Fidelity Investments Reviews

I recently transferred funds from my Chase account to my Fidelity account, and I am extremely frustrated with the experience. Despite the funds being deducted from my Chase account and showing up in my Fidelity account, I am unable to withdraw them as cash. Fidelity claims the money is available for trading but not for cash withdrawal, which feels like they are holding my money hostage. This situation is unacceptable, especially since the funds were transferred from my own account. The lack of transparency and the inconvenience caused by this restriction have been incredibly stressful. I expected better service and clearer communication from a reputable financial institution like Fidelity. I hope Fidelity addresses this issue promptly and reviews their policies to prevent such occurrences in the future.

For personal expenses I needed to send an international bank wire. The bank wire team question this and without offering any evidence restricted all my accounts. Then because they could find hard evidence lifted the restriction so I could take care of my 95-year-old mother. When I did that to send funds to her checking account they put the restrictions back on and then closed the accounts. This is grossly unfair and hurtful.

My cousin gave me Power-Of-Attorney when she was diagnosed with terminal brain cancer. Fidelity was the only company that gave me any problems, making it impossibly difficult to put the Power-Of-Attorney in place. They also blocked us so we can no longer do business online and have to do all business over the telephone, including checking balances. Shame on you Fidelity for treating a twenty-five year client with terminal cancer his way.

Fidelity suspended my accounts without notification and then could not explain why they suspended the accounts. While I am not a big trader, my purchase increased 10% while the clowns tried to figure out who was driving the car, which they never did. Also, they regularly make up answers resulting in multiple calls to get to the truth.

If I could I would give zero stars. I have been with Fidelity for years and has did a lot of transactions. I called to do a transfer from my ira and they said I had a balance from 6 years ago. I filled a report years ago but lets fast forward, when I called back to get my money they closed my account because this ** guy said "You are going to pay that 53 dollars." Mind you, I have taken thousand out. I go to look in my account and the gentleman stated, "We will not be doing business" and holding my money. I might add, do anyone know what I can do because this racism is getting real out here.

I was a huge fan of Fidelity Investments. We have (had) lots of accounts there and all of our money, and a financial advisor who only uses their platform. And, I thought their customer service, and technology, was the best, after reviewing several options. That all changed this week, and what happened is so egregious I want others to hear, and we are pulling all of our $$ (not a good week to do that, BTW).

If you manage your own funds, I think Fidelity's system is good. If you want to have your funds professionally managed, I think they come up short. Their in house advisors leave much to be desired. My financial planner sold me an annuity and told me to have the strategic advisors manage the rest of my money. The financial planner was worthless, and I could do just as well as the strategic advisors by managing my own finances and avoiding their 1.1% fee on all my professional managed funds.

Fidelity funds are mostly terribly tax inefficient. The mutual funds kick off massive amounts of capital gains as the managers have little to no concern about taxable events and buy and sell relentlessly. Yet, the returns of these funds - Fidelity Value, Fidelity Europe etc - are mediocre at best. In addition Fidelity's tax reporting is often inaccurate. It tends to record the sale of T-bills as capital gains events. Vanguard and Schwab do not. If customers really paid attention to their Fidelity statements they'd all flee the company.

FIDELITY INVESTMENTS SCREWED UP BIG TIME: On Nov. 18, 2024, we called Alex ** at Fidelity with an order to “pull out of the market” and go to “cash”. He scheduled us to talk to Lorenzo ** on the 20th. It was a difficult conversation with Lorenzo being argumentative and pushy. We believed the end result was agreed upon that in order to stay in a Managed Account, we would go to 20% stocks and 80% money market aka cash. They didn’t do it. Instead they went 20% stocks and 80% bonds. We realized it when the December statement came in and made multiple calls in an attempt to correct the allocation. We did go 100% cash at that point, thank goodness before the downturn. However, Fidelity has declined to even admit their mistake or apologize. Obviously, we are leaving Fidelity.

I have been with Fidelity for a large number of years. Recently I started day trading with a cash account there. If you're familiar with trading, I scale out of a trade taking profits with each sell order. Recently Fidelity started tagging my trades after my first scale out sale with Wash and increasing the share price. So now, with the wash tag all of the additional profits go to Fidelity if your trade is not at or above the wash price and you take a loss. Fidelity customer service stated trades are tagged with wash if you trade the same ticker within a 30-day window. That was an outright lie since I have traded the same ticker 2 months later and they tagged it with the wash tag and larger price.

