About Fidelity Investments
A link has directed you to this review. Its location on this page may change next time you visit.
- 3,847,969 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.
I recently (April 2022) opened a brokerage account with Fidelity Investments ("The Fidelity Account"). The setup process was reasonable, and I like that they have $0 trade fees. I haven't been using the account long, but I will say that the user interface seems a bit complicated and definitely has a learning curve. That said, they do provide a great deal of data on their site, and claim to have many sources of investment advice. I haven't yet attempted to use those resources.
My main reason for the review today is to comment on their funds policy. I funded my account with an EFT transfer from my bank. The funds show in my account, but are not yet settled even though the money has already been debited from my bank account. If the funds are not settled it limits my ability to use them for trading. In this day of instant transfers, it seems a bit shady to me to have such a delay. I've read many reviews from other people that detail long delays in accessing funds in different scenarios. This is a bit concerning, and something that people should look at when considering doing business with this company.
I have two different places where my money is. One place is with Fidelity, which I have manage my money. In the yearly consultation, Fidelity knows I’m conservative. I lost a much higher % of my money, through Fidelity, than the account I managed on my own! (Plus Fidelity has an added cost for them to manage my money!)
Ted **. I would not recommend Fidelity. I just retired. A few months ago I had the desire to put all my Retirement accounts with Fidelity so they would be easier to manage. I was told by fidelity, via their website, to open a traditional and a Roth IRA, Fund them with $100 each... and that would prepare the way to transfer them over. I did so.. and Fidelity then said they did not want my business. Now.. to get my $200 back.. I must send back account statements, copy of drivers license.... Yesterday I asked to move the other funds I had with Fidelity to my bank sponsored Investment dept.. and asked Fidelity to send me a check for $26,000... and with a phone call... they told ME my bank account #.. and assured me it was on the way...but still I cannot get my measly $200 back... without sending all the above info.... and absolutely no reason why.. Sound like a scam to me...
This company lied several times on recorded calls. Refused to provide my 1099-R after 18 hours of calls, going to the branch in person and so forth. Held up my taxes and even told the accountant on recording they were faxing it. Told the branch they were faxing it. Said they mailed it 3 times with verified and accurate address. They did none of it and purposefully will not give me my IRS tax documents so I can file properly and I said I have never seen shadier and more unethical people. They lie and waste for. They have so much money they waste your time Too. Worst company on the planet.
They screws up my rollover and recorded that I took out a loan. I got killed with taxes even after having several discussions with them. All they were focused on was trying to coerce me into investing money and every time I tried to ask about 401k stuff they transferred me. Shady stuff that cost me big time. I strongly suggest that you reconsider before doing business with these people.
I had been a customer for 5 years. Had some success and Fidelity was fine. 2 days ago I tried to place a good size trade and got a message that my account had been restricted. I called and asked why after 5 years they were restricting my account - their answer, "You never filled out a Power of Attorney form." Called again and asked why after 5 years they were restricting my account from buying anything, their answer "we have a group that we're not allowed to talk to and they will not give any reasons for anything they saw. That's our policy." Five minutes later I initiated a transfer to my other broker. It wasn't a big a account, around 100k but even so, that is so cheap and low class. Never again.
After sending 3 forms of government identification (D.L., birth certificate, Social Security card) along with numerous other documents (current bank statement, bills, 4 vehicle titles/registrations & insurance cards) and numerous other documents they still refuse to give me my $ back! They have been stating for over a year and a half now that they can't verify my identity or my address which is a flat out lie. I've even brought the phone book sized amount of documents to their local office in Chesterfield Missouri and still not enough they say or they give one of 30 other excuses. I've contacted a lawyer but so far still no luck obviously I'll have no choice but to sue them. Do not deal with fidelity they are as crooked as they come! Also even though they say "we can't verify your identity or address" they send me monthly statement to my address where I've lived for years now.
