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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.
I had a 457-B account that I needed to cash out after changing employment. Fidelity would not let me determine the exact timing of my withdrawal. Their response was that I had to select a future date 90 days in advance. As the time approached, the market was down, and there was nothing I could do to defer the transaction. Instead Fidelity cashed out my investment account at the lowest point in the market, losing me over $12,000.
As if that was not bad enough, 2 weeks later I still did not have my funds. At which time the customer representative "Andrew", said they had requested that M&T Bank write the check, and they had no information about where my funds were. They had no way of tracking my funds. My best option was to call M&T bank's customer number and ask about my check. Oh, and by the way, they do not have an account information for the M&T bank funds, so good luck. There is nothing more they can do. I am still waiting to receive my funds. How is this even possible???
I attempted to setup "automatic withdrawals" of my Traditional IRA accounts. Fidelity will on issue the withdrawal payout on the Last Friday of the Month. I have IRA accounts with T. Rowe Price, Vanguard and Schwab. NO OTHER BROKERAGE COMPANY HAS THIS type of automatic withdrawal. Each other Company issues the withdrawal after the Dividend is posted to the account. For a Retiree on a Fixed Income, Fidelity's automatic withdrawal system is a problem. After being with Fidelity for over 20 years, I am terribly disappointed. I can NO LONGER REFER FIDELITY INVESTMENTS to my family & friends.
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This has to be the worst group of people to deal with. They will sit there behind the computer, have all the information in front of them, and still refuse to help out. They will keep asking you the same questions over and over again. You're better off just clicking anything on the site and figuring things out yourself. No one over there is obviously good at doing their job. NEVER want to deal with them again. BETTER OFF PUTTING YOUR MONEY UNDER A MATTRESS!!
Been a loyal client of Fidelity with a IRA account. Attempted to make a catch up contribution for tax year 2018, which Fidelity did not accept for no good reason to their own admission. They kept changing their story, never called us back in spite of promising such calls back. Awful experience with Fidelity. My husband and I are closing all our accounts with Fidelity based on this awful experience. Consumers have the power and companies like Fidelity do not deserve our business in our opinion. Beware.
Fidelity should take steps to STOP printing FULL account numbers on communications sent via surface mail, like reminders to take an RMD. This is totally irresponsible and puts my information at risk. In this day and age, you should only include the last 3 or 4 digits.
Used to be a charm to be with Fidelity back in 16 when I started. Customer service was great. I wasn't as big of a trader back then either. Recently having inaccurate earnings data on all of their charts, stock pages etc. Sometimes foreign earnings are priced in dollars, sometimes the negative symbol is missing from earnings data. (KIND OF A BIG DEAL) I actually bought a stock based on this misleading info, thinking that in fact the company did have a massive P/e ratio, but it was actually a negative figure....durr! Tried to call and complain, the best they could offer me was 10 free trades Nice one fidelity.
If you try to buy Canadian securities like pot stocks they sometimes take a huge chunk that never gets recorded anywhere in transfer/currency fees. It just disappears from the account.
Their active trader pro platform is a joke, you can not even use the VWAP indicator which any pro trader or semi pro will know is essential. It is so resource intensive that it barely runs on my MacBook even though it is a super simple looking program. Margin account is confusing, their margin rules are ridiculous, I am pretty sure more stringent than the SEC. Their variety of balances (house surplus exchange surplus etc.. are incredibly complicated and convoluted.) Used to get someone on the phone immediately. Now I am always on hold and the reps don't know what they are talking about. Bottom line. If you are a serious investor or god forbid a trader, stay the f away from fidelity. They are good for maybe your average retiree who buys coca cola when buffet says so. But even then it sounds like they have some major issues with elderly in terms of estates, IRA handling etc.
