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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.
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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.
I am trying to find out how to get a few payout and close my account with Fidelity. I am no longer employed with the company and they are telling me I cannot take the money that is mine. Can anyone help me with this situation?
I rolled over a 401k with over 100 thousand in cash. I was promised commission free trades for a couple years. I was about to put in an order and noticed a commission fee of 4.95. I called them about it and they said they'd handle it. I started my trading and made gains of 7% in six weeks. Then, I noticed a commission fee again with my latest trade. I contacted them about it and they claimed I was only granted 15 free trades. Total bull. Don't open an account with them.
Terrible service at Boylston Street Fidelity office. Systems are lacking i.e. phone services are subpar, long phone wait, on site services are subpar, online computer service is subpar. This is moreso a company problem than the actual people working there. But the staff need better support. They don't address account issues in a timely manner. Almost 4 months with a transfer of assets issues is a red flag of incompetence, poor training or severely overworked staff that can't use common sense to do basic task. Apparently other people are having these same problems so it's not an isolated issue. Seriously looking into another Investment service. Nonetheless while I'm currently still a customer until I find another firm Fidelity needs to fix it.
I brought four mutual funds at Fidelity, for security. I invested in mutual funds, not in individual stocks. Total approximately $1500000 invested. After one year, my invested account lost $50000. Fidelity Biomedical fund - $36.33/share at 1-22-18 change to $23.18 at 2-4-19, 25% drop. Fidelity European Fund, - $43.49/share 1-25-18, change to $33.70/share at 2-4-19, 25% drop!! Plus another two Japanese funds, about 20% drop. It is better than 25% drop. Fidelity Investments are more than welcome to find any future customer to put in 25% of their blood hard earning money into this kind of nonsense. I advise any new customers never choose this big liar company!
I am now 4 for 4 - misinformation conversations with Fidelity agents. It seems they are not training their agents well enough, or their system is too complex, or they have a high turn over. Was advised I could only take a distribution from my 401K ONCE a year, (this is not true.) I moved 1/3 of my 401K into an IRA so I could access it more often than the misinformed agent advised.
Was told years later that I CAN move IRA back into 401K (to have it all in 1 place for mandatory withdrawals each year.) Then was told no, I could not. Then, after asking for a supervisor I was told - YES I can. Was told a letter to move the funds back would arrive within 1 day of check, it did not. They cannot tell me if it was sent out or not. They are sending another letter to send with check back to 401K. Now they are sending another $4.21 check... because the first one is not right.
I want my $$$ to be with people who can advise me correctly. Based on my experiences I would NEVER take their advice on how to invest funds. To their credit, their agents are always pleasant. If you question what they say, be SURE to ask for a supervisor - as that is how I resolved my issues, thank God! We all make mistakes, myself included - but this is a string of them.
I've had my children's Fidelity account since 1999. Each one of them had over $850 at the end of 2018. When they transferred your money over to a new account due to Destiny closing, they only transferred over a couple of hundred dollars. They stated that it was because of past due fees that were not being taken out since 99 so they took over $433 out of one account and took over $500 out of another account, stating that this was all for back fees. I told them to send me a summary. The guy was really a bully over the phone.
Unfortunately the account that my company had went with was also with Fidelity. I requested I did not want my money taken out for any purpose to go into Fidelity. They ignored my request and still took out money. My best advice is to transfer it over to another account in another company. They did not send me any statement stating that they were going to be taking this amount of money out of any of the accounts to me. This is considered as fraud. I will be trying to transfer my money for my son into another account with another company and I can only hope that you do the same. Just think if they'll steal from children they've been stealing from you.
Phone call after phone call to attempt opening an account and moving an initial amount of $50K. Their online system continually did not allow me to log in instead requesting I call. Each and every time I spoke with a rep they assured me all was fine and I could transfer funds and begin trading. This never happened. Fortunately their system had yet another glitch and my funds were never transferred. The last person I spoke with stated the account had been closed with no reason or explanation. "We do not have to give a reason and can close an account anytime with no notification". Be forewarned and do business elsewhere.