I went from TD to Charles Schwab, which was a nightmare and could not get into my account ever to Fidelity. I read on the Paid reviews like NerdWallet etc, and they rated it a 5 star. Let me tell you I may go back to TD. At the beginning of the opening bell you figure Fidelity would update the stock to the correct amount, heck no, not until 27 to 30 minutes later each day do they finally post the correct stock amount... Do you know what can happen in the stock market in 30 minutes! So I rate Fidelity a thumbs down! 1 out of 5 stars because Brokers are all about money and they can't keep time with the Market. A big money losing liability!
I had my entire active 401K invested through my group in Fidelity. There were multiple choices one could make to invest in, as well as how much you wanted to take out of your paycheck and where that money should go. At least that is the way things should happen. Unfortunately, Fidelity is allegedly hurting investors, unless you don't make any adjustment BUT beware, because several of those investments that are in your allowed 401k portfolio, will cause a 1-year LOCK on your account.
When does Fidelity tell, certainly not when you make the transfers, but in a notice one week later. You are block for 1 year and can only make trade 1 per quarter, even if the stocks you have are losing majorly does Fidelity's ancient website ever come up with a red, red flag saying, you may run into a problem or a locked account before you make the trade. No--- it's time to switch to a different, more above-board, up to date, company that has websites that help the consumer. Investor beware.
First, I like Fidelity's financial products and how they manage the accounts. My complain is most on their technical and service support teams. Just within two weeks, I faced two technical issues from their trading system. First time, I can't submit order due to their system outage. I noticed multiple users left the same complaint. Second time, I can't submit order due to another cancelled order in previous day after market. In both cases, the issue cost my money. When I contacted them through the online chat and give them the details on how to reproduce the issue, both agents have no patience at all and I have very bad experience. Fidelity has high reputation of investment products and I hope your technical team and client support team can provide same quality.
I've been with Fidelity for 13-14 years. They are the best broker I have had. Their representatives have been intelligent and efficient and well-trained. I have never had a poor experience. My favorite thing about Fidelity is that they allow an unlimited number of price alerts, which can be set up 10 at a time. That feature alone will keep me with them. No complaints. Previously, I had four other brokers.
First Fidelity closed my account with no notification or reason. I had to call to be told my account was being terminated because I have a drug charge on my record that is over ten years old. I asked why are they running a background check on me and they had no response. I paid my dues for my past mistakes and the charge had nothing to do with stocks or trades. I find it confusing they would close a $300 account at that. I barely had any money invested and I didn't apply for a job so why are they running a background check or in my personal information without my consent.
My employer had selected Fidelity for our 401(k) plan and with limited options for investing, i.e. only Fidelity offerings, my portfolio was slowly growing just fine. After I retired, I researched other investment companies and decided to leave my money at Fidelity, in the accounts that I had already been invested in when I was working. I had been counseled by the Fidelity advisor that if I really wanted my portfolio to grow, I should consider their managed services. I checked out other firms like UBS, Insight Wealth Management, etc. and thought why not give Fidelity a try.
I decided to move about 75% of my, or $2,597,000 over to managed service, in two accounts, one an individual account ($1,597,000) and the other into a rollover IRA ($1,000,000). Prior to moving the money, I had met with their managed service team, and asked about volatility, risk tolerance (6 out of 10) and fees (they get about 1% of the TOTAL portfolio, which means even if they lose money, they still get paid on whatever you brought over).
Fast forward 6 months, and my 25% that I still manage has grown about 10%, where the managed service account has dropped (and continues to drop) by over 5%. I voiced my concerns, but there is always an excuse. My gripe is that I asked about who is actually managing my portfolio...They say that they have hundreds of analysts working on maximizing my portfolio's value, but all I have seen for 6 months is a steady decline. I said I'd wait a year before pulling my money out, and that's what I plan to do, hoping that it at least gets back to the original value. If it gets there before a year, I will cut them off, liquidate and pull my money the heck out of Fidelity.
