's happening in their mail room, because someone needs to be fired!

I opened an account with Fidelity, by going to their offices in Seal Beach, California on March 2, 2016. I filled all the paperwork, and had the agent Rashik ** (Investment Consultant) review the paperwork to make sure I had done it correctly. Well, I've had to go back twice to fill out more paperwork. Today is March 21, 2016 and yet Fidelity has not been competent enough to allow a transfer of funds from my bank into the Fidelity Investment account. It took less than 2 minutes for TD Ameritrade to open a transfer from my bank account and give me immediate credit to my investment account. Fidelity needs to build better covered wagons! It took the Pony Express only 5 days to go across the country. Fidelity might consider training consultants to ride horses.

So back in October of 2015 I resigned from my job with Starbucks because I took a job offer over at Hilton Worldwide. I decided to withdraw my funds from my 401-k account on October 26, 2015. They told me I would receive my check by mail by November 4, 2015. On November 2, 2015 I call Fidelity just to get an update on the check and find out it was already cashed and clear as of the 2nd of November 2015. I found that kind of odd because the site informed me that I was suppose to receive the check by the 4th of November. I then immediately did a fraud claim with Fidelity in hopes that it would have been a speedy process and would have gotten my funds in a timely manner.

It is now going on March 16, 2016 and all they keep telling me is that it is under investigation. I have never since I open up the claim got a call or anything in the mail from fidelity assuring me that they are taking care of my case. I am very disappointed and highly upset that it is going on 4 months and it's always the same thing (it's under investigation). DAMN it. Didn't take that long for Fidelity to withdraw from my payroll account but now I got to inconveniently wait forever just to get my little bit of funds back.

They told me about a month ago the check was cashed and clear at Bank of America. SADLY we don't have a Bank of America in New Orleans, Louisiana where I reside. I definitely question the process and honestly don't look forward to using them with my current job. I will do better off trusting my personal bank over them. (AND BY THE WAY THE CHECK COPY THAT THEY SENT ME IN THE MAIL TO VERIFY THE SIGNATURE DIDN'T EVEN HAVE ANYTHING ON IT???)

Fidelity let my 2 brothers, who control the trust fund my mother left me, suck out all the money in it! They did not have to give a reason or anything. I'm disabled and I've been to their office in person several times and they won't help me at all!! I know this was NOT my mother's wishes. They tell me to hire an attorney - how much money and time will that cost? There MUST be some other way to find out where my money went! I'll call the police, if nothing else & file theft charges, etc.

14 years with Fidelity, never been treated so badly by a company. Their website has errors and security layer issues. Per Fidelity manager Bonnie **, "you can't take us to court because you had to sign an arbitration agreement," AND "you the customer can't go to arbitration without hiring an attorney." Fidelity is a total joke.

All I wanted to do, all I asked, was to rollover my 401(k) account to an IRA. A very simple and legitimate request. A request that Fidelity could have satisfied without any trouble. But Fidelity mangled the request for over two months. Every time I would call I would be connected with a new representative. Every representative spun a different and conflicting story. Each time I asked for status, the settlement amount reduced substantially. When they finally claimed to have resolved the matter, the check to the IRA was over $11,000.00 short. Fidelity asserted that there was nothing more they could do. The number of similar complaints seem to indicate a clear pattern of criminal behavior. The next question, then, is this: Why is there no government oversight?

Fidelity double executed a written order to buy Funds. They claimed it was my request. I told them it wasn't. They first said my second request was verbal and then in a follow-up call said I issued 2 written requests. I did neither - they don't care - they don't make mistakes. Result I am "out-of trust" as trustee for 401K investors. THEY DON'T CARE AND WON'T CORRECT THEIR ERROR.

I have been with Fidelity Investments for over 25 years and have both my retirement account and my personal checking account with this company. I am living in Ecuador at this time. About a month ago I was informed by an email from Fidelity that all my accounts had been closed due to suspicion of fraud. Checking all my account with Fidelity I could find no reason or issues that would pertain to fraud. I called Fidelity Investments, was put on all for sometimes over a half an hour before I was told that risk management team at Fidelity had concerns of fraud. They would not let me talk to anyone in risk management to discuss this matter. I was told that I must fax up two forms of identity with pictures, my Social Security information, past statements from other banks that I did business with, a residency confirmation and they would only accept a fax.

I try to explain to them that I am in a third world country and the nearest big city that I might be able to find a fax would be Manta. I said I could email these documents to them through their secure site. They refused which I do not understand for the life of me. So I made the trip of 160 km both ways to try and find a fax to no avail anywhere in Manta. They then agreed to let me DHL the documents to them. I next heard that the documents were unacceptable and could not be read even though both my translator and myself could read them perfectly. They then tell me to go to a US Embassy and fax the required documentation to them. This was not an option for me. I am 70 years old and the closest embassy is five hours away by bus and the other one is 10 hours away by bus. I then went to Manta and had picture, photocopies made.

I sent them the following: Photos of my passport, my driver's license from the state of Florida, Ecuadorian visa and Ecuadorian ID, my Ecuadorian driver's license, my permit to carry a concealed weapon state of Florida, my birth certificate Apostille state of New York, my Social Security wage statements, my FBI background check, the deed of my property, the receipt of the taxes paid on my property. They then requested a change of address which was given to them May of 2015 along with my international mailbox address. I downloaded the form, filled it out and send it back to them through their secure email which they would not accept prior to this. They want now all the banking information that I do with other banks including any trust and banking activities.

I have been without any money for over a month. I have no ability to pay my bills or for that matter pay my taxes until I comply with all their request. I can't remember when any company has the authority to seize people's money and request information not related to Fidelity. All my transactions have been filed with the Internal Revenue Service and are under no suspicion from either the United States government or Wells Fargo Bank. I believe that Fidelity is acting with misconduct. They will not discuss or talk to me directly from the risk management group. They will only talk to me through a third person at Fidelity. I cannot understand why they may request information that is not real to Fidelity. I'm beginning to wonder if these large companies can avoid the rule of law and the First Amendment. Is there any help or advice that you can give me so I can try to get this matter resolved.

Logged in to my Fidelity Account to place a trade. Message said my account was blocked. Called them and was told it was a decision by "risk committee" and I would need to have a POA for my account. No reason given. Have discovered that same thing has happened to others and age seems to be the determining factor and I suspect if you are over 75 they think you must be senile, can not be responsible and need a POA. Age discrimination and would like to know if this has happened to others and sue them.

After handing over nearly $390,000 to Fidelity to invest and I thought "grow", since I am nearing retirement, I have just withdrawn what's left of my "managed" account and put it somewhere else. Laying out my plans for retirement in the very near future apparently never mattered. When the market started a downward trend I called my account manager and asked to be taken out of stocks and put in something more secure. It was never done. The bottom line - Fidelity has a funky way of calculating your "Average Daily Balance" that they take their greedy fees from (always in their favor). I ended up with less than what I gave them in cash to invest for me so for four years - I would have been better with the money under my mattress. Don't give them your money to manage - they do a horrible job!!

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