When my dad passed away, he had an IRA that was set to split evenly between my sister and me. The executor and I went to Fidelity and asked that they not transfer the account until the estate lawyer finished figuring out the division of property, as we may need to re-allocate that IRA. That part was all good. We also asked them to look up his account and tell us whether he had withdrawn his RMD for 2018. A manager looked it up and told us yes, he had withdrawn his entire RMD, and we didn't need to address it until sometime before the end of 2019.
Skip ahead to a few weeks ago. The lawyer gave the go-ahead, and the IRA transferred. I asked what my RMD would be, and they couldn't tell me because... My dad had not withdrawn his 2018 RMD. This meant I had to withdraw his RMD, and it now becomes income rather than inheritance, so I pay income tax on the entire amount. And there's a 50% penalty for not withdrawing before the end of 2019, so bye bye to half the amount while paying tax on the total. And, along with other income, it puts me over the limit for SSA, so I have to return nearly everything they paid me.
I was in a position to un-retire, so I did. And we're applying for an abatement on the penalty. Meanwhile, Fidelity has done absolutely nothing to help - no assistance with the abatement, no advice on how best to handle the fallout from their mistake. One of their advisors was supposed to call me within 3 days, and 3 weeks later, he has yet to do so. I realize I'm small potatoes in the financial world, but shame on you, Fidelity.
I was locked out of my account and sent an email stating so. I called and the Fidelity Rep. said that "fraud" was detected. My broker called repeatedly explaining that Fidelity said that I had malware in my OS operating system and that I should take my computer to have it " Cleaned"!!! This is laughable! I refused and called Fidelity for the 3rd time. They said it was their mistake and that "I" should reset my password! I have refused to reset until they put in writing what actually happened! A supervisor said that they will not confirm their mistake. I continued to be locked out of my account until I reset my password. Why should I have to do this.. They have lied and covered up their faulty system!
The ENTIRETY of a precious employer Fidelity 401k funds have been and still are ‘in process’ hell limbo being rolled over to Fidelity IRA for nearly a month after repeated ** ups by Fidelity. I am now in legal jeopardy not being able to close on a real estate purchase these funds are slated for. I have been on the phone with Fidelity Customer Service multiple times a day for about a month now, explaining the saga over and over to new reps every time.
I get names and extensions of people who assure me an error is being corrected, and that they are taking personal responsibility for correcting this rollover but mistakes continue. I have spent days of my life on hold while tending to my elderly father who had a stroke AND I was laid off my job during this time, and I’m on crutches for an injury which needs surgery so the stress of this situation is taking a serious toll.
The ineptitude is criminal and has impacted the lives of my family and the family whose home I am buying. Fidelity has no way of problem solving when things go off the rails, no actual human intervention, no direct communication path between departments or path of escalation. I have learned that there is no such thing as something as basic for overnight mail! No alternative means to direct mail to other than the residential address when someone like me is traveling for various business and family emergency purposes.
I have been waiting for a month for a pension disbursement which had supposedly been accelerated to be made available to me starting this week. I hadn't seen it, and called them; they stated that they HAD my money, but now it would be at least another week until I saw it. I am dependent upon this money, as I stated to them. Their only response was to inquire about "who told me I'd have my $ this week", as they were far more interested in punishing their employee than actually helping me get my money.
Terrible customer service, and unethical conduct. I opened a Roth IRA account on 4/19/19, tried linking my bank account and funding it with no success. 5 days later on 4/24/19 my account was closed by Fidelity with no explanation, no authorization by me to close this account, and no written confirmation sent in the mail or email correspondence regarding this. No person even contacted me to inquire with me first if there was a concern. I opened an account. Was not even able to link my bank to begin funding it before they wrongfully closed the account. For a company who makes money off customers investing through their platform to do this was an extremely unprofessional and poor experience given the number of competitors in the market.
I had to have some surgery, and the co-pay was more than I had on hand. I started the partial withdrawal process from my 401k 20 days ago, and still havent received the funds. I am 63, so it shouldnt be too hard to get that done. I have an individual debit account there as well, but they told me I couldn't use it to receive the withdrawal without a 14 day wait. I sent the paperwork by fax 3 times and used the app to take a picture of the completed form twice.
