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New investor, credible firm, What could go wrong? Put money in, made a few investments and overall excited. Within a month, locked out of the account and un-invited which means I cannot use their service anymore. No violations, but according to the rep, which took literally hours to navigate, told me that the account had suspicious activity. Suspicious, do tell because I am now worried. Can't verify the origin of the funding. Well, no problem, it is my bank. No good, still un-invited. Pardon? Hmmm, Fidelity got the money weeks ago, let me invest some of it, was waiting for the right time to invest more, and only now there is a problem and you will not give me a chance to resolve it.
Strange, I say. No worries, all I have to do is send them two forms of id and verification of id and they will, I guess, return the money and don't have a clue what they will do with the investments. Fidelity should be ashamed and come clean that they do not want to do business with the general public that has limited resources. I just cannot believe there are not far better options with far better relations. I wish I were making this stuff up, but in the end, Fidelity has my money, my investments, and no time for me.
I called Fidelity this morning to find out why my normal distribution had not taken place. Is should have been completed last week. This money is needed to pay my bills. The first time I called I was on hold 51 min. I was told I needed to be transferred, but I was disconnected instead. The rep did call me back and apologize. He tried again to transfer me and I was disconnected again. I called again and waited a similar amount of time. This time I got a recording that the Fidelity line I was calling did not take calls. This was the same line as before.
Now I am up to about 1 3/4 hours on the phone for nothing. I decided to send an email. I went through that process on their website and sent it and got and ERROR msg that the email could not be sent. Thoroughly frustrated I tried the online chat, only 121 people in front of me. I waited about 1 1/4 hour before Alexander ** came on the chat. I told him what I needed, he asked for my account number which I provided. The chat ended there. 3 hours in the Fidelity system to be disconnected 3 times. They have a problem with their customer service. They may be losing my monies.
I have had accounts at Fidelity for several decades and have enjoyed working with their local branch people. However, the corporate attorneys seem to be running the show as they have gotten so big. Trading volumes are heavy in this corona induced panic and they have restricted online trading for many preferred stocks, MLP's and require customers to call in trades. Except they are so busy they don't answer the phone for hours until the trading day is closed or the price of the stock is no longer attractive. I have lost thousands of dollars in potential profits and am moving my accts.
One reason, their response time is HORRIBLE! I put in a sell order on my account before the market opened on March 13th 2020. My sell order was not executed until March 19, 2020. This delay cost me around $93,000.00. DO NOT TRUST these ** to manage your money! They will NOT be responsive to your needs!!!
First-time user lesson learned. READ READ READ reviews about the trading company first! I decided to open my trading account with them because I have my 401K with them. This company totally sucks, even more, I would call them thieves. Here is my story: Transferred funds to my Fidelity account on Monday. Purchased stocks on Wednesday. Thursday morning received an email that they placed my stocks on sale and I need to contact them. Horrified, I tried to figure out what's going on and how I can cancel that. Found out that for some reason funds didn't go through (the problem was in routing number).
At the same time, while I was trying to figure out what's going on, I was on hold with Fidelity for 2 HOURS ALREADY. I tried their LiveChat as well. I was 168 in a queue, then got the message about technical difficulties. The end of the story is the following. They sold my stocks. Now I have a negative balance on my account -$280. I talked to Fidelity Rep. He said nothing he can do. Great company! Good luck, Guys! Decided to call them,
The title should really speak for itself, if you are considering entrusting this company with your money, run the other way. Went to go trade today, but Fidelity told me I had a $0 balance. Decided I'd fund my account, give them some money, but it doesn't appear they care. When I went to initiate a transfer it told me to select from a list of options, my bank wasn't listed so I opted to add it. After adding my bank, their crap platform showed the same results. I could keep adding the same bank over and over while it still wouldn't appear in the transfer options. Go to manage my banks and I see them all listed and active.
