Fidelity Investments Reviews

Someone from Thomson contacted Fidelity and I contacted Fidelity again. Another date was given. I was told July 12th. That date came and went. After many, many phone calls later, I was given yet another date (August 1st). I looked at my status online and the dates are being changed as when I started this, even though I made copies of everything with the correct dates. I have now been told it will be August 14th as I am sure that date will be changed as well. Part of this payment is earmarked for paying taxes owed to both the IRS and the State of Indiana and part of the remainder for purchase of a replacement vehicle. Our only car was totaled in May during a flash flood and we have been without a consistent means of transportation since then. This has hindered my ability to find work since my last work contract ended at the beginning of May.

What I don't understand is why the agent I spoke with today said it wasn't Fidelity's fault and they couldn't credit me. They tried to pawn the problem off to AIG saying that it was their fault. Well, it's obvious that AIG did everything correctly because the exchange was trading property the next day. Fidelity competitors didn't have this issue. This clearly sounds like someone at Fidelity didn't do their job and they want me to jump through hoops because of it. Because Fidelity had not completed the CUISP change associated with the stock on time, I lost 20+% on the stock when I could have only lost 5%.

Last thing, Fidelity provided no communication whatsoever to the issue. I had outstanding limit orders and they canceled them and didn't send notification of any kind. You could debate hard that this is a bad use case scenario as the customer intention was made regarding a company regardless of the reverse split. The lack of accountability is driving me nuts. They just walk around like they did nothing wrong.

I did not get any response until today, June 12, then I called and talked about 30 minutes with two persons, one of them is a supervisor and his name is Nate. Finally he said that the asset transfer department left the ball and they did not feel this as a priority. Due to this delay, I have sold my assets in Vanguard, and as per Fidelity transfer schedules I had investigated and planned to invest in to other assets. I have lost lots of money. I really appreciate your help in this regards. I have lost almost couple of thousands dollars as I planned to invest into stocks which went up 200% to 300%.

On April 2, after three years of pressure from Fidelity by the rep in Fairfield, I agreed to transfer 2 of the Fidelity 401(k)s to a new IRA set up on that date, April 2, 2009. To validate the transfer in the rep's office in Fairfield, they made a recorded phone call to the main office, to take information from me, and finalize the new IRA. I made it absolutely clear multiple times on the recorded call that I wanted to transfer all investment share balances intact to the new IRA from the two 401(k)s. I had over $535,000 being transferred. They assured me that it would be done immediately. I had a portion of my 401(k) money in 6 stock mutual funds, some in a PIMCO bond fund, and about half of the total in a guaranteed return fund managed by Dwight Investments.

I felt good about the consolidation. On June 4, I got a monthly statement from Fidelity for my IRA. Since the establishment of the IRA, I have tracked the investment performance weekly on my computer, and over the April-May period, where several of the stock funds appreciated over 20% in value. I was expecting unrealized gains of $25,000 over the two month IRA period. It turns out that Fidelity was only able to transfer one mutual fund from a 401(k) to the new IRA. They dumped the remainder (over $500,000) in the "Fidelity Cash Reserves" fund, which yields virtually nothing. I had hoped to withdraw the $25,000 of gains from the 401(k), since I am now 59 and a half. It turns out; there were no gains to withdraw, because Fidelity did not transfer the funds on April 2. They were never transferred.

After reviewing my statement yesterday, I phoned the Fidelity Fairfield office to complain. They said they needed to check the recorded phone call that occurred with me, the Fairfield rep, and the head office of Fidelity on April 2. Today, June 5, I received a call from the head office of Fidelity, saying that they had reviewed the recorded phone call. They indicated that I stated clearly that I wanted the 401(k) investments to stay 100% intact. They also stated that nobody on the call explained that some of the funds were not transferable to the IRA. Fidelity agreed that the transfer would be seamless, and the call ended.

In today's phone conversation with Fidelity, the head office call center apologized to me, that nobody told me the funds could not be transferred. They also told me the IRA could not be reversed to revert to the original two 401(k)s. They also told me they could not "make me whole" financially, for the unrealized loss I incurred, due to their error and omission to tell me about the lack of transferability of funds. They essentially told me I am out of luck, and there is nothing they can do for me, even though they were in error. They told me to do some research, and try to get some funds that are similar to the ones I had originally. The Fairfield Fidelity Office could help do this, if I wished. Just what I need!