Be very very extra careful when it comes to your had earn money. I was unable to get my funds when I demanded a withdrawal and I was never attended to and they stared declining my calls. I was unable to to bear it anymore then I handed over the case to ** and then I got my refund back after the authority has intervened.

I've used Fidelity for my IRA for 30 years, and they used to be a good company. NOW IT IS A DISASTER!!! The last straw is their forcing electronic statements on everyone, even if you don't want it! Today I got a text saying that, as per my request, they switched me to electronic statements. NO! I NEVER MADE ANY SUCH REQUEST! What is wrong with them that they force electronic statements on everyone WITHOUT OUR CONSENT, AND THEN LIE ABOUT IT?!!! I then spent 30 minutes on their chat system TO BE TOLD THAT I CAN NOT SWITCH BACK TO PAPER STATEMENTS!! I am furious!!!! I will be calling Schwab and my accountant today to start the process of moving all my accounts there. DO NOT USE FIDELITY! They used to be good, but now the customer service is absolute GARBAGE.

I see a lot of "day traders" in the feed. Makes sense about the one-star reviews. Company is pretty good. Been using them for thirty years and they've made me some pretty impressive returns. Their customer service could be better like a lot of other large companies but as far as wealth management is concerned; I prefer them over most financial management firms.

A distribution withdrawal left my account on January 2. It’s now January 14 and I have not received my funds. This should be a fundamentally easy transaction. I called last week and was told it would take longer due to the administrative process. Very frustrating. Unacceptable. Avoid Fidelity if you can.

This is by far the worst bank I have ever dealt with. The level of incompetence and poor customer service is shocking. Every interaction feels like pulling teeth, with unhelpful staff who seem uninterested in resolving any issues. Their policies are unnecessarily rigid, and any attempt to address concerns is met with red tape and endless excuses. Transactions are slow, online tools are outdated, and you’re left wondering why you even entrusted them with your money in the first place. Do yourself a favor—avoid Fidelity Investment Bank entirely. There are far better options that will value your time, money, and peace of mind.

Fidelity latest OTP function and workflow is broken if you are using international phone number. Fidelity failed to send or call back with verification code. You have to call customer service for a OTP code. In some workflow, it is even broken. For example, when you use authenticator app and tried to enroll. Again OTP required, with international phone number, you can't receive OTP and call customer service, then after customer service provide otp, you realize nowhere to input it. Very interesting experience and how useless Fidelity online team is...

I was told weeks ago I needed to start a calculation before I could start collecting my pension. They said it would take a couple weeks and I would start receiving my pension Feb 1st. Today I called and now they told me it could take 45 days yet until they have to "hand calculate" my pension. We live in a computer age and they are going to "hand" calculate it!! So when I call back in 45 days and still not done and told it will be longer I am supposed to sit and wait as they continue collecting interest on MY money?? I would NEVER EVER recommend Fidelity to anyone when they do nothing but string you along and continue to tell lies and yet collect interest on MY money!! Please don't invest in FIDELITY as they should be called Infidelity!!!

Deposited my state payroll check and they placed a 30 day hold on it. I initially called the "Lack of Customer Service" phone number and was told that I need to call back on Monday and they can help me sort it out. Come Monday I called and this time I was told that it is an error made by their Sacramento branch and only they can help fix it. That the state warrant was incorrectly coded as checks rather than state warrant. Per the rep, I will have to call back in 30 minutes so he can call the branch to have it sorted out. So like a naive person, I called back and the rep I got this time around, placed me on hold while they called the branch. 40 minutes later we were still on hold.

Hello, I have had Fidelity account for a long time. I was very disappointed today as I was talking to Ms. ** and as I am asking for help, not only she had an attitude and telling me that "I am telling you for the third time about your position in the account what do you want me to do?" while she is saying that she is in the wrong account giving me wrong numbers and that is why I was verifying the amount three times. It is not acceptable. Mistakes people can make but the attitude not good while you make mistake. Quality matters to customers.

