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About Fidelity Investments Reviews
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Established in 1946, Fidelity Investments is an online broker and wealth management company that offers both robo-advisor and advisor-led wealth management accounts. With $0 trading commissions and $0 account minimums, Fidelity is a good choice for beginner and advanced investors alike. Fidelity will introduce cryptocurrency trading through its latest product, Fidelity Crypto, soon.
Pros & Cons
- Free robo-advisor account
- $0 trading commission
- High fees for wealth management
- No futures or options on futures
With Fidelity, you can choose how you want to manage your investments. Customers have access to a low-cost trading platform and 24/7 customer service. Fees and minimums vary by account.
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Reviewed March 20, 2023
Beware of Fidelity's sudden account restrictions with no given reasons or warnings. Ask them why & you will get lots of apologies but no specific reason. I had over $100k invested in Traditional, Ira, & Roth accounts & it happened to me. I have since transferred my business to Etrade & Ameritrade & have had no problems. I would suggest you do the same.
Reviewed Feb. 28, 2023
I am now convinced that Whole financial system and All its collaborators as financial investors, lenders and agencies are a total rip off if you are not in the top percentile. What a rip off. If you don't know what I mean try for yourself. And you will know the gaping loss of thousands and thousands of dollars in taxes.
Reviewed Feb. 23, 2023
It's very telling how when you search for Fidelity reviews and all of the companies (probably paid off) that do reviews rate them very high but when you come to a place where the customers review them they rate very low... I moved my IRA from Vanguard because their customer service and web interaction was as bad as it gets. Now, I'm not sure that I've made the right choice. Fidelity's web interaction is fantastic compared to Vanguard but their customer service is just as bad. It seems that good customer service is a thing of the past.
This morning I went on-line with Fidelity and started a chat with a simple question about my IRA. I was told that IRA's aren't' dealt with in chat so I'd need to call. Two hours later and after being passed from person to person I ended up in some random voice mail box... I'm giving them one star to offset the five star ratings that they clearly paid for!
Reviewed Feb. 2, 2023
Last year at the beginning of April someone opened a brokerage account and did a full account transfer from my Fidelity account to who knows where. I did not authorize this, and I didn’t receive an email confirming it. I logged in and my account was empty and closed. I contacted Fidelity immediately and they reversed the transaction. I have about $9,000 before and roughly $600 was returned to me. I have contacted them several times over this and have only ever been told that they are waiting on the other firm. I read through the supposed guarantee, and it appears that this should be covered, however, at this point I feel as if all hope is lost.
They never once contacted me to tell me anything about the fraud or the investigation. I understand that $9,000 isn’t a lot of money, but, it is a lot of money to me. I can say that at this point they have lost me as a customer. They told me once that their intent is to make my account whole with all positions as they were. I cannot recommend them as an investment firm and I would keep my money far far away from them. I believe I am proof that your money isn’t safe in their possession.
Reviewed Jan. 27, 2023
I've been with Fidelity for over ten years and it's gone way downhill. Getting anyone on the phone who knows what they're talking about is a day-long procedure. They will give you a "cash management" account that acts just like a bank - issues checks, offers FDIC insurance - yet any time you want to do anything like cash a check it will tell you it's "not a bank." The app is basically worthless now and won't read checks anymore. The tech team just gives you the runaround. I haven't been able to cash a check through the app in a few years. Avoid.
Reviewed Jan. 25, 2023
This is likely the worst bureaucracy I have ever dealt with. Significantly more frustrating and unresponsive than any government agency or utility. In comparison, working with Schwab was a breath of fresh air. 24/7 support, clear communication & follow up, etc. Fidelity was unable to provide answers, does not respond to communication or follow up on the communications when promised, refused to escalate cases to more senior individuals...