It took 3 days for them to even acknowledge receiving my request. They said it would be 7-10 business days to get a check in the mail. I've had the surgery...still waiting for the mail. Edward Jones was the company that made it possible. Money out of my IRA and into my local account within 72 hours. I'm closing all my Fidelity accounts, and making sure the rest of my family does too. They make it as hard as possible to do business with them.
In late November I called the retirement department at Fidelity Investments to advise them I sold enough of one holding to cover my RMD which was scheduled for December. Their instructions for RMDs indicate this is the first action to take and if you don't do that they take proportionately from each holding. So, I assumed that was taken care of. Then I received the 1099-R which I didn't look at until late March when I returned from spending the winter in FL. I was shocked to see they paid double, yes, two distributions, which increased my income by another $48,318.41.
This results in income tax and Medicare insurance increase and other issues. They just will not listen to reason and take back one of the payments. My communication was misinterpreted and someone thought I wanted that plus the automatic RMD I have set up. I have communicated this to them and they respond with form letters that are unsigned coming from Cincinnati with an envelope with no return address - only Fidelity Albuquerque. They keep saying no Fidelity error was found. I am not sure what to do now, but have noticed they seem to make a lot of errors for other people too.
If you need a great Financial Investment Company call Vanguard at 800-284-7245 Greg **. Vanguard has done me right for years. It only took Fidelity 5 months to show me that they are NOT trustworthy and have twisted their words. And manager and VP of the Birmingham office Chad ** said he is sorry that my mentality was as such when I said I would inform all my former colleagues of their deception.
I met with Danny on November 19th of 2018 to rollover an existing 401K I had with a previous employee. Also to set up another account for a lump sum pension payout. Now I am 58 at the time and do not plan on touching the money until I am 65. I clearly explained I do not want to be hands on. I do not understand investing. I just want them to manage the account as good as my Vanguard (as I showed them my statements). That may have been the problem admitting that I was naive. Then Danny set up an appointment for February for what I thought to go over my monthly budget and what I think I might need in the way of a distribution (but I was thinking that's years away).
I received my pension distributions and deposited on December 31 2018. I received my statement from both Vanguard (account has a whole lot less money than Fidelity) and Fidelity. My Vanguard gained a little over 10,000 compared to Fidelity at 700. What the heck Fidelity has more than double the money than Vanguard. Come to find out the money has been sitting in 2 cash accounts and NEVER invested. And they said it was my fault because I missed my February appointment and it was a 5 step process to open an account. REALLY???
I've been a customer for 21 years. I was laid off from work and called to get information on paying off a loan. Made a payment of $500 based on the incorrect information they gave me. So I made the payment when it wasn't necessary and I'm out of work and couldn't afford a $500 payment for no reason. Customer service has been horrible. Rude, they keep saying they'll call me back and never do, they won't let me speak to a manager or supervisor. I'm being polite, but they've been extremely rude and uncaring about their mistake. Horrible.
I've been a Fidelity customer for over 25 years. Recently, getting through to Customer Service gives me time to vacuum my floor and have breakfast. Moreover, the robot who picks up the call makes you jump through hoops or forces you to enroll in Fidelity My Voice. Will be exploring other options.
Customer of Fidelity for 25 yrs. Never bother them for anything until they sent me a text saying I tried to log in to my account too many times and shut down my account. Wrong! Could not get past the robot who answers phone because he isn't programmed to handle this situation. Asked for Customer Service or Representative and robot still demanded to know what the problem was. Finally I said "Phone number for Charles Swab please!" The phone began ringing and then I got the female robot who apologizes every 15 minutes for the wait. I left my phone on and went on about my business until 5:00 PM when I guess they closed or the phone went dead. If you like this kind of service (and headaches) Fidelity is your guy.
