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I have a 5 years CD Ladder with Fidelity Investments. I chose the Auto-reinvest option when setting it up, trusting that Fidelity would make the best choice for me. The first CD rolled over after one year, and Fidelity automatically picked a new CD for me. They sent me an email notifying me of the new CD choice. Alas, I did not look at it until the day of the purchase. The day they purchased my CD for me, 5 years CDs were maxing out at 2.4%. Some of them were callable, but the non-callable ones were listing at 2.2%. Fidelity chose a CD that pays 1.9% interest and committed me for 5 years.
When I complained, after the data sheet had been purchased but before the CD actually sold to me, they told me there was nothing they could do except take me off the auto-rollover program. I also received a polite but smarmy letter from Dusty ** - Executive Office - stating: "I note that you acknowledged the risks of the Fidelity Auto Roll Service when you established your CD Ladder on June 4, 2018. A replacement CD may have a lower interest rate than the original CD that it is replacing in your CD Ladder," and "I understand that we sent messages to your email address on June 10 and July 1, 2019, to notify you of a maturing CD that was enrolled in our Auto Roll Service. The message that we sent on July 1, 2019, provided you the opportunity to review the CD."
Long story short, you cannot trust Fidelity to choose the best CD based on interest rates when auto-rolling your CD Ladder. I can only imagine they received some other benefit by choosing an interest rate that was lower for me and committing me to 5 years with the inferior CD. I can only wonder if I should trust them with managing the picks in my 401K portfolio. We get a special rate through my company, but they have lost my trust. K **
I just had a HORRIBLE experience with Fidelity. I had an individual investment account with them and made a transfer of some money and their risk management called back to ask why. I gave them the explanation and the next thing I knew they had completely cut me off. The customer service agent was incredibly rude and told me that I would NEVER do business with them again and that all of my accounts would be closed immediately. I am just starting to get into investing and they left the WORST taste in my mouth. I've never had someone be so incredibly rude, and without any explanation. They treated me like I was some kind of criminal. I will never do business with them again, and after telling friends about my experience, they are all moving their accounts over to Vanguard. Beware of Fidelity. Worst experience I've ever had.
I purchased stock through my companies employee stock purchase plan above and beyond my 401K, both of which are through Fidelity. I sold all of the stock and there is $1000 in my individual account, not tied to 401k, and Fidelity will not permit me to withdraw MY funds by transferring to my checking account. Submitted my bank for approval over a week ago and I have called numerous times (4+) to their stock plan department which has the funds on numerous days since and no one will help me. As of 7/22/19 I was told I submitted the account for approval on 07/20/2019 which is incorrect. 3 out of 4 people I spoke to in their stock plans department were extremely condescending and rude. Especially, when this is my money I invested. Avoid Fidelity at all costs. I am closing all enrollment with Fidelity.
I’ve banked with HSBC, Schwab, Chase, Wells Fargo and had good experiences at all these places. Fidelity is riddled with smiling incompetents and imbeciles. I am a US citizen and followed proper outgoing wiring instructions and identity verification protocol. Fidelity then froze my funds for 7 days until I spent 4 hours and 15 sheets of paper clearing up the issue - finally having to go in person (30 min drive) to get some semblance of respect for a law abiding customer. Fidelity Representatives gave me the runaround several times, lied multiple times, placed me on hold for 20 minutes several times, and their in person offices KNOW NOTHING about their back offices which are regional.
Once I “verified” my identity - they automatically terminated my account (which by then I had lost all trust in them anyway. As they say - nothing good is free. Fidelity, to put it kindly, is a piece of **. Their marketing and advertising are LIES ($0 etc.) because if you use their services they will freeze your account and then close it. Buyer beware and spread the word. Fidelity representatives will smile and say nice things while lying to your face and being totally inept.