Spent the equivalent of DAYS on the phone trying to address issues. Had to drive 1 hour both ways to the branch a couple times just to get a response. In one case, made numerous Customer Service calls trying to get clarity on an open issue with no resolution. Was told that they would respond at a later date with a letter. The letter finally arrived and stated that they were still reviewing the issue and if we had any questions to call their CS department. The infinite loop was never resolved; this behavior was not atypical.
Reviewed Jan. 14, 2023
Fidelity used "Harvesting" To create losses supposedly to offset tax consequences. However, "Harvesting" was not aproved by me, and I was told that it was not authorized. Regardless, money was lost. Fidelity refused to reimburse.
Reviewed Jan. 4, 2023
I have my retirement portfolio with Fidelity Investments. I called on the 20th of December becuase I have a child with kidney disease and I needed to know how to withdraw my funds. I was told the only way would be if I severed employment. I was told after that I would have my funds in my account within one to three business days. I did that then was told after severing employment it would take up to a week until they got notice of my unemployment. I called my H.R. department at my old job and they informed me they had passed that information on.
I called the next day and Fidelity told me that it could take another one to two pay periods for them to change it in their system. Now not only do I need this money for my childs medical treatment but to live on as well. This is a terrible, crooked company. I highly recommend you find a different company to do business with. They are dishonest with you about your money and have no urgency to anything in your life. I have never heard of any financial institution refusing to pay out your money when requested.
Reviewed Dec. 28, 2022
You call customer service, get someone on the phone and ask a simple question. The customer service rep will repeat back incorrect information and put you on hold for 15 minutes just to give you information about something you didn't ask about. Perhaps the turnover rate is high or training is really bad but the reps are seriously terrible. I simply asked for steps in completing a rollover from another company but the reps kept telling me to wait until the check was delivered. I never mentioned anything about sending a check. It just kept getting worse from there so I just stopped trying.
Reviewed Dec. 12, 2022
I wanted to roll over my 401K to a separate IRA elsewhere; a simple process which is quicker if sent to the company the check is made payable to. Instead, Fidelity claims they can only send the check to me but no one could provide proof that I cannot elect to have it sent directly to where my IRA is. It's a waste of time to wait to receive a check just to send it to its final destination. Fidelity is in charge of the current account so if I provide the name and address of where to send it, then send it there. No other company I've dealt with has had this issue when it comes to rollovers. My rollover was also completed without my final consent when the rep hung up on me and processed the withdrawal even though I had additional questions prior to completing this request. I'm happy I won't have to deal with this company anymore.
Reviewed Dec. 7, 2022
It's been 6 business days and no response to multiple emails and phone calls to whoever this short-staffed ** artist is. One Fidelity email states, "We are doing all that we can to reply to messages in a timely manner. *DUE TO HEAVY VOLUMES, IT MAY TAKE 1-3 BUSINESS DAYS TO RESPOND*, if necessary. Please plan your correspondence accordingly." I would understand that if it was true or accurate, but it's not, I've been ghosted because they're holding assets that don't belong to them anymore. When they want your money, you'll hear from them on every channel, mail, phone calls, threats. When you inherit someone's money, crickets chirping, the line goes dead.
They're just like a bank with reserve limits and they invest the rest. They must assume once the transition happens, all customers will transfer everything out to cash or other institutions. So, the longer they can stall, ** and not respond the more interest/capitals gains/mutual fund mgt fees, etc. they can collect. It's a penny-pinching scam that frustrates everyone. I like their website interface and stock research, they're well established, so I was considering keeping these transitioned assets with Fidelity under my name. That sentiment is all gone now. Nice job pissing me off defuncted Funkdelity.
Reviewed Dec. 4, 2022
Stay away from Fidelity financial services, especially the financial advisors in their South Bend, Indiana, office. The first meeting with my financial advisor, he asked me about my financial goals and gathered as much personal information he could about my family. He was very personable and persuading. However, the financial advisor used this information to lull me into a false sense of security that he had my family’s best interests at heart.
