Fidelity Investments
Reviews and Complaints

I have been with Fidelity investments for awhile now and haven't had any problems such as recently. The rudeness and unprofessionalism of the reps and them not wanting to allow me to speak with management or anyone of authority. I was placed on hold for at least 15 mins without any follow up. I called back and spoke with another rep who handed me over to an assistant name Sonia Chapman claiming to be the final authority on the situation. She rudely stated that I can take my business elsewhere as if I didn't matter or my "black life" didn't matter. I know the treatment is because of my race she spoke in a derogatory tone as if I meant nothing. She would not allow me to speak with anyone else and stated the only person available was the person who signed her check and that information could not be provided to me. This was very unprofessional and there's no possible way to have an employee on staff as unprofessional as Sonia, with all the layoffs within this organization.

I had my fidelity account linked up to my venmo account-a friend of mine had sent me $200 for rent and venmo froze my account in turn, fidelity completely turned off my account without warning, and the remaining money in my account? they kept it, represitative tried to tell me it had been spent, however I know for fact that I had money in there as I had checked only an hour or so prior (And hadn't made any purchases with it in the past 48 hrs) due to this-im now facing homelessness as I wasnt able to pay all of my rent
this is truly an outrage I can't believe this is happening!

I was scheduled to receive my pension beginning June 1st from Northrop Grumman, which is now managed by Fidelity as of April 1st.
Fidelity claimed they didn't have any of my info and thereby has continued to delay payment and lie every step of the way due to one mistake after another in the part of Fidelity and Fidelity only.
I have talked to numerous people within the company and not one has told me the truth, nor have I managed to get the same story twice from anyone.
This is THE most mismanaged, incompetent bunch of people I have ever encountered!
This is now June 26th...My story began at the beginning of May and I still don't have my money.
My case was escalated to Vicki Moua and she assured me that my first deposit would take place direct deposit today, June 26th. After not seeing it in my account, I called and found out she lied. Someone named Catherine Harrington just told me I won't get my money until July 10th in the form of a check being mailed.
I have a house hangIng in the balance and I needed this money deposited when it was supposed to be on June 1st. I've got nothing but runarounds, lies and excuses from every person involved. Total and utter incompetence every step of the way.
This is the absolute worst company I've ever dealt with! Shame on Northrop for trusting Fidelity with any business dealings whatsoever!
I'm contacting Northrop Grumman HR department and the Better Busimess Bureau along with my lawyer.

I purchased several shares of XIV at Fidelity towards the end of March, and I am still a customer of Fidelity...what they have done to me is not only illegal but discraceful. They closed my account without my knowledge (or any of the broker's knowledge on the morning of April 27th, 2017. That's right, THEY CLOSED THE ACCOUNT OF A PAID CUSTOMER. About the middle of April I wanted to buy aprx 250 more shares of the XIV so I took advantage of their program which allows a client to get a good fill on shares and wire monies later. I was given a definite deadline of April 27th by 4pm eastern time to get $5900 into my account. Mr Brian Douglas and Johnathan Coe (both experiences brokers) left me a voicemail stating that 4pm this day was my deadline. Mr Douglas spent about 20 minutes talking to me around the 25th of April and told me I must meet that deadline. He absolutley promised me a 5 day extension. which every conversation is recorded. I absolutely liked about this. I really didn't need the extra time and I wanted to to get Fidelity the monies ASAP so I wired $8, 575.00 at 9am the morning of the 27th of April. I found out the next day, that FIDELITY ILLEGALLY CLOSED MY ACCOUNT ON THE VERY SAME DAY ABOUT THE SAME TIME THAT I HAD WIRED THE MONIES. It takes aprx 1-3 hours for the monies to hit my account but Fidelity already closed my account AND SENT THE MONIES BACK TO ME. WHAT COMPANY SENDS MONIES BACK TO YOU!? Remember, too, I am already a paid customer and already had shares paid for in my account. The SEC says that if a customer does what is called a free ride and NEVER sends in the monies, that Fidelity can liquidate shares and they can then FREEZE the account for 90 days...NOT CLOSE IT! I had a $3800 profit when they closed the account and FIDELITY ACTUALLY STOL MY $3800 PROFIT..and left me with a closed account that I have no access to. They said I cannot check the progress of my shares online...which is very frustrating to say the least. I wrote tto their top executives and they said basically tough luck...we are not sending you your $3800 profit. By the way, XIV went way up after and before that period and I would have pocketed another $3-4, 000 because of the great fill I got in the middle of April. I called several supervisors asking for emails...and they stated that it is their policy TO GIVE OUT NO EMAILS. I got a call from a supervisor (remember all conversations are recorded) just a day or so ago, asking me to "take my business elsewhere, and to liquidate my paid shares...this is all on their recording." Fidelity is in fulll violation of their own written posicy and the SEC and FINRA. All supervisors I spoke to said I AM NOT A CUSTOMER EVEN THOUGH I have an active account number with paidf shares of the XIV. I do not know what to do at this point.