I am incensed beyond words, and need to consider my options. I thought I was beginning to recover my substantial market losses from late 2008 and earlier this year. I never would have rolled over the two 401(k)s to the IRA, had I known the old investments were not available. If I did not check my IRA statement, this error could have gone unnoticed, and my losses could be much larger. I am concerned that if I buy similar funds and the market drops again, I could be a 2 time loser, once late last year, and once again. Does anybody have any advice for me? Do I have grounds for a lawsuit? How should I proceed? Is a complaint with the Connecticut Department of Labor worthwhile? I'd like to get the securities license of the rep revoked, as he is incompetent. I may file a complaint with the Attorney General of CT. Any help would be appreciated. I have lost at least $25,000, thus far.

Despite the above, Fidelity representatives continue to promise to transfer funds on a given day and then (when the customer complains that the transfer was not made) claim they cannot transfer any funds until after settlement days (even if available funds are in excess of the settlement obligations). More recently, Fidelity's online system stopped recognizing as available funds that were transferred in until 4 business days after the transfer has been made. Thus, after transferring funds to Fidelity, the customer has to wait another 4 business days before he/she can use them to make a purchase online!

Until very recently, Fidelity's representatives would manually put through the transaction at the online commission rate (to compensate for their online system's failure). But as of 5/27/2009 (or perhaps earlier), they now charge the "broker-assisted" rate for such transactions and have the audacity to insist that it has never been done differently! Perhaps less importantly, Fidelity prints nonsensical and non-applicable "cost basis" information on the statements they send out. Their own representatives have no idea what this gobbledygook represents, and it takes hours on the telephone to find someone who can explain it, while insisting they introduced this error in cost accounting “at the request of their (other) customers.” Most of this is fraudulent of course, but Fidelity doesn't care about the small investor (who is the only victim, as they make special "concessions" for their larger customers).

Complaints to their CEO are answered by non-responsive and insulting form letters from personnel unknown by others in the company (in other words, the names are fictitious). So, why don't I use another broker? Because Fidelity charges a fortune to transfer assets to another broker and probably would mess up the transaction. Consequences: delayed transactions resulting in different (sometimes higher) purchase price, higher commissions, loss of interest, and loss of many hours for each transaction.

I expected a notice the following week approving my transaction; this was not the case. My transaction was denied and they instructed me to contact a representative. Upon inquiring to the representative, I was told that the correct paperwork had not been filled. I asked how this could be as it was the paperwork that they had sent me, quickly being informed by the representative that a further investigative work order would be required. Upon contacting Fidelity a week later, I am informed that the initial work order filed the previous week had been lost and that a new work order would be required. Upon further investigation, Fidelity decides that they had in fact sent me the correct paperwork and approves the transaction.

The second account seems more troublesome. Upon rolling this second account over, I am also required to fill out paperwork that never arrives. Curious as to why I never received paperwork for this account, I contacted Fidelity and was informed that they do not have my correct address. I do not know why my address would be incorrect as I am receiving massive amounts of paper from them on a daily basis at this point. Upon updating my address so that SW now reads South West, my account goes onto a 15-day holding period.

Two weeks later, I received the correct paperwork. Upon filling out and notarizing, I mailed them back to Fidelity using their envelope. I contacted them a week and half later and was informed that my transaction has been lost and was never uploaded into the system. This whereby requires a new time-sensitive transaction to be initiated. Needless to say, three months later, I am still waiting for Fidelity to send me the correct paperwork so that I can access my accounts which remain on perpetual holds.

No, we didn't get proof of postmark date, but I believe that the post office picks up mail every day up until the last pick up time indicated on their drop off boxes, and especially on tax day! As an important aside, the Fidelity website indicates the various ways to contribute to an existing IRA: one of the options is to mail a check postmarked by April 15, 2009. Nowhere does it say what date it needs to be received. So, if you live in Ohio, your check will probably get there in a day or two.