At over 50 years old, my wife and I have been very conservative about investing in the past. We had about half of our life/retirement savings in CD’s that were expiring in late 2020. The interest rates were close to zero at that time, so we decided to try investing. He convinced us to split our lifetime savings into three different investments. He presented us with his first proposal to invest our money into one of their VIP annuities. He displayed a spreadsheet showing our money doubling in 10 years. He called this a passive investment with a minimal management fee and very good returns. It was amazing. I jumped on it and told him to invest half of our own lifetime savings into the fund. I signed all the paperwork he gave us because I thought he had my family's best interest in mind.
Now, two years later, I realize that this was a huge mistake. The combined expense ratio and active management fee was over 1.1% and he had made a large commission by selling me this investment. We are locked into this investment until age 59.5. I could only move our money in between their limited options of VIP annuities, which have all performed horribly, and have high expense ratios. There is a surrender fee of 10% if we try to get out of the VIP club before age 59.5. After almost 2 years, the return on this investment is -7% and they had taken over $6k in expense ratio and management fees from us.
We already had about 25% of our lifetime retirement savings in a Fidelity target date IRA fund. His next proposal involved selling us on their actively managed IRA plan. He showed us a slick presentation on how they monitored business cycles to stay ahead of the market. I was blown away, and being a novice investor, did not think twice about the 1.2% management fee for doing this if they could limit my losses during down markets.
After two years of Fidelity active management and paying over $12k in expense ratio and management fees our investment return was -7%. Fidelity active managed accounts are a complete joke. They just initially split the investments into a stock/bond mix and sat on the investments, while only making minimal changes, and completely misread the market cycle. My financial advisor, and portfolio specialist, admitted this to me in a phone conversation this year. Their approach is basically to sit and wait down markets out, meet with you once a quarter to show you a nice PowerPoint presentation, ask how your family is doing and then tell you about their family. Our investments were performing so poorly in mid-2022, that they did not even bother to schedule a quarterly review with me. I had to reach out to them to get one. The first thing they did was ask me about each of my family members and how their activities are going, so I feel like they care about them.
In another conversation with their portfolio specialist in March 2022, he sold me on being more aggressive in my investments, due to the time that I had left until retirement. I, of course, deferred to the specialist’s advice and let them change our stock/bond ratio percentage split from their initial proposal of 70/30 to 85/15. Our total active management IRA investment return approached -25% during this year. The investment fee percentage had increased because they had lost so much of our money. There are total account thresholds that we had to maintain, or our fee percentage increases. Our financial advisor failed to mention this at any time. I did not realize this until I read the fine print in my quarterly statements. He had basically set his company up to collect large expense ratio and management fees from us no matter how much money they lost us.
I emailed him later asking why he did not advise me not to go more aggressive on my portfolio, he said that this was my fault, because it was ultimately my decision, and I had given him written approval in an email. His final proposal was to invest over 25% of our lifetime savings into their Individual TOD stock investments which utilized tax harvesting to help us save money on our income taxes. This would be part of my actively managed account with an additional annual fee of 0.6%. Again, I agreed, after his slick presentation, promising annual returns that beat continually beat the S&P.
Fidelity purchased over 200 stock holdings for me using my savings. They “harvested” over $22k in losses just this year, by selling off the underperforming stocks, then purchasing new ones in their place, to falsely inflate my total return on my account page. Our return on this investment has been -4% in almost two years of management and I have paid them almost $1k in management fees while never at any time beating the S&P returns. Also, tax harvesting does absolutely nothing to help us pay less income taxes during the year. The maximum annual income tax deduction is only $3k. We will be writing off these limited losses for almost the next 10 years, after almost 2 years of tax harvesting.
After I filled out a company survey regarding the services that I had received from my financial advisor, and rating him very poorly, I was contacted by the branch manager. He offered to have a more experienced person oversee my account. I agreed and he scheduled a meeting. One of the first things that he mentioned, is that if I keep investing with Fidelity then I will leave a legacy of $30M to my family. I knew at that time this was another scam and I was nothing but a "cash cow" to them.
