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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.
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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!
The last few times where volatility increased during a quick downturn, their system failed. It freezes or my current balances are off so I don't know how much I have to trade with. With margin calls, they sell my trades with the highest loss before my margin due date. It's like they're betting against my positions so that they can gain on the other end when they call my margins. Additionally, I've been getting silent treatments when I send messages via their website. One was when I asked to close a Roth IRA account. The only response I had was that they were working on it after I complaint about reporting them to the regulating agency. After over 2 months, I still don't have confirmation that this account is closed. It used to take 24-48 hours to get a response from them. These days, I don't even get a response. I've been with them for 5+ years and their services have become so poor these days.
This is March 3, 2020. I opened a few accounts with Fidelity about a week ago and I had extremely high hopes for my account's future with this particular bank. Unfortunately, instead my account was locked indefinitely without explanation. This is very disrespectful to client(s) who have set their time, fears and doubt aside to specifically put faith and trust into this bank just to be discarded. At least have the decency to explain what just happened while you're crushing loyal client's dreams. Definitely will not be recommending this bank to ANYONE!
In trying to link a checking account to our Fidelity investment account, it was asking for my login and password for the other bank. I called because it didn't seem right and after being told they needed it, it shouldn't ask for it and then again that they did need it, I just had to hang up. I process ACH transactions for a living and we don't ask for or need anyone's personal login or password to draft or deposit. I was also told that no one else has ever complained about it. There is no reason why any bank needs my login and password for another bank.
It is 28 February 2020 and the 2019 1099 statement is late again delaying me from filing my 2019 Income Tax. Conversations with Fidelity representatives unsatisfactorily as they do not seem able to provide a specific date when the statement will be available. The Fidelity online explanation is that that one of a Fidelity mutual funds that I hold has not provided final information. A preliminary statement is available but cannot be used to file taxes. I estimate a significant refund (federal and state) so delay is frustrating. In addition the cost of filing my tax returns might rise.
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