Do not trust what this company says. They are pukes. I moved and wanted my funds. I told them to send it to my new address. They sent me a confirmation email for my new address then sent it to the wrong address 4 states away. This was two checks one for 8 dollars the other for 5k. Then they said for their mistake they would overnight the big check to me. Instead they send me a check for 40 dollars. Spent 30+ to send me 40. I said, "That's not even suppose to be one of my checks anyways what are you folks doing over there?" If they cant get something right after 20 days do you trust them with your money?? No I'm telling everyone dont invest with Fidelity. They are incompetent.
After retiring in 2013 I began to consider alternatives for management of my 401K account. I had self managed the account for nearly 30 years with good results averaging a little over 7% annual return, but felt a professional management firm could do much better. My company used Fidelity to manage our 401K so I was comfortable with the financial advisor who managed our relationship. On his advice I chose Fidelity's Strategic Advisers to handle management of my 401K. In the first year annual review I was displeased with the return which was about 3% and expressed that in the review. The Strategic Adviser's team assured me that it was unfair to judge them based on a year's performance and I should give it a full market cycle which they said was 5 years.
From the beginning of my relationship with Strategic Advisers the market was on a steady incline, had I simply invested in index funds that reflected market growth I would have been up over 10% per year. The Dow Industrial Average was 15,192 on 10/31/2013 and when I withdrew my 401K from Strategic Advisers on 12/31/2018 the Dow was at 23,962 After 5 years and paying Fidelity in excess of $41,000 I averaged less than 2% annual return over that 5 year period which is at or below the annual inflation rate. I was really disappointed, not to mention wasting 5 years of growth in my account at an age when I cannot possibly make it up. Fidelity's explanation was this was not really a market cycle but had no real defense of why they could not grow with the market and they certainly offered no repayment of my fees.
My automatic RMD withdrawal failed, and it took 22 days for Fidelity to finally get me my withdrawal manually (they outright lied about when the check was sent). I decided to take all money out and move 401K to Chase because of withdrawal difficult with Fidelity. They have been sitting on my money since finally finishing the withdrawal on 1/10/2019 and I still haven't gotten the rollover check.
I tried to contact Fidelity Customer Service today (1-10-2019) because a transaction appeared on my IRA account that I had not authorized. Fidelity's phone system had me on hold for 15 minutes until I hung up. Their Customer Service is horrible. I am transferring my assets to another brokerage firm.
I finally decided to make my first big decision and open a brokerage account. I can say that the process was not easy and the online application was giving me so much trouble. When I did try to call in to get help the customer service rep was no help. The identity verification questions were ridiculous, how in the world am I suppose to know/keep up with My uncle's Ex wife and new Wife's Date of Birth? And if I tell the customer representative that I do not know that answers to the questions, why in the world would you try to ask me again? And then have the nerve to tell me that "I am not here to tell you what to know or keep up with, we can skip this question but this will be counted against you."
Yes I know that I could easily call or text my Family members to get the information but no one wants that hassle to explain why you need this information or go through the embarrassment of asking for your date of birth, letting know that you did not care enough to remember. Last I checked FIDELITY!!! that I was putting in my hard earned money, not the other way around. I have a very bad taste in my mouth from you guys.
Fidelity handles our 401k. I requested an emergency withdraw. Received an email that it was approved and that the funds were on the way. 4 days later, they had sent over a thousand less than requested. I called and was told that they had a system issue and it's been worked on. I ask to redo the withdraw and was told, "No. Just give it a couple of days and it will be fixed or a new withdraw will be rushed out." No call. No email. How can a company who manages millions not be able to inform a customer of an issue and not even try to resolve the issue. Their customer service has no concept of an emergency withdraw. I had to argue with the CSR to have her redo the withdraw and sure enough, a week later, the funds are still not here and I'm now in serious trouble facing hundred in late fees and could possibly lose my home.
I am the caretaker for my elder uncle who is a disabled veteran. He had money in Fidelity account for many years. He requested a transfer out of Fidelity for another investment. Fidelity froze his account and continues to hold his money even after sending him a letter demanding that he close the account!!! At this point the account is unable to be closed and account frozen - Today we will file a civil suit in small claims court in an attempt to retrieve funds. AVOID FIDELITY and use Vanguard!!! I believe Fidelity is (making it hard) punishing my uncle for removing funds.
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.
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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