I have asked a number of times why Fidelity continually sells my stock at the lowest point and buys my stocks at their highest point. No explanations are given except that the formulary. Also, I was told my commission fee would be .7% and there would be no cost for trades. On my monthly statements, I see that I am paying 1.45% in commissions and fees. I have lost $5890 between August 2021 and December 2021 while all my other 401ks are making money. Having a managed account with Fidelity seems like a really losing proposition to me. I watch my money with Fidelity deteriorate and it is the majority of my entire portfolio.
They liquidated my retirement account while I require a rollover in kind. It took 4 months to get the problem resolved; and I was shoveled in between department when calling in their customer service. Calls took ages to be picked up. Up to the end, I didn't know how the mistake was corrected accurately. I did not receive a detailed breakdown regardless numerous calls to them.
I have had a 401(k) account through my employer, with Fidelity Investments for 20+ years. In January, 2021 I requested a distribution from my account for $10,500, which originally, was to be wire transferred to my account with Bangkok Bank. Later, Fidelity explained that they were unable to wire the funds directly (this is accurate, and apparently the result of a change in Federal Regulations), and instead, sent me a paper check, via USPS. That check never arrived. In or about April of this year, I called them again (BTW - I live in Thailand, and have to pay for all of the foreign calls I place, regardless of their "toll-free" status in the US), to tell them the check had not arrived. Fidelity cancelled the January check, and sent a new check, this time via UPS. I sent this check out for collection on April 30, 2021. Fidelity claims that check "cleared" on June 17, 2021; in fact, the check was never honored.
The first week in July, I went to my bank (Bangkok Bank), to inquire about the delay in posting the money to my account. Bangkok Bank followed up with the clearing bank, Bank of America; BofA confirmed they were unable to collect the funds from Fidelity. I called Fidelity again, and was told they would research the problem. I received no communication from Fidelity after this, though I called several more times. In October, I spoke to a Response Manager from Fidelity, who requested I fax her letters I had from Bangkok Bank, and Bank of America, explaining their failed efforts to collect the funds from Fidelity; that fax was sent out on 10/22/21. She promised she would contact me once she had a chance to review and research the problem; she never did. It is now December, 11 months from the date the funds were supposed to be paid to me, and have not been paid.
In that time, the money has never left Fidelity's account, and they have presumably used that money for their financial gain. In the most recent call to Fidelity, I requested they pay me the interest I had lost, because of the delays in sending me my funds; they refused, saying they had not done anything wrong, and so, shouldn't have to pay interest on my money. They still claim they have not had sufficient time to research the matter, and have no estimate on when (if?) they will send the money they owe me (to be clear, my own money). In June of this year, I began the process of removing my savings from Fidelity, rolling the funds over into another fully qualified pension plan. That story is almost identical to the original story, down to refusing to pay me the interest which should have accrued to my account, and which was instead given to Fidelity.
I have been going around with them for three months trying to establish PoA authorities for my parents' accounts. After told that I needed to complete a Fidelity form along with sending copies of the PoA. Fidelity would come back every two weeks asking for more information. Then after three months, told that the Fidelity form they told me to fill out was the wrong form and I would have to travel back to my parents' state of residence and start the entire process all over again complete with notary. The incompetence I have faced over the past three months (!!!) trying to get what should be a routine event for a large brokerage firm is mind-boggling. In doing a similar Trust arrangement with another one of my father's accounts with a different broker, the process was done in 2 days.
Fidelity has restricted my account and will not let me withdraw my money. They hung up on me and told me I was no longer a client while they have my money. I would use anyone besides fidelity. Stay away.
UNBELIEVABLY LONG WAIT TIMES TO SPEAK WITH SOMEONE! They have been managing my money for years now, I can't get a hold with someone on the phone. I just give up waiting and have to hang up. Are they thinking that you will stay on the line hoping that someone will finally pick up and you get lucky! I thought this was a good company.... So annoying and disappointing! UPDATE: OMG! and that's not all - after waiting for 45 min for someone to pick up, she/he will then transfer you to someone else and wait another, God knows how long, hour or so! What a Financial institution! Disaster.
