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Fidelity Investments
Overall Satisfaction Rating
1.44/5
  • 5 stars
    9
  • 4 stars
    2
  • 3 stars
    2
  • 2 stars
    3
  • 1 stars
    80
Based on 96 ratings submitted in the last year
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Fidelity Investments

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443 Fidelity Investments Consumer Reviews and Complaints

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Page 1 Reviews 1 - 30
Rated with 1 star
Verified Reviewer
Original review: Oct. 14, 2018

I had been using Full View for many years when Fidelity rolled out the new "Improved" version a few months back. I used it to track everything financial, Cash flow, income, expenses, etc. Now all of my history is gone except for about 12 months worth. The expense logged have errors (many duplicates). The income feature does not work at all. All of my expense categories were deleted/replaced with some default values. Now I cannot even access it using Microsoft Edge Browser!!! I have called and emailed many times. Walking the Fidelity rep through all of the issues I have encountered, they have stated they would get back to me and do not. The quality of this new release is abysmal and the customer service surrounding it is absolutely terrible. I cannot believe an institution managing billions or trillions of $ cannot deploy a financial reporting application that works.

5 people found this review helpful
Customer increased Rating by 2 stars!
Verified Reviewer
Original review: Oct. 10, 2018

RUN, DO NOT WALK FROM FIDELITY. They'll constantly hound you telling you how great they are at managing accounts and growing your portfolio with tailored investments. Don't fall for it, in my case the DOW and S&P are up nicely since I went with a managed account, but at the same time the return on my portfolio has been dismal. Currently my portfolio has a return that's close to 0% YTD, due to the heavy fees, and poor performance. Then when I decided to drop the management and sell I had to wait days for them to process the sale, not knowing what the sale price would be. But I was told by my account manager that I would get that day's ending price, and when I questioned it I was told, "Oh well, too bad they gave you the wrong info. You lose, nothing we can do." But they did take their final fees on the day I requested the sale. RUN DO NOT WALK FROM FEEDELITY.

7 people found this review helpful
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Rated with 1 star
Verified Reviewer
Original review: Oct. 9, 2018

Warning: After more than a decade of using "Full View" application to manage and track all our finances, Fidelity decided to BLOW EVERYTHING AWAY INCLUDING HISTORICAL DATA and replace Full View with a junk application that shows few signs of pre-release testing with real customer data. NO WARNING of the complete Replacement... Data and All! Their Technical support is slow to respond and even slower to fix problems. In addition, there are apparently NO plans to have all the features of the old system and essentially nothing new. Obviously somebody's idea of a cost reduction! I do NOT RECOMMEND!

6 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 9, 2018

Opened account, funded it with 100k transfer, then they closed the account (without warning or explanation). I have to snail mail them bank accounts to prove ownership of money. I assume I'll eventually get my money back.

4 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Oct. 5, 2018

Three weeks ago I decided to open a trading account and change my current broker. So, I thought it will be easy like any other online broker Ally, E-Trade, etc. But actually, it wasn't. My account was locked after a day. I had to call and I did. I called more than 10 times, every time for an hour behind a line, and every time everything was set to zero. I needed to explain the past phone calls with the previous agents. I faxed the requested documents more than 8 times. They never received it while I had the confirmation of the deliveries.

I finally walked into one of their branches and handed over my documents. When I called the day after to unlock my account, they told me that things are moving in the right direction (not before giving a few minutes of summary where things were left off) and I should have my account is opened soon. An hour later, I received a call and they needed another document (they could have told me all in once). I faxed it. I called them the day after (an hour behind the line) and they told me that all the documents are somehow not readable and I need to send them again. Which is insane considering the previous agent confirmed they are okay. So, this is one of most insane and stupid experience I had with any bank accounts I had open with other brokers, Forex, etc. Stay away from them.

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4 people found this review helpful
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Rated with 1 star
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Verified Reviewer
Original review: Sept. 29, 2018

I would like to warn everyone about the experience I have personally had with Fidelity. I was appointed my mother’s financial conservator by the Georgia Probate Court, due to her being in long term care with an Alzheimer’s diagnosis. The court provided letters of conservatorship and a final court order. As with the rest of her financial accounts, I provided Fidelity with these documents. I went to a local office, completed the required paperwork and submitted all of the court documents via that personal visit to their office.

