Fidelity Investments

Compare Online Brokers

Research top Online Brokers recommendations on ConsumerAffairs

Compare Companies

Consumer Complaints and Reviews

on
Satisfaction Rating

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.

on
Satisfaction Rating

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.

on
Satisfaction Rating

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.

on
Satisfaction Rating

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.

on
Satisfaction Rating

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.

How do I know I can trust these reviews about Fidelity?

  • 765,036 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

on
Satisfaction Rating

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...

on
Satisfaction Rating

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.

on
Satisfaction Rating

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.

on
Satisfaction Rating

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.

on
Satisfaction Rating

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.

on
Satisfaction Rating

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.

on
Satisfaction Rating

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.

on
Satisfaction Rating

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!

on
Satisfaction Rating

Fidelity is the worst bank/investment firm ever. I was a Fidelity Investments customer for over 8 years no issue, until 2015 they decided to hold on to my taxes and the rest of my entire funds that was already in my account from my payroll. This company has the worst customer service agents, not helpful at all when it comes to disputes or resolving issues but they are so nice and helpful when telling you what to invest in. I went to their center in Dunwoody GA and they threatened to call the police on me all because I wanted access to my money which by the way it's mine all mine and I worked too damn hard to get it. To make a long story short, I closed my account and took my money elsewhere and never in this lifetime or ever would I recommend FIDELITY INVESTMENTS.

on
Satisfaction Rating

I have had a continuous problem of funds within my cash management account arbitrarily being held, resulting yesterday in an inability to pull out funds that were mine for reasons they could not explain. I wasted 75 minutes yesterday and no one could explain what the problem was that had funds being held. When I asked for a supervisor I was hung up on. Now today I called again because they were continuing to hold the previous funds as well as a portion of the deposit I just made -- with no method to the madness of how much would be held and why. The person I spoke with today was absolutely crazy making, telling me "no one can help you" when I continued to explain the math to him over and over again. He was getting stuck in the fact that when all funds were released I would have the correct amount of funds -- but that was never the issue.

The issue, as I'd explained 100 times was that I needed to understand how to predict when funds would be held and how much at a time. After another 75 minutes of crazy making with him refusing to see how this was a problem or answer my question, when I (very calmly and nicely) asked for a supervisor, he hung up on me yet again. I am at a loss as to how to handle the situation... except to close my account.

on
Satisfaction Rating

I have a lady from this phone number that has been contacting me through text and Instagram. She put almost 3grand into my empty bank account and said there's no charge whatsoever. But now she's trying to have me send money through western union. She said she works for Fidelity Investments and said they give 3000$ out on a daily. But now she's telling me if I don't pay the fee I can get charged with theft and all this other stuff. But she put the money onto my online bank account.

on
Satisfaction Rating

I have been trying to close an account with Fidelity for three months. They are only stalling all my efforts. I have retained legal counsel and am reserving scheduled time for court proceedings. I have given them my Durable Power of Attorney that gives me legal rights to my account. I have also given them a Trust Resignation letter that clearly places me in legal control of my account. I have filed four letters of complaint with Fidelity: two in Portland Or., one in Covington KY and one in New Jersey. I have also filed letters of complaint with the Securities and Exchange Commission, The Better Business Bureau, Financial Industry Regulatory Authority (FINRA) and The New York Stock Exchange. I also had to give them medical history (twice) even though they have no right to review this information.

I have spoken to at least a dozen supervisors and another two dozen representatives all without results. Their standard response if they don't have a good answer: "We have a fiduciary responsibility to our clients." Nowhere on their website does it give the procedure for closing an account or for closing an account on behalf of a third party armed with a Durable Power of Attorney, or that allows them to demand my medical records and review my physical, mental and emotional conditions and invade my privacy. I am their client. Where's their responsibility? If you invest in Fidelity, consider it a gift, because you won't see your money ever again.

