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Fidelity Investments customer reviews, complaints, service ratings, brokerage trading account pros and cons. Is Fidelity good and safe company?

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Fidelity Investments Customer Reviews

by David, 7/25/2019

Pros: Good information/news

Cons: Interefere in customer accounts ,cry at evry foul ,sell stocks 1 day after bought

My patience has just run out with Fidelity
The first issue I had was that they allow you a margin account,(which is great) They offer you a additional daily margin amount for day trades.
I would buy and sell stocks in same day and they red flagged me for being a pattern day trader.
I am confused ,you offer me a daily margin amount ,I buy and sell in same day ,and you flag me for being a pattern day trader and shut my account down for 3 months.

The last straw came just two days ago, I have a large trading amount and it is also a margin account.
I made a very large purchase on a particular stock, at say 170 while it was consolidating.
I used my money and I used Fidelity money as leverage which I legally have the right to do.
The stock was consolidating and was ready to explode,however after one day Fidelity sent out a Margin warning stating they were going to liquidate my position. (Margin should be for 4 days)Evidently the clowns at Fidelity did not feel comfortable with my position and were going to take it upon themselves to sell my position because they did not feel comfortable.
That is Rule No.1 - Do not trade on emotion. I lost nearly $200,000 because my position went up big but Fidelity took it upon themselves to sell my position on the 2nd day of Margin because they were scared.
The stock peaked at 38 dollars from where I purchased however I was no longer in it because Fidelity and the clowns or what they call Margin Specialists sold my shares . I was even on my account and was even up $1000.

They have no patience and have no right to infiltrate my account and sell my shares while I have not lost a penny .

They do not know what they doing. The clowns have done no DD on my position have no idea that earnings will be coming out and it is going to run up to earnings. I made the correct decision and was prepared to make alot of money and because of Fidelity's negligence and ignorance as well as having the lack of balls to let the trade play out. Not all trades are winners but when you have a position that is going to be the big one and Fidelity takes it upon themselves to sell your position prior to the explosion in price ,it is the last straw.

I have had enough with the incompetence and there clowns in the office who have never traded and are going to take it upon themselves to liquidate my position for no reason other than the fact that they have no balls.

F Fidelity I lost $200,000 because they want to offer you margin but want to tell you what securities to buy.

Big trades make Big profits and Fidelity stole $200,000 out of my account.
I am finished with this shit show

by Rioh, 6/28/2019

Pros:

Cons:

My Fidelity story of misinformation, erigance and massive inconvenience started four weeks ago.
I am preparing for an extended summer stay in Canada. During my preparation I discovered my debit card was due to expire wile on holiday. I reached out to Fidelity for assistance, I called Fidelity and the support person's solution was to change my "mail to" address to my summer address so my new debit card would be sent to me at that address.
I was initially pleased with the fix untill I tried to transfer money from my IRA to my cash account and got an error message. I called Fidelity. Fidelity support said because my mail to address was in Canada that I was now a Canadian and by law was not allowed to have a cash account with Fidelity.
Does anyone see a problem with this? Well I do because I am now forbidden to use my cash account. All I can do is wire money from my IRA to my credit union account. I also winter in Mexico does that make me me Mexican, according to Fidelity it does.
I have been with Fidelity since 1985 I am now retired. I own property in Oregon, Mexico and now Canada. But Fidelity seems to have a problem with my retirement plans and is blocking me from my cash account. I guess I'm a MexiCanAmerican, a nationality not recognize by Fidelity.
So FU Fidelity your policies are hostile to the small retired former investor.
May I recommend TIAA my other retirement institution who have been nothing but exceptional.

by Chris, 5/19/2019

Pros:

Cons: Condescending and UnHelpful

I went to the local branch Tuesday, a young guy was on the computer talking to his IT department, never acknowledged me. I explained that I needed account information but he wasn't interested. Another guy came out of the back and treated me like I was a nuisance. He told me my money had been transfered to Wells Fargo. I asked him to print out this information and he refused. I called Wells Fargo and had to speak to 9 people before I learned that he had given me misinformation and the money was transfered to Merrill Lynch. Fidelity did nothing to help me and when I told them that I had cancer and needed to get my affairs in order, it meant nothing to them. They should be ashamed of themselves. I am a nurse and I would never treat a patient or family member the way they treated me. I am going to report them to Fidelity management.

by Wooten Epes, 2/11/2019

Pros: None

Cons: Money held unusable for a week.

