Consumer Complaints and Reviews
FIDELITY INVESTMENTS IS GARBAGE. I separated from my company the last week of May, it is June 12th and I STILL DON'T HAVE MY MONEY. Customer service is a joke, they are mentally challenged simpletons who don't have any answers, they take your number and never return a call. It's ok. I'm sure my medical, mortgage and auto financiers understand... NOT. You all are complete garbage and I hope god DOESN'T have mercy on your souls!
On June 9th it was confirmed that my lump sum pension payout from my Kimberly-Clark employer sponsored retirement account would be direct deposited into my bank account on July 1st. By July 3rd, there was still no deposit. I called Fidelity Investments on July 3rd and was told that there were data transmission issues and the new date for my pension lump some direct deposit would be July 21st. I was supposed to have received confirmation of the new transfer day via email and my online benefits account.
As of today, July 11th, I had heard nothing and called Fidelity Investments again to ensure that I would receive on July 21st. I was told by the representative that the new date is July 24th and that the representative on July 3rd must have given me a wrong date. I asked for this information to be emailed to me and he said he cannot send emails, but he would ask for a letter to be mailed. I was told in June that Kimberly-Clark would be distributing the money to Fidelity Investments on June 20th ensuring my pension payout on July 1st. So Fidelity has been using my pension funds to make money while I am losing money everyday as I have not been able to invest this money. I find this outrageous and criminal. I am flabbergasted that Fidelity is allowed to mishandle pensions and retirement funds... peoples livelihoods.
Fidelity magically deemed my account to be a security risk, wouldn't tell me why, and then insisted on my sending them two forms of identification... by FAX!!!! Who the F has a fax machine? And, why wouldn't Fidelity tell me about why my account was a security risk? I will be transferring all money out of Fidelity immediately upon gaining access. I WOULD NEVER RECOMMEND FIDELITY TO ANYONE, THEY ARE THE MOST CONDESCENDING COMPANY I HAVE EVER DEALT WITH.
Just got the complete runaround on one of my investments. They "made a business decision" to take my mother off the account in accordance with their customer agreement. They told me it would take effect on June 17th. They sent the letter on June 17th. When I called to inquire why - I couldn't get a straight answer. It was done and it couldn't be fixed. Now we will be moving that account. I will look into moving ALL of my personal investments as well. This is terrible customer service! Shame on them! DO NOT USE THEM FOR YOUR INVESTMENT SERVICES!
I called on 26th of June to get my withdrawal of my account due to separate with my company and since then till now all I hear is "Today. Tomorrow you will get a tracking number for your check." I asked to speak to a manager. She was useful. Her name is Nicole. I spoke to another manager and have no idea what is he spoken about every time is different story.
I basically called them for 12 days straight I'm still calling to get a tracking number on the check and every time I call they said "Within two hours we'll call you back," "I will call you tomorrow" and when I called back it's the same story over and over again. I said "I will do bad reviews online and I will get my lawyer to call you," and they said "Do what's the best for you." So disappointed. I even make my 401(k) as zero and they kind of making me just to leave my job to take the rest of my money out. When I called today 7/5 and I asked for a manager they said I need to put a request and it will take 24 to 48 hours.
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Northrop Grumman recently contracted Fidelity to handle their pension administration. My power of attorney was approved by the previous administrator but Fidelity, after assuring me that they would be receiving records from the past administrator, would now need me to send via US Mail or UPS only my power attorney. They received the POA but now insist on having my date of birth and SS number although I am not the pension holder. I asked to speak with a supervisor or someone in their legal department but was denied that request. I called someone in Northrop Grumman's local HR department and explained my situation to her. A "supervisor" (who turned out to be a mere customer representative) called me offering no solution to be able to correspond with Fidelity regarding my uncle's pension account.
I provided my birth date, last four numbers of my SS number and copy of my driver license and was told by a Fidelity manager to go to the local Fidelity office, present them with my photo ID so that they could verify and she would put me into their system. I called the local office and was told that was not true and they needed my SS number. I clarified that without this information I could not correspond with Fidelity regarding my uncle and that was confirmed. I then asked if I could notify Fidelity of his passing and they said I could. The message here is that if it is financially advantageous to Fidelity (i.e. discontinue paying a pension) they will accommodate me but if it is not (i.e. paying on a life insurance policy) they will not. The right hand does not know what the left hand is doing at Fidelity and I refuse to provide information that could be used to steal my identity to a company like that.
