Fidelity Brokerage Services
Smithfield, Rhode Island
United States - 02917
I spoke to a representative on 02/24 asking about a loan that would be available to me. She stated if I paid off a second loan and told me what amount to pay off, I would be eligible for a new loan. I called back today to inquire about the loan (03/03) I am being told that there is no other loans available to me. I asked to speak to a supervisor and to listen to the call on 02/24 since I had made my payment for the outstanding loan based on the communication I received. They said it would take them 5-7 days to pull the call to listen to it. Are you serious??? First I wait all this time and then when I call back I am being told to wait another amount of days to be told that I would not be eligible for another loan. The supervisor I talked to was so unhelpful.. His exact words were " so I am not understanding what you would like us to do".. Not even apologising for their mistake.. I am done with this company..
Took a lot of time to have allof my accounts sent to fidelity. After being told teat you need $50, 000 to be partof the porfolio advisors. The fee wasn't bad compared to othr advisors. Now after spending hours with teh fidelity agent I get a letter out of teh blue with no advanced warning stating fidelity wil nolonger advise you as of december 31, 2010. No reason given. I sent a letter to the person that signed the letter"wqhatis teh reason?" I get a very rude response in that fidelity gave meall teh reasons. Still no reason. Scottrade here I come
On April l5, 2010 I mailed via US Mail an IRA contribution to Fidelity Investments for the 2009 tax year. The deposit slip and check both indicated the IRA contribution was to be used for the 2009 tax year. Fidelity received the IRA contribution on 4/20/2010 and ignoring the letter' postmark, the tax year designation on the check and Fidelity deposit form and deposited the IRA contribution for the the 2010 tax year because it arrived one day after their arbitrary receipt cutoff (4/19/2010). As a result I have needed to file an Amended return with both the federal government and the state.
My complaint is as follows:
(1)Fidelity failed to disclose in any of their written or online literature that an arbitrary cutoff date of 4/19/2010 was in effect. If I had know this was the case I would have electronically transferred the funds or sent the contribution registered mail where I could have provided proof of postmark.
(2)Fidelity deposited the IRA contribution clearly designated for the 2009 tax year into the 2010 tax year. They did so without notifying me of the issue. If I had not been carefully reviewing my accounts for unrelated issues, I might not have caught the issue until the following tax year or at a minimum would have caught it later. Further, I am unable to withdraw the 2010 IRA contribution without fund redemption fees, since the money is already invested in funds with 90 day redemption fees.
In summary, the Fidelity cutoff date is arbitrary and harsh with respect to US Mail. Further they have not fairly disclosed the existence of the cutoff date, nor did they act properly in depositing the account for the 2010 tax year when they were specifically asked to deposit it for 2009. Finally, they admitted that while the postmark date is controlling with respect to a 2009 contribution (must be postmarked by 4/15/2009), they deliberately fail to check the actual postmark date.
The above practices are egregious and place burdens on everyday tax payers and in my case, in addition to an amended return, will result in IRS penalty fees.
Through my experience with Fidelity, I totally agreed with the other investors who have similar horrific experience of the unethical and unlawful business practices of Fidelity. I do not trust Fidelity handling my investments, and have defrauded me previously. The staff is very rude, hostile, abusive and uncooperative. I have transferred most of my funds to other financial institutes for that reason except my small IRA account.
Among the horrific acts of Fidelity, the most lethal act commenced from my request to change a mailing address. A female foreign vice president of operations at Fidelity is a control freak (rude, hostile and abusive); she refused to change my mailing address and withheld my STATEMENTS as a hostage unless I provide a new physical address. She has no supporting legal authority to demand a new physical address when I have not moved. Ironically, she used a postal office box for correspondence; she refused to provide her business physical address; that is a double standard! She had so much time using the filthiest tactics to return my letters 8 different times; and then she admitted researching my name on the web to fabricate a new physical address as my address, which turned out to be an identity theft.
This barbaric female vice president of operations at Fidelity continued to harass me with her preprinted form letters faking her own words to force me sign her dotted line. I reported her nuisance to Edward C. Johnson 3rd, chairman of Fidelity who is just like one of the staff with no integrity to respond my letters. Conversely, he retaliated against me and ganged up with Fidelity Risk Management to instantly close my account without warning. He bold-typed his reason, “My account may be terminated by me or Fidelity at any time.” To close an investment IRA account “at any time” is barbaric, unlawful and unconscionable; it is retaliation. Although I have been trying to transfer my last small IRA account to another firm, but not fast enough for Fidelity to close an IRA with penalty before I did.
The malicious acts of bad faith, abuse of power, and injustice of Fidelity are absolutely barbaric, unethical, immoral and possibly illegal. Fidelity showed unconscious, uncontrollable and inhumane displaying their unlawful, horrific and hostile culture. They assembled ###s, creeps, and crooks to scam investors, to delay return investor’s money, to abuse and to take advantage of investors. I would not recommend Fidelity to anyone!
1)) I have invested Rs.10000 under tax advanatge fund and given purchase request on 5th of february( Transaction no - [protected]), which is under process as on today after 13 days.After that i regeistered the complaints in Fidelity thrice, but still neither my invested amount is returned to my account nor it is reflecting in my Fidelity folio.