They take money and do not allow it used for a week. A scam! Add up the thousands of accounts and they use our $ and we get paid $0.

by Jeannette Marie, 1/25/2019

Pros: Unfortunately there are non

Cons: Please see below

Phone call after phone call to attempt opening an account and moving an initial amount of $50K to be increased to $200K. Their online system continually did not allow me to log in instead requesting I call. Each and every time I spoke with a rep they assured me all was fine and I could transfer funds and begin trading. This never happened. Fortunately their system had yet another glitch and my funds were never transferred. The last person I spoke with stated the account had been closed with no reason or explanation.
"We do not have to give a reason and can close an account anytime with no notification".
Be forewarned and do business elsewhere.

by Keith bockmann, 1/23/2019

Pros: Make you lose hair if that's what you want.

Cons: They really truly are incompetent like others say.

They mailed my checks to the wrong address. Then after telling them AGAIN my address they said they would overnight the 5k check instead they spent 32 dollars to overnight a check for 40. They sent them to an address 4 states away! How are these people still in business? They cant even do a simple task I have to drive 1200 miles there and back to get my money because they literally cant figure out how to fix their problem.

by Micky, 12/27/2018

Pros: Low Fees

Cons: Really long telephone wait times

New Customer to Fidelity, needed to get my 2018 RMD, was told I could request it online but apparently this is not true. Every phone call takes at least 45 minutes on hold. Way to long for me I am switching to a company that cares about customer service.

by Matthew Lestina, 10/20/2018

Pros:

Cons: arrogant, disrespectful of customers

Been with Fidelity for 20 years. I got annoyed at their exhaustive list of personal questions I must answer every time I called in. As a result, they sent me a letter stating that they are closing all of my accounts, and that they reserve the right to do this for any or no reason. Caveat Emptor!

by no, 10/5/2018

Pros: none

Cons: a lot, customer service, handling your money, secure communication

Three weeks ago I decided to open a trading account and change my current broker. So, I thought it will be easy like any other online broker Ally, E-trade, etc. But actually, it wasn't. My account was locked after a day. I had to call and I did. I called more than 10 times, every time for an hour behind a line, and every time everything was set to zero. I needed to explain the past phone calls with the previous agents. I faxed the requested documents more than 8 times. They never received it while I had the confirmation of the deliveries. I finally walked into one of their branches and handed over my documents. When I called the day after to unlock my account, they told me that things are moving in the right direction (not before giving a few minutes of summary where things were left off)and I should have my account is opened soon. An hour later, I received a call and they needed another document (they could have told me all in once). I faxed it. I called them the day after (an hour behind the line) and they told me that all the documents are somehow not readable and I need to send them again. Which is insane considering the precious agent confirmed they are okay. So, this is one of most insane and stupid experience I had with any bank accounts I had open with other brokers, Forex, etc.
Stay away from them

by John R, 9/16/2018

Pros: None yet

Cons: This company cost me a lot of money, time and frustration due to their incompentance.

I have a little over 7 figures invested with Fidelity and so we have a so called Portfolio Specialist (Matthew Faubion)
who is supposed to provide advice and review our portfolio quarterly. Well it's no secret the entire market has been on fire this year and Matt has made me ALMOST 1.4%! What a useless individual and company!!
We are currently shopping for a real wealth management company as I make much more than that with my money in two on-line banks (1.8%)! I would NEVER recommend this company to anyone and warn everyone I know to protect their money and stay away from these incompetent people!!!

by fidelity sux, 7/10/2018

Pros: Ned is still alive that old bag

Cons: abby and kathy worst managers

Fidelity is a green monster of pure hell. They hire kids out of highschool to give people advice and service. They have gotten so cheap that now it takes over 30 minutes to get a hold of a so called rep in the 401k world of la la la. Once you get there, you have to go through their stupid verification after being trf'd 3 times. I do not understand why all the cheap investors invest money with them. They are such a cookie cutter outfit that does not better than the market itself. Go to Vanguard and invest in cheap funds or their etfs.