I was banned from the Reddit "Fidelityinvestments" group because I alerted other members that their current settlement dates are unreasonably long. I deposited money Dec 6th and was told yesterday that it will not be available until after the 31st, not 3-5 business as advertised. I was also told "Fidelity is not a bank, these things happen, it's in our disclosure, sorry".

I’ve been a client for 15 years and recently I transferred a large sum of money into an active trader account. Some of it sat in cash for 5 days and I wanted to transfer it back to my checking account, which had typically taken 3-5 business days. Without notice that period for funds to clear to withdraw cash will take 3 weeks! The excuse was that people were setting up external bank accounts with checks and transferring the money to Fidelity. Again for 15 years I’ve used the same checking account to make deposits and now I’m expected to wait three weeks to verify funds to get that money back. I work in asset management and this is the most egregious customer service offense I’ve ever seen. I’m incredulous and looking into hiring counsel to advise.

So far I have spent more than 50 minutes, on the phone, mostly on hold, trying to get an end of year review appointment. My favorite attempt was someone informing me that his computer wouldn't him make any appointments. Currently just wasted 10 minutes talking to a woman who said she'd call me back with an appointment. (That call should have taken maybe 2 minutes?) (at least she didn't put me on hold). That was more than an hour ago. I haven't heard back. I'm going to cash out of Fidelity and buy Costco gold. I'm on my own.

Stay away from Fidelity. For my safety they withhold my check deposits between 1 and 2 months. Imagine depositing your paycheck and you cannot access funds for 1-2 months. They are criminals in plain sight. There are thousands of complaints around this issue as can be seen on the BBB website. The SEC is investigating this fraudulent company as they withhold customer funds and execute short investments for themselves (basically a free loan to them). AGAIN STAY AWAY THIS BANK.

I am sending this message to report unfair treatment. Just a few days ago I was receiving commendations and reassurance from Fidelity for being proactive and reporting a scam from a job offer and Fidelity seemed on my side. Now as of today, checking my account and talking to agents, I find that my accounts have been closed without notice and that is the so-called “right of Fidelity” without explanation. I find it despicable for someone who was a victim to continue to be further subjected to complications from someone who was supposed to be fighting on their side. I was nothing but honest and called Fidelity as soon as I thought there was an issue. I took measures to safeguard my account and Fidelity as I moved through the process and testing the waters with this job.

I have been a current customer of Fidelity financial for several years. After retiring in December 2023 I transferred my 401(k) to an IRA with Fidelity. I am currently in negotiations with purchasing property for a home that we are going to build. Prior to close. I contacted Fidelity and informed Fidelity that I needed $135,000 transferred from my IRA to the law firm. That I was handling the purchase of the property. The money was supposed to be there and assured the following day 24 hours later.

Do not work with this company! They will hold on to your money for a month. Say it's for your own security and make interest off of it. I transferred a large sum less than 24 hours ago and they said they have to hold it for 3 weeks. This is the most astronomical holding. I've ever encountered. You should have access to your own money! Horrible company!

They throw business away!!! STUPID. STUPID. STUPID. Setting up an account for my wife and it turns out she may already have an account with them? I am told to call Custome Service. Turns out she has an old account from years ago and she has thrown the account numbers and statements away. After 4 phone calls and half a day on the phone we are told to drive across town to their nearest office and show them her ID. SORRY, just opened an account with VANGUARD in 15 minutes. STUPID

I’ve been a customer at Fidelity for nearly 20 years. They apparently just changed their policy to hold deposits for 16 days. This has cost me personally and financially I will be pulling my money out of this institution.

OUTRAGEOUS!!! Fidelity now holds funds for 30 Calander days that are deposited by EFT or check. They give no prior notice and the funds will not be returned or usable for 30 days. Whoever came up with or approved of this bonehead idea should be FIRED. Their lame excuse is that "there has been a recent uptick of fraudulent activity". So, it takes them a month to figure out whether the transaction is fraudulent??? BEWARE

Beware. Whatever they were before they aren't now. Currently holding six figures of my money for 21 days, won't let me trade and won't give me my money back. FINRA was useless as expected. They are using my money to make money while I am unable to get access to it. In short, based on the forums they have been doing this for months. This violates EFAA, which requires disclosure and for all wires and ach transfers to process in no more than 2 days.