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Fidelity does NOT want to give me my rollover money because they want to hang onto it. I have to submit the SAME paperwork they rejected. There must be a payoff if they can hold onto it longer. I will NEVER invest with them again. Over 10 people I have to talk to in order to get to the proper person and most of them ask "why are you rolling your money to Vanguard?" Unfortunately Fidelity holds the accounts where I work. Fidelity SUCKS. Vanguard baby! Always Vanguard.
My wife passed away a few years ago and had her IRA with Fidelity Investments in a average risk account. I transferred the account into my name after she passed, and didn't do much with it until about a month ago. I accessed my account on the internet to update my profile and maybe check on investments - took me a while because I had to update passwords. I noticed that my account was only collecting minimal interest, and the account had restrictions on it so I couldn't make any changes.
Starting about a month ago I called a Fidelity Customer Care agent and explained my situation in detail. They told me their risk department needed to prove my identity by providing them several documents. They wanted a copy of my SS card, birth certificate, drivers license, utility bill, and copies of my bank statement. I provided them with my SS card, BC, and DL but told them my utility bill was still in my wife's name, and the account they wanted documentation from had been closed for over a year. Instead of the utility bill I gave them a copy of mail sent to my address including my SS check and a statement from Fidelity (the very account referenced). Oh, I forgot - they want me to FAX them all this stuff instead of emailing or texting pictures. Because I don't have a FAX machine I went to one of their offices and delivered all these documents in person.
I waited a few days and called them again. They said the documents I sent were not satisfactory to verify my identity, and they still needed a utility bill and that bank statement that I don't have. While I was on the phone with them they put me on hold for several minutes (15) - when they came back I tried to access my account online and they put further restriction on my account - now I can’t log on to my account with my login and password. So while I was on the phone with them they restricted my account more - adding fuel to the fire. I asked them why they were being so difficult to deal with, and one of their agents mentioned the Patriot Act, that it was their responsibility to freeze accounts because of government rules.
I've decided it not their business to review my bank accounts or to review my utility bills. I set up this account in good faith, and they know who I am - I've been living in the same home for over 20 years. Now I am being treated like a criminal. I don't know what to do except to file a complaint against them with the SEC and to get on every blog I can find to tell everyone to get their accounts away from this corporation. If they can do this to me they can do it to you.
At this point I just want them to close my account and sent the check to the address of record - my house. I will then take the proceeds to the bank where I'm sure they will verify my identity. They refused, and when I complained about not being able to invest my funds they told me they could invest my funds for me without me having internet access to my account. These people are so screwed up. Maybe the next step is to get an attorney. Any ideas on what to do next are welcomed...
This review relates to a very bad experience with the brokerage company, Fidelity Investments, forcing me to transfer my substantial holdings to another brokerage company. I was an account holder with Fidelity Investments for over 20 years. In the early 2000's the company redefined itself. The summer of 2016 I was speaking with a representative who was giving me erroneous information. I informed him that his information was not correct and challenged him on his competence.'
To my total disbelief this representative retaliated against me by reporting me to some department within Fidelity. A few months later I received a call from my account manager informing me I would need to implement a document, some special form of a power-of-attorney, with Fidelity if I wanted to keep doing business with them. This document, as I and my attorney read it, gave unprecedented power over my investments to Fidelity. I was advised by legal counsel to NOT sign this document.
In speaking with Fidelity, I asked to take this matter up with management. I was put in touch with my account manager's manager. He walked the company line! I then requested to be put in touch with some high level manager at Fidelity. They refused and told me there was no one I could speak with or for that matter who cared about me as a long-time account holder with substantial asset holdings. Thinking this was a regulatory issue, I filed a complaint with FINRA. This was a total dead-end. I found that these brokerage companies have little or no oversight as it applies to the individual consumer. I finally gave-up and just transferred my assets to TD Ameritrade.
I initiated an account transfer, to cover a IRA 60 day rollover withdrawal. Fidelity never did the transaction, never informed me of any problem, hid my documents from me, and was never responsive to an easy fix that would have saved me $11,300.00. Instead they chose to be stubborn and unresponsive, and I have no choice but to go to war with them through the New Jersey court system. If you PM me, I can provide plenty of documentation and details.