by Rachel, 3/20/2018

Pros:

Cons:

I literally get more of a return on my checking account with my bank than I do with my 401k. Which is pathetic.

by Pau, 3/13/2018

Pros: Lot of options

Cons: Bad technology, things never work, poor service

As a Fidelity active trader, there have been times where I just cannot access the market. Fidelity will publicly never acknowledge their failing for fear that people will find out the truth. You have to contact their customer support, which itself is awful, to put in trades. What, this is not the 1990s. Stay away from them.

by Dan F, 3/12/2018

Pros:

Cons:

They lost, (deleted) my retirement account, it took Fidelity 5 months to find it, then gave me an incorrect amount. I told them it was too much but they insisted and verbally guaranteed it was correct due to a law suit settlement. Since I did not want to have any more problems, I withdrew the funds. A year and a half later they contacted me and said an audit detected the amount was incorrect and they wanted most of the money back. It seemed funny when I was trying to find my account, every time I called I had to talk to a different person. When they wanted a refund from me, they gave just one person to talk to. When I mentioned that maybe I should talk with my previous employer, they told me not to contact them because Fidelity was the company's retirement account manager.

by Dave F, 2/27/2018

Pros:

Cons:

I transferred my HP 401k account to Fidelity managed funds business January 2018. I discussed a strategy for minimal risk, and answered their question of Risk Tolerance with a 3 out of 10. That did not translate into what was purchased for me in my Fidelity managed account.

50% of my portfolio was invested in funds with a Morning Star risk rating of 6 which accounted for 85% of my loss! Why ask what your risk tolerance is? This is inexcusable on Fidelity’s part considering this is the exact situation that I wanted to avoid and specifically discussed with Fidelity.

Although promised the Managed funds person would contact me, that too never happened as promised. I was charged an advisory fee for this poor customer expectation management.

I closed the account.

by George lenkowitx, 2/27/2018

Pros:

Cons:

My investment was grossly mishandled by the all aspects of fidelity management. I would not recommend this company to anyone.
They cost me severe thousands by not properly investing my managed money in a timely manner.
Plus there is always a long waiting time on phone.
Since The error was totally a management error, they refused to recognize that gross mismanagement of my funds and correct their mistake. Therefor I am pulling all my money out if the company.

by Ben Fauk U, 2/23/2018

Pros: none

Cons: wont work with you. It is your money, you would assume that would mean something.

I might quit my company just to end my relationship with Fidelity.

by Drakkor, 2/16/2018

Pros: None

Cons: Idiots

Well, My employer uses Fidelity for our 401 k at work. I had some hard times due to medical issues and medical bills where I missed some work and got behind on my mortgage. I sent them ALL the paperwork three times for a small hardship withdrawal and they never contacted me saying they needed updated paperwork. I had to log on and hunt for the reasons that they never approved it ! Their own agent is the one that told me the amount was correct and SHE decided how much to request! I sent them the warning and DEMAND letter from my mortgage company and they say the amount requested is not right! Well, why don't they just adjust the damn amount then? They are playing games with me and they better pray to God that I don't lose my house over their BS. If I do, They WILL be sorry!

by Chuck Grandmason, 2/13/2018

Pros:

Cons:

Worst customer service I’ve ever experienced.
Reps are always nice but accomplish little except providing excuses for issues.
I have a traditional IRA and a Roth IRA, there are issues every year with deposits and moving funds.
In the process of deciding which investment company to move our accounts to.

by nk, 2/12/2018

Pros:

Cons:

This company lies to you and their customer service sucks. I had a managed Traditional IRA account, and I wanted to cash out my managed Traditional IRA account and move it to a regular Traditional IRA . I called on Monday and told them I want to do this. They told me it will take one day. By Friday nothing had happened and mean while I lost $4k. On Friday they told me it be done by next Monday. Well today is next Monday and nothing has happened. All I wanted was simple transaction.

by Bill McAndrew, 2/6/2018

Pros:

Cons: Trumpian - autocratic

Long time customer -got obscure letter banning trading - cannot provide the services I require. Refuse providing a specific reason. Active Trader - Platform freezing so much - must have serious processing problems Schwab is far better- no fees re: ETF holding period.
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by Perry, 2/6/2018

Pros: None

Cons: Website is terrible. I opened an account because I wanted better that Ally. WOW was I wrong. Fidelity makes Ally look really really good.