Fidelity Investments says that they closed my account even though I have an active account number with them with PAID FOR SHARES IN IT. They will not allow me access to my account and even see the progress of the shares I paid for. Later in the month when I added a margin account they gave me a deadline of April 27th by 4 pm to send in monies. I WIRED THE MONIES THE MORNING OF THE 27TH OF APRIL and they had already closed my account that very morning. SEC and FINRA says the worse a company can do is to FREEZE an account for 90 days... not close it. Had they done this the $8,575 I wired in the morning of the 27th would have been received and I would have collected a $3800 profit. Instead Fidelity liquidated my 269 shares... CLOSED MY ACCOUNT EVEN THOUGH I HAD PAID FOR SHARES IN IT (this is illegal) and then stole my profit of $3800.
On May 18 I called Fidelity to withdraw the funds from my retirement account (it was an employer sponsored retirement account). I live in Thailand and to my surprise I was told that Fidelity would not/could not wire the funds to my account in Thailand. They said all they could do was send me a check. I queried this because if they sent a check I would then need to deposit this into my Thai bank account and have it sent back to the US for collection. Unfortunately Fidelity refused to wire the funds.
On June 5 I called Fidelity again as I had not received my check. The Customer Service Associate (on a recorded line) advised me that the check had been sent by "regular US mail". I was amazed by this as my address on file clearly showed that I live in Thailand. I asked the Associate how they expected the check to arrive in Thailand and he didn't know.
I again requested that the funds be wired to me because of the delays and I was again told that Fidelity would not/could not do this. I escalated this to a supervisor who reiterated this and advised that a replacement check could be sent by Express Mail but he didn't know how long that would take. He promised to call me back the next day (June 6) with the details. He didn't call me back until June 8 and confirmed that the check would be delivered by UPS on June 12 (yesterday).
The check still hasn't arrived, nearly one month after I made the withdrawal. Even when I do receive the check I will then have to wait around three weeks for the proceeds of the check to be collected. It is therefore likely that I will have had to wait between 6 and 8 weeks to get my funds - when a wire transfer would have taken two days. This service is totally unacceptable and I will be submitting a claim for restitution once the funds are finally credited to my account. This will be based on the different exchange rates and also the loss of investment opportunity which was the reason for my withdrawal in the first place.
Have had for several years and massive problems doing the simplest things. It took multiple calls to even set up an online account. They were very apologetic but I kept being placed on hold and they finally asked me to visit a physical office (2 hours away). For the 4th year in a row I have had to go through hoops just to get a statement. I need to move my accounts somewhere else.
Fidelity launched a new service to allow Health Expense Claims to be paid directly from a Fidelity HSA account. HealthExpense has NO tech. support & horrible customer service. My insurance accounts won't link, preventing me from using my HSA account to pay medical bills. They have told me - repeatedly - it's an engineering fix expected over the weekend... for 4 months this has been their same excuse!!! FRUSTRATED BEYOND BELIEF. Since Fidelity won't reimburse me directly if I pay out of pocket, I'm basically adding money to an account I'll never be able to use. I will be transferring this account as soon as I'm eligible to do so.
I owned 5,000 shares of a stock. I placed an order to sell GIGL at 0.087 of the dollar. The stock price was 0.09. I want to underbid and dump. The stock had been falling. The bid was 0.085. The ask was .09. I watched my order place on the ask for .087 visually appear on my screen. I watched my shares disappear as if they were bought. They pop back up like I owned them. The bid listed on active trader pro still shows 0.09. This goes on for 30 seconds. I check if I am lagging. I close the program. I reopen the program proving no lag between us, and my connection got me in, their authentication program worked. Connection was good from both ends. It still shows the ask for .09. I sill owned the shares.
A month later when CLSN was going down. Same thing happened. Exactly to that I logged in and out. Showed the same. Since both stocks were going down... I owned both stocks for over a week and was long... While I usually day trade. Own no stocks overnight. Sometimes I'll sit on one for a few weeks. This problem only happened with stocks that I owned long for weeks, and stocks that were falling in price. Which in my opinion the problem occurred either because Fidelity illegally short sold my shares or loaned them out to someone who was short selling. In which I do not have a margin account. I didn't get asked if they could borrow out my shares. Which is illegal if you don't have a margin account. Both times the stock dropped below my ask... from well above my ask... after a long period of 3 minutes.
