The complaint has been investigated and
resolved to the customer's satisfactionResolved Fidelity Net Benefits 401k Account — Round Trip fee policy
resolved to the customer's satisfaction
My company's Fidelity 401k plan has what appears to be an undocumented policy of penalizing a so-called "round trip" for a given mutual fund.
Nowhere on the NetBenefits web site are the policies related to these penalties spelled out. I have confirmed this today with a phone call to a Fidelity representative, who by the provided little substantive help -- not his fault but the fault of policies he has to work with, I should think.
The penalties are minor in nature: a letter for the first offense, a suspension of permission to trade that fund for 85 or 90 days, an ominous sounding "monitoring period" invoked for 12 months, etc. It's all spelled out nicely in the condemnation letter I received. My point is this should be information that is readily available and highlighted on the NetBenefits web site, not buried somewhere or, as the representative stated "only available orally" or when a transaction is made on that ephemeral page where you click for transaction execution.
In addition, there are other monetary fees that can be charges by the fund for such activity. That information is available (sort of, its buried deeply in some) in their prospectuses. That information should be linked to that for the Round Trip penalty information, as it involved the same activity.
This information is hidden and covered up. A company like Fidelity, with whom I have had many years of good business relations needs to provide this information freely and openly to its customers.