Stay away.

by stella, 10/5/2017

Pros: Some of the reps are kind but mostly are not.

Cons: Incompetent. Some of them and especially supervisors are rude.

Regret to be their customer. Going to move to E-trade

by W A Jones, 9/29/2017

Pros: Low prices. Lots of offerings.

Cons: Lousy online customer service.

I've had accounts with Fidelity for many years. Until recently, I didn't have any issues with them. Recently, I've noticed that their online customer service is a joke. No obvious way to contact them personally, although I've emailed and telephoned them in the past. Now all I get is the opportunity to type a question to some really stupid computer that seems incapable of understanding the question . They do offer the typical FAQ's section, but its extremely limited and I didn't see where I could ask my own question.
Why call it Customer Service if actually contacting them is so difficult and there is no actual "service"?
Just for fun, I googled Vanguard. Up popped all kinds of telephone numbers. Wondering if I shouldn't have stuck with them.

by CJ Williams, 8/22/2017

Pros:

Cons:

I am a disable military retiree who recently began working with a company partnered with Fidelity Investments (to provide their insurance). I told them from the beginning that I have insurance through the military. And when a short time later they pressured me again and told me they had automatically sign me up for it, I immediately call them to tell them that I don't want it and that I am not interested. A short time later I noticed that I was having money taken out of my pay check going to Fidelity. And then when the prescription medicines I need for my disability suddenly came with a huge charge (that had NEVER been there in the past), the prescription company said that my new insurance with Fidelity didn't pay it later me the military company, and that they were forced to use them since Fidelity had gone behind my back and told the company that they were my insurance even though I told them flat out that I DIDN'T want them. Well , when I called them today to discuss this they told me that it's too late to cancel the insurance (that I said from day one that I didn't want) and that I was stuck with them until 2017 when I could unenroll at that time. And when I said what if I didn't pay for the insurance, they said I didn't have a choice and that they would just continue to take it out of my check without my permission. Again, I am already insured through my military retirement! So now I'm stuck paying every pay check for something I don't want or need and now I'm forced to shell out a lot of money for prescriptions for combat related disabilities that had been provided for free with my other insurance that now I'm either forced to pay for or just to go without. While I guess I'm stuck in this very bad situation until 2017, but if they think I'm just going to roll over and take it, then Fidelity doesn't know me! I'm going to make sure that EVERYONE I can tell is warned about this DISHONEST sneaky underhanded company (Fidelity) using every source I van find (print and social media) and word of mouth. No one who knows me would ever call me a mean spirited or petty (or even a complainer), but I think Fidelity needs to learn not to mess with U.S. combat veterans and military retirees!!!

by Low Fees wanted, 8/7/2017

Pros: 4.95 trades on the back of high fees from employer plans

Cons: High Fees for Employer Accounts, High Expense Ratios

If you have a choice, stay clear of Fidelity. They are too expensive for employer spon plans and they know, you have absolutely NO options. We are being charged for 2-accounts quarterly for 1000s of employees. And, the expense ratios for the Mutual Funds are too high for funds that do NOT compete well. Mutual fund turnover rates are extremely high as well.

They will nickel and dime your retirement portfolio.

by Ted Cummings, 7/10/2017

Pros:

Cons:

Absolutely horrid customer service. I tried to deposit IRA rollover check only to be informed that my existing Fidelity IRA account had been closed without warning and without notice apparently on the same day that my IRA check arrived.

When I called back seeking some sort of explanation, the rep read out to me all of the brand new "notes" written into my account that same day which amounted to 'do not service this client' and 'do not provide him with further information'.