Instead of facing that some glitch might have went wrong the 2nd time I called them to see wtf happened. Because at that time, the second time... I think they short sold my shares falling stocks, or loaned them out, causing the glitch... or they were trying to scalp them at the higher ask, and went they couldn't get it... I had to eat it as the ask went lower than mine. At the second time I was .06 lower on a dollar stock. I got a broker that took no blame, no responsibility for their system... and asked me questions to find out how I messed up. "Did you check this. Did you check that." Their system wasn't working properly... WTF am I suppose to be a mechanic and check the code too? When you're not placing my orders correctly, or your system isn't verifying that you did... I'm suppose to know a work around?
So today EGLT is running up. It reaches 3.16 and I buy at 1400 share "market" buy order on it. I wait 15 seconds... and nothing is happening. When you buy a stock through their active trader pro program and it's filled... It appears under you account positions. 15 more seconds and nothing is happenings. 15 more and the stock is dropping... I still don't even know if I own it. Like I normally would. So I have to open a web browser, log into fidelity, to find out that they filled my shares at 3.44. I re-screen to their active trader pro and the price is 3.12. So here I am with .28 cents of slippage on the buy, and now I'm getting .32 after I own it... and I'm just discovering that own it! While active trader pro is still no listing that I purchased it at all. How do you sell stock that you don't own? I close the program and reopen it, I'm down $840 dollars down.
So after talking to 2 ** brokers... I get to a supervisor that says... covering his ass. "You're the only one that I've ever heard of having this problem." So I say... "So you're saying that between millions of customers, me experiencing this type of shit 3x in 1 month. This is the first that you've heard of it?" So I say, "Okay, I get it. If you admit that your system is a pile of **. Then we'll all sue you. So I'm the first and only one who has had this problem?" And not only that 3x in a month... I have better chances winning the lottery than actually being the first person he's heard of having this problem... Don't go through fidelity.
Fidelity Investments' abhorrent handling of pension payout. Just like Liz of Downey, who wrote on May 13, "At a loss! Have not recd. my pension check for two months. Been calling NGC and Fidelity every day." I also have not received my pension payout, but its been 3 months. When the NGC timeline for payout came and went, (2 1/2 months) and I hadn't received the check nor any notification of its arrival, I started calling Fidelity. Every day I call (their reliability in calling me back is abysmal) with no results or updated information as to the now 2-week overdue payment.
They don't seem to have a grasp on their distribution process nor show any sense of urgency in accommodating my concerns with lack of payment. Their ripcord excuse is that the bank that distributes the funds, State Street, is looking into it and they are waiting to hear back from them. Stall tactics and finger pointing. I'm at a loss. Maybe Northrop Grumman's Ethics Dept. would be interested in how one of their subcontractors is treating their employees who retired in good standing.
They are so dishonest holding on to people's money. Every time I call they opening a ticket to give me my money. But I never get my money. All I get is a ticket open and everybody has different information. Told them I had a closing date and they could care less. One says, "Ok on this date it will be in your account." Call back and they say, "We don't even have a total # yet to give you a disbursement date." Lies and games.
I had Fidelity in 2004 - 2006 for my 401K account, I was amazed at how easy it was to use, I gained a lot of money in two years and it was a breeze to roll over to my new company's 401K. In 2016, I decided to open a checking account with Fidelity since I was so impressed. I went to the branch after opening it online for them to tell me there was no way to give me my money if I deposited anything because they have no vault, a check would come in the mail and so I closed it, I called the customer service department, they said it's not closed. I marched back to the branch livid and the guy looked like he was going to call the police because I asked him to close the account again, finally they closed it. I would never use this company, I can't believe they are still in business.
I known Fidelity for over 30 years and have been a very reputable financial institution with great trust until recent. I just started at new job in a new area and wanted a bank account to save and invest. In the process in acquiring my apartment in getting money orders, Fidelity thought the money orders were fraud and froze my account completely with NO warning. No access to my money whatsoever. Suspicious they do this during a long holiday. The risk and fraud group that did this are gone for the weekend and don't expect to unfreeze my account until early to mid next week. In the meantime I am stuck. I am so pissed right now. This has happen to other people during Christmas see below.
After having an account with Fidelity for 25 years, I will move investments. They reduced their trading cost to $4.99 a while ago and it has become disastrous. I was told to contact Fidelity on a small matter - new telephone # and it took me an hour to accomplish that. Their online chat is useless and Live Chat is slow. Very disappointed.