Fidelity Investments abhorrent handling of pension payout.

I have not received my company's pension payout handled through Fidelity. It's been 3 months. When the timeline for payout came and went, (2 1/2 months) and I hadn't received the check nor any notification of its arrival, I started calling Fidelity. Every day I call (Their reliability in calling me back is abysmal) with no results or updated information as to the now 2-week overdue payment. They don't seem to have a grasp on their distribution process nor show any sense of urgency in accommodating my concerns with lack of payment. Their ripcord excuse is that the bank that distributes the funds, State Street, is looking into it and they are waiting to hear back from them. Stall tactics and finger pointing. I'm at a loss. Maybe my company's ethics Dept. Would be interested in how one of their subcontractors is treating their employees who retired in good standing.

Fidelity branch manager MsTara Grinham, at the Framingahm branch just informed me that they do not want any transactions made at the branch (any deposits in the brokerage accounts, nor retirement or any deposits) as all deposits should be sent to the Customer Center Cincinnati
Way to go Fidelity in treating a client of 30 +years!
is this a new way to deal with existing clients?

Incomplete communication and direction by fidelity investments regarding my withdrawal. It has been delayed over 3 weeks. I've spoken with at least 4 customer service reps and have been told a different issue or cause of the delay each time and that it has been resolved. I am not employed and because of this delay I am delinquent on several of my bills and expenses. I've never received a confirmation or tracking number of checks being mailed even though I've been told numerous times they have been mailed.

I was told my account is restricted due to phone conversation nothing to do with accounts... Was not told what those conversation intelled. I was just told in conversation over the last few months was the reason why finiacial services made that decision. I was also told I can keep the account with a power of attorney if I do not get a power of attorney then I must find another brokerage firm. I also still have free commission that has not been use and due to exspire this year.

I have a pension plan with fidelity through my company and requested that my funds be sent by direct deposit as required by their process. I have contacted them on several occasions and they cannot inform me what date they will release my funds to me. No one can provide that information to me and they indicated they have no chain of command on complaint departments that I can contact to assist me in my efforts to find out a simple question.

Fidelity Investments charged us over $835.00 & change a year in fees for managing $55, 000 to $66, 000 on average for a decade. Do the math, its a large scam ! Always promising to improve the portfolio. :) Every 4 months they subtract over $200.00 & change from your retirement account even when it tanks in market value. WARNING ! GO TO LOW OR VERY LOW FEE 401K's or 403B's instead. SAVE YOUSELVES A PILE OF MONEY & HEADACHES !