After 2 years at Fidelity, I have absolutely no doubt, that their services are not worth the costs. I have paid almost $20k in expense ratio and management fees and my total return was -6%. I have recently liquidated my actively management account and I will probably take the hit to move my annuity, too. Looking back now, I should have invested our money into low cost (0.08%), passive index funds, or ETFs, but my financial advisor and branch manager never mentioned this option at all. One of the first things the Fidelity customer service agent told me, when I called to liquidate my investments, is that I will be charged a pro-rated portion of my management fees. This had solidified my decision and did not surprise me at all. Fidelity tries to collect as much of your money as they can while providing the least amount of service possible.
Reviewed Dec. 1, 2022
I have been a Fidelity Investments customer for 22 years--only their checking and savings accounts. Over two weeks ago, I wrote a check using their BillPay function. Fidelity, without notifying me, locked me out of my account. Initially, I thought it was me. . .a password thing. Nope. Locked out. Customer service "allowed" me to reset my password only to find I was still locked out. BOTH my checking and savings accounts are locked down because of "suspicion" of fraud. After several CSR phone calls, and wait times of 45 min to an hour, a CSR transferred me to their "Fraud Dept". This took a week to get this far because their "Fraud dept." is ONLY open 9 to 5 EST. If you don't live on the east coast of the US, you're hosed. They asked me ALL about the check I wrote. I PLEADED, this is "NOT FRAUD", please unlock my accounts so I can use them. It has now been 16 days. I'm still locked out. I hired a lawyer yesterday to help me through their (lack of) customer service quagmire.
Under no circumstances should you ever use Fidelity. They have non-existent customer service. You may wake up to find your account locked up. I searched the internet and I am not alone. This has happened to many customers of Fidelity. Just type "Fidelity sucks" and start learning about this company. I beg you. Read the reviews. Listen to the horror stories. Please do not invest with this company, do not use their services and do not let any of your friends and family use this company. This has been an absolute nightmare.
Reviewed Nov. 22, 2022
This company is TERRIBLE. Once you get to a rep, they are nice, and you are fine, but you will be placed on hold for 15-20 minutes. At that point the rep comes back with an apology and proceeds to give you the run around like a dog chasing its own tail, all the while stating that they understand your frustration when they could really care less. So frustrating.
I'm trying to transfer my 401K out of Fidelity as I am no longer contributing to it, but have been told that I cannot due to a.) The rep advised me to take loan instead of making a withdrawal last year, b.) I am still employed with the company (but they're contributing anything either), c.) the rep stated I can't do a payout until I'm 59 or terminate my employment with my current employer, and d.) I can't even roll any money over to an IRA. I was told by my HR benefits specialist that when I signed up for the 401k that "Employees may enroll, change or stop their contributions at any time by contacting Fidelity at www.401k.com or 1-800-835-5097." This is a lie. PLEASE, PLEASE research before you sign up. I wish I had.
Reviewed Oct. 26, 2022
Generally I have been satisfied with Fidelity. I tried to link my credit union account with my Fidelity accounts. They have 2 automated systems: 1. Plaid. It failed saying my credit union would send a verification code. My credit union said they do no such thing. When I finally got to speak to someone in Fidelity tech support that knew something, they admitted the plaid system had "problems". Why Fidelity would put out untested software like this is beyond me.
2. The manual system. I supplied my credit union account number, routing code, login id and password. When Fidelity tried to login, the initial login was successful, but the credit union asks a security question. The security question came to me, and I answered it. After about a minute I got the response that the credentials were invalid. 3. I spent about all morning trying to resolve this with Fidelity and the credit union. Finally Fidelity tech support said to submit a pdf form for linking accounts. I cannot submit it until I get a "Medallion" certification of the signature. 4. My takeaway is that if you are trying to do something a little out of the ordinary, be prepared for problems, although many people must have used the linking account feature. My respect for Fidelity has moved down a notch.