on
Satisfaction Rating

I have had my Fidelity account for a very long time. In a couple of transactions (only 2) I made I didn't transfer money in time from checkings to savings to cover the transfer (my bad) but 1st time it got covered immediately and the 2nd time again same day covered for it. I looked up at my account to find out that there is now no bank account associated with my Fidelity. Did a chat talk as well and called. They told me it was up to their risk management discretion on whose account they delete due to numerous of insufficient funds. I said but 1 last year and 1 this year isn't numerous. Has anyone ever had this to them, where they have to go through the process all over again to get their bank linked up with their fidelity account! Or is it just me? CURIOUS??

on
Satisfaction Rating

I started the process of distributing my IRA on 12/13/16. Today is 2/2/17 and I still have NO CHECK. Like the complainant from MN - it doesn't take almost TWO months to get my distribution. When I have made one of my 13 calls to Fidelity all I get is the runaround. So all you other people not receiving money - we might have a class action lawsuit to be able to collect the interest on what would have been our money the whole time they are giving us the runaround. They said they have overnighted it today... We will see... I had a stroke in early 2016 and I need this money to survive right now as I am only working part-time. The hardship that they have put me they regarding this is awful.

on
Satisfaction Rating

My stocks of S&P 500 up nearly 10 percent for year. Just checked my monthly money starting in Feb. I get a 9 dollar a month raise. This has happened before. Also got the sec to check things out. Everything went fine for about 5 years. Now bad again. I was expecting a raise of 120 or 130 a month. So Monday will be calling sec again. If not satisfied this time I go to court. IF S&P 500 HAD WENT DOWN 10 PERCENT THEY WOULD HAVE FOR DAMN SURE TAKEN AT LEAST 200,00 A MONTH FROM ME. Sure hope consumer can help me. I'm retired. Not much money too very much. Will call Fidelity Monday morning. See what happens. God help me.

on
Satisfaction Rating

Transferring a 401K and or investing in Fidelity with your retirement is a very big deal for anyone. In my short time working with Fidelity I find their service area to be lacking in answers to simple questions. Poor follow through. Do not return phone calls as promised. When they do it's because I have to follow up with them. They do not have a can do attitude which reflects poorly on their image in my opinion. I am not happy with their service nor do I think they deserve my business.

on
Satisfaction Rating

Do NOT EVER do business with anyone at Gulf Coast Financial in Ft. Myers, FL! In Nov 2014, my father came to FL for the purpose of investing money (over $100,000) in a financial vehicle which would pay him a monthly amount without touching the principal. After seeing an ad in our local paper EVERY weekend and researching (online consumer complaints - found none) the company my father and I met with a Ms. **. We explained what my father wanted to accomplish and she recommended the "Prosperity Elite 10" annuity.

She stated that this annuity came with the following "FEATURES" as follows: An immediate "bonus" of $8400.00 (and per Ms ** we got in just "under the wire")! She stated that this annuity would pay at least 7% interest FOR THE LIFE OF THE ANNUITY and that it could, based on the S&P, possibly go as high as 3% more. She stated that another "FEATURE" was that if my father passed away prior to the 10 yrs, I, as his only living relative, would receive the FULL AMOUNT OF PRINCIPAL without penalty. Another "FEATURE" was that "Surrender charges and market value adjustment charges are waived for home health care needs, diagnosis of a terminal illness or nursing home confinement... And would provide full access to your account value without penalty.

One of MANY complaints I have with Ms. **: She outright LIED regarding the above listed "FEATURES"!!! These features, I have come to find out, are IN REALITY -- RIDERS TO THE ANNUITY WHICH ARE VOLUNTARY -- AND ARE NOT MANDATORY. If one chooses to include these riders they will cost you a boatload of fees (within the last 2 years F&G has made over $3,000.00 in FEES)!!!

Ms. ** also had my father sign a blank "Request for Disbursement" Form after the year 1 anniversary stating that she did not know how much the interest rate would be for year 2 and that she wouldn't have this information until after January 2016! Shortly thereafter, Ms. ** stated a monthly amount my father could draw out WITHOUT TOUCHING THE PRINCIPAL! Unbeknownst to my father she, WITHOUT AUTHORIZATION, filled in an "END DATE" for receiving his monthly checks of 11/08/16!! So after receiving only 10 months of checks, they stopped paying him after the November 2016 monthly payment!! Of course, my father attempted to contact Ms. ** (who is never in the office) to no avail.