This year, they REFUSED to issue the mandatory required minimum distribution on her IRA (required by the IRS), because in their apparent infinite wisdom, yet lack of understanding of Georgia probate law (!), they didn’t think a court order was sufficient for them. So, I was forced to go back to a probate attorney and explain the situation (which both the attorney and the probate court said that it was VERY clear that Fidelity had not bothered to understand Georgia probate law in making their decision). I had to spend another $1000 of my mother’s funds to get a court order that specifically ordered Fidelity to honor the financial conservatorship I already had.

Needless to say, this situation only added further distress to an already difficult time, given my concern for my mother’s situation. Fidelity demonstrated ZERO concern or caring throughout the entire 5 month battle to get them to honor what they should have honored to begin with. Throughout this time, I spoke to one representative after another - because they REFUSE to let you speak directly with anyone on their legal team. A simple phone call from that team to the probate court for any clarification they needed on Georgia law would have been the right thing to do. Instead, they make their customer’s lives miserable in an already distressful situation. RUN, don’t walk away from this despicable company. I’ve since found they have a retention department that will go to great lengths to tangle YOUR money up when you try to leave.

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12 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 27, 2018

I opened an account online last week (brokerage account, joint account with my wife). Ordered a electronic transfer from my bank ($2,000). After I completed this, I went ahead and bought a mutual fund (it allowed me to do it right away, I assumed the order would be completed only after the funds were available in the account). Three days later, I checked the account online I saw a balance of $13. Curious about the rest of the money I called them. They said my account was “frozen” and that I needed to send a copy of my wife’s ID via fax to “remove H8” (whatever that means). I also learned they cancelled the electronic transfer because of this, so the money never left my bank. I sent the fax immediately after, and connected with them via chat to make sure all is good. They confirmed, and said issue would be resolved in 24-48 hours.

3 days after this, I received an email saying that my mutual fund was sold (I didn’t order this action) and now my balance is -$1.94 (negative, I owe money). I called today, spent almost an hour on the phone, and learned that for regulatory reasons they sold the mutual fund at a loss and I have to pay the $1.94 if I want to continue being a Fidelity customer. They also said that they never received the fax and I should send it again. I told them “Never mind, I want to close my account, this is ridiculous”. They asked me to go to a Fidelity office to bring a check for $1.94, or probably I would be referred to collections.

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14 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 22, 2018

They blew my 15 years of work out of the water. I had customized the stock categories in Fidelity's Full View online banking system, and had thousands of transactions that were categorized correctly. Now, without warning, Fidelity has cut over to a new system - eMoney - and they are all re-categorized in eMoney's standard way - so an enormous amount of my information is gone. It gets worse: I had years of history in the old system. Now I seem to have nothing older than 18 months. I trusted Fidelity. They have kicked the legs out from under me. I am moving my $350,000 of investments somewhere else. I have never felt so betrayed.

20 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 20, 2018

They locked my accounts without saying anything. I've gave them a lot of documents they wanted, but still failed to satisfy them. It seemed like I had to give them my DNA test to prove my identity. NEVER do business with them. As soon as they got your money, they would do whatever they wanted, including locked your account without notifying you. It's not about what they verify, it's how they verify too.

12 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 19, 2018

I had an account with Fidelity for over 30 years and always had positive experiences with them. However, two and a half years ago they froze my accounts because they were "concerned" about a transaction I was making. I have always self managed my accounts and it's true that there was significant risk in what I planned to do. However I was willing to accept the loss if it didn't pan out. I made many other decisions that netted a great deal of money, so it was really no big deal to me. My account rep questioned what I was planning to do with the money, but I told him several times it was none of his business. This was not satisfactory to him and he apparently spoke to someone who authorized a freeze on my accounts.

This freeze lasted for 4 months and despite numerous phone calls they refused to explain why they took this action and the legal basis allowing them to do it. The first rep I spoke to said there was concern about my "diminished capacity", but another one said that was an incorrect explanation. Essentially I was told they would complete their investigation and I would be notified of their findings.