2) I have submitted KYC form along with online application form on 03/02/10 - sent through normal post as per their advise.Also as per their guidlines mentioned in the KYC application form, i have sent my Original Pan card and Voters ID card to Fidelity-Mumbai adress. Still i have not got any acknowledgement on the same and even i have not got my original pan card and voters ID card back
Pls guide me on the above issues, also let me know the correct platform to discuss this issue.
I shall be ever gratefull to you
I spoke with Jusin Catal regarding rolling my Fidelity funds into a 457(b) and asked if there would be any account closing fees for either of my funds. Justin stated that if a $50 close fee applied, notification of that fee would appear on my sell screen when I sold the shares via their website.
When I performed my close sells online, no notification appeared onscreen, leading me to believe that no close fees applied.
When my transaction notification came through on the next business day, a $50 close fee was listed for one of the funds.
When I spoke to a rep named Chase about the matter, he said that although the rep misinformed me, the fee could not be recovered because it was already deducted.
I will never do business with Fidelity again, as this was the second situation in which I have been misinformed by one of their phone reps that caused me irreversible fees that I was told I would not encounter.
The first situation was in regards to the ability to contact them collect during my extended time outside of the country. That also was incorrect information that caused me about $72 in low fund balance fees.
A long-ago employer of mine had some type of investment account with Fidelity, in my name. I found out about this many years later, and asked Fidelity for a distribution. Fidelity said they would be glad to send a distribution, but only to an address I no longer lived at. This may seem absurd, but they made it clear that they would only turn over the money by mailing it to an invalid address. So I gave up.
In 2007, Fidelity closed the account without warning, mailed a distribution check to me, and sent a 1099-R notice to the IRS as well. The check went to the wrong address, of course, and Fidelity says it was never cashed. I found out when the IRS contacted me demanding payment of taxes.
Fidelity still refuses to turn over the money. I asked Fidelity to at least correct their 1099-R filing, and they refused to do that as well. They refused to provide any written documentation to me or anyone else. The IRS says that I don't have to pay anything if I just get Fidelity to acknowledge the error in writing, but Fidelity refuses to.
It's one thing that Fidelity owes me money and won't pay; what's disturbing, however, is that they willfully violated federal law. I'm pursuing legal action.
Fidelity reneges on it's Bond trades by mysteriously removing the trade after it already fills. From what I noticed twice when this happened both times (May 28, 2009 and June 23, 2009) they seemed to find cheaper shares to replace my sold ones with thus sending me the bonds back into my account and taking my trade and money away (stealing money out of my account as well as stealing my trade).
the trade went through on many forms of Their site, it was filed in the History or transactions, the Balance changed to support the trasnaction, Positions showed the shares gone that were sold, Third Party transactions showed the transaction took place, and orders showed filled with date time and transaction number. Over 30 minutes later it was wiped out without notification or justification or legality to do so. It is illegal to change a trade let alone claim to guarantee trades and not fulfill that guarantee nor make right of such acts being caught red handed.
To rub salt into the wound the supervisors of the Fixed income desk are the ones who handle the complaints even though that is a conflict of interest this is how Fidelity handles such issues.
If you have such issues with Fidelity trading like this or missing dividends and interest payments like I had twice before also, then contact the SEC web site and fill out their complaint form.
In the case of the missing dividend they posted but then vanished like this bond trade, in essence literally taking money out of my account and only placing it back after you notice and complain. How many people don't notice nor complain and how many Fidelity reps are allowed to continue to rip people off because their process of dealing with customer issues is geared towards the thief being allowed to give the client the run around avoiding investigation
We recently transferred our ira accounts from fidelity to scottrade and were charged $50 for each account...
I have been with a few different brokerage companies over the years…my recent experiences with fidelity investments takes top honors for the worst brokerage house. Worst. Brokerage. Ever. They miss on every level.
Fidelity has one thing going for it…it’s too big to fail, so one can feel comfortable parking money there. It’s not a good brokerage house with with to do any market trading…in fact, it’s one of the worst.In brief: every single transaction you make has to be checked…they constantly make mathematical errors. Every transfer in and out of your core account has to be checked…every single stock purchase has to be checked…every commission charged has to be checked. And then it’s hours on the phone getting it corrected…then it has to be checked to make sure it’s corrected…then it’s more phone when it’s not. Their website consistenly has technical issues…charts don’t work…and quotes are often corrupt. Today their quotes were consistenly off by more than 100 points on the dow…i don’t want quotes…advertised as real-time…that are actually five minutes ago. And one doesn’t know that these quotes that are advertised as real-time are delayed five minutes unless you are comparing to something else that is accurate. If the market is busy…particularly in the first half hour of the trading day…you can be locked out of your account. When you complain to fidelity…you are advised to use the back up system…something they call & ldquo;fast”…a phone ordering platform. That would be great…except when you are locked out of your account on their website…you are also locked out of your account on the phone system…so much for fidelity’s solution.