Dear Fidelity,
Until 09/01/16, my balance was OK and in accord with the market trend. Not after 09/01/16. After this day, my balance sharply decreased in spite of sharp increase in all markets. I understand that my asset allocation contains 46% of bonds and they decreased. On the other hand, market was increased in last 3-4 months about 10% and it should at least compensate my loss from the bonds. Please, 1. Send me the written explanation of my loss for the last 4 months of 2016: 2. Change my asset allocation: a/ decrease bonds to 30% and increase domestic stock to 30%.
Sincerely,
Viktor Sharov,
3533 Acorn St,
North Port, FL 34286
[protected]@comcast.net
[protected]
My Acc # [protected]

I was told it would only take 3 bus. Days to transfer my 401k funds to my IRA. I was told on Dec. 28 that . Again on Jan. 3 that my 401k funds would be in my new IRA. During that time I said I needed to buy stock x [uses] . Today JAN. 4 I talk to Ron and Steve Spence and was told that it can not be transferred until Jan. 5. I called [protected] to make sure the funds would be in my IRA the next morning . We talked again later and at Jan. 4 at 4;53 in will be there for me this morning. After talking to Steve Spence the funds will not be there till Jan. 5. I 'Am losing about 10, 000 dollars today. I'am very upset about that. Thank you James David [protected]

Case name: jesse flores
Case no. : [protected]
Fidelity file no. : w078990-31oct16

Complaint: fidelity did not protect my money, on 10/12/2016 I had transfer my 401k retirement plan to fidelity investment rollover ira of the sum $24, 141.01 from my retirement plan from national oilwell varco bank was wells fargo, and I did explain to fidelity investments that I have child support rears and was making my payments, I ask him if my direct rollover was safe, he then stated yes, and that when I did transfer that this information would be documented in their notes, on 11/16/2016 the amount of $20, 642.00 was levying agency.

I john cross recently rolled out of my berkshire hathaway automotive 401k in to a fidelity cash account.
I used my debit card to withdraw funds and then a week or so later I tried to with draw money from my account and it was flagged and closed by the fidelity "fraud department"
Requiring me to submit proof of residence. I have a post office box and all my bills credit card statements all go to my po box 2300 story road west irving texas.
The only place my my physical address shows in on my state farm insurance card my texas drivers license and my texas vehicle registration and my voters registration. I have physically taken in these documents in to the southlake texas office and the irving texas office.
I have literally begged for my money faxed documents to a fax number provided.
I explained that I do not have any utilities bills in my name coming to my residence as I live with my wife after moving from houston texas 3 years ago.
I have talked to numerous agents at fidelity and all are sympathetic and apologetic but not results as the "fraud department " is liken to the wizard of oz that does not communicate but broadcasts and is unavailable to contact and tells none of the agents.
I have spoken with brian larson andrew buescher and elliot johnson
I have physically went to the fidelity investments local branches in southlake texas and irving texas taking time off and gas spent over 2 hours on the phone in inopportune times. But this is not an isolated incident as from looking online this has happened to others.
I would like full access to my funds immediately

I called the early part of November 2016 to close out all accounts I have with Fidelity. I was told that my check will be rcvd by the 1st of Dec 2016 but I didn't rcv it. I called and sooke to an Alisia and she said she was my point of contact and I will have my check by Monday, December 6th. I didn't rcv my check si I called in and was viven the run around by several different fedility reps. I finally got on the line with an Asa Weisberg ext 18269 and he said it was a glitch in the system and my check was not processed. I told him i was told that last week and i want my money by Friday. I'm tired of being lied to and mistreated. He began to work with the back office to get my payment. He called me back as he said he would and told me i will have my payment in hand Friday because it was waiting to be picked up. I called Friday morningto get tracking number information because i had to leave and wanted to know the delivery time. The representative would not allow me to speak to him and even after i did the phone verification. I was then transferred to another woman that told me she will not transfer me to the ext i requested because i was not verified then hung up on me. I called again and again and again the David Pauly said no check was cut and he told me i couldn't speak to Asa and i told him he was harrassing me because I've never been asked a series of questions as he was doing. We had a shouting match and i cursed him out then he hung up on me. I called again and was transferred to the fraud department and the mgr name Joan Schramm was and she went through verification again and then apologize for he horrible experience. She was the only one assisting me to get the information I initially called in for...my tracking number...going firward I will decline 401k if it is through Fidelity. You have the worst customer service.

Hello, your employee, Katelyn Hughes, inquired about an apartment I have for rent. She mentioned no prior rental references but she can use Fidelity, her employer as a reference. I had responded we require rental references and good luck in her search. Katelynns response was that I had attitude, was rude, and she is sure my tenants "hate" me. I wanted to spread the word an employee of yours is being unprofessional and rude when trying to use Fidelity as a reference. I have a copy of the email if you need it, and have attached a screen shot of the email. Thank you.