I contacted the SEC and the Attorney General and neither of these agencies provided any assistance. This experience was life changing for me because I went from a trusting, self confident woman to a fearful recluse who was afraid to go out of the house. I never thought this could happen in America. Although the Fidelity staff knew very well that there was no problems with my mental competence, they filed a report with Suffolk County Adult Protective Services. I was visited by a case worker to whom I provided copious documentation refuting their allegations. (This was particularly humiliating because I retired from Suffolk DSS as a bureau director and many of the staff there knew me). Of course the report was unfounded, but I learned that this was not the first time Fidelity made a bogus report to APS and froze accounts of other older people without valid justification. (I have a copy of the complete APS file if anyone cares to review it.)

Despite the fact that APS told Fidelity there was no concern about financial exploitation or lack of mental capacity, they still refused to lift the freeze on my account or provide me with any information regarding the status of the investigation. Finally, in desperation, I contacted a prominent attorney to resolve the matter for me. Ironically, since my money was frozen, I didn't have the money for a retainer to secure his services. He suggested that I make one final attempt to demand Fidelity release my money, so I wrote a letter to Fidelity Corporate offices. I was able to have a friend lend me the money for his retainer and was ready to take legal action against Fidelity.

The day before I was to meet with the attorney to finalize the arrangements, I received a call from a representative from Fidelity informing me that they were no longer able to service my account and I should transfer my accounts to another brokerage house! I told him I had been trying to transfer them to Charles Schwab for four months but Fidelity wouldn't honor my transfer request.

The saga had a happy ending because I have an amazing rep from Schwab who was able to help me get over this unpleasant experience and attain my trust. I truly hope that this description of my interaction with Fidelity will be helpful to others who have been harmed by their caprice. I plan to write a letter to Senator Elizabeth Warren about this experience, not because she will be able to do anything, but to make her aware of how Fidelity conducts business. It took me a long time to make this complaint because I am just getting over the trauma of having a corporation seize my life savings with no apparent intention of returning them to me.

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12 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 19, 2018

They said I was rude to an employee there, so I got this letter that they are terminating my account. They cite their agreement which states, "[Fidelity] can close your account, or terminate any optional feature, at any time, for any reason, and without prior notice" and "My account may be terminated by me or Fidelity at any time". Customer Beware!!!

12 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 17, 2018

Once Fidelity has your money, it becomes their money. You will literally have to give them a DNA sample to get access to your money. My mother had an IRA with Fidelity and she passed away, with all four heirs listed on as beneficiaries on her account, with the exact percentages each one was to receive. This was in 2014. It is September 2018, and I am still trying to get all four heirs inherited IRA's straightened out. Where is the option to give a company zero stars? Even though they had been sent the required paperwork, completely with the 2 hour phone assistance of one of their employees, Fidelity failed to issue all four of our Minimum Required Distributions back in December, which had to be done by December 31st to meet IRS regulations.

One heir got his in January 2018, another in April 2018, a third in August 2018, and one still has not gotten his. We are looking at $20,000 in IRS penalties for failing to take the RMD's on time. Every time I call I get a different representative, so I have talked to a dozen different people now. I have to start at the beginning and go over entire story of epic Fidelity failures every time to get assistance. Every time I talk to them they need "one more piece of information" to get the problem solved. This last time I took the pre-filled form they sent me that they had to have signed before issuing the RMD check, and I delivered it in person to one of their branches that was over an hour drive away. Their employee reviewed it, said it was complete and that "should do it".

Ten days later a packet arrives, which I stupidly think is going to be the check, and it's a request for more information with no details as to what they need, but they did include a return envelope for my convenience. Spent 20 minutes on hold for a rep today, another 10 minutes waiting for him to look up and review the file, only to be told they could not assist me without me having my severely autistic nephew (the fourth heir) come to the phone so they could talk to him. Be aware that the packet I sent them two weeks ago had a form in it that he signed giving me (his aunt), and his mother authorization to handle his account on his behalf.