Their order routing system is inconsistent. I have had stocks trade right through my order price with no trigger. Trading the market is hard work…when the market closes…i want to relax…i don’t want to spend hours poring over my account and it’s transactions…every little detail checked…and then spend hours on the phone getting it straightened out.
I am an active trader…i have an account worth a little under a million…that qualifies me for something called a & ldquo;premium service account”…i have suggested to them that they change the name to a & ldquo;no service account” because that’s what you get…no service. Oh, they are so polite on the phone…so profuse in their apologies…but nothing changes. One week I spoke to six different service reps from the premium service department and got six different answers to a question…the reason I had to speak with six different reps was because every time I acted on their instructions…it was inaccurate information and triggered a problem with my account…so call again…be given more inaccurate information…act again…and trigger another problem…no one at fidelity has any accountability…no one takes ownership of a problem…it’s always & ldquo;too bad, it’s your problem, sir”…put more diplomatically. I started making all my communications with fidelity through their internal email program…so I would have all this inaccurate information on record…to no avail…they are not, in their opinion, responsible for any inaccurate information dispensed by their service reps…good one.
I have, in the last three months, since all this market volatility started, sustained some large losses in my portfolio or missed some fantastic opportunities…all because of fidelity’s incompetence…i will move my account…it’s not an easy thing to do…particularly now…it takes me out of the game for several weeks while the transfer takes effect…but it has to be done…i will not allow them to destroy my portfolio any more than they already have. I suggest that anyone who is looking for a brokerage house…beware…once you lose your money…it’s too late…and fidelity will help you lose your money.
I received a letter from bank of new york mellon dated aug 27 stating that my personal information was "lost" (Long story). I don't do any business with them, but they are a stock transfer agent. Fidelity is my brokerage, and I simply needed fidelity to answer some questions about what info they would provide a stock transfer agent for my different accounts. I was told that the "risk department" would need to call me. I have been promised a call-back 3 times now over the course of a week, all within 24 hours, and have never received any call-back. They will happily take money and trade, but if anything is needed on their part, I have received no response. I have escalated to a "supervisor" with the same result. It is impossible for me to understand the extent of my vulnerability without the cooperation of my broker, since bnym is unresponsive and has no interest in me as a direct customer. Other brokers that I am now looking to transfer my assets to have provided the exact same information without me being a customer within 24 hours without issue.
I have a home mortgage with a payment due date of the first of the month. However, a late charge is not...
I operate a small 501c3 non profit, and received a stock donation worth about $20,000. I opened a fidelity account so I could liquidate the stock and use the fidelity checking account service as my main checking account.
Fidelity would not allow me to open the checking account until the stock was actually transfered to my account. Once they had the stock, the transaction to cash was easy. I also mailed in a few smaller deposited from other donors, which were credited to the account. However, once they had the cash, it was impossible to use it. Here's what happened:
I filled in the forms provided by Fidelity to open the checking account, including signature cards. Two weeks later, Fidelity indicated that the wrong signature card form was submitted, even though they had provided the form. Included in the letter was a blank copy of the same form I had submitted. Fidelity now has 90% of my operating capital, and I cannot access it.
I called fidelity, and was assured by the rep that I had the right form. We went through the form line by line to ensure that it was filled out properly, and I mailed it back in. This phone call took about 40 minutes, almost all of it on hold.
10 days later, I received the exact same letter stating that the wrong form had been filled out, and providing a third copy of the same form. Once again, I called fidelity, and was assured that this was the correct form, and that I had to fill it out again. The rep insisted that the first and second copies had been filled out incorrectly, even after I pointed out that the second form had been filled out with the aid of one of their reps. Another 40-45 minutes on the phone, and I sent the same form back in. Fidelity still has 90% of my operating capital, I cannot access it, and the non-profit is falling behind on paying bills.
10 days later, I got another letter from fidelity indicating that the signature form was the wrong form for the account I was opening, and that I would have to fill out the correct form. Included in the letter was the same form I had already filled out a number of times.
Another call to Fidelity, and after hearing the same answers (that the form on the letter was the one I should use, that it must have been filled out wrong, etc), I told the rep that I had had enough, and that I wanted to close the account. At this point, Fidelity had essentially taken over $20,000 of my money for over a month, and refused to allow me to access it in any way, despite the fact that it was in a checking account that was set up specifically to allow the non-profit to pay operating expenses. Monday Morning at 9:45 AM, the Fidelity rep insisted that the account would be closed immediately, and the check cut and sent.
The following Monday I had still not received the check, so I called Fidelity yet again. After another half hour on hold, I was informed that he check was cut Friday - a full week after the account was closed, and that it would be mailed "sometime this week". So even after the account is closed, Fidelity is hanging on to my money for another two weeks.
I'm still waiting to see how long it takes to actually get the check, and to see if they actually closed the entire account.
What is interesting here is that Fidelity was more than willing to accept my signature on the checks to deposite the smaller donations, to open the account, and to sell the stock. The only time that they would not accept my signature was when I was actually trying to write a check and withdraw funds. When I finally got fed up enough to close the account, they didn't require a signature - just a phone call.
Unfortunately, there seems to be very little oversight or regulation that makes any difference. I have not been able to find any regulatory agency that will look into what is effectively theft by fidelity.