I mailed my check from the state of Washington, and it supposedly arrived on April 22 (Imagine the situation the poor folks who live in Alaska find themselves in with Fidelity). The funds were taken from our checking account on April 22. Lo and behold, on May 2, my husband received a letter from Fidelity indicating that because his check arrived after April 15, the contribution was applied to 2009. One of the Fidelity representatives we spoke with after receiving the letter said that the check needed to arrive by April 18, 2009 to be credited to tax year 2008 (Again, my husband was told by a phone rep on April 15 that the date was April 22, and the website says nothing about the date the check needed to arrive at Fidelity). When we asked where on the website the April 18 date is referenced, the rep could not answer (because it's not there!). Another Fidelity rep indicated that they scan the envelopes when they come in but they didn't scan ours? We were told that the post office didn't put a postmark on the envelope, but they may have put a bar code on the envelope? And, of course, the envelope has been destroyed. They admitted that they had heard from others with the same complaint but they were not going to do anything about it.

I asked them to reinstate the trade as of which means do it over. The rep on the phone said he could not do that, but could offer me $100.00 as compensation for their error. I said it was unacceptable, so he told me it would be submitted to the dispute reconciliation group! I said there was no dispute since they admitted that they had a problem, not me. Boy, was I wrong! Their take was that I was supposed to inform them of the mistake within a certain amount of time; otherwise, it was my problem and not theirs. Read the fine print of the customer agreement! This rep then offered me $500.00 to solve the problem, but no reinstatement of the CD which would over its life probably return close to $5,000.00.

So the cost of a 30-year customer is $500.00. I guess I'm glad I didn't take the first $100.00 offer. This is not a customer-friendly operation like it was when they first started. They have their butt covered with plenty of legal talent to suppress dissent. I'll be moving on to another company and praying that they are more ethical than these guys.

The repair center contacted Fidelity and was informed that the warranty expired January 08. This of course did not fall with in the 5 year,100k miles. I called to find out what the deal was and was told that since the car had over 6,000 miles at the time of purchase, the years began at the date the car was manufactured not purchased. I am VERY upset with the dealership for not explaining the true facts regarding this warranty. We asked specifically if the warranty would begin at the time of purchase. We were told that it would. There's no way that the dealership was unaware of this. This is a deceptive practice at best. We purchased the vehicle and warranty in good faith and hoped that this courtesy would be extended to us. Fidelity and Thomas Motors are guilty of this deception and not to mention, very poor consumer relations.

Due to the recent market volatility, I have been receiving margin calls on a daily basis. I have moved adequate funds over to meet the calls in a timely fashion as per my agreement with Fidelity. On Friday, Oct. 10th. I called Fidelity for a status on my margin calls. I was told by Fidelity that my account was in good standing and I had a margin call for around $200.00(the employee contacted their margin area for this number). I promptly deposited the funds and the Fidelity employee said they would notify their margin dept of the call being met and my position was fine for Friday.

I checked my balance 2 hours later and Fidelity liquidated the entire position for a net loss of $11,000 on my end. I immediately contacted them and was told that their department gave me bad information and that they tried to contact me via email of the error. I never received an email, voicemail, or phone call asking for more funds to be deposited..which I would have done. I have contacted them 2x for an explanation and I have received nothing but excuses. I still have not received the phantom email from them that they said they originally sent.

Overall: Fidelity informed me my high dollar investment was fine. They confirmed my margin calls were met. They made an error and never contacted me for further funds, which I would have provided. They have not provided any proof of a communication and misled me to believing my position was in good standing then liquidating it 2 hours after I was told everything was fine. I have since moved all my accounts from Fidelity and pursuing legal action.

My son and his girlfriend are out at least $507.00 for this scam and they need to pay their apartment lease with this. I care about the money but I want to bring these people to justice as much as I can. I also want to get reimbursed for the money if I can. This put A BLACK EYE ON THE COMPANIES THAT HAVE THE SAME NAME AS FIDELITY CAPITAL INVESTMENTS.

I am not happy with this scheme at all. My fiance bought this extra warranty because they used the scare tactic sales pitch. Are there any honest companies anymore?

I purchased a Platinum warranty but I'm still having to pay for repairs. I don't get it. Furthermore we want out of the contract ASAP. Our contract says we are bound to the deal as long as we own the car. What is this?

When I called them on Monday, They said it was a error on thier part. The money was not available. It was like too bad for all the overdrafts fees and 1300.00 was going to be my problems. Please any idea how the can do that. Like I said, I have 4 copies of emails they sent stating ther money had been approved and sent on its way. The orginal check was for appox. 2000.00 after taxes abd fees were taken out....Im at a lost on what to do...Looking for any advise you can share. Also they told me this had happen to several people within that week and it was all a error on their (people or computers) not sure.

