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Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
07/17/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
Fidelity has hijacked my account and stolen my balance of $85,699.83 and I just want my balance transferred to my bank. For months they have gaslit and lied to me and have left me with no options. On 4/15/24 I bought the stock MNDR. Then out of nowhere on 4/17/24 I couldnt log in and got the message your account has been blocked for security reasons, call Fidelity so we can help. I called and was told call during business hours and theyll fix it. I was given a bunch of I dont knows for a week, and on 4/19/24 the stock shot up and my account had profited over $175,000 and I kept calling begging for my stocks to be sold and they said they couldnt because they dont have access. It was finally sold the next week and I was told several times my account had a total balance of $85,699.83. I was told call back on May 2 because the back office was investigating and closed my account with no chance of being reopened. I called back May 2 and was told nothing had changed and they cant tell me anything else for security reasons.Over the following months I made over 40 calls and was given a million different answers about what to do, and was treated extremely rudely by customer service on most calls. Half the time I was told transfer to another broker, other times I need to talk to *************** and when I ask to talk to them Im put on hold for over an hour and told the customer service rep talked to them for me and my accounts closed and cant be reopened then hung up on.In June I was told they are still investigating, I wont be given updates on the investigation nor told when its done. To this day I have recieved NOTHING in writing except emails saying my account statements are ready and then given a link I cant log into. Then after a branch visit I was told the investigation found the profits were fraudulent and Fidelity is keeping them. People need to know Fidelity are thieves that will block and then steal your account, and need to be investigated
Business response
07/23/2024
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from *************************. We wanted to make you aware we sent an email to the client on July 23, 2024, to address the client's complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsInitial Complaint
07/17/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
I am facing an issue with my *** account due to incorrect advice from a Fidelity financial adviser at the Burlingame, CA branch. Their guidance led me to incur over $3,000 in unexpected taxes. When I reported the issue to the branch, they put me on hold for four months and eventually stated they could do nothing to assist.The Fidelity adviser contacted me multiple times, urging me to close my previous company's 401(k) account and transfer it to an ***. They assured me that this would not result in any tax liabilities. I confirmed this with them several times, explicitly mentioning that I had done both backdoor and megabackdoor contributions. They consistently reassured me that their advice was sound and that I need not worry about any tax events.However, in April, I had to pay over $3,000 in taxes due to this transfer. Upon contacting the branch to address the problem, I was repeatedly put on hold and eventually informed that, despite their investigation, they could do nothing to rectify my loss. This outcome is both unfair and unacceptable.The financial adviser's unprofessional advice has caused me significant financial harm. They moved my money to achieve their goals, yet I suffered a substantial loss. This situation needs to be addressed by Fidelity immediately. I expect a thorough review of my case and appropriate compensation for the losses incurred due to the advisers incorrect advice.Business response
07/22/2024
To Whom It *** *************************************** forwarded Fidelity a complaint filed under the above-referenced case ID.
We contacted our client directly on July 18, and are currently working on a resolution. We consider this matter closed with the BBB.
Sincerely,
Fidelity InvestmentsInitial Complaint
07/17/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
My account with ********************** was blocked after I tried to do a wire transfer as the bank told me I was able to now Im being told I cant use my account I have to wait 10 days to see if I can use my accountBusiness response
07/18/2024
To Whom It *** ********************************* forwarded Fidelity a complaint filed under the above-referenced case ID.
We wanted to make you aware we emailed ******************** on July 17, 2024, to address his complaint. We consider this matter closed with the BBB.