Fidelity still wouldn't discuss the issue with me today without me driving 25 minutes to go get him and put him on the phone. I AM DONE. I am calling T. Rowe Price and moving all four of our IRA's to them. I am sick of dealing with Fidelity, and while I can't tell you what to do dear reader, learn from my family's mistake. I had to go to my bank to get a loan because I couldn't get our money, which the IRS requires us to take out of the IRA, for nine months. This is without a doubt the worst financial mistake my family has ever made, trusting Fidelity with our assets.

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14 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 13, 2018

They turned what could've been a fantastic success into a life-threatening nightmare with their negligence to inform me of the countless restrictions they place on a new account which require you to call in and get your account "coded" for every little thing. They'll randomly remove the buying power from your account during a buying opportunity and restore it when it's gone so you are left emotionally broken and end up making poor decisions from thereon out. Unapologetic and negligent customer service. I wish I had never used this brokerage. The ordering form is slow and resets with every selection you make, leading to a high chance of making an error in your order. Not for day traders.

13 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 11, 2018

I had an investment and a payroll account with Fidelity. One day, suddenly Fidelity closed down my account without any notification given to me. My use of the service did not change at all, I received my payroll through them and seldom I used my investment account. I called customer service several times to inquire about the reason for closing my account. They would tell me there is no way they can look up or tell me the reason for closing my account. One of the phone tellers straight up lied to me and told me to mail in extra paperwork.

Later, they told me the teller was mistaken they never needed or reviewed my sent documents that I spent so much time gathering, mailing, and waiting for. I have brokerage accounts with two other companies and I have never had a problem with them. They have lost me as a customer for life and I'm not going to reapply ever again. I would advise anyone thinking about opening an account with them not to do it. They might close your account without any reason at any time, and then good luck recovering your funds from them. There are much better, more respectful brokerage companies who deserve your hard earned money.

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12 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 7, 2018

Fidelity Charitable Gift Fund. I am writing this letter/review of Fidelity Charitable Gift Fund today as I felt the need to spread the word on what just happened to me. Back in 2000 a gift fund was set up both in my name and my father’s name, 2 separate accounts, $25,000 in each account. At the time I thought it was an excellent idea and I embraced the fact that we saved money on taxes and we could turn that savings around and give it back to those charities of our choice.

Fast forward some 18 years later, believe it or not, I still have upwards of $16,000 in my account after giving numerous times to multiple charities albeit in smaller amounts, anywhere from $100.00 to $1,000.00. My father had given a lot of his charitable donations directly out of his pocket as he was much older and he quite frankly forgot he had a charitable account for some time. His current balance as of June 30th, 2018 is $55,619.71. Obviously credit is due to Fidelity for their performance on our accounts allowing us to use the initial investment into the accounts for as long as we have. But, that is as much credit as I can give them!

My father passed away in May, 2018 and I became executor of his estate. After grieving and getting his home and estate in order I started going through the books and hitting a very large to-do list in making sure I finalized everything in his behalf. I obviously had privy to all his records (which he kept great care of) and I slowly went through all of them seeing where all the skeletons were buried so to speak and eventually I came across the Fidelity statement showing me his current balance.

Knowing I had an account with Fidelity as well, I thought I would call them and tell them of his passing and see if I could have his balance transferred to my account and continue charitable giving in his legacy. I got a customer service agent on the phone and explained of his passing and what my goals would be with his account. The agent asked If I would write a short letter explaining what I was trying to do and then would I please send in a Testamentary doc as well as a death certificate to which I did without any issues.

30 to 45 days go by and I have not heard anything back from Fidelity so I placed another call into them to check the status of his account. I was immediately informed that they appreciated me sending in the forms, but that the account had been shut down and the money dispersed to the charities of their choice! Of course, you can imagine that I was stunned! I asked why they did this and I was informed that my father had not listed me as a successor on his account so I had no rights to the account at all as it was a donor managed account.

My response was… "So after being a loyal and consistent customer for 18 years plus, you went ahead and sent his money out and closed the account without so much as a call to me and furthermore you did not consult with me at all to see if possibly he had a favorite charity or charities that you would like us to earmark and send the balance out to in his name and legacy!"

I completely understand that I was not listed as successor to his account, but let me ask this, would it not be best practices to say to management at Fidelity, "Hey, this person’s father died and even though the money is not technically his, let’s consult with the son as we know he is an account holder too and give him a chance to designate charities that he knows his father would want us to use."

Or, how about, "Sir, you were not named as successor to your father’s account, however, we will give you a (period of time) to allow you to designate charities that you know your father would want to support and in that period of time we will allow you to submit amounts to be donated and then we will close out the account. If you do not identify charities in this (period of time) we will be forced to donate to our specific accounts and close the account down." Fair?! Bad business practice Fidelity, shame on you!

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19 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 7, 2018

Fidelity Charitable Gift Fund. I am writing this letter/review of Morgan Stanley Charitable Gift Fund today as I felt the need to spread the word on what just happened to me. Back in 2000 a gift fund was set up both in my name and my father’s name, 2 separate accounts, $25,000 in each account. At the time I thought it was an excellent idea and I embraced the fact that we saved money on taxes and we could turn that savings around and give it back to those charities of our choice.

Fast forward some 18 years later, believe it or not, I still have upwards of $16,000 in my account after giving numerous times to multiple charities albeit in smaller amounts, anywhere from $100.00 to $1,000.00. My father had given a lot of his charitable donations directly out of his pocket as he was much older and he quite frankly forgot he had a charitable account for some time. His current balance as of June 30th, 2018 is $55,619.71. Obviously credit is due to Fidelity for their performance on our accounts allowing us to use the initial investment into the accounts for as long as we have. But, that is as much credit as I can give them!

My father passed away in May, 2018 and I became executor of his estate. After grieving and getting his home and estate in order I started going through the books and hitting a very large to-do list in making sure I finalized everything in his behalf. I obviously had privy to all his records (which he kept great care of) and I slowly went through all of them seeing where all the skeletons were buried so to speak and eventually I came across the Fidelity statement showing me his current balance. Knowing I had an account with Fidelity as well, I thought I would call them and tell them of his passing and see if I could have his balance transferred to my account and continue charitable giving in his legacy.

I got a customer service agent on the phone and explained of his passing and what my goals would be with his account. The agent asked If I would write a short letter explaining what I was trying to do and then would I please send in a Testamentary doc as well as a death certificate to which I did without any issues. 30 to 45 days go by and I have not heard anything back from Fidelity so I placed another call into them to check the status of his account. I was immediately informed that they appreciated me sending in the forms, but that the account had been shut down and the money dispersed to the charities of their choice!!

Of course, you can imagine that I was stunned! I asked why they did this and I was informed that my father had not listed me as a successor on his account so I had no rights to the account at all as it was a donor managed account. My response was… So after being a loyal and consistent customer for 18 years plus, you went ahead and sent his money out and closed the account without so much as a call to me and furthermore you did not consult with me at all to see if possibly he had a favorite charity or charities that you would like us to earmark and send the balance out to in his name and legacy!

I completely understand that I was not listed as successor to his account, but let me ask this, would it not be best practices to say to management at Fidelity, hey, this person’s father died and even though the money is not technically his, let’s consult with the son as we know he is an account holder too and give him a chance to designate charities that he knows his father would want us to use. Or, how about, sir, you were not named as successor to your father’s account, however, we will give you a (period of time) to allow you to designate charities that you know your father would want to support and in that period of time we will allow you to submit amounts to be donated and then we will close out the account. If you do not identify charities in this (period of time) we will be forced to donate to our specific accounts a close the account down. Fair?! Bad business practice Fidelity, shame on you!

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3 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Aug. 31, 2018

A while back, my kids and I decided we would be moving our investments from Capital One to your services due to the upcoming changeover to E-Trade. However, since we opened those accounts, we have not been able to access them because Fidelity locked them up because they seemed to think someone was trying to access our accounts... that we created... at the same time we created them. It has now been quite a while. Regardless what I may think of E-Trade, I never had this problem in over a decade I have been with Capital One (and the investment broker that sold out to them before that). I cannot even sign on to send them a message!!! It is truly frustrating.