Very strange and very unprofessional.

by Jeffrey Semonian, 6/25/2017

Pros: The 2 Brokers that left voicemails both lied when they gave me a deadline to send in margin monies...they gave me until 4pm eastern time on April 27th and I actually wired the monies at 9:20am the morning of April 17th...they had just liquidated my shares CANCELLED my account...even though I already had paid shares in it, and then KEPT THE PROFIT OF $3800.

Cons: tHE BROKERS ARE EXTREMELY INCONSISTENT WITH INFO THEY GIVE ME...AND THEY CLOSED MY ACCOUNT EVEN THOUGH i HAVE PAID FOR SHARES IN IT....VIOLATION OF sec AND finra.

Fidelity treated me like a piece of dirt after closing my account, which by the way is still active and I have paid shares in it with an active account number. I cannot even sign in and see the progress of my shares. They lied to me when they gave me a deadline of April 27th, by 4pm eastern and when I sent the margin monies the morning of the 27th...they had CLOSED my account when SEC and FINRA regulations and Fidelity's own rules state the worse they can do is FREEZE YOUR ACCOUNT for 90 days....so when the $8,575 I wired that morning hit the account they had just closed it AND THEY WIRED THE MONIES BACK TO ME. WHAT COMPANY SENDS YOUR MONIES BACK TO YOU? What company closes your account even though I have paid for shares in there and the account is actually active. I do not even have computer access to my account. They then stole my $3800 profit and I got a great fill on the XIV...and lost future profits of over $3,000. Sara Hogue, a very nice supervisor there said that my broker DOCUMENTED THE RECORD, that my deadline to send in margin monies was 4pm eastern the 27th. THIS IS TRULY RUTHLESS, unethical and yes, against SEC regulations. The people I wrote to said basically tough luck. One of the supervisors recently called me (and this is all recorded) asking me to "please take my business elsewhere and to liquidate the current stocks that I have") I contact many supervisors to get any email address of anyone and they all said THEY REFUSE TO GIVE OUT ANY EMAIL ADDRESSES!

by Roger Goddard, 5/31/2017

Pros: It was the "Go to site for clarity and Fidelity"

Cons: It has turned in to a Junk status operation concealing data

I have £190 K invested with Fidelity over 20+ years. I used to be able to see how much I had in a fund and if it had gone up. Now it is just a joke concealing performance data. Now all I want is to get out.
I have used Selftrade but that has now become pathetic. I might try Barclays.

by James, 5/8/2017

Pros: None

Cons: None

Tried to open an account on Sunday. Nothing but errors. Rep said tech would call today. NEVER HAPPENED. Called again today. Rep immediately blamed my computer. He then found out that there is a problem at Fidelity. At the end of the conversation he said try back in a week. How can I trust Fidelity with my life savings when the best a rep can say is Try back in a week? It's obvious they just don't care!

This is a total breakdown in leadership at Fidelity!

by Shanon, 4/18/2017

Pros: They are big on diversity and hire a lot of gay people at Tysons, VA location.

Cons: If you are not gay, they will find excuses not to help you and tell you to go on line. Take a gay friend with you who is a client and see for yourself.

The desk attendants are really sweet when tell you to go on line to find out more. They know exactly what they are not getting paid for.

by JCOHN, 3/20/2017

Pros:

Cons: POOR CUSTOMER SERVICE, POOR ORGANIZATION AND POOR ISSUE RESOLUTION

BOTH THROUGH ON-LINE AND CUSTOMER REPRESENTATIVE I WAS UNABLE TO OPEN AN ACCOUNT BECASUE THEIR THIRD PARTY VENDOR SYSTEM FAILED TO IDENTIFY THE CUSTOMER. ALTHOUGH FIDELITY HAD THE INFORMATION AND IDENTIY FOR THE LAST 20 YEARS ON ANOTHER ACCOUNT, THEY (1) BLAMED IT ON ALLEGED MISINFORMATION PROVIDED BY THE CUSTOMER, (2) INFORMATION IN THE POSSESSION OF A FIDELITY COMPANY WAS A SPERATE COMPANY AND THEREFORE THEY CANNOT USE IT. CONSUMERS DO NOT CARE TO BE THROWN UNDER THE BUS WHEN FIDELITY'S SYSTEMS DO NO OPERATE PROPERLY AND THERE IS NO EXCUSE FOR A FIDELITY COMPANY TO STATE THAT THEY ARE NOT PART OF THE SAME ORGANIZATION. A COMPLETE WASTE OF CLOSE TO AN HOUR. I HAVE DONE BUSINESS WITH MANY OF THE LARGE INVESTMENT HOUSES AND WILL NEVER DO BUSINESS WITH FIDELITY. PERHAPS THIS IS ONE OF HTE RESAONS FOR THE DRAMTIC DECLINE OF THEIR BUSINESS RESULTING IN THE RECENTLY PUBLISHED LOWER TRADE COMMISSIONS. FIDELITY FIX YOUR PROBLEMS AND YOU WON'T HAVE TO MAKE EXCUSES.

by nikhil agarwal, 3/2/2017

Pros: Easy to trade, all features

Cons: IPO is not transparent

"Hype vs Truth" - SNAPCHAT IPO. My experience at fidelity.

I had expressed my interest for the SNAP IPO (for the 6th time in 6th company) and they did not allocate me a single stock. When I contacted them to know the cause, they said they have an algorithm to select best customers with highest revenue, highest assets at fidelity. Which I didn't qualify. How can you compare assets of 29 yo individual to assets of a company or a 50 y.o. billionaire? Look at my YOY rate of return . You should qualify me based on return I generate. Why do you allow me to express interest first of all, if you think I won't qualify? It's a big scam. You are making rich more richer. At the end the representative asks me to put a limit order today - As if I am a fool, I will trade stock on first day when bear and bull both are highest and making the stock super volatile.

by IC, 1/16/2017

Pros: Good funds

Cons: Customer service is DISservice

Horrendous customer service. They made a mistake on a 401k distribution and acknowledged the error. However they are taking forever to correct it and in the mean time the problem is getting more compounded because of tax reporting and the calculation of the new years minimum mandatory distributions. I am helplessly waiting.

by Randy Smith, 12/22/2016

Pros: Well financed company with slick salesforce

Cons: Terrible website and online activity.

Too bad you have a large corner on the market. Your customer service is despicable and your IT services are even worse. Should we even mention your fund managers? Out of date and out of touch. Probably will find them on a beach somewhere laughing at their investors. Arrogant Fidelity!

by Thomas, 7/25/2016

Pros:

Cons:

I have spent 3 weeks and approximately 10 phone calls trying to transfer shares from one account to another. It is impossible to speak with the same person twice. I get letters requesting additional information, but the letter doesn't specify what information is needed. A reference number is in the letter, but when I finally get through to a live assistor, the reference number apparently means nothing to them. After considerable delays, each 'suggests' some thing I should mail or fax. They profess to not have email capability, and I don't have a fax machine. I did finally go to an office store, pay $24.50 to fax documents I had provided in the past by mail. It seems that when mailed, it is hit/miss whether the documents get associated with the correct account. By far the worst experience I've ever had with any financial institution.

by John, 6/2/2016

Pros:

Cons:

When I moved my IRA to Fidelity Investments I was told I would have a top level team of advisors to manage my IRA. Hogwash when they lost $37000 in the last quarter of 2015 - all I got from them when I called was a lot of double talk. They tried to explain that they have no control over the markets and that there are ups and downs. I did some research and found out that since my IRA was not in the quarter million dollar range my team was a bunch of 20 somethings out of college managing my $180,000 account. They were not moving with the market but trying not to lose a lot of money instead. Not once was I offered any kind of rebate on my fees for their service so I move elsewhere and are much happier with the new company. If you are thinking of using Fidelity Investments find someone else if you only have a small investment. They do not tell you the truth about who is handling your account.



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"As a full-service broker with over 15 million retail brokerage accounts and $1.5 trillion in client assets as at December 31, 2014, clients expect Fidelity to provide ample service offerings and a top-notch client experience. ...investment guidance and retirement services are two monster parts of Fidelity’s business."

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Fidelity Investments reviewed by former and current clients. Fidelity Investments customer reviews: 37. Rating: 1.