If you have questions or technology issues per online trading, Your questions are answered in record time by real live humans. You're never put into a robo-caller hell. Personnel are courteous and attentive to one's questions with clear and concise instructions and assistance.
This company is great in keeping the clients up on what to expect in my portfolio of benefits. Monthly I receive reports and explanations on how and why. Retirement funds - that I invested through employment. With all the fraudulent activities that are going on this company can be trusted.
Not really overall satisfied with the quality of the product that they offer. My advisor rarely ever calls, and if he does it’s because HE has some sort of stock to push. When asking him questions about something I feel like I get a “canned” response. Never really willing to give you his thoughts or concerns, but rather the “canned” response. It’s like dealing with a computer rather than a person. During these times it would be nice to get some true thoughts
When you leave a company, you can transfer your 401-k to Fidelity free of charge and for the last year or so Trades are free also. Great website and you can get a daily email with results of stocks you want to watch. If you set a buy for $1,000 (because that is your available cash balance) and price ends up $1,200, then just call Fidelity that day and they will let you sell some of you other shares to cover the difference.
I have had the worst experience in my life dealing with this company! I tried for 9 months to get my stock transferred over from my transfer agent. The last conversation I had was 4 months ago and they assured me it would be taken care of. I was pissed it was not done because someone I know had done it 3 months prior. Here it is 4 months later and I found out it still was not done. WTF!!!! Now my stock has fallen 80% from when my friend sold his.
I had a fraudulent withdrawal from one account in April. Reported in June. Fidelity agrees, But they have yet to credit me, though they have said that they would.
This is ridiculous; I have had a large account with them for 40 years.
They restricted trading during the robinhood stocks debacle and 5+ times I've found I couldn't use my margin on trades that their stake holders were holding. They will randomly hold your funds on a transfer when you have a timely investment as they have stake in the market. Thieves.
Very poor customer service: 50 minute waits, calls get disconnected. No call back, you have to start all over with new rep—it’s like they don’t write anything down. For identity theft, the absolute worst!! They were ok with the $6k move that I didn’t do. My Macy’s card called me immediately about a $200 charge! I’m looking forward to never dealing with them again! Prudential and Principal are the best.
I've had some experience investing on my own for personal accounts using several platforms including Robinhood and Stash. Fidelity is the easiest to use, everything is upfront and the availability for help is immediate. Any issue from general questions to 401k can be answered with ease. I know my money is safe, secure and managed all the time. I love the fact they offer free webinars to help learn more about trading and investing. I can even arrange a meeting with my advisor, and if I don't feel comfortable with the advisor I can always request to change.
My accounts have been close and they will not pinpoint why. In addition the activities on my account I can not view because I cannot login. There was an email to me saying my statements are available but I can't see it.
I have had my money with this company for years. They are fine until you need customer service. It's 2021 and there is no way to chat online which would save the ridiculous hold times. They cannot handle a simple recharacterization for my IRA. I have called several times in the past 3 months & have gotten vague responses for something so easy to handle, they just cannot do it. I was sent a form to fill out for this recharacterization which I completed and returned. Last week, I made the dreaded phone call again to them knowing I'd be on hold forever, finally got to a rep who promised that the information was in the system. Told me this would be completed as of Monday (it is now Friday, and almost 3 months later than my original request).
On Tuesday, tired of calling I sent an email through their online "system". 3 days later, I get a generic script response of "please fill out attached form & make sure this is right for your situation." This is beyond frustrating. I have ALREADY filled out the snail-mailed paper form and returned it, which the last rep confirmed was received. Is there anyone with half a brain in this company who can complete this request? Is everyone out to lunch?? Thankfully there are several other brokerages that always want your business, so I'm going to do a simple rollover to one one of them at this point. The service has taken a drastic downturn with Fidelity Investments & it's probably going to get a lot worse before better.
Fidelity Investments Company Information
- Company Name:
You’re signed up
We’ll start sending you the news you need delivered straight to you. We value your privacy. Unsubscribe easily.