At a loss! Have not recd my pension check for two months. Been calling NGC and Fidelity every day. Bradley ** from Fidelity, Charu ** from Northrop Grumman and Kory ** from Northrop Grumman are polite but NO results. In my research I have found that Fidelity is problematic for many clients. Northrop recently changed from Aon Hewitt to Fidelity. If there's anyone out there that can offer a solution I would be very grateful. Thank you.
I sent $2500 to Fidelity to open an IRA over 2 years ago. I assumed they were investing it for me. After two years and only earning 57 cents, I jumped through their various hoops to close my account and roll the money over to another IRA. They then had the nerve to charge me a $50 fee to close the account. It turns out they had parked my money in some non-earning account, waiting for me to invest it myself. The lack of personal service (no one ever noticed my money was sitting there doing nothing - they couldn't care less) and the loss of $50 (minus the 57 cents), has convinced me to never invest with Fidelity again. I have relatives with large amounts of money with Fidelity. I will urge them to switch.
Wednesday evening, December 14th, I called Fidelity to ask whether or not an account could be compromised should a third party gain possession of a check routing number. As the representative answered the phone, I realized this was an dumb question and that all checks in circulation had routing numbers visible to everyone handling the check. My daughter had had her Christmas gift box stolen, but the two personal checks to her were returned, slipped under her door. The rep agreed that, no, no harm could come to the account with just the possession of a routing number but, as a precaution, he would notify the Risk/Fraud department. I told him that would be unnecessary but he repeated just as a precaution so many times I agreed, so long as they did not lock the account or some such other inconvenience.
Two days later at a local hardware, my Visa debit card jammed on an eight dollar purchase. I was annoyed, assumed it had something to do with the phone call to Fidelity and called VISA the next morning, Saturday the 17th to get in unblocked. VISA said they had nothing to do with it, that Fidelity had locked the account. I called Fidelity and was told the account had, indeed, been locked. I asked why I had not been notified. The rep did not know, suggested I talk to Risk/Fraud.
I ask him to put me through. He said he could not do that. I asked why not. He said they do not work on the weekends. I told him the VISA on that account is my sole credit card and Fidelity locked down my entire account one week before Christmas. And then went home for the weekend! He said "I'm sorry. You can call Monday." I said "We're leaving on vacation tomorrow. I need my credit card. All my cash in that account." He said, "I'm really sorry. Call Monday."
We cancelled our trip. I called Monday, each call consuming fifteen to twenty minutes wait time to get through. After going through the whole explanation, again, to another rep, I asked to speak to Risk/Fraud to get resolved. I was told I could not do that. I told him they were the ones who caused the problem. I was told to call Monday to speak to them, why could I not do that? The rep said They do not speak to customers. I asked how we can get this resolved if I can't speak with the party doing damage. He informed me that he would be the one who would have to do the communicating and get back with me.
The day passed, I received a phone call after 5 pm, he said they were exploring options. I explained that it was not the VISA card number that was known to the third party, the account number was not known to the third party, the account password was not known to the third party, the third party did not have blank checks and, emphatically, I did NOT WANT my account numbers changed!! I explained to the rep I had outstanding checks on that account, automatic bill pays, account numbers recorded in numerous documents that would have to be re-worked, re-issued and custom computer software with hard coded account numbers that would need to be re-coded and re-compiled. That has been my account number for fifty years, I did NOT want it changed! He said "Sorry. I will call you tomorrow to see what they decide."
That was Monday, December 19th, 2016, five days before Christmas. I had to borrow money to put gas in my car, could not order gifts online, pay for dinner, movie or shop. At Christmas. The problem was never resolved - not the next day, the day after, or the days following that. The account stayed locked until after Christmas when my account numbers, for absolutely no reasonable reason of security, were changed. No one in Risk/Fraud made any provisions to cover outstanding checks and checks bounced. The check to my daughter's orthodontist for $2,016 could not be re-issued until new Fidelity checks arrived. Emails arrived stating my January mortgage note to Wells Fargo had not been paid. All dental, medical and life insurance at M.D. Anderson Cancer Center that was pulled from that account has been suspended until re-enrollment next August.
It is unclear what other continuing enrollments in subscriptions and services that are paid quarterly or annually are yet to fail. As of April 2017 this is STILL AN ONGOING PROBLEM!! Subscription renewals to investment newsletters and magazines were cancelled. More troublesome was my automatic website renewal too was cancelled and the website taken down by GoDaddy due to non-existent account.