Our Fidelity representative solicited our money for a managed tax-harvesting account. Fine - I was happy to have someone deal with the money if they were doing a good job. The job was OK, and I was satisfied, not overjoyed with the result. That's in part because I was unhappy with their planning software, which is highly flawed and misleading. Finally, in December of 2017, tired of their promoting their planning software, I sent them a review of its flaws. Suddenly in Jan 2018, I was told that Fidelity would close my accounts for no reason. Our broker indicated that I had used "inappropriate content" in my message, which is not true. They provided no information nor any validation of their assessment.
Bottom line: if you want to do business with Fidelity Investments, count your fingers after shaking their hands. They will take you for a ride and spit you out the other side without remorse or recourse. I was told that the decision to sever our accounts was "taken centrally and is irreversible." Glad there are other brokers out there who might actually want to use our money.
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After several personal requests to their Hilton Head office (they don't have a Charleston, S office) this firm has failed to deliver any value added wealth management services. They have failed in their fiduciary responsibilities to a high value Premier customer. The one star rating they have with over 300+ reviews is totally justified and anyone considering using them would be wise to look elsewhere.
After trying to contact these people by phone, and 4 dropped calls, I tried to email them - they have no way of doing that - I had a simple question about distributions - I could not find an answer on their impenetrable website despite over an hour of research. Their communications system is Jurassic - it would behoove them to upgrade it before all of their customers flee in disgust. It's too bad too because some of their funds are great.
I am the executor of my mother's estate. Over 8 weeks ago I started the grueling process of trying to close out her Fidelity account. First, there were so many clerical errors. It was astonishing. They spelled my last name wrong and had my mother's middle initial wrong as well. Second, they stated everything should move to a Fidelity estate account. This took 4 weeks and several phone calls only to be told estate accounts are low precedence especially over the holidays. There were numerous mistakes made in this process as well and phone calls promised to be returned never were. I have never held less than 30 minutes waiting on someone to pick up the call.
Now that it is in the account and we were provided thorough instructions on next steps, we have subsequently learned every step they outlined was completely incorrect. They pay little attention to the needs of the customer, have only a cursory knowledge of their own processes and on top of that are rude and arrogant. No idea why since every single mistake has been made by them. They should feel inadequate and desperately want to improve. So here we sit 8 weeks later and we still do not have the money. We are trying now to sell all shares. I am certain this will be another 4 to 8 weeks and look forward to multitude of phone calls with misinformation. Lousy firm. I processed through six other accounts at other investment firms and the longest one took 2 weeks to fully work through. Truly a waste of time and dangerous to trust this outfit with any investment.
Banking - Was transferred to this area to determine why I was not able to withdraw funds from my account despite depositing a check in the account a few days prior and the ledger showed that there were funds withdrawn at an ATM but the ATM never gave me the funds because I had reached my daily limit. I explained to the rep that what I could see on my app showed that the funds were available, she said what she saw on her end was that the funds were not available hence the reason why I couldn’t take out money from the ATM. She also advised that they are an investment company not a Bank. When a check is uploaded Fidelity should breakdown to the customer how much of that check is available for use and when the rest will be available.
For a company that does not have any branches. There is a major disconnect with their systems, processing and updating times. All of this should be done from a blink of an eye. I should not have to call in and be transferred to rude representatives that don’t represent the company at all. They don’t answer questions, they have to transfer you to different areas. Fidelity needs to invest more in this area and bring in quality customer service representatives to service folks.
I use Fidelity mainly for their cash management accounts. This means I get free checks and ATM withdrawals because it is connected to a brokerage account. The brokerage account has not much in it... I mainly use for the cash management. Well, yesterday I didn't get my usual direct deposit. I had to call my payroll company and then Fidelity. Fidelity told me that they had decided to shut down my accounts and didn't tell me a reason why.
The person on the phone was the "head supervisor" and the "highest person up the chain I could talk to on the phone." He was completely rude and unprofessional. His name is Bobby ** out of Jacksonville, Florida. I intend to make a formal complaint. They said they sent me snail mail to my old address. But I didn't get an email. I didn't get a mobile alert. Nothing. Now I have to scramble to get new accounts set up. I have savings elsewhere but I was using this to manage my cash. Also, their card services are a joke.
