Need to file a complaint?
BBB is here to help. We'll guide you through the process.
Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
10/24/2021
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
On Oct 12, 2021, Fidelity transferred stock holdings in-kind to another investment firm. The other investment firm refused one of the stock holdings with FMV of $3895. Fidelity failed to return this holding to my account when it was rejected by the other firm. They are refusing to explain where the stock holding is and to return it to me.
Business response
10/27/2021
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from *******************************. We wanted to make you aware we spoke to the client on October 25, 2021, to address the client's complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsInitial Complaint
10/22/2021
- Complaint Type:
- Sales and Advertising Issues
- Status:
- Answered
I put in a stop loss at 14 dollars a share and for Phun and they sold it at 8 dollars a share when it was ***** a share at the time. They put it in the dark pool and picked the cash.Business response
10/25/2021
To Whom It *** ********************************* forwarded Fidelity a complaint filed under the above referenced case ID.
We contacted our client directly on October 25, 2021, and are currently working on a resolution. We consider this matter closed with the BBB.
Sincerely,
Fidelity InvestmentsCustomer response
11/09/2021
Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered.
I never got a refund.
Business response
11/10/2021
To Whom It *** ********************************* forwarded Fidelity a complaint filed under the above referenced case ID.
We contacted our client directly on November 10, 2021, and are currently working on a resolution. We consider this matter closed with the BBB.
Sincerely,
Fidelity InvestmentsInitial Complaint
10/22/2021
- Complaint Type:
- Sales and Advertising Issues
- Status:
- Answered
- I am retired and have been a loyal customer of Fidelity for over 20 years - On Oct 18th I made large stock trades on my Rollover IRA account - On Oct 19th in the midst of trade confirmations notifications, there was a ghost transaction of a bond purchase valued at $20,000 dated Oct 18th - On Oct 19th customer service said at first I made the purchase on Oct 5th, but almost immediately retracted and said the purchase was a bond auto-renewal, and later said that it could be a fraud transaction, but they will look into it - Since Fidelity shows me as retired on their profile; hold mostly fixed-income assets and rest in cash, I felt they wanted to make it a non-issue, believeing I was old and not financially savvy - On Oct 20, when I did not hear back, I called them and questioned the ridiculous fraud theory that someone would decide to commit a crime to purchase me a bond; customer service asked me to open a trade dispute; which I did immediately - Almost immediately thereafter, customer service informed me that they will provide me no proof of my purchase and maintains that my backend key strokes shows that I made the purchase - On Oct 21st I sold the bond with the help of Fidelity fixed income trade desk and incurred a $600 loss - I have maintained that I will take responsibility for the purchase if Fidelity shows me the purchase request notification from Oct 5th (no email or text was received by me for the bond purchase even though I had text/email alerts and paperless banking with Fidelity for years) - Fidelity must show bond purchase notification that was sent to me on Oct 5th OR Fidelity must reimburse me for the $600 loss from sale of the bond tied to the ghost transaction Rollover IRA account ends in: XXXXX7052 Thank youBusiness response
10/29/2021
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from ***********************. We wanted to make you aware we emailed the client on October 28, 2021, to address the client's complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsCustomer response
10/29/2021
To
The Better Business Bureau:
I did receive a secure email from Fidelity yesterday. However they repeated, that they sent emailed me a TRADE CONFIRMATION on October 18, *************************************** browsing and contemplating to buy the bond.
When I typically make a BUY order for NEW ISSUE BOND or CD with any institution, because of the normal time lag (between purchase request date and settlment date of new issue bond/cd) I get two notifications, one when the BUY order is placed, and second of the trade confirmation (on the settlement date) when the BUY order actually gets exeuted. In my case the purchase date (per Fidelity - with NO notification) is October 5th and settlement date (per the notification that I received) is October 18th.
They have not produced any proof to date that I placed the BUY ORDER for NEW ISSUE BONDS on October 5, 2021. They insists that they see my backend strokes. They have never categorically stated that my backend key strokes show that I actually submitted the BUY ORDER.