Reviewed Oct. 13, 2022
I am not sure why this company shows 4 stars, when I see mostly negative reviews on here and I would add mine to them. Long hold times, very bureaucratic, and they had the audacity to tell me where I could or could not send my money. Very poor service!
Reviewed Sept. 29, 2022
I have a 529 and other accounts with Fidelity. After noticing that my college aged child's 529 account was down 12% (and it is 80% in bonds) I called them to inquire why primarily bond account is down that much and got nothing but the runaround. I was placed on extensive holds, transferred, asked for a manager, was told to call a different 800#, all to answer this simple question -it was absurd. I wasted over an hour and a half on their carousal of confusion. Not ONE person there could give me an answer as to why the Fidelity bond fund that I was in - that was supposed to be stable value as my daughter is in college and is drawing on the money- had gone down 12%. The S&P 500 is down 14% in the same time frame.
This particular fund is (supposed to be) composed of shorter duration Treasury Notes so I have no idea how this was down so much. If it is to preserve principal, I cannot imagine that they would be going out a far duration on the bond fund - which would expose it to interest rate sensitivity. If there is a legitimate reason that it is down that much - great, educate me, but if not it looks like you sold me a 529 plan under the pretense of protection of principal at this age and it has failed miserably. When I told the rep this she said "well, every investment carries some risk," to which I replied that I agree with that but the risk/reward with a bond should be much lower than with a stock investment and she had no response.
The idea of having a conservative allocation was to protect the principal (or so that is how it was marketed to me) and they absolutely refused to be of help. I was transferred multiple times and then they told me that an explanation as to how a treasury bond fund had gone down that much fell under "analysis" and they could not assist with that since they don't provide guidance or analysis. Keep in mind that this is a FIDELITY fund that they manage and not one person there could tell me what was in the thing. Information online was clear as mud as well in terms of the bond holdings.
At the end of the call, they took great zeal in telling me that Risk Management was giving me 30 days to move my account. Translation? This is what happens when you ask us questions about our funds and don't like it when we refuse to give you any logical information. As a note, I did not curse/swear/use any slurs, etc. The conversation was factual but they just didn't like being challenged. At this point, I was going to transfer anyhow if this is how they treat customers who call in with simple questions about their funds!
Also, I had a similar experience a month ago with others where they just locked me out of my accounts. No email/text, NOTHING to let me know that they had locked the accounts, I just got a notice that a check was returned as a result of the lock and had to call them. Unbelievable! If you have a question if a customer has fraud - call them! Text, or email! Don't just shut down someone's accounts without notifying them! I also filed a complaint regarding what happened and (big surprise) no one had the courtesy to respond.
Either way, if you want to get locked out of your accounts and not get notified - OR- have what was marketed to you as a safe investment for your Child's education decline dramatically in value and have them offer no explanation why - and then tell you to leave Fidelity within 30 days, then you will find yourself well served here. If, on the other hand you are looking for some semblance of customer service, you will not find it here.
Reviewed Sept. 28, 2022
I joined the Fidelity Wealth Management and gave Fidelity control over managing my portfolio. Nothing went right with their program from the day I started until now. I told them to close my account last Thursday, Sept 22, 2022 and still, on Oct 28th, I do not have my money back from Wealth Management. I have told several times by the people I spoke to at Fidelity, that I needed to get any changes that I wanted to make in by 1:00PM for a sale of mutual funds to take place to take place that day.
I called in before 1PM on Thursday and they said if I was closing out the account, I had to wait 2 business days for the sale to take place. I insisted that the sale needed to take place that day because the Fed had just raised interest rates, and I wanted to get out of the market ASAP. They told me that it was in my contract with them, too bad. Neither the ETFs or the mutual funds were sold until Monday and it is now Wednesday and I do not have access to my proceeds at a cost of over $20K to me.