In a time where the markets are most unpredictable, Fidelity has turned their backs on their customers. Advertising 24/7 phone support on their website, yet when you call they claim due to the amount of people needing help, they're no longer taking calls. You can try your luck with the live chat, but the reps are not knowledgeable and just transfer you around. Over 110 people in the queue when I finally got transferred to the right section. Took hours, still waiting at this point. The closing bell has rung and this review has been published all while waiting for their probably equally pathetic support team. Hours and hours.. Almost easier to sign up with another platform.. If you're not on Fidelity currently, it's your best option to stay away. Most people writing reviews here are either stuck with this platform or they are in the process of leaving. My advice: Just don't get started here, the benefits do not outweigh the cons and lack of service.
UPDATE: I made it to a rep 3 hours later and they were very disrespectful. The rep looked at other information on my file outside the scope of the request and actually tried to lecture me about my messages rather than show the slightest amount of empathy with the poor job Fidelity is doing along with waiting for hours. The rep asked me more times if I would like for them to close my account rather than the actual issue at hand. The rep then quickly posted a "Are you still there?" macro and closed the chat, but not before sending:
"...Matt, I have a X year old son. Just FYI, you will probably get further and have people want to help you more as you try and empathize and be kind. Even though we have had a much higher than usual volume and customer service issues over the past few weeks, we are a very customer service oriented company and this company has been great to work with. If you are wanting to be aggressive in your communication, another firm may fit your needs better. We do look forward to the opportunity to work with you in the future. Have a great day."
I recently tried to contact Fidelity Investments' private client service department, no one would answer the phone for an hour. The first time 30 minutes. The next time - I just hung up. Absolutely ridiculous considering this is their preferred client number. Horrible service especially when the bottom of the market is falling out.
The market is volatile and I want to make a trade today, not next week. I call the appropriate Fidelity number, and I get a recording saying to call back later, then I am disconnected. I called back a half dozen time, same lack of response.
A truly terrible experience with this company. I had to apply for an account by mail, fine. However, they mis-entered my details, meaning I couldn't access my account or do any trades. OK, we make mistakes. Called them, spent several hours resolving issue and finally it seemed everything was sorted. Placed orders to make some trades and logged off. Woke up next day to check, and just a message saying, "Your account is closed."?? No explanation, just a statement, not even a number to call or what to do next.
So, called them again. Took over two and a half hours to get through to someone who told me they didn't know why the account was closed. I had to prompt them to speak to the department responsible. Put on hold for another twenty minutes to then be told that department had just gone home and I should call back tomorrow.
I explained I would like to resolve this today as the markets were moving, and if I could speak to a supervisor to get more information. I was eventually put through, only to be told he had no other information to give and seemed frankly irritated I was even asking. Told again to call back tomorrow to find out why the account was closed. I explained that would be the third day in a row of spending hours trying to just open an account and could someone call me. No. Not even an apology.
I asked if he could at least find out why the account had been deactivated. No. I asked if there were no notes on my account. None.?? In what company can someone shut down a customer's account and not even add a note to explain why?!? I pointed out that as a new customer to Fidelity, this was not the best welcome - mistakes made and unhelpful in trying to resolve them. He just repeated he would do nothing and it was up to me to call back tomorrow earlier to find out why. At this point I gave up. Will be closing account as soon as I can find someone competent enough to handle it. No way I am investing money with a company so woeful as this.
Multiple calls over several months to Fidelity's 401k department resulted in a series of calls in which my issue was never resolved. Promises were made by members of their 401k department, but they never called back. Long waits on hold, many greater than 30 minutes, and twice my calls were disconnected while I was on hold.
Each time I called with the work reference number, the associate said there was not much information on the file and asked me to explain the problem- this happened five different times. Several times I asked that my issue be escalated to a manager or next level supervisor, only to be placed on hold for 15-20 minutes, after which I was told a supervisor was not available. Fidelity's customer service in the 401K department is truly worse than that of the airline industry!
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