Granted, I myself was still young and ignorant with next to zero knowledge of retirement plan rules, the customer representative very empathically told me I needed to roll over my 457 plan (that was automatically set up for me while I was a student working at a university) into an IRA because the money was idling. Instead of suggesting I put the money to work, he suggested moving it out of an account that I now know legally allows me to withdraw at any age without a penalty. Clearly, he had no business advising about 457 plans if he didn't know all the rules. Now I'm missing out on a benefit because of his fear-based advice, which I'm sure goes against Fidelity's philosophy.
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I've been a Fidelity customer for 17 years. Exactly one month ago I wanted to do a direct transfer from a Fidelity IRA to an IRA with another financial institution. I called the Fidelity local office for instructions.
- Someone on the transfer team told me to have the other company fax the request.
- Someone told me a week later that fax not received, fax again.
- Someone told me not to fax, amount too high, go to local office to submit request with a signature card and get a work item number.
- Someone at local office told me front desk cannot do trustee to trustee transfer.
- Someone at local office told me to have other financial institution submit transfer request with letter of acceptance.
- Someone at local office told me the signature card for the high amount must have been a miscommunication
- Someone told me rep from other institution should call transfer team at Fidelity for specific instructions on how to proceed with this transaction.
All the someone's here are different people at Fidelity. Every time you call for assistance you get a different person and you start from zero explaining your situation. In my case, I was given wrong and conflicting information, but the Fidelity rep is not vested in solving your problem. Their goal is to end the phone call and they do that by telling you something that may not even be true. They have not always been this bad, but right now their customer service is the worst I have ever encountered.
I've called and written countless time to ask Fidelity to STOP SENDING JUNK MAIL to my home address. I don't have an account with Fidelity Investments nor do I conduct any financial business or transactions with the company. Even after submitting multiple requests via email, postmarked letter and phone calls to STOP SENDING JUNK MAIL to my home address, the company unabashedly refuses to honor my request to leave me alone!
I have a self directed account, and as such I accept the fact that there is NO advice to be given when I call the general team number, but the team is still helpful if I need something researched that I cannot do myself. What I dislike about Fidelity, is that I have been with them about 10 years now, and 4 times now, at their whim and discretion, they've change 'my personal account advisor' without EVER GIVING ME A HEADS UP. NEVER. There is personal relationship trust building up, and BAM!!!! You're switched to a total stranger. I've seriously thought about switching investment companies but the team is so helpful that I've opted to stay in ONLY because my account is self-directed. I think it is so disrespectful to keep changing the account executives... and I found out some have quit (which change is totally okay), but those that are still there have their accounts changed too without their knowledge. I'd really like to know why.
All I really want to do is wire money to buy a new house. Shouldn't be that hard or so I was told by everyone I know including the escrow company and realtor and mortgage man and that it would be "no problem" from every Fidelity representative I've talked to. Funny thing... After 4 calls they are still unable to set up the wire after I was "promised" would be done if I called back after 2pm Eastern. I was promised it would be done no problem except that it couldn't be done yet again. I've spent probably 3 hours on the phone with them accomplishing nothing. And it's not because the money is not there.
If only I could bill their incompetence for my time at my general hourly work rate of $300/hr. Looking forward to finally having all the additional cash out of these accounts and managed elsewhere. Not looking forward to making additional calls to delay my house closing after working a night shift and dealing with the poorly trained individuals managing the call lines. Swear their ability to solve problems is equivalent to that of Comcast i.e. they just can't manage anything.
My monthly SS was direct deposited today; funds shown as available when I logged into my account. Went to use my debit card and was declined. Called Fidelity Investments, spoke with two employees (first one was so rude, spoke over me, he was useless) to which they advised my account was in the negative which I understood hence the reason my checking account had been restricted. Thankfully Fidelity removed the restriction however, advised I would be unable to access “all” available funds until the next business day. I stated I understood them holding the funds to cover the negative amount an additional business day but not the remaining funds. Who are they to hold my money for an additional business day? There has to be laws against such banking practices. Plus there are no branch locations in this city where you can go make cash deposits. Major pain in the...
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