Major overdrafts...and bounce checks...By rights I should still have enough money to pay my bills....not negitive balance in my account. I have a daughter and 2 grandaughters to support.

I have paid over $5000 in taxes that I am not liable for. Fidelity has deep pockets and this is litigatable for the taxes paid, legal fees, damages for Fidelity causing my daughter's child support to be reduced by $5000. The child support order has ceased. I have not received a penny for 2007 tax season but I just got a 1099-R for 2007 from Fidelity. The retirement distributions continue to be sent to the child support agency who forwards the money to my ex-husband and Fidelity causes me to pay the IRS the taxes on the distributions.

Finally, the last straw, I called Fidelity and requested instructions about how to pay off a 401k loan and take out a new one. I made my plans 100% clear to the representative. After the conversation I took $800.00, got a money order, and sent it to Fidelity. Only after they got the money did I find out that I didn't have a loan available. Fidelity was no help what so ever; they refused to reverse the loan pay off or assist me in any way. In fact, they basically said it was my fault because the rep never said I could take out another loan. Again my intentions were made totally clear: if I wasn't able to take another loan shouldn't the rep have notified me of that before I sent in the 800.00? A reasonable, responsible person would say so, however it seems that those are two adjectives which simply don't apply to fidelity, as I told them if they were my bank or my car insurance company, or my cable company I would fire them for their horrible service. Unfortunately, I am stuck with them, in a word, Fidelity service is terrible.

The economic damage that occurred was that we sent in the $800 that was our mortgage payment fully intending to pay the mortgage when the new loan arrived. This caused the first 30 day mark ever on our credit.

As a result of Fidelity's failure to effect an automatic deduction from my IRA account for the 2006 Minimum Required Distribution I have suffered total expenses in the amount of $19,193.00. Fidelity is ignoring this entire matter knowing that I do not have the means to bring litigation against them in order to resolve this dispute. I implore that someone will take up this cause on my behalf.

When I transfered from Delphi to GM in June 06. It took Fidelity five months and numerous phone calls to get my health insurance active. Every time you call you talk to someone different and you get different answers from everyone. My benefit rep. at work was calling and so was I. Until I got upset this problem did not get corrected. I had to call everyday for a couple of weeks and keep calling doctors about unpaid bills.

Now on Jan. 26, 2007 they have succeeded in cancelling my health benefits. Which was discovered when my daug. tried to go to the doctors this morning. I called Blue Cross and was told Fidelity cancelled on the 26th. Fidelity can't figure out what happened. Who knows how long it will take to get corrected.

This causes doctor bills to be paid late not to mention the frustration of dealing with such an incompetent company.

Numerous people all over are having difficulty with this company. Benefits being cancelled, years of service records incorrect, people told they can retire then called back to work because of Fidelitys inadequate records or negligence. One guy waiting for disability pay was told on different occasions that needed papers where sent in the mail which never arrived and the next person he talked to tells him nothing was sent because they need more records from him. So who do you believe? They sound sincere and knowledgable when you talk to them but the results never pan out.

No one at this company seems to be on the same page. It is extremely frustrating to deal with them because you never know whats real and what isn't.

The information and benefits this company manages are important and alot of peoples livelihoods depend on accurate records and timely service.

The value of the fund depends on how well Fidelity invests the customer's money. To charge a fee for losing over 20% of their customer's investment is outrageous.
In the summer of 2001, I invested in 5 different sector funds, with the minimum $2500 each. As the market deteriorated, most of those slipped below the $2000 minimum. The fee will be assessed in November. If the market does not improve, I may have to pay $12 for each fund, as a result of Fidelity's losing so much of my money.

My choices are limited: I can increase my investments, to get the valuations over $2000 each. I can liquidate my investments, and maybe consolidate some together. Or I can do nothing and pay the fees. I am outraged, and I am closing my Fidelity accounts.

I received an Investment Report in the mail with a $0.00 balance. On August 6, 2001, I received a check with the federal and state taxes removed from my Fidelity 401K. The Fidelity 401K had not been rolled over into the Fidelity Rollover IRA. I called Fidelity and spoke with Troy Vanderburg, who very matter-of-factly told me that there was nothing he could do and that I should call another department (after being transferred twice to talk with him).

I had to pay federal and state taxes on my 401K. I wasted my time with the phone calls, applications, setting up accounts, etc. with Fidelity. I could have just waited to receive a check from my 401K and deposited it.