The reason I was getting out of Wealth Management was because of, what I considered, a poor selection of mutual funds to my account and other issues discussed here. The majority of the accounts are Fidelity funds, some with low capitalization and less than a 5-year track record. Less than a week after purchase, one of the so-called index funds dropped 16% due to, I think, a capital gains charge. Some of the Fidelity funds only had a 2 star rating due to poor performance.
The first days after starting into Wealth Management, I realized that the funds in my account had no or few index funds as I had been promised. I called my advisor and he apologized and had the brokers make changes, adding more index funds. The problem was that indexes used were not the standard indexes, like the DOW or S&P 500 or MSCI indexes, but were "indexes" set up by Fidelity using their unknown criteria so comparison with other funds was impossible. Also, the entire month I was in Wealth Management, I never knew for sure what the balance in my account was. The Portfolio page and Account Summary page would show greatly different portfolio totals. The top line total and bottom-line total on the Account Summary page were frequently different. I called my Fidelity advisor(s) almost daily and they would give one of the totals seen on the website as the correct number, but the issue was never fixed.
Another big problem is the separation between the people selling the product and brokers administrating the buying and selling of stocks and bond funds. I got into Wealth Management because of my 20-year relationship with one of their financial advisors. I didn't like that he couldn't show me the portfolio that was being offered or any historical data on the portfolio. That would have in the past been enough to make me take a pass on the offer, but at 68 years old, I felt it was time for me to release the reins of my account management. And Fidelity had always treated me well in the past, and as I said above, I had a long-term relationship with one particular advisor at Fidelity. The sales advisors I spoke to were saying the right things, including using words like "Fiduciary" and "no expense ratio charged above the 1.13 % account management fee."
After seeing the actual portfolio and asking about how the expense ratio was refunded back to me, I was told that the expense ratio was an expense I had to pay. “Fiduciary” also went away. While many of the index funds did have nominal 0.10% expense ratios, upon making a spot check of the funds they had investing in, at least one of the funds, FADMX, had an expense ratio of 0.69%, making my yearly costs closer to 2%.
As far as I am concerned, the broker end of business just views the clients as chumps to make money off of. The couple of times I talked to the back-office broker they were arrogant and rude. The holding of money for days before buying and holding of mutual funds for days before selling stinks and opens the opportunity for games to be played with my money. Especially with the attitude shown by Fidelity's brokers. Something wrong is going on here. My advice: Avoid Fidelity Wealth Management.
Reviewed Sept. 26, 2022
I am going back to Vanguard. This is nothing but a losing streak with Fidelity. I am on a low risk 401k plan and this is constantly an issue over the last year and I've had enough with these thieves. Go somewhere else with your money.
Reviewed Sept. 22, 2022
I recently opened a Fidelity investment account and a cash account. Both were frozen after depositing 20k over a series of a few days. Fidelity will not tell me why they closed and froze my account. I didn't know this happened until it happened to me. The managers were rude and would boastfully state, "Per the contact we don't have to tell you why we closed your account." Fidelity will not release my funds for 10 business days after they froze my account. Upon experiencing this I read post and it sounds like this happens to both new and current customers.
Reviewed Sept. 20, 2022
Fidelity Investments has been giving me the run-around for over one month. Constantly giving me new demands to get my cash transferred to my bank account. Online restrictions do not allow me to request the transfer online and I have been to their St Petersburg office with ID and passport many times.
Reviewed Sept. 19, 2022
This company is terrible to communicate with. They have a voice activated phone system from hell. Once you get to a rep, they are nice, and you are fine. Web site leaves a lot to be desired and there is little you can do about it, except call. When you do call you will be given the run around like a dog chasing its own tail. So frustrating. I'm transferring my 401K out of Fidelity. I would go as far as to say they have no real customer service. Not for me. Research before you sign up. I wish I had.
Reviewed Sept. 11, 2022
The rude lady who answered the phone said the FIDELITY can cancel any account without giving a reason. My account was brand new and I did not have a chance to make any trade. I had cash in my account and they told me, "Will refund you in 10 days."