Fidelity's Risk/Fraud department refused all efforts to work out a solution to a problem that should never have been a problem in the first place! Fidelity has caused needless angst, tremendous loss of time, vacation, financial mobility over both the holidays and ensuing spring. It prevented the ability to affect year end portfolio adjustments. The damage done to an excellent credit score is unknown at this point. Am moving my account, my wife's account, daughter's account and ex-wife's that I manage to Charles Schwab where I'm told security communicates with its customers and tries to work with them to solve account issues.
I spoke to a nice lady named Beth today (4/25/17). I made a change to my 401k yesterday before the market close (3:57 pm) per Beth (Fidelity Rep). Fidelity would not honor their policy of accepting my change and reflecting this for the next business day. Beth did the work to investigate internally...but with no success. I lost out on a great market day due to Fidelity not honoring their own verbiage on the confirmation email. Do business with Fidelity at your own risk. This company is not held accountable and will not help you solve an issue. The reps are powerless. Sad.
Our nightmare began a few months ago. My mom received a reimbursement check from BCBS and we decided to open a joint account with it and to where I would have direct deposits from my paycheck; keeping the acct as a "go to if needed" or emergency account. I have a 401k with Fidelity so decided to open it with them. BIG mistake. Opening the account was no problem. Using the debit card was no problem. The waiting a month before putting a restriction on the account (without advising us), tried to use the card at my mom's dr and was embarrassingly told it was declined.
They want to talk to my mom to verify the account. No problem. My mom is 91 and in great health aside from severe hearing loss. Therefore I need to be with her during the call as I may need to repeat the questions to her. (She can understand better when seeing the person's face talking.) At first Fidelity asked for a copy of her ID, and the deposited check information which I promptly faxed (her license, insurance card, and all the check information).
I was told the restriction would be lifted after review no more than 3 days. And of course that didn't happen. Now trying to make the call to speak to someone has been impossible, long hold times. I have begged, literally, for them to either call my mom directly or provide a direct number TO A PERSON, so we could get this taken care of. All I have been given, after at least 25 emails over the past 4 months, is another number that is exactly the same - nothing but on hold. Because of my work hours and the hours of the business it is impossible to wait that long on hold. I can't even count the number of times we have called (too frustrating to even imagine).
My mom has an appt on Friday for new hearing aids in hopes that she can get something more advanced to improve her quality of life in the hearing area, but she needs access to her money. (She is on fixed income, and due to the high cost of hearing aids I am not able to afford them for her.) Anyway, this is our money and we should not have to have any reason to have access to it. We provided all documents requested, we have sent multiple, multiple emails, we have called countless times daily, weekly, since January. I don't know what else to do at this point. It's our money and have no access. My mom's check was approximately $4500 and I have deposited $1000 in cash. Cannot even deposit into the account let alone use the money. Never again. I am also filing a complaint with our HR as Fidelity is used for our retirement account and I would like to move it as soon as I'm able.
This company is a complete fraud!!! They promise you one date that your funds will be available. That date comes. "Oh, you can expect it the next day." I am closing this account completely after they finally decide I can have my money. I have bills due and I can't pay them because they are not releasing my funds. It's been a week now and some days.
Made a deposit into what I was lead to believe was a bank account. Deposit did not show the correct deposit day. I called then later that day it showed up as process but not release. When I call I was told it takes 2-4 business days and that it would be in there the next day. Today is the next day. It is not released. I call I was told it will take 2-4 business days. I asked to speak to a supervisor and I was told by the supervisor that they basically act as a bank but a third party company handled this for them. But they are not a bank. Let's see... take deposits, issues bank cards, send you checks and deposits slips. But you are not a bank. I am out of gas. I miss work yesterday and I couldn't take my child to school. My phone is due to be cut off today. But yet I am told sorry. So I am home today so is my son because I was led to believe that they were a bank and they are telling me they are not...
In October, 2017 I attempted to withdraw funds from my 401k as a gift to my daughter to start a business. Apparently because I had already withdrew some funds, this brought about a red flag. I immediately was visited by the local police department to do a wellness check for diminished capacity and also that my daughter who was assisting me was exploiting me in their words. I also was visited by the NH Bureau of Elderly and Adult Services. They found nothing out of the ordinary but I still could not receive my funds because now both accounts were referred to their risk department and I wasn't allowed to speak with them during their investigation.