I have been trading options for 15 years and Fidelity would not turn on options trading ability for me. When I ask why, they give no reason other than "they can approve me". I asked many times, "for what reason am I not able to trade options from my account?" and get same generic response of "we cannot approve your account for options trading." Keep in mind, I am only asking to the ability to BUY options on my account, not margin or anything like that. BUYING an option is no different than buying a stock in terms of risk. The most you can lose on either is your original purchase cost.
Funny thing is, I am approved to buy stocks but not options, which is 100% illogical and they won’t explain why I can do stock purchases but not options. Even more funny is Charles ** opened my options account no problem... The only reason I have Fidelity is because my employer stock option plan is through Fidelity so I am forced to have a Fidelity account, otherwise I would close it down in a second.
Fidelity used to have great customer service. Answered promptly, knowledgable people and courteous. My last 3 times I've had to contact them - twice because their website offers only 1 opportunity to get your password correct - I have waited on the phone for a representative for over an hour. To talk to them about MY money! Unacceptable from any business, but downright shameful from Fidelity's high horse. Still good people when you get them, but I will be taking my investments elsewhere.
After 12 years with Fidelity, when I decided to review the 2 mutual funds I had in a Roth account with them, I noticed both funds had underperformed their respective indexes comparison over a 10 year period. In addition, I was paying Fidelity over $1000 in yearly "expense ratios." I decided to sell both and invest in stocks thru my own selection. I started asking a lot of questions concerning their return on the cash sweep accounts and decided to link an outside bank with it. Fidelity, unlike TD Ameritrade and E-Trade, would NOT verify small deposits to any bank accounts due to a "high risk of fraud." TOTAL NONSENSE!! They just want you to keep your excess cash with them vs earning a greater return elsewhere.
I wrote to their executive office and the "assistant to the chairman and CEO" wrote back and decided to terminate my account, something that I had threatened to do. She just beat me to the punch! Fidelity unlike TD Ameritrade and E-Trade, is still family owned. These other public companies, depending on the size of your account, will give you up to $2500 in cash and 500 free trades to move your account. I should have acted years earlier!!
We couldn’t set our HSA accounts properly. They keep blaming others in organization. It’s been almost 3 weeks. They won’t set a corresponding bank. Nightmare service. Lack of communication. I don’t think they are set to service HSA accounts. We had real bad experience.
I am an intermediate experienced retail stock investor. I've only been with Fidelity for two months, but they have given me cause to wonder about a few things. These folks may be a good mutual fund company, but filling orders for customers like myself: not so much. I put in a limit order for an addition to my existing holdings before the market opened at a certain price that hit three times in the day. Neither one of those times was my order filled! I emailed them and they responded that there were other customers in line before me, and they must honor those ahead of me.
I emailed them back kind of pissed to let them know it was good for them that I had not counted on this particular account to be of source of income, otherwise I would have sued them of the loss. However, I don't think they really cared one way or another. They didn't respond to that email, either. I came to this website to put my “two cents” in, and found there are so many complaints against Fidelity Investments: it isn’t funny! After reading all of those previous complaints of the company, I can't see how there were too many customers ahead of me. There may not be many people working for the company after all. Fidelity used to be a company one could trust their finances with. I wonder what happened to their “fidelity?”
My son is disabled. I am the POA for him. I mailed in the POA paperwork, but of course Fidelity has not uploaded them and states that the post office has not delivered them. My son terminated his employment two months ago, and his fund were transferred to Fidelity. His original Retirement account was with ADP and his contributions were Roth investments, now with Fidelity they are set as Traditional. With this they are attempting to withhold 20% of the distribution Plus 10% early withdrawal.
My son is disabled and lives independently. He is in need of his funds since he is no longer employed. But we have spent countless hours playing this game with Fidelity to hold his funds. I will file a disability report with the Government for taking advantage of disabled, I’m appalled at how companies such as this steal money from investors. It’s is not worth the headache anymore to secure your future, It just blood suckling companies taking money from you to support their business...sheer atrocity.