I have had good experiences with Fidelity as my stock broker for about 8 years. Now a greedy bean counter has changed the rules. If you have an IRA there, you will be charged $300/yr to fill out IRS forms. I was given several weeks notice on this and have had to quickly move my money to another brokerage firm before the end of the year so that I wouldn't get hit with this charge. I looked at several other firms and none of those were charging these kind of fees. Fidelity has withheld over $800 of my money, so I will probably lose that in the transfer. This company has gone down-hill quickly. They are greedy and unethical. I have spent three days trying to speak to someone there, but they are all too busy to talk to me. I can't even get the operator - it's just an indefinite hold.
I had unrestricted stock shares that were vested on 12.01.17, but for some reason, could not withdraw or transfer the cash value for them. This hadn't happened in the past, so I contacted Fidelity via chat on 12.06.17. After being transferred twice, I was told that the funds would be available on 12.08.17 "at the latest". So, when the funds weren't there on 12.08, I contacted them again. I was transferred 4 times. Two of those times, the chat ended unexpectedly due to "technical difficulties". The only answer they could provide was that it took 3-5 business days for the transaction to go through. When I pointed out that it was the 6th business day, they did not respond and just ended the chat. I've had better customer service from cable TV providers and used car salesmen. Fidelity is garbage. I can't separate my money from them soon enough!
My life insurance policy through Fidelity was in effect since January 2015. In the summer of 2016, I moved to a different state and called Fidelity to change my address and request a copy of my policy because I could not find it after the move. Fidelity made the change of address, but never sent me a copy of my policy. I did receive an alarming letter in September 2017 indicating that I had requested a change to my policy regarding my beneficiaries. I immediately called Fidelity to question the notification, and was told that a supervisor would call me back. I never received a call, and after checking online to see if the error was corrected, I called Fidelity again. I was told that a request for a change in beneficiaries must be made in writing. I explained that I did not request any change to my beneficiaries. I was then told very rudely that I needed to make the correction in writing that they could not/would not make the change over the phone.
I was very clear that this was a company error, and I should not have to complete a written request for a change that was made to my beneficiaries without my consent. I was repeatedly told that they would not have made this change without my request, but they could not find the request sent from me (since I did NOT request a change). Fidelity changed my beneficiaries without my consent or request, refused to admit their error, and would not make the correction. The lack of professionalism and customer service was extremely disappointing. I can only imagine the difficulty my family would have if I passed away and they were left to deal with my life insurance.
Fidelity Investments is in charge of my husband's pension. His checks were on time for 16 years; this year he has to call at least twice a month to find out why he had no check in the mail by the first of the month. He's always told it has been mailed - but it never shows up and they have to reissue a second check (supposedly). I think the checks are intentionally held as long as Fidelity can hold them for interest on the dollar. Retired people depend on those checks and it is not right for any company to think they have the authority to hold onto the money for their own gain. Who governs the investment companies holding our pensions? Is there nothing that can be done to stop these practices? After the lies Fidelity has told us about mailing checks I would never trust them to even see my bank account number for auto deposits.
Poor service, untrained representatives, consistently gives incomplete and misleading information; takes more than one try to accomplish important tasks; places your business transactions at risk; puts customer on hold for long periods of time with annoying music.
Fidelity is doing something underhanded. When elderly people attempt to withdraw funds they freeze their accounts and claim that their "risk management " team is reviewing the account. This seems to be a stall tactic to prevent people from lawfully withdrawing THEIR OWN MONEY. Fidelity is policing how people spend their money and that's not their role or responsibility. All victims of Fidelity need to bond together and look into a class action lawsuit. In our case my father in law, who is 72, asked for an extra distribution from his IRA for family business. Fidelity didn't like this so they have frozen his account for over a month now. Complaints to regulatory agencies go un-responded to.