He then contacted F&G directly to find out what was going on with his monthly checks. They told him what is stated above (that HE filled out the END DATE) to which he explained to the person he spoke with that he had NEVER filled that form out and that he signed it at Ms. **'s urging and HE HAD NO IDEA WHY SHE WOULD PUT IN AN END DATE. After getting the runaround for almost 2 months now, filling out ANOTHER Request for Disbursement/Systematic Withdrawal Form, and waiting for his checks to begin being sent again he received another letter from F&G stating that "We regret that we cannot process your request at this time. Per your recent statement $0.00 of interest was credited to your policy"!!!!! (Emphasis Added).

They also sent him another letter stating that "Please be advised that a systematic withdrawal will reduce the surrender value of your existing contract and will reduce the amount paid upon the death of an owner and/or annuitant. A systematic withdrawal may also affect the guaranteed and non-guaranteed elements of your existing contract. We urge you to weigh all your options carefully and to make an informed decision!!!" (Emphasis Added)

My father and I thought that we were making an informed decision in November 2014 after spending over an hour and a half with Ms. **. During that meeting, we both made it abundantly clear to her exactly what my father's financial goal was. So instead of performing her job, she instead sold my father a financial product that she knew would not meet the goals he was seeking but instead steered him into purchasing an annuity that did the complete opposite. She outright lied about the "Features" when, in fact, they were "Optional riders" to which my father should have been informed that he had a choice to add them to the contract for a hefty fee or not! He was never given that option.

Finally, F&G's annual statement is a whole different story! Even with a bachelor's degree in business management, the statement is written in a way that not even someone with a Ph.D. Could understand it. The statements do not include detailed information (you must request that separately). Long story short, save yourself a lot of money, stress and heartache and don't do business with these people b/c they don't give a flying flip about their "Clients". They only care about the commissions they will make off of these ** products. (Oh, and yes Ms. ** stated that she did not get paid a commission off of any products she sells attempting to make us believe that she had "No skin in the game" which, of course, was another lie!!)

The above-stated reasons are exactly why I will not stop fighting for my Father's rights and I will personally see to it that this NEVER happens to him or anyone else if I can help it. My Father worked hard all his life and to see some MONEY GRUBBING, LYING AND CHEATING SCAMMERS screw him has me so angry I can't even see straight. I know that karma does exist and these people will get what they have coming to them for what they have done.

on
Satisfaction Rating

Been trying for over 4 months to get Fidelity investments to start sending my pension payment, Ive sent paperwork to them twice now with everything they have asked for, yet every time I call I get the same runaround, "we need something else", "we cant find your paperwork", etc etc. I suspect they are trying to pull some sort of bs and steal my pension. I have called these people at least once or twice a month yet nothing. No pension, this is my money. I worked 32 years for it yet I cant get it.

on
Satisfaction Rating

Prior to March, 2016 my independent broker's firm decided to use Fidelity as their clearing house and transferred all my managed accounts to Fidelity. The accounts transferred included my Retirement Trust Account that he managed. There were no problems having all my accounts transferred with the existing documentation. The MAJOR problem happened when I personally transferred the portion of my Retirement Trust Account that I'm managing with the exact same titled Retirement Trust Account. With the assistance of my broker I submitted my Retirement Trust Application with the same supporting documents sent with my Brokers application of the same title and with a completed Transfer of Assets Form.

In short, Fidelity opened my portion of the Retirement Trust Account even when they weren't satisfied with my documentation and proceeded to immediately fund the account utilizing my completed Transfer of Assets. After they transferred my funds to my newly opened Retirement Trust Account at Fidelity they froze the account without notice until I provided proper supporting documentation, which Fidelity dragged out fro over 3 months. Fidelity also refused to send the money back to my Retirement Trust Account in the institution they wrongly transferred the funds from.

