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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...
I had a 457-B account that I needed to cash out after changing employment. Fidelity would not let me determine the exact timing of my withdrawal. Their response was that I had to select a future date 90 days in advance. As the time approached, the market was down, and there was nothing I could do to defer the transaction. Instead Fidelity cashed out my investment account at the lowest point in the market, losing me over $12,000.
As if that was not bad enough, 2 weeks later I still did not have my funds. At which time the customer representative "Andrew", said they had requested that M&T Bank write the check, and they had no information about where my funds were. They had no way of tracking my funds. My best option was to call M&T bank's customer number and ask about my check. Oh, and by the way, they do not have an account information for the M&T bank funds, so good luck. There is nothing more they can do. I am still waiting to receive my funds. How is this even possible???
I attempted to setup "automatic withdrawals" of my Traditional IRA accounts. Fidelity will on issue the withdrawal payout on the Last Friday of the Month. I have IRA accounts with T. Rowe Price, Vanguard and Schwab. NO OTHER BROKERAGE COMPANY HAS THIS type of automatic withdrawal. Each other Company issues the withdrawal after the Dividend is posted to the account. For a Retiree on a Fixed Income, Fidelity's automatic withdrawal system is a problem. After being with Fidelity for over 20 years, I am terribly disappointed. I can NO LONGER REFER FIDELITY INVESTMENTS to my family & friends.
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This has to be the worst group of people to deal with. They will sit there behind the computer, have all the information in front of them, and still refuse to help out. They will keep asking you the same questions over and over again. You're better off just clicking anything on the site and figuring things out yourself. No one over there is obviously good at doing their job. NEVER want to deal with them again. BETTER OFF PUTTING YOUR MONEY UNDER A MATTRESS!!
Been a loyal client of Fidelity with a IRA account. Attempted to make a catch up contribution for tax year 2018, which Fidelity did not accept for no good reason to their own admission. They kept changing their story, never called us back in spite of promising such calls back. Awful experience with Fidelity. My husband and I are closing all our accounts with Fidelity based on this awful experience. Consumers have the power and companies like Fidelity do not deserve our business in our opinion. Beware.
Fidelity should take steps to STOP printing FULL account numbers on communications sent via surface mail, like reminders to take an RMD. This is totally irresponsible and puts my information at risk. In this day and age, you should only include the last 3 or 4 digits.
Used to be a charm to be with Fidelity back in 16 when I started. Customer service was great. I wasn't as big of a trader back then either. Recently having inaccurate earnings data on all of their charts, stock pages etc. Sometimes foreign earnings are priced in dollars, sometimes the negative symbol is missing from earnings data. (KIND OF A BIG DEAL) I actually bought a stock based on this misleading info, thinking that in fact the company did have a massive P/e ratio, but it was actually a negative figure....durr! Tried to call and complain, the best they could offer me was 10 free trades Nice one fidelity.
If you try to buy Canadian securities like pot stocks they sometimes take a huge chunk that never gets recorded anywhere in transfer/currency fees. It just disappears from the account.
Their active trader pro platform is a joke, you can not even use the VWAP indicator which any pro trader or semi pro will know is essential. It is so resource intensive that it barely runs on my MacBook even though it is a super simple looking program. Margin account is confusing, their margin rules are ridiculous, I am pretty sure more stringent than the SEC. Their variety of balances (house surplus exchange surplus etc.. are incredibly complicated and convoluted.) Used to get someone on the phone immediately. Now I am always on hold and the reps don't know what they are talking about. Bottom line. If you are a serious investor or god forbid a trader, stay the f away from fidelity. They are good for maybe your average retiree who buys coca cola when buffet says so. But even then it sounds like they have some major issues with elderly in terms of estates, IRA handling etc.
When my dad passed away, he had an IRA that was set to split evenly between my sister and me. The executor and I went to Fidelity and asked that they not transfer the account until the estate lawyer finished figuring out the division of property, as we may need to re-allocate that IRA. That part was all good. We also asked them to look up his account and tell us whether he had withdrawn his RMD for 2018. A manager looked it up and told us yes, he had withdrawn his entire RMD, and we didn't need to address it until sometime before the end of 2019.
Skip ahead to a few weeks ago. The lawyer gave the go-ahead, and the IRA transferred. I asked what my RMD would be, and they couldn't tell me because... My dad had not withdrawn his 2018 RMD. This meant I had to withdraw his RMD, and it now becomes income rather than inheritance, so I pay income tax on the entire amount. And there's a 50% penalty for not withdrawing before the end of 2019, so bye bye to half the amount while paying tax on the total. And, along with other income, it puts me over the limit for SSA, so I have to return nearly everything they paid me.
I was in a position to un-retire, so I did. And we're applying for an abatement on the penalty. Meanwhile, Fidelity has done absolutely nothing to help - no assistance with the abatement, no advice on how best to handle the fallout from their mistake. One of their advisors was supposed to call me within 3 days, and 3 weeks later, he has yet to do so. I realize I'm small potatoes in the financial world, but shame on you, Fidelity.
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