I am retiring and I requested a rollover on my 401K plan so that I can move this to my Vanguard IRA account. I requested this on February 19, 2019. The funds was taken out of my account on February 21. I had over 2 million dollars on my account but I had to leave about 80K since I was 3 more months away from retirement. They told me that they will issue 2 checks, one is My Roth funds and the other is my pre tax funds. I paid $25 to get it FedEx overnight to me. I was told then that it will take about 5 to 6 business days when I first called them to request the rollover.
I got my first check for less than $200 on February 28 a week after it was taken out of my account. Naturally, I called and asked about my other check. I was told that there was an error on their part and that they had to manually reissue the check in the back room. I was told that I will definitely get my check on March 7 which is another week of waiting. Naturally I complained but was told that it takes time since it is done manually although they admit that it was an error on their part.
Come March 4 I got an email that I will be getting a check via USPS. I looked on my account. It showed that the check was cut that day. I called and complained that they should have sent it overnight Fedex since I paid for it. They told me I will get it definitely on March 7 even though they cannot give me a tracking number. They told me I will be refunded the $25 I paid.
Guess what? It is now March 7 and still no check. I called and still can’t get a tracking info. No manager is available to talk to. What kind of business is this? I am losing money just on interest alone since they are holding my $2M for 2 weeks now. I don’t know what recourse I have other than complain or write to their Senior officers. I know I will not use them and I am glad if I finally get all my money out. My wife also has an account with them on her 401K and we will gladly take it out as well when she is eligible next year. I hope to get my check soon but I am keeping my fingers crossed. Baaad experience!!!
I could believe my eyes when I got a confirmation on recent two trades last week. I called fixed income department and asked to help me to buy US treasures with maturity in 6 month. I talked to two brokers on two different dates and both of them did a good job explaining how to find the security I wanted. They did it step by step and I have no complaints about it. I clearly saw exactly what I wanted was on the screen. In both cases I was asked if I want the order to be executed. I wanted to do it myself (it is like 2 clicks away) and did so.
It was on Feb 21st, during US Treasury's auction. The orders were filled on Feb 26 and I got confirmations. They bought not 6 months, but 7 years maturity Treasuries! How it could happen? I called them back and was told I made mistake. Twice. I DID NOT. I was guided by the brokers to the point of order execution and everything looked correct. Fidelity has recorded conversation about this two cases. They refused to give them to me. They refuse to give me the names of the brokers who worked with me, they refused to give me information about these orders that I placed! They say I got confirmations that says that 7 years US treasuries were bought. Confirmation to what > This is NOT what I wanted to buy. In my opinion I was screwed by Fidelity and they do not want to fix the issue. I will file a formal complaint, of course. And, I am done with Fidelity, closing all my accounts and transferring money elsewhere. So will my family.
I had a 457 IRA from my former employer with ICMARC. ICMARC handled my account flawlessly for many years with excellent customer service. The employer switched to Fidelity in 2018. During 2018 I tried numerous times to arrange my minimum RMD. I thought at one point I had spoken to someone who knew what she was talking about but I was mistaken. They ended up doing a double RMD costing me over $1000 in taxes. When I tried multiple phone calls and Emails to try to find out what happened and how to correct it, I got different incomprehensible gobbledygook from different agents. Fortunately I had a different IRA with another company (Vanguard) and rolled the account over. If I didn't have this other account, I would have been screwed.
If you’re looking for good customer service, RUN FROM Fidelity. We’ve been longtime customers and just recently had to use them to get a certified check to our car dealer to pay for a car. We were lied to by one customer service rep and his manager. The process was the WORST experience I’ve ever had with a financial institution. We are closing our account because of it. DO NOT give Fidelity your business.
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.
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