I had to pursue Fidelity for over 3 months after the account was funded, by numerous phone calls, personal visits, utilizing my independent broker and the lawyers who wrote and manage the Retirement Trust Agreement to intervene before I could finally determine and present Fidelity with the documents they were requiring. It took over 3 months which included BREXIT for Fidelity to finally remove all restrictions on my portion of the Retirement Trust. Fidelity never notified me my account was cleared of restrictions and free to trade. The same way they failed to communicate with me when they restricted my account!

When I submitted the application to open my Retirement Trust Account and other accounts I was awarded hundreds of free trades for one year. As I started trading on my Retirement Trust account, I was being charged for commissions on each trade. When I inquired, I was told there are no free trades available on this account. After calling the representative who agreed to the free trades, he INITIATED an investigation and found that my allegations were correct, the free trades were reinstated. ONLY with the clear understanding that the free trades would only be available for 1 year starting from the time you submitted your application in March not from the time your account was free of restrictions.

I submitted a Complaint to FINRA which Fidelity finally responded to at the end of their 90 day required time period. Fidelity summarized that they handled my account appropriately and released it from all restrictions as soon as I provided all the required documents. Fidelity doesn't mention how difficult Fidelity made things for me! Fidelity had me submitting multiple sets of documents on many different occasions and with each submission elicited further requests for more documents.

Fidelity also doesn't mention that despite my diligence it took me over 3 months to resolve their restrictions. Both my independent broker and the trust lawyer were floored by Fidelity's behavior in continuing to delay removing restrictions from my Retirement Trust Account. FINRA didn't see any problem in the way Fidelity behaved but said that doesn't mean they are not responsible for financial damages. Of course, FINRA doesn't want to say anything negative about their members. In my opinion they lose all credibility when they make decisions through rose colored glasses, they're obviously biased!

Fidelity's response to FINRA also stated the had MISTAKENLY transferred the funds into my Retirement Trust Account before it had been fully opened with completed Retirement Trust Agreement documentation and they apologize. Fidelity admits to mistakenly funding my Retirement Trust Account! Why didn't Fidelity immediately return the funds to my Retirement Trust Account in the institution from which they took it, where I would have been free to trade during a very volatile period in World and US Stock Markets?? Why?? Fidelity also went on to repeat the same mistake a couple of weeks after the initial Retirement Trust Account was opened by accepting a Retirement Trust Account contribution wired in by my Accountant before I knew my account was being restricted.

Why??

I have never received an explanation WHY Fidelity didn't handle my Retirement Trust Account funds with appropriate care and regard for their maintenance. I submitted to Abigail Johnson, CEO of Fidelity documentation of my complaint, requests for better management by Fidelity for all clients that have suffered or are suffering from Fidelity's unwarranted restrictions, and request for compensation. Ms. Johnson's response, through an underling, was offering me a 1 year continuation of the remaining trades I was awarded on my Retirement Trust Account.

Fidelity held my money hostage. Fidelity has set up a system that makes it impossible to talk directly with the appropriate Fidelity person responsible for making the decisions on your account. All interactions are by a Fidelity representative on the phone or in person interpreting what has been entered in the computer under your account. In my experience there were so many mistakes, misstatements, and mismanagement that it becomes clear why Fidelity doesn't want you to know who they are conversing with over the phone or computer regarding your account. This is the way Fidelity avoids all responsibility. PLEASE, PLEASE, PLEASE Don't Use Fidelity!!! I've used other online brokerages and you will do much better with ANY of them instead of using Fidelity! Think about WHY does Fidelity with all their great advantages have to offer so many free trades to lure customers??

on
Satisfaction Rating

Supposedly ordered a funds transfer from an IRA on 1/12/2017. Was told it was completed and that payment should arrive the following Tuesday or Wednesday due to holiday on Monday. Tuesday no payment, Wednesday no payment, Thursday no payment. Called broker (via phone) "Oh I know, it probably was an electronic transfer, check your bank account." No. No direct deposit. Wednesday the transaction statement arrives via mail confirming the transaction occurred on 1/12/2017.