Next I received an unannounced visit by the Attorney General's office along with an attorney. Because I was leaving for a doctor's appointment, I agreed to meet them at their office. In the interrogation room, I had to make a taped deposition repeating why I wanted this money and why I had previously withdrew some. In the meantime the NH Department of Health and Human Services sent a letter claiming Fidelity's claims were unfounded. I visited the Fidelity office in Nashua and Merrimack, NH but once it was in the risk department, everything was frozen. They did print me an account of my securities.
I received a phone call in February 2017 from the Risk Department and again gave them a deposition of why I wanted my own money and the awareness of taxes that would be due to the IRS of which I was fully aware. The Attorney General's office also agreed I was not of diminished capacity and that even though a red flag was issued, it should have been resolved by now. I wrote a 3 page letter to Abigail Johnson, CFO of Fidelity outlining this incredulous ordeal that I was subjected to. To this date, I have not received the courtesy of a response...
I have experienced many emotions ranging from anger, humiliation, stressed, embarrassed, insulted and anxious just to name a few. I have incurred both a financial and emotional loss which was exacerbated by receiving a tax liability for $225K for 2016 even though I did not receive the money. Secondly the loss of earnings because they sold my securities with my permission as I thought I was getting a check but instead placed my funds in a money market drawing 0.030%. Because the Dow has seen some record highs, I was not able to take advantage of that as they would not let me reinvest my funds because my account was frozen.
But today, March 22, 2017, I called the Executive Office in Boston and after much waiting, was informed the restriction had been lifted. I asked when after 5 months of being restricted did this occur, I was told this week. If I hadn't called, I'd still be waiting! He asked me if I wanted all the money and I said absolutely and rest assured, I will NEVER do business with Fidelity again. I apologize for this long message but it was important for everyone to know what I had to go through on an unfounded claim by them.
I left an employer and wanted to move my 401k with Fidelity. They told me my status was not updated and by the time my former employer updated my status with Fidelity, Fidelity charged me a maintenance fee and they would not remove it. I did not have the opportunity to move or cash in my 401k without the fee. Fidelity was extremely rude and inconsiderate. I have had numerous issues with them in the past with a previous employer as well. I will not work with this company ever again.
Fidelity was chosen by Nationwide Insurance to manage pensions and 401K. This company should be rated 0 stars. The support is horrible. The information they give you changes with each person you talk with. It has been 3 months since I applied for my pension. I have yet to receive a payment. Today I began to transfer my 401k to Ameriprise. Worst company imaginable.
I have spent over 70 hours over the last 2 years trying to get an online account set up and maintained with Fidelity. Large amount of money in account and their system keeps kicking out online access - very frustrating. As I write I am on the phone attempting to get online access again - agent trying to get online access is rude and overtalks me. This is an issue that hasn't been resolved and FIDELITY management DOESN'T CARE.
I'm a senior and was with Fidelity for almost 3 years. Never a problem until I made requests to remove some funds. Fidelity put a restriction on my account and said their risk people were looking into my account. After over three weeks and numerous calls to their worthless service reps. and submitting all paperwork requested because my son has my POA and deals with the accounts. After three years they had questions? Worst of all is they have cost my account about 50k during all this. Can't trade, can't get tax statements, couldn't even transfer it out. Holding my account hostage because I wanted to gift my children while I am still alive by withdrawing less than 35% of the accounts funds. It is my money! Now that I am starting a suit against them, they have close my account and is supposed to be transferable. Do yourself a big favor and go to TD or Schwab. Would not recommend. This is a horrible investment company.
Ford Motor Company and the UAW bargain Fidelity to take out 401k. I do not know who is paid off. I do not know Kickback or favor but it has happened. I know it is what they do especially the UAW during the course of my 401k invested heavily in Ford common stock with Fidelity within my boundaries a 401k. During the course of this Fidelity stole my common stock and replaced it with units. I confront the UAW and Ford about this and they laughed at me. It's what makes the difference because it tracks the same. It is a fifth. The government did nothing. The union did nothing and Ford did nothing. Stay away. Stay away from Fidelity. You will get robbed and you will get no assistance.
I've been unfortunate enough to have inherited Fidelity accounts from my (deceased) parents' retirement accounts, all of which were with Fidelity. It has been an excruciating struggle to work with Fidelity -- my experience has been that they give poor, misguided direction, and then come back to contradict it, later. I have page after page of notes on what they have told me to do, only to have them come back later to say, "OH NO -- you should NOT have done that" (even though it's what they told me to do). Do yourself a favor, get a "Magic 8-Ball" to give you advice -- you'll be MUCH better off, in the long (and short) run!
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 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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