It makes me wonder if this company actually cannot cover its withdrawals so it must purposely delay. Hard to believe that a large broker would do this but then again look at some of the big name brokers that were playing shell games in the early 2000s. They went so far as to stop payment on a check they send him. PEOPLE NEED TO JUST STEER CLEAR OF FIDELITY. These guys are either doing dirty business or they have decided to be police of peoples money. Trust me folks, when you invest money with this company they think that it's THEIR MONEY and you may never see it again, they know the costs involved in suing them are more than most peoples accounts are worth. The only way is that if we bond together and form a class action or a movement that seriously damages their brand and forces them to treat people with respect.
Look at how poor their reviews are and how many people are suffering real harm from investing with Fidelity. Some people had their only source of money frozen while this mythical "risk management team" "investigates". Come on folks, this is a broker. Not the police! What are they investigating? Why does it take months? Something is wrong. I may make a Youtube video warning people, I hope you will all search on it and we can band together to make this company behave properly and serve its customers not abuse them. I feel for all of the victims of Fidelity.
This is not some kind of loss due to investments or stocks. I signed in one day and found thousands from my cash account missing. After getting on the phone with them they said to wait another to see the money come back. I'm guessing it must be some glitch in the system. Even then that doesn't make me feel any more trusting of them. I will move my money out of there to a more reliable company.
I have a Fidelity Cash Management account and I was planning to use their BillPay, but I found that after entering the payee information including the payee account number, there is no way to review the full payee account number information because they only display the truncated account number after it is entered. Seems odd that you are required to get the information correct so that the right account gets paid, but that they don't provide the means to verify that information.
I have been trying to work with Fidelity for the past 3 years. They continually block and delay any actions of my actions which result in removing money from my account. Same effort is put into blocking transfers from account to account, since they know it is for the purpose of removing the stock/funds from their institution. They actually admit they have a whole department dedicated to stopping removal of funds from Fidelity. My advice is use any other institution other than Fidelity.
My reason for the review is that this company has taken my life saving. I hope they are living well on my money, because they sure thought that I didn't need it to live on when I retire. The company that worked for was bought by another company, and Fidelity was the 401 retirement company that was their retirement firm. Story made short, which everyone knows in this forum. They stalled and stalled, run around after run around, call after call I made they would not or could not find my funds. So they got my retirement money, and they’re sorry. Like I said, hope they live well on my money. Because they sure felt that I didn't need it.
Similar to other accounts, we have failed to retrieve our father's and mother's retirement account valued at about 20k. Their divorce apparently made it more complex, but it is their money and both are trying to retrieve what they agreed to in the amicable settlement. A law firm has attempted to retrieve the money but has failed after three repeated events. This after they claim to have spent hours with Fidelity trying to figure out exactly they want to release the funds. I am at a loss to what to do. I would appreciate any advice from anyone who encountered a similar issue, although it I'm not exactly clear how to do that without violating the user guidelines. Thank you.
Very very polite, firmly noninformative, the website states they will give advice and information but I was not even told about some of the products until I decided to pull out. The person gave more information that time. There is actually a plan where they will manage your investments, mostly they will send a link with some vague information, once I got incorrect info on CDs. (Only incorrect by a small amount though). Mostly they didn't seem to care what I did or if I accomplished anything, just being very very polite on the phone. Politeness is appreciated though really.
So my money just sat there without being invested for a few years - I called half a dozen times trying to invest though. Once there was a survey asking if anyone "took charge" for me or something like that. Hm easy job - just be polite and don't give out any actual info. This company is probably a better for someone who has actually studied investments and knows a lot about it, as opposed to someone who wants to learn but have some guidance and info. SORT of got a little info on retirement once but not enough to commit. Overall vague, nebulous, indistinct, very very polite. Did not feel very welcomed or secure in an investment or anything- (not in a bad way though). Just polite and vague.
I've been with Fidelity since the 1980s and have never had a problem transferring money to and from my various checking accounts. I do not have a pension administered by Fidelity. Security tip: I would not have a checking account tied to one's account at Fidelity, because anyone can read your check's routing and account number at the bottom of your check, then have their own checks made using your routing and account number.
This company should pay you to make a trade. This is by far the worst brokerage of any company in the U.S. Their computers are ancient and can't do simple math. I asked them to do a wire transfer and it took them three days to do it and then they did it twice. No one can answer a question without leaving you on hold for 5 or 10 minutes. Any question will baffle their customer service. A very bad company to do business with.
