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I had a $5K 401K from my former employer. Fidelity is charging me a flat maintenance fee that is close to 15% of the appreciation and never sent me a hard copy statement. Granted I should have gone online but was busy with other more pressing issues. Finally went online to discover my account grew by about 1% over the past 3 years. States my return is 3.9% Hahaha.
Do yourself a favor, customer service is the absolute worst I’ve experienced. I never leave reviews in fact I think this my first. Horrible horrible, couldn’t wait to get my money as far away from them as possible..
I have been trying to get the final distribution check for my daughter’s 529 plan for 2 1/2 months now and I cannot get the money. I cannot even get a manager at fidelity to call me. It’s only about $700 and I think that fidelity just decided that they can steal this money without consequences.
Fidelity sold me an irreversible annuity which was absolutely the worst investment I could ever make. The had talked me out of another annuity from another company 5 years prior to and caught me off guard when the market was high. In addition they encouraged me to move money from another company and then wanted to charge me exorbitant fees for managing it. So.. if you want an opportunistic company, that takes advantage of little old ladies.. choose Fidelity to manage your money.
While I took my RMD before the end of the year, their useless software took it again. I had two accounts, one in my 401K and the other one as a simple trade account. Even though they had a software who was showing the RMD taken already, they took it again. When I complained they just fired me. Don't even think to go with them. I just switched to Schwab and I am very happy. They have the best software and an artificial intelligent software very sophisticated.
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On 11/22/2019, I called Fidelity to transfer my Mother's IRA to them. The Rep, told me to fill out the ONLINE transfer, and walked me through the forms. I also requested BOTH the account transfer AND a Durable Power of Attorney form to be sent by mail. I was told later NOT to return the paper copy because this would cause confusion. Fidelity rep said online form is faster. On 11/23/2019 I sent the Power of Attorney form by mail.
On 11/24/2019 I was told they REQUIRE two more documents because the account is CLOSED. They wanted a copy of my Mother's SSI card. AND they had me fill out a W-9 Tax Form which again I did online as directed. I called 2:49 on 11/26/2019 to follow up on the account being closed and I received confirmation via the Secure Message Center online the SSI information was received. I NOW see the account is FUNDED, the transfer has occurred. During this call the rep, "Contacted the back office" to confirm all was now again in order, and ask why the account is STILL closed. The rep, Glenn came back on the phone and I was told all the forms have been received, and ARE PROPERLY filled out.
This morning 11/27/2019 I logged onto the account to check the status, since the paperwork WAS received and in order, funds in the account, and to check if the Power of Attorney was in force. UPON logging on I paniced... $0.00 Balance? O-M-G were the funds stolen? What happened with my mother's money. I called Fidelity. Today's rep. kept checking with "The Back Office" who were now, providing information COMPLETELY opposite of all I had been told in the days before. After a LONG time of asking for a Supervisor or Manager, finally I was connected with a manager. I was told, he cannot discuss any matter relating to this account. UNLESS he speaks with my Mother. She is 89 years old, has Alzheimer and does not understand the stupid questions they ask. This Manager REFUSED to answer what happened to my Mother's money, and in FACT locked the account.
SO, Fidelity takes upon themselves to make judgements. Funny, all was normal UNTIL the account was funded. NOW Fidelity takes it upon themselves to hold her money and to not answer any questions. I HIGHLY SUGGEST you think twice about turning YOUR hard earned money over to Fidelity. I certainly have NO trust left. A Required Minimum Distribution (RMD) must be taken in December. I also explained this IS a time sensitive matter. Mailing time involved. And I have received NO service as of now whatsoever. Please THINK before YOU turn your money over to Fidelity. Once they have it, they sure change their tune. Very helpful to get it, then good luck fighting with Fidelity.
I took out a small but necessary 401k loan and paid for expedited shipping with UPS. UPS lost the check. I let Fidelity know ASAP-it was supposed to have been delivered the past Friday, but they were closed until the Monday. End of business that Monday they said they had to cancel the first check, then the new check would go out today, Tuesday. I explained it was extremely time sensitive situation, literally crying. I offered to pay for overnight shipping and I was concerned about the Thanksgiving holiday as I won't be home, and I needed the funds before then. I was told that " there's a chance it will get there Wednesday as it is coming from NJ" and that overnight was not an option. They would not direct deposit as it was a new account and they have a ten day verification period.
As of Tuesday afternoon, today, I received no tracking info so I called. The rep said there was no tracking because the check was sent out REGULAR MAIL! I nearly fell off my chair. I asked to speak to a manager who could help me. I was on hold over 20 minutes, then the rep said he could send it out 2-3 days and waive the fee (gee, thanks) and that it should get to UPS today (it was before 2pm). He also said overnight was not an option. So I get a tracking number, this evening, Tuesday, and it is just that a label has been created. UPS does not even have the check, when if anyone listened or cared, it could have gone out today. They clearly don't care. I'm considering stopping my contributions and going back to TIAA CREF. The funds now will likely get here a week after I spoke to them about the first check being lost, and get here too late to help my situation, which defeats the purpose. Worst customer service. If I were a business, you can bet a check would have been overnighted. The worst.
They will charge you unsubstantiated fees / interest and never reimburse you even if they are wrong. You call customer service and they will never give you a straight answer. They are not very knowledgeable. Very poor customer service.
I’ve had about $400K invested with Fidelity for several years, self-managed. I’ve been satisfied with the return on the investment. However, my multiple efforts to get some investment advice have met with an ice-cold shoulder. An account like mine is simply too small for Fidelity to have the slightest interest. When I tried to make an appointment to get some investment advice, they kept postponing my appointment time again and again until after three weeks, when it became obvious that they had no intention of assisting me if they could possibly avoid it, I told them to forget about the consult. What good is it to have a local offices if the people there won’t talk to you? I’d put this account in the online-only brokerage, Vanguard, but for the tax impact.
My investing experience started with Fidelity Investment 7 years ago. All my 401k and individual accounts are managed by Fidelity. Here is my experience:
2. After your trade, your fund will not be available after 2 more business days; Sum up above, they get your money beforehand, but don't let you use them, what Jerk Fidelity is!
3. Fidelity implements auto sell feature on my account without my acknowledge. Automatically let me exit my position without my consent. I lost my 8k+ because of Fidelity. ** Fidelity.
4. Requested my access level for my option trade account. It turns out Fidelity downgraded mine, and left me in position, so I couldn't sell my option contract. They told me to call them and let them sell for me.
Sum up above Fidelity don't care about customers at all. They are arrogant and bunches of Jerks.
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