I originally submitted a request for a hardship withdrawal on 10/20/2016.
I requested my withdrawal online and faxed my documentation in. I provided the exact documentation required. It is now 11/01/2016 and I have had to call to speak with multiple representatives and have received a different reason as to why they will not release the funds. I have requested multiple times to speak with a supervisor and was told no every time. I have submitted more documentation anytime one of the reps told me I needed different info. Now yesterday I was advised they have my docs, but now want me to send it in all together and start the process all over again. This is a hardship for a reason. Time is important and it is my money. I am paying the taxes, I am paying the early withdrawal fees and I am providing the exact documentation the IRS and Fidelity states they require and still nothing. This is the worst service I have ever experienced.

The new credit card rewards are two for each dollar spent, as it was with the earlier American Express card. However, when you redeem the rewards, they do not tell you that the value of the points is half of what it was with the previous card.
Fidelity never discloses this, but allows you find out about it only when you try to redeem your points. Do they think we are stupid? This was deceptive and underhanded. At the very least they should have disclosed this information when they issued the new cards.

Fidelity changed its tax withholding policy on June 1, 2016 without notifying me. Although I am eligible to a 15% tax withholding rate according to the Canada-USA tax agreement on any distributions from my SEP-IRA account (ending in 4461), Fidelity, without notifying me, withheld, for the first time in the many years I have held this account and made distributions from it, 30% of my distribution for 2016, made on March 28, 2016. Of the distribution amount of $2, 992.06, Fidelity withheld $897.61 (30%).

A completed and duly signed W8-BEN form attesting to my non-resident alien status and Canadian citizenship was sent to Fidelity in December, 2015 for the 15% eligibility under U.S. - Canada Tax Agreement, and was verified to be in my file at Fidelity by Fidelity retirement advisor Matt. However, this agent advised on July 20, 2016, that Fidelity could not "reverse" their action even though their changed policy was applied retroactively.

Through its negligence to inform me of their changed policy, Fidelity is obliging me to file the 1040-NR IRS tax form in April of 2017 in order to get back the 15% withheld, namely $448.80. According to the IRS website, it will take about 6 months before the amount due would be refunded.

As a Canadian citizen, to file a lengthy U.S. income tax form and then wait another 6 months until I receive the amount due from the IRS is not a procedure I agreed to when I opened my account with Fidelity over 10 years ago.

This financial institution has an obligation to notify its customers when it makes policy changes in a timely manner. That was never done. Instead, Fidelity is applying a changed policy made after my distribution, retroactively. Had I known about the change, I could have chosen to roll over my IRA to another financial institution honoring the US tax agreement, withholding the only the 15% .

I have attempted to resolve this matter with the financial institution over several months now, but to date have not received a favorable response. Ms. Judy B [protected] ext. 11919) who was identified as a Fidelity "supervisor" said in a phone conversation on July 20, 2016 that she would provide a response to 2 questions at an unspecified future time:
(a) Will Fidelity honor their agreement and refund the missing amount of my distribution they withheld in March? If not, what is Fidelity's reason for not doing so.
(b) Are there any additional steps I need to take to file a formal complaint within the Fidelity firm?

Rather than answer my two questions, she told me she could not "reverse" the withheld 30% even though it is obvious Fidelity does not owe this to the IRS until 2017. She did not answer either of my two questions above (a and b).

For these reasons, I have filed a formal complaint with the Better Business Bureau and am also writing up this report for this website.

I had great difficulties making a time-sensitive wire transfer for a real estate transaction while traveling. I have been in contact with 5 representatives on 5 different occasions simply to get correct wiring procedures and a confirmation of wire transfer that must be submitted in a real estate proposal package. Very weak, incorrect and often conflicting information offered on each occasion and once by the same person (who initially claimed signature medallion required...wrong). I have over $500000k invested with Fidelity and would expect competent service.