Fidelity

I've had 2 problems with Fidelity. The first was the result of someone else's check applied to my account. According to Fidelity their signature went over the account number resulting in a misreading of the correct account number. After the second time I asked how we correct this problem and their only suggestion was to change my account numbers so I had to update everywhere that I had auto payments, new cards, etc. When I asked if they could simply contact the person, they told me they could not do that. I pointed out that I had their name, address, phone number, account number and routing number courtesy of the image on my account. I had to contact them myself and it has not happened since.
The second incident involved a fraudulent charge from Western Union. I contacted Fidelity within 1 hour of the charge and was told they would investigate. I asked them to block the charge and was told they would investigate. I receive a call from a 3rd party a few days later who's simply asked questions to try to verify that it was my fault. Somehow it takes days or weeks for a check to clear, but 1 hour and its gone. I received a letter telling me that it was a valid charge which implies I made the charge and was lying. I had to tie up my accounts for months. I am in the process of moving my money out of Fidelity. Disgraceful treatment of a 20 plus year customer.

I called Fidelity to find out why we did not receive a form 5498 for my wife's Ira account for FY 2022, as my accountant required it, to complete our 2022 taxes. Madison not only didn't have a clue, she put me on hold 7 times in over a 60 minute conversation, to find out zero info and what to do.
After the 1 1/2 hour conversation of telling me I couldn't speak on my wife behalf, after insisting to speak to her to approve my speaking, she still had no clue how to help us. I then extremely frustrated, went to go back on line and try to locate the form. I was unable to log on as Madison had locked the account out. You can only imagine how upset I was and called Fidelity back.
They refused to unlock my wife's account and stated they would review it in 72 hours. This is tax season and I can't afford this lack of cooperation. The representive clearly did this out of spite and I will not tolerate it. Their employees lack knowledge and are very rude. Why would anyone trust their retirement funds with them.
My wife has a modest IRA account with Fidelity, but I have my whole 401K with them. I will be contacting my account manager on Monday, explaining my frustration, closing both accounts and moving our investments elsewhere.

If you have an account with Fidelity already it is extremely difficult to set up the trading app. Once you install the app and go through a verification process it links the app to your Fidelity account by default. If there is any information lacking ie: updated phone number, things go off the rails. The app instructs you to call Fidelity. In my case I assumed I would simply give them my number and then I would be able to move forward in the app. The rep asked me a host of questions; Fidelity account #, ss#, username, parent company that opened my account, and the year the account was opened. I didn't know the last two so I could not be verified and thus they weren't interested in my phone number. I tried calling again to speak with someone else and encountered the same problem. The rep didn't know if the app was available to non-Fidelity account holders so I requested to speak with a manager. After 20 minutes of back and fourth the outcome was pretty much the same and I was right back where I started. I explained to the manager that if I didn't have an IRA with Fidelity it would be a lot easier because I wouldn't need to go through such an extensive process. I just wanted to open an account and start trading like every other platform I have used. I uninstalled the app and I am currently waiting for them to send me a form so that I can transfer my IRA to a more competent broker. Do not waste your time with the app nor the company. What a ridiculous disappointment from incompetent people.

In the course of attempting to transfer assets from my account to another person's Fidelity account, Fidelity loaned me $250k at 8. Xx% interest via a margin debt, without contacting me for approval beforehand. The cash proceeds of this unauthorized margin loan were then transferred to the other person's account. Note that Fidelity was clearly instructed to do an asset transfer, NOT a cash transfer. Fidelity created the cash in my account via the unauthorized margin debt loan. I never authorized a cash transfer because 1) I did not have $250k in cash available (at least before the unauthorized margin debt loan) and 2) the receiver of the $250k of assets were the one's to pay the taxes on the transferred assets when the receiver decided to liquidate the assets. In the process of undoing/correcting this unauthorized transaction, Fidelity then balked at my re-done Letter of Instruction(LOI) because I only specified the dollar amount of each fund to be transferred, not the share price of each fund to be transferred. After ranting with the Fidelity rep., they told me that they would process the LOI as written. I am waiting to see if they are true to their word. My question for myself is why the hell am I with Fidelity after all of this?

Generally, very dissatisfied! I allowed Fidelity to manage my IRA for a little over a year with a little over $1M. At the time, I was only months a way from retirement in August 2022. From the 52 week high on the account, they lost over $100k in four months, averaging about $7,400.00 per week. I continued to plead for them to reduce my risk but their actions were slow and their inept staff of CFPs continually resisted changes in allocation of stocks to bonds using simplistic analogies like the stock market is like a roller coaster. My issue with them is they are adverse to making changes and adapting to market and economic conditions. They pigeon hole you into a set portfolio along with thousands of others regardless of individual specifics. They push diversification and a long approach only using a mix of stocks and bonds, never even considering other valuable levers of investing. They hire people with no education in accounting, investing etc. I had a biology major and a political science major resisting my pleas for reduced risk. These inept minions work under the direction of managers who are simply acting in the best interest of Fidelity. To say they have fiduciary accountability to the customer is a farce! I am a 40yr plus customer of Fidelity and have tried letting them manage my money on two occasions over that time, the first experience was mediocre at best and the second time was an absolute disaster! Worst financial decision in my life!

This company was taking money out of my pay biweekly and it wasnt showing up on my paystub, they had this done without my consent, i did not get any information about this 401 k for almost a year and just a month ago i just started seeing where fidelity was taking out automatic, from my pay and refusing to return the money that they stole from me, when you take anything from a person with out their knowing is consider stealing, it wasnt until a month ago that i starting seeing where they was secretly taking from my pay for a year and i never got any information from them until today, now they are saying well since they has been taking out since jan 2021 that they cannot give me the money back, i never knew they was taking the money, they said well you have to wait till you leave your job. Stay away from these people, they are gathering up all your saving and they are in control of your money, they say when you can have you money. And once it come time for your retirement you will be sharing your saving with them, you will not get the full balance, do you think they are gonna match your money and get nothing, well good luck, i dont need help saving for retirement i dont like 401k because no one will tell me when i can get my money and how much, i no how to save with out the help of a dishonest company such as fidelity or any other company, my money stays with me.

The whole internet is a scam just like these brokers...they don't want to help you and you do not make any money. It's all lies

Not impressed at all. They don't educate their clients. They use sales pitches and half truths. I closed my account.