They must produce either of the following as proof that I placed the order. (a) the electronic notification that they sent me dated October 5th OR (b) The backend key strokes that I SUBMITTED the BUY ORDER.
Thank you very much again to BBB for your help regarding this matter.
Best regards,
***********************
Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered.
[You must provide details of why you are not satisfied with this resolution. If you do not enter a reason for your rejection, your complaint will be closed as Answered.]
Businesses and Customers should be civil, courteous and polite in their responses to complaints. It is important to remain professional and productive when participating in the BBB complaint process.
FAQ
Regards,Vijay
Business response
11/03/2021
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from *********************. We wanted to make you aware we emailed the client on November 2, 2021, to address the client's complaint. We consider the matter fully reviewed and resolved. We regret Vijay is unhappy with our response.
Sincerely,
Fidelity InvestmentsCustomer response
11/04/2021
Dear Better Business Bureau:
Fidelity continues to refuse to provide any proof that I placed the buy order on October 5, 2021.
They informed me that on October 5, 2021 I first placed an order for $10,000 and later canceled and changed the order to $20,000 on the same day. See excerpt below from email they sent me on October 28, 2021 through Fidelity secure communication:
"We have confirmed on October 5, 2021, an online order to purchase $10,000 face value of the referenced ****************************** Note was started at 10:16 a.m. ET. The order was then changed to $20,000 face value at 10:17 a.m. ET. and successfully placed at that time"
Also yesterday (November 3) they informed me that MY financial records is THEIR proprietary imformation hence they will not provide any information to me. This is absolutely appalling to hear from an institution like Fidelity. See Fidelity's email excerpt below:
"Please note that our firm views client records as proprietary information. As such, we respectfully decline your request for copies of internal records related to your bond purchase."
I am willing to take responsibility if Fidelity provides any ONE of the following:
1. Notification of the original buy order for $10,000 (since they state that I originally bought bond for $10,000)
2. Notification of the cancelation of the $10,000 order (since they state that I changed the original $10,000 order to $20,000)
3. Notification of buy order for $20,000
4. Back-end key strokes (of MY records) that shows any of the: buy of $10,000/cancelation of $10,000/buy of $20,000, which they claim as proof that I made the transaction.
Thank you.
Best regards,
***********************
Regards,Vijay
Initial Complaint
10/21/2021
- Complaint Type:
- Billing Issues
- Status:
- Answered
On 10/12/2021 I submitted a completed form for a direct *** Rollover from the Fidelity *** account ********* to Vanguard Fiduciary Trust FBO *************************. I initially found the form and the process confusing and contacted Fidelity two times prior to submission (Oct 11, Sep 24) and once after the submission (Oct 13) to make sure the form is completed correctly AND that the rollover will happen in the most economical and efficient manner.Not a single time the exuberant fees charged by Fidelity for execution were mentioned to me during these conversations.When I received the confirmation of transactions I was shocked to realize that Fidelity charged me $32.95 per trade, for a total of $400+ for the account that had a balance slightly below $30,000. It amounts for more than 1% of total AUM, for some positions it was close to 7% (for example, BABA position ~800 was also assessed a fee of $32.95) Almost all of positions were ETFs, that have management fees around 0.1%, trade with no commissions, and Fidelity still assessed $32.95 fees.I find these fees to be exuberant and amounting to usary, preying on the most vulnerable population - retirees. It is shocking that such fees can be charged to start with, it is more shocking that they can be charged to retirement accounts, and when the client specifically called and asked for guidance and hand holding. The Fidelity demonstrated in this communication with the customer complete negligence and dereliction of duties.When I called and asked for fees to be refunded, I was referred to the first page of the form, where in fine print , under Helpful to know, hidden somewhere in the middle the of the block text vaguely mentioning the fees as if something immaterial, which as demonstrated earlier is FALSE Please note the customer service representative from whom I requested the forms and all the paperwork needed for rollover never mentioned fees, never provided with the schedule of fees or anything of the kind.Business response
10/22/2021
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from *************************. We wanted to make you aware we emailed the client on October 22, 2021, to address the client's complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsInitial Complaint
10/21/2021
- Complaint Type:
- Order Issues
- Status:
- Answered
See uploaded document for details. In summary, Fidelity cashed my loan repayment check outside of my openly expressed instructions; by not following the verbal and written expressed instructions, they were never authorized to cash the check and apply it incorrectly. Fidelity failed to instruct me that advance loan payments were not allowed PRIOR to cashing the check Since Fidelity failed on these two accounts, I need either reimbursement so I can pay the deliquency or to have the funds applied as instructed. Thank you for your help.Business response
10/29/2021
To Whom It *** ********************************* forwarded Fidelity a complaint filed under the above referenced case ID.