Today, 1/20/2017 mail came and went no payment, no direct deposit and everyone is now shrugging their shoulders with a 'I dunno' regarding this transfer of funds. What an utter BS company. It doesn't take EIGHT days to perform a transfer. When participating in an automatic contribution plan Fidelity doesn't wait 8 days to add my money to their revenues. Regardless of all the excuses the statement of transaction is dated the 12th and arrived two days ago without any problem. The excuse now is that it takes 3-5 business days, well even accounting for the MLK Bday holiday we are now on Business Day FIVE! I have ZERO trust in this company. Welcome to ripoff banking island. If only negative stars were allowed for a rating. Next stop MN AG's office to file a complaint.

on
Satisfaction Rating

I've been with Fidelity for quite some time, mostly because my employer's retirement programs were with them. While I think that Vanguard better products and lower expenses, Fidelity is decent. I've also used their IRA accounts without any problem. The fact that they are not open on weekends make it very difficult to get support. My weekdays are booked and I'd practically have to quit my job if I need to call their support line.

on
Satisfaction Rating

Recently I was canceled from Fidelity and will remove my accounts. My complaint is Fidelity failed to act on recent transfers in 2016 properly. Fidelity also provided a statement online reducing my account by $30,00 and after a call put it back. The rep told me they could discontinue me as a client of Fidelity. They did so on 1/9/17. They did not provide recourse saying they could remove my accounts without due process. Prior to this the rep said they (Fidelity) could discontinue their services. I believe the action was arbitrary and capricious and will recommend to my friends to close their accounts with Fidelity.

on
Satisfaction Rating

We are members of their 'Private Client Group' which probably helps. Fidelity has been excellent for us for 40 years, before and after retirement. We have used Vanguard (terrible), T. Rowe Price (quite good), Charles Schwab (OK) but none comes close to Fidelity. The best customer service we have ever had. Before retiring, there was a branch near us which was convenient. After retirement, there is no branch close but service still excellent. Fidelity handled the tricky change of trustee when one died very quickly. We fought Vanguard for 8 weeks over the same issue (moved all Vanguard assets to Fidelity after that).

on
Satisfaction Rating

I was at first asked to give a video interview which I initially thought of as innovative. After and during my second interview by phone, it became clear that my interviewer was judging me and treating me as if I was not worth being spoken to more professionally. Words or phrases like, "Oh, let me stop you right there. You don't say that at an interview!" and "I don't need to hear about that!" I felt judged and as if I had no shot from the beginning of the questions. She attempted to give constructive criticism but was not at all helpful, instead left a bad taste in my mouth.

Professionalism is important, but being personable is imperative for a more thorough interview. I was completely floored when she then said she didn't think I wanted something long-term, and that's what they were looking for. I couldn't believe me saying, "I am looking for a company I can grow with and stay in until retirement," "...and I was even more interested in Fidelity after watching positive employee testimonials of those with Fidelity for 30 years..." was not translated into me looking for longevity. I am Filipino and born and raised in the states with only one language I speak fluently, English. I think she judged me based on my appearance and race. I don't feel it was at all a fair assessment of my abilities or intentions.

on
Satisfaction Rating

I casually signed up when I worked for a company temporarily, choosing not to allow Fidelity to take money out of my paycheck. I believe it was required. It took about 2 minutes and a couple of checkboxes. I finished my 4 month contract with the company and then went elsewhere. The Fidelity account is still open and I regularly receive snail mail from them. I'm very uncomfortable with another financial account being open in my name, and am even more so annoyed that there is no easy option of closing the account. There should not be this much difficulty in cancelling an account. I feel like it is to Fidelity's benefit that it is so difficult. If anyone wants to get a lawsuit going, I'll participate. I sure won't be using any Fidelity products. They have really tarnished their image. Shame on you Fidelity.

Compare Online Brokers

Fidelity Investments Company Profile

Company Name:
Fidelity
Website:
https://www.fidelity.com/