12 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Aug. 27, 2018

Fees were ridiculously high for an underpaying managed fund. My managed account with Schwab, same time period, was 7%, zero fees. So disappointed that I gave Fidelity 40K to manage, and almost half of the little I made went to their fees. Go elsewhere.

14 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Aug. 22, 2018

When I opened up my Fidelity accounts, the website indicated that all I had to do was fill in all the fields with correct information, and it did not disclose that once my accounts were open and funded, my funds and accounts would be frozen until I visited a brick and mortar Fidelity office with my driver's license, a copy of a bill with my address, and documentation of where my deposit came from. I was not even able to back out and have my funds returned to me without having to interrupt my day to gather the documentation and deliver it to the branch office. I followed all the instructions and filled in all my information very carefully and funded my accounts exactly the way the site and app specify, and I had absolutely no indication that all the extra steps would have to be taken in order for me to have access to my nest egg. I was tricked.

13 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Aug. 20, 2018

Fidelity and I have no relationship. But they have my business email address. Every single day I get a spam email from them. Every single day I go through the annoying process of unsubscribing. The next day - they send another spam email. This has been going on for over a year. I do not know if their marketing director is from the 80's or what- but spamming me does not make me want to give you my money or investments. It makes me actually loathe your company.

14 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Aug. 18, 2018

Called to get a withdraw. Over last 2 years refused. Said it had to be a natural disaster. We don't have natural disasters in Fulton NY. I just don't understand if this my money I earn why can't I withdraw? Why get a nasty attitude about withdrawing some of my money? This company sucks. I don't ever seeing getting any of money ever. I think we should be able to withdraw money or close our account.

14 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 25, 2018

I scheduled a 410k rollover to my account with Charles Schwab in mid June 2018. I was told I would receive the check by June 29. It never came. No problem, I thought things get lost so through their iChat Fidelity and they said they would reissue a new check and that I would receive it by 7/19. Still no check. When I called the third time they cancelled the check again and said they would send it "Express" mail but that there was a $25 charge. You can imagine my response. The representative could clearly appreciate my frustration and put me on hold. She then confirmed that the $25 fee would be waived.

So all things being well, and fingers crossed I should receive MY money in 2-3 business days. Just to add to my general experience with this Fidelity. The website design, UI and UX is beyond dreadful. The worst I have seen. My local community bank has a better designed more functional interface. The investments they offer are also pathetic. During the recent stock boom, some 25% YTD with a standard Index linked ETF, and they show returns of less than 3%??? And I went with their most aggressive tech heavy funds. I now do my own investing through Schwab who are trustworthy and excellent to work with. I will never invest with or through a Fidelity brokerage firm ever again.

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16 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 19, 2018

I was online managing a retirement account that I had earned from a part time job. I had trouble navigating the site so I called for help. They wanted me to verify my identity. I gave them my email, social security number, account number, home address and phone number which all matched. However, they told me that wasn't enough to verify who I am and they would have to go to a public source to verify who I am. INCREDIBLE - a public source which has never been vetted, or tied to who I am. Just my name, not forgetting that many people share my name and not all information is correct on the internet.

I also said, "I am Hispanic and have a fairly common name." They then asked me questions about a place I have never lived and when I told them I haven't lived there they said, “Since you can’t answer the question you can’t prove who you are.” They then said, “We are blocking your online account and you’re not getting your money.” You ** are all the same and hung up the phone. I have two doctoral degrees and was born in this country. Their motive is clear, to steal your retirement.

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20 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: July 18, 2018

I lost my job because I was late for work trying to get my mentally handicapped brother a liver and kidney transplant. That's fine. I traded my job for my brother's life. Now that Allegion let me go I am supposed to be able to get my 401k to live off of. They took money out of my account and were supposed to deliver my check overnight. It's not here. Nobody really knows where it's at and this company is telling me to take it up with UPS. They try every dirty trick in the book to get you to give up like now I've been on hold for 38 minutes. Disgusting companies both of them.