Reviewed Sept. 1, 2022
I did a direct rollover Fidelity 401k to Fidelity IRA. My IRA balance from rollover funds was short $4,438.28. Call center agent at Fidelity says he can confirm that there is $4,438.28 missing but he has no idea where it went and that I should call back. That is a lot of my hard earned money missing. I worked hard for every penny of that money that Fidelity has stolen from me. Statement shows I should've had full balance rolled over. Do not rollover to Fidelity. I want my money back.
Reviewed Aug. 16, 2022
I open account, and I send first ACH deposit from my personal account to the new Fidelity account $3,800.00. Next day I try to make a payment and the system blocked my account and I call, he says my account will be deleted "money laundry" "pass throw", I have a serious company, and nothing is wrong, this is **, I'm OK if his wants to close my account is his decision, no problem. BUT 1 week later I still waiting my money back!!! I think this is wrong, this company work with your money for free and don't give back to you. I call again and now he says the only way to get my money back is calling to my bank asking for a money recall. Unbelievable!!! More lies. They can just transfer my money back in seconds!!! But they prefer the wrong way.
Reviewed July 16, 2022
Fidelity Investments has been horrible to deal with and when a 6K was stolen and used to open an account with them, they could have cared less. They have refused to investigate and consider the matter closed while I'm out over $6200. Do not do business with this company! Go with someone who cares and has integrity. That does not describe Fidelity.
Reviewed July 8, 2022
If you are the type of incompetent who desires to pay very high fees and hold only mutual funds; you never trade stocks or ETFs; you don' t mind getting shafted with all sorts of restrictions on you account ----then Fidelity is the robber for you. I've help and traded stocks off and on for fifty years. My wife asked me to manage her Fidelity account. My God, what a clown show! It takes this company up to two weeks to clear your trades and credit your cash account. TWO WEEKS. How in hell can anyone function as an investor with the shackles this outfit throws at you? An investor could be bankrupt and not know it for two weeks.... I transferred my wife's entire account to a stockbroker - a real everyday broker, who knows all the ins and outs of the market. You get what you pay for and all this free trash that Fidelity offers you very, very, very useless. When something is free, then YOU are the product - a fleeced sheep. Bah bah, bye bye, Fidelity!
Reviewed July 7, 2022
In the course of attempting to transfer assets from my account to another person's Fidelity account, Fidelity loaned me $250k at 8.xx% interest via a margin debt, without contacting me for approval beforehand. The cash proceeds of this unauthorized margin loan were then transferred to the other person's account. Note that Fidelity was clearly instructed to do an asset transfer, NOT a cash transfer. Fidelity created the cash in my account via the unauthorized margin debt loan. I never authorized a cash transfer because 1) I did not have $250k in cash available (at least before the unauthorized margin debt loan) and 2) the receiver of the $250k of assets were the ones to pay the taxes on the transferred assets when the receiver decided to liquidate the assets.
In the process of undoing/correcting this unauthorized transaction, Fidelity then balked at my re-done Letter of Instruction (LOI) because I only specified the dollar amount of each fund to be transferred, not the share price of each fund to be transferred. After ranting with the Fidelity rep., they told me that they would process the LOI as written. I am waiting to see if they are true to their word. My question for myself is why the hell am I with Fidelity after all of this?
Reviewed July 2, 2022
Glad that I moved my money somewhere else, I`m a knowledgeable day trader and I always had to send `em an aditional money because of nonsense constant "trading calls and restrictions" that they always put on my account in which is something that I don`t have and never had this problem with any other stock broker in the past and present, also they immediately unnecessary closed my account without my consent after I moved my funds to another broker firm.
Reviewed June 13, 2022
I had question about my account and escalated it to a supervisor name Chav ** who did not resolve my issue and was nice nasty, condescending, and racial. He spoke to me in this manner because I'm a **, after all my transition clear with Fidelity I am closing out this account.
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