We contacted our client directly on October 28, 2021, and are currently working on a resolution. We consider this matter closed with the BBB.
Sincerely,
Fidelity InvestmentsCustomer response
10/29/2021
Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered.
[You must provide details of why you are not satisfied with this resolution. If you do not enter a reason for your rejection, your complaint will be closed as Answered.]
Businesses and Customers should be civil, courteous and polite in their responses to complaints. It is important to remain professional and productive when participating in the BBB complaint process.
FAQ
Regards,******
Obviously, they have not resolved the issue. Cannot close until a final resolution has been completed. I have no idea of the outcome, so I cannot accept conclusion of this complaint.
****** Rugino
Initial Complaint
10/21/2021
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
I ended my employment with **** of America end of June 2021. I received a letter from Fidelity for a mandatory cash out from my pension due to it being under $5,000. I contacted fidelity customer service mid July 2021 and provided all necessary information to make this happen. I was told 6 weeks. 6 weeks came and went and I called again and got the run around and told to wait. Waited again and nothing ever came. I have called this company over ten times after THEY INITIATED THIS PAYOUT and nothing has been done. I am always told oh its processing, it shouldnt be too much longer, we cant tell you why its taking so long. Its been over 3 months. I need this money disbursed as it was supposed to be months ago.Business response
10/28/2021
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from ***********************. We wanted to make you aware we spoke to the client on October 26, 2021, to address the client's complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsCustomer response
10/28/2021
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Better Business Bureau:
I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #********. I understand that by choosing to accept the business response that my complaint will be closed as resolved.
Regards,
***********************Initial Complaint
10/20/2021
- Complaint Type:
- Billing Issues
- Status:
- Answered
FIDELITY INVESTMENTS denied access to my account for 6 weeks. I was speaking to a tech 9/17/2021 90 minutes later my password was changed on internal Fidelity device. As the website says let Fidelity know if a breach in security has occurred. This is not self directed this is Fidelity directed, I am an active trader and my account has been blocked when someone on Fidelity's end changed my password ********************* *********** I bought new devices, cleaned all my old devices, changed password, user name, added app VIP access.. I flew back to the States entered a branch with my ID and account #s Fidelity Fraud immediately opened my account only to block access 72 hours later. I sold my assets liquidated my account 10/18 funds settled today. Now Fidelity needs to investigate Fraud again just give me my money! DBusiness response
10/25/2021
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from *************************. We wanted to make you aware we sent an email on October 25, 2021, to address the client's complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsInitial Complaint
10/18/2021
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
The date of transactions was 06/23/20021 for $90.80 for a spoof company that isn't a real company and ** has no knowledge of them. the company is claiming to be called ** Premium Care asurion service plan. I ended up needing to use it and the number I called said they didn't have any record of me in their system and they will call me back in ***** hours. In under 1-2 minutes they called me back saying they found me but needed to update my information. I found that suspicious and called ** support. The agent told me they get calls about this all the time and they are not a warranty company for **. I was given temporary credit after talking to bnymellon and weeks later the temporary payment was taken back. *********************** which will not return my phone calls claims a letter was sent out on 7/22/21 which isn't true because I can track all incoming mail by photocopy. I have left voicemail after voicemail she will not return my calls. I will be switching to another competitor.Business response
10/21/2021
RE: BBB Case ID # ******** from *********************************
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from *********************************. We wanted to make you aware we contacted the client via email on October 21, 2021, to address the client's complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsInitial Complaint
10/18/2021