25 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: July 16, 2018

While I was working for Northrop Grumman I was very pleased with the company because they had a generous match on their 401K and they had a pension plan. The first few years I watched my 401K carefully and changed it periodically depending on the stock market. It seemed odd that Fidelity never called me or made any recommendations considering the money they made off us and our company. When the market started to plunge I was so busy in my job I didn't monitor it closely. By the time I got a quarterly statement they hadn't informed me my stocks were plummeting and I had lost over $120,000. I was livid and couldn't believe they didn't feel they had done anything wrong. Their handling of pension plans resulted in a class action suit against them, but only made the lawyers rich. I got something like twenty dollars for my losses.

Recently I became disabled and couldn't work any longer. I am 67 and wanted to start my Northrop pension payments. I called Fidelity and spoke to their employee about the amounts I would receive and I agreed to her figures. She sent my wife and I the forms and my wife had to get part of it notarized to be my beneficiary. They sent a form back a few weeks later saying the forms we sent were filled out wrong. At the time my wife was out of town for her mothers funeral for a week. As soon as she returned we called them. At first they claimed they lost our forms and then when they found them they said they were filled out wrong. We inquired how could the forms be wrong, all we did was sign them and have one notarized. She said we should have called and mentioned the mistakes in the amounts. I asked how would I know if there were mistakes, we weren't the ones that filled them out.

So after all these weeks of waiting for my pension, we now have to wait all over again for the forms being sent by snail mail instead of Fax or Electronic form, hand sign them instead of DocuSign and notarize once again (why would we have to notarize again for my wife to be the beneficiary?), wait for them to process again for weeks, and then finally start payments. I will never do business with them again. They have shown me they are unreliable and ready to blame everyone else.

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22 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: July 15, 2018

I got ripped off by this scam broker recently. It was such a hassle to get a withdrawal after several failed attempts. I had to hire a recovery solution company to get my funds back. Glad I got a refund and I can finally move on.

12 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: July 11, 2018

E*TRADE & Fidelity STOCK BROKERAGES NIGHTMARES. The sale of Scottrade to TD Ameritrade (TDA) was the beginning of an unbelievable 2 month nightmare. I was a satisfied client of Scottrade managing 3 accounts, a joint account with my wife and 2 accounts for my incapacitated wife with Power of Attorney (POA.) The transfer to TDA was completed in one weekend in every detail. I was not satisfied with TDA’s trading platform (Thinkorswim) and decided to look for another broker.

I tried The E*TRADE platform and with help of an E*TRADE specialist our accounts were set up, linked and running within a about 8 days. On May 7, 2018, I tried to make a trade in one of my wife’s accounts and found they were locked. After complying with their overwhelming POA requirements I was still locked out of my wife’s accounts until July 3, 2018. In all that time after almost daily phone calls I could not get answers for reasons for holding those accounts hostage. My last call to E*TRADE was June 15th and did get a response, which was “transfer my wife’s accounts to another broker”.

On July 3rd I received an overnight letter from E*TRADE stating my POA did not qualify me to open accounts for my wife by their rules. It took two months and a loss of thousands of dollars to learn about this ridiculous requirement. What alternative does an incapacitated person have? They have my wife’s doctor’s statement describing her inability to function.

On June 18th I requested Fidelity Investments to have our joint account transferred to Fidelity’s Active Trader Pro and applied for POA for my wife before transferring her accounts. Fidelity service was almost as bad as Etrade’s service. Their representatives provided a lot of misinformation. I was told forms I needed had to be mailed to me and mailed back to Fidelity. I had to request for forms repeatedly including POA, transfer of assets and option trading request.

This process took so long I finally went online and found all necessary forms could be downloaded. On July 3 and 4 I received every form Fidelity has for any need in regular mail delivery about 2 weeks after I requested those needed for our accounts. Our joint account had about a dozen options which I could sell with difficulty, but I could not buy options. After a couple of days I got an excuse – “I did not fill out employment information”. My wife and I are 90 years old. I told the Fidelity agent the retired box was checked for myself and the “not employed” box for my wife. Surprised, he said my option would be ready in a few hours. Not so. A few days later, excuse number 2 – I did not check the right classification on the option request form.