Although they have the best list of secondary offerings in "fixed income" they have the absolute worst customer service online. For example, this past weekend, while doing maintenance on their site, following the Equifax hacking, they posted Balances $0.00 for all accounts, rather than, "Information unavailable due to maintenance on site." They did not disclose the maintenance during the days prior to it. When I called in a panic after seeing that my accounts had been "presumably emptied, was told..."We get a million of these calls each time we do maintenance." I answered, "So why not change it so less people are upset?" and got no answer. This is not the first time they've had horrible bugs or messages in their system. The last one I reported (a Fitch downgrade on a matured c.d.) it took 2 years (approximately) for them to fix their system. Wonder how long it will take this time?
In trying to deal with my mothers IRA through Fidelity, I have spent two months phoning them, always speaking to a different "Representative", always being promised that I would receive a callback, and information in the mail. Of course, I have never received a callback except from the first representative, to give me a "Case Number". The other 4 people I have spoken to, and only when I call, have promised left and right to send me information in the mail, forms to fill out, documentation requirements etc.
To date, I have received nothing from Fidelity. Not one piece of mail, no information whatsoever. After calling again today, and speaking with yet another phone-clown, I was informed that they have almost completed opening an account in my name, after which we can proceed. Wait... What? What account? I never asked for an account to be opened. Moreover, I have never authorized an account to be opened, and have signed nothing agreeing to an account being opened by this group. (Wonder if they are associated with Wells Fargo at this point).
The CSR's that I spoke with today, said that the only information that I may get, is a letter informing me that my account has been opened. The second CSR offered to give me the phone number for the account holders division so that I could get another runaround from them. Beyond that, yesterday I received a customer satisfaction survey request from Fidelity about my phone contacts. Of course, like everything else with this fraudulent company, the survey is designed from the beginning to ONLY survey those who are happy with the service... Click the link in the email, and the first question presented is: "Did a Survivor Services Case Manager recently assist you with your benefits?" I clicked "No", since I have yet to receive any assistance. At which point, I'm told that I am not eligible for the survey. DO NOT GET INVOLVED WITH THIS GROUP.
I have worked at a Hospital in Alabama for over 25yrs. I've used their 401k program through Fidelity. I was able to transfer MY money to a tradable IRA, then started to day trade with MY money. I kept questioning them about the settlement dates being a day off. From what I could see on their web site and the app they provide. After calling numerous reps, they all told me the settlement dates on their end were always 1 day behind what their customers could see. This leads to unfair penalties, not to mention what happens to my money during that 24hrs? It's in limbo. They say they can liquidate anyone's account without reason. They won't talk to me. All they say is you are welcome to withdraw your money and place it elsewhere. But while still an employee at the hospital, I can't use my brokerage link to buy anymore stocks. Or any funds mutual or any funds. I can still contribute to my 401k. But it goes into bonds. Can anyone help me?
I decided that I would take advantage of using Fidelity's Fee-based Management of my 401k retirement since I did not have the time or expertise to optimize the returns on my investment. The promise from Fidelity was that if I paid them to manage my 401K plan, their team of investment experts would select the proper investments in my account to ensure a satisfactory return on my investment. I just want everyone to know who is considering using Fidelity Investments to manage their 401K plans and pay for that service should reconsider.
My Return on Investment (ROI) has been very poor (my CDs earn more), but I just found out that my return for the year ending in July 2017 during a skyrocketing bull stock market was a loss! Not too big of a loss, but nevertheless inexcusable! This is a disgrace to Fidelity and I hope you consider anyone over trying to get any useful returns from Fidelity 401K fund managers. This is a paid service that I had expected much more of. So heed my warning and try some other company.
These were 2 events. The 1st complaint revolves around the creation of a self-directed profit sharing plan for my company. As it turned out, Fidelity's expert did not know how to complete their own paperwork correctly causing a 20 delay in funding an investment that cost me the better part of $12,000. I sucked it up and accepted their apologies for that one.