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I deposited a check from US AUTO finance for $2428.00 m. My account was closed and funds are being held. Ive spent several weeks waiting and sending in ALL requested documents in for them to release my funds. I spoke with a manager name ***** today who advised me that I would need to mail these documents in because they were not allowed to be faxed in when initially I was told I could fax them and I was provided with their fax number to do so. ***** stated that if I did not send these documents by mail that nothing further will happen with my account and they will not return funds to check maker so that they can reissue check. I am demanding my funds be released to me as I have provided all requested documentation.I am in financial hardship due to COVID and have past due bills with disconnect notices. I have also attached the original settlement offer and the updated settlement offer along with the other documents that they requested as well as proof of address.Business response
10/20/2021
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from ***********************. We wanted to make you aware we emailed the client on October 19, 2021, to address the client's complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsBusiness response
10/21/2021
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from ***********************. We wanted to make you aware we emailed the client on October 19, 2021, to address the client's complaint. We consider the matter fully reviewed and resolved. We regret ************** is unhappy with our response.
Sincerely,
Fidelity InvestmentsCustomer response
10/21/2021
Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered.
This complaint has not been resolved because I have not received my phones from Fidelity it is not my responsibility to seek out the check writer for a signature guarantee of instruction from my understanding it is Fidelitys responsibility to validate the check with a check maker in their bank I have reached out to the finance company and requested the signature letter of guarantee with no response at this point Fidelity is just holding on to my money they wont reach out to ***** Fargo to verify the check and they will not reach out to the check maker to verify the check they are putting that responsibility on me and legally I dont think that is my responsibility I am requesting my phone is being released from this account and you will be getting out at $2428
Businesses and Customers should be civil, courteous and polite in their responses to complaints. It is important to remain professional and productive when participating in the BBB complaint process.
FAQ
Regards,Chavon
Initial Complaint
10/15/2021
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
I am tired of dealing with Fidelity. I get told one thing from one financial adviser, and get told another by someone else. I am told I had a dividend for the reason I lost over **** and was accused of reinvesting when I did not do so. So someone there did it on my behalf and fleeced me out of **** bucks. Also, they are not clear with you when you move from one fund to the next, and they penalize you for doing so then turn around and blame it on the market for why you lost your gains and also blame it on a dividend for why they STEAL money from your gains by reinvesting it without asking you first or explaining what dividends are and why they occur and why moving from one fund to another can cause you to lose THOUSANDS of your gains. This company is a scam and a fraud. THEY OWE ME MONEY and I will keep filing complains and also contact a lawyer until this company puts that **** bucks BACK into my balanced account and they hire COMPETENT and HONEST employees.Business response
10/20/2021
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from **********************************. We wanted to make you aware we emailed the client on October 19, 2021, to address the client's complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsCustomer response
10/22/2021
They never emailed me, however, I spoke with an investor over the phone and through chat and got a better understanding of what happened and considered it resolved. They do, however, do need to provide clients with some more knowledgeable staff. So people aren't being told 3 different things by different people. If I would have known I could lose gains by moving my fund to another I would have waited to do so. their advisors know this and they said nothing. Just, in the future, I recommend Fidelity alerts and teaches their advisory team of this so clients are not losing money in the process. They need to be better trained in ALL things regarding these mutual funds so when they are being approached and asked about things, ALL of their advisors know what to do and how to prepare their clients much more efficiently, especially when they are dealing with new clients who are new to investing and are not familiar with it all. They are in charge of peoples money, and having the knowledge is important so they do not risk losing the trust of their existing and future clients.
Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.