He would not change the confusing classification choices for me and had to resubmit the form and mail it back to them. Today I tried to sell some options. I had to call Fidelity to sell them and was on hold for 30 minutes before I got an agent who said he had to get an option specialist to take my order. Another 10 minutes and my trades lost about $40 during my wait. It took 45 minutes make the trades which I could have done online in 5 minutes without a $40 loss. As of today, 7/9/18, I am locked out of one of my wife’s accounts and cannot buy options. We are losing portfolio value due to delays caused by unreasonable rules and poor service.

There are thousands of stories similar to mine on the internet. Entering “Etrade Complaints” in your browser you can find hundreds, enter “Fidelity Complaints” you will find over a thousand, or enter any other company you would like to check out. I strongly suggest anyone who needs to manage financial affairs for a loved one avoid Etrade and Fidelity. Maybe others should too. In addition to very bad service their Etrade PRO website is poorly designed and hard to navigate. Until recently their P/E ratios were incorrect for a large percentage of listed stocks using quarterly earnings instead of yearly earnings. Fidelity has this same problem today.

They both have a confusing company earnings list which does not identify the fiscal quarter for the amount shown. This industry needs regulation. Anyone experiencing loss of account values or bad service from any broker should report their complaint it to the Security and Exchange Commission (SEC) and/or other services that can be found on the internet. I do not want my children facing this nightmare when I lose my faculties or if I should pass on before my wife.

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11 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 3, 2018

Had to call to update beneficiaries after sending required forms which l had been assisted by one of their rep to download. Sent off the forms and followed up twice. Was told it could take 6 weeks after they are received. Later on call to follow up again and told that the forms were invalid. They sent me new ones. When l question why would someone guide me to the wrong forms and why would nobody send me an e-mail on realizing the forms are invalid the response was "NOBODY SITS ON TOP OF YOUR ACCOUNT WATCHING IT FOR YOU". l still have to follow up with them not expecting a lot to be accomplished soon!!!

16 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: June 26, 2018

I am trying to roll over my 401K account into another financial institution. This has been going on for over 6 weeks. They tell me it will be another 5 weeks as they are "backed-up." Apparently, Fidelity neglected to make the IRS mandatory MRD by March 31. So, when I sent in the for the roll-over, they caught their mistake. Now, I am being "punished" by having to wait to get my funds invested into another account and they are having to calculate the earnings/loss on the MRD funds that wrongfully remained in my account. Also, their delay will affect my account balance when finally rolled-over. I suspect there are many others similarly situated since they have been trying to figure this out for about 4 weeks.

24 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: June 25, 2018

I was named financial conservator of my mother's accounts by court order from the State of Georgia. I filed all the appropriate documents in person with Fidelity and was told I would know everything was in order when I could log in and see her accounts. That piece went according to plan. What I didn't know was that Fidelity's legal team (who by the way will not talk with mere mortals... they hide behind phone representatives to be their go-between) placed a restriction on releasing the minimum required distribution (IRS regulations) on her account, such that this distribution did not happen for 2017. All of this without notifying me of any problems that needed attention.

When I realized the distribution did not take place, I had to make about 20 phone calls to finally understand that the issue was that the legal department didn't think the court order that specifically states that I am 100% authorized to act on my mother's behalf as her financial conservator was good enough. I had to spend 4 months of additional time, and expense from my mother's estate to get an additional court order specifically to satisfy Fidelity. Now that I'm finally through that hurdle and anguish, I am taking the new court order to the Fidelity office in person today to get that filed. Once they do the minimum required distribution for 2017 IRS rules, I'll be moving her account to a financial firm that actually instills trust and caring with their customers.

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22 people found this review helpful
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Fidelity expert review by ConsumerAffairs

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.

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ConsumerAffairs Research Team

The ConsumerAffairs Research Team believes everyone deserves to make smart decisions. We aim to provide readers with the most up-to-date information available about today's consumer products and services.

Fidelity Investments Company Information

Company Name:
Fidelity
Website:
www.fidelity.com
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