The 2nd more recent failure involved a trust and substantial sum. I had good reason to believe the account had been compromised and spent the better part of 3 hours in one of their centers, filling out the paperwork as instructed by their "expert". After 10 days with no access to even verify balances (and several calls on my part to check status), a letter arrives telling me my power of attorney in invalid. As the letter gave an indication of the issue, I talk to 3 other reps, get 3 other stories on how to fix the issue. I made no bones about how I felt on the caliber of their service. Seems that got me forwarded to their hammer. It was his job to tell me how they would do their job and how I would address them... I assure you that didn't go well. All I can say about Fidelity is that I wouldn't trust them with a dead battery.
My mother passed away a couple years ago. We inherited about 20,000 dollars. Six month ago the paperwork was filed. Fidelity has run us through the gauntlet in order for them to be able to release my mother's money to us. It is not Fidelity's money. It is our money. The entire operation should have taken 4 weeks tops. It has taken 6 entire months and now going on 7 months for them to put our money in our account. The Customer service is horrible. The wait times are long enough that we wonder if Fidelity even has any money at all.
I have been doing some research the last few months. We have been Google searching terms like "Fidelity Investments Scam" or Fidelity Investments Crooked or Fidelity Investments Bankrupt". Every time we search we find strong evidence of malfeasance that is compelling enough to make us believe that Fidelity Investments should be reported to the Securities and Exchange Commission. Here is the SEC link to report any dishonorable behavior that Fidelity exhibits: https://www.sec.gov/complaint/tipscomplaint.shtml. This company is very bad news and lacking in ethics from top to bottom.
In all of my years of both working at banks and of working in conjunction with large mortgage banks the only other bank that we have ever seen pull these kinds of shenanigans was a now defunct company called "Conseco Finance aka Green Tree". Conseco cooked the books and ran off with their stockholders money. If you have your money tied up with Fidelity it is my strongest advice as a former money manager and credit manager that you pursue due diligence in trying to retrieve your money before it is too late. Something is in the air and it doesn't feel right. It should not take a bank that manages billions in retirement 6 months to try to come up with 20k. Also billion dollars banks don't write hot checks and there is evidence of this based on other consumeraffairs reviews.
If you work at Fidelity and you know that something is wrong and if you know that the law is being broken then it is your Duty as a patriotic US Citizen to do the right thing and become a whistleblower. There is even a neat monetary reward system for whistleblowers in the financial sectors of this country. Fidelity's days are very probably numbered. If you think the Wells Fargo incident was bad just wait until we see what comes oozing out from under the Rock that Fidelity Investments is hiding under. This is a 100% true review by someone who believes that you win more flies with honey than with vinegar. Something stinks in Suburbia. Follow your instincts!
Fidelity expert review by ConsumerAffairs
Fidelity Investments is a privately-held full-service financial firm that offers an extensive range of investment options, including online trading, retirement accounts, IRAs, mutual funds, life insurance and more. The company has been in business since 1946 and now serves more than 25 million individual investors. It is headquartered in Boston with locations across the United States.
Branch locations: Fidelity has nearly 200 branch location across the United States. Investors who want the option to trade online as well as get in-person help from a professional will appreciate this option.
International trading: Fidelity clients can trade on the stock exchanges in 20 countries, including Hong Kong, Japan, Australia and the United Kingdom. Investors can choose to purchase or cash out stocks in U.S. dollars or the foreign country’s currency.
Research trial: Account holders at Fidelity have free access to several research tools. They can learn about stocks, EFTs and other investments as well as set up watch alerts. Interested customers can sign up for a free 30-day trial to see whether they find the tools convenient and easy to use.
Managed accounts: Investors who prefer a hands-off approach can set up a managed account with Fidelity. The company offers five different managed account types with a $5,000 minimum investment.
Protection Guarantee: Consumers can feel secure with a Fidelity account. The company’s Protection Guarantee ensures that clients are covered if an unauthorized individual makes changes to their account. For full terms and details, visit the Fidelity website.
Best for: Fidelity Investment has tools that make it a good choice for all types of investors; its online trading features are best for self-directed investors.
The ConsumerAffairs Research Team believes everyone deserves to make smart decisions. We aim to provide readers with the most up-to-date information available about today's consumer products and services.
Fidelity Investments Company Information
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