Sincerely,
Fidelity InvestmentsInitial Complaint
07/17/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
401k was taking itBusiness response
07/18/2024
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from *********************************. We wanted to make you aware we emailed the client on July 18, 2024, to address the client's complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsInitial Complaint
07/15/2024
- Complaint Type:
- Sales and Advertising Issues
- Status:
- Answered
I was on the phone after hours asking why a trade didnt go through to sell BITX.They said it was after hours on a holiday the week of July 4th and markets where actually closed, and would not go through and would cancel. I decided after thinking more about it, I didnt want to execute the trade due to factors I just realized concerning that stock, and would let it auto-cancel. (NOT sell it)I also was having trouble figuring out how to check order status/cancel orders which is why I chatted with Fidelity.But I didnt need to cancel it, since the rep said it would cancel. So, I did let it auto-cancel.The next week on the first trading day of that week Monday, it sold automatically for $26.79, which was much less than the price that was listed originally when I had put a sell order in.The representative made a mistake.Not only did it sell without my permission due to the error, but it sold days later for a lot less. I have multiple accts at different ***********************, but signed in to this one on July 15th, and saw money available, and bought another security, not realizing about the other security was sold.Then I looked at history & realized that BITX was sold by an error by the representative, against my wishes, & on a day several days later at a lower price.I am wondering also, if this is some method of manipulation of peoples money in order to profit at Fidelity at the customer expense. I hope it was oversight that can be corrected. I contacted Fidelity and made a request to have trades reversed, but not done.The reason for the sale of the security of BITX at the time it was executed due to a mistake in what the rep told me, that it would auto-cancel when indeed did not. Id like this reversed and the original shares put back that were there previous to the error. It was sold and done so, at an even lower price which was not approved by me.This was not my mistake, it was Fidelity's mistake for auto-selling on a subsequent day.They need to fix this!Business response
07/22/2024
To Whom It *** ********************************* forwarded Fidelity a complaint from *******************. We wanted to make you aware we emailed the client on July 17, 2024, to address the client's complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsInitial Complaint
07/14/2024
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
I have non-prototype 401K account with ********************** for my employees. I am trying to add profit sharing account and Cash balance account since last 2 months. They have been taking so long. I have sent all the documents to them and last interaction was 6/25/2024. After that no message from Fidelity. I have called atleast 5-6 times with last 2 calls have been with the managers who promised me that they will have ****** get in touch with me. ****** is the case manager but I have not had a chance to talk to her yet. Prior to her I have communicated with ****** through the messages. She was then removed from my account and ****** was assigned. They keep telling me that she works till 8.30 pm but I have called before 8.30 and could not talk to her. They all have promised me to get back next day but I never get any message, email or calls from them. Fidelity has been like this most of the times specially during the tax season. Now it is not tax season and still I have getting no response from them. I need to complete paper work soon as this is for 2023 and there is not much time left.Business response
07/18/2024
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from ***************************. We wanted to make you aware that we contacted the client on July 17, 2024, to address the client's complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsInitial Complaint
07/12/2024
- Complaint Type:
- Product Issues
- Status:
- Answered
Per the phone app.7/9/24 - I requested a withdrawal from a 401k 7/9/24 - I uploaded the required paperwork 7/10/24 - Fidelity Approved Paperwork 7/12/24 - Pending - Process and Prepare payment states 1-2 bus days 7/12/24 - Not Started - Payment is typically made 24 hr after approval. Per Status - Delivery Method: Direct Deposit USAA FED ************** Receive by July 12, 2024 I called and spoke with representative ****. He was not able to initially see why the deposit has not happened yet, followed along and said he's not sure why it hasn't processed yet; placed me on hold. Upon his return, he advised the deposit would be Monday 7/15/24 do to the submission of the initial paperwork. I advised this does not make sense as the deposit is scheduled from the approval and not the application period. I requested an escalation in which I was placed on hold again. When he returned, same result, and no escalation.Normally I would have no complaint, however, due to some unforeseen circumstances, I have had to make hardship withdrawals, and both of the last 2 have had issues. The previous, Fidelity sent me a check, then their bank ***** Fargo did not approve the check causing another week+ delay. Since there are now 2 consecutive issues, the process needs to reviewed.Business response
07/22/2024
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from *********************. We wanted to make you aware we sent the client a letter on July 18, 2024, to address his complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsInitial Complaint
07/11/2024
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
I am writing to express my deep dissatisfaction with the service I have received from Fidelity Investments regarding the recent restrictions placed on my 401k rollover. Despite my numerous attempts to resolve the issue, I have encountered significant obstacles and a lack of assistance from your team.On 7/3/2024, I initiated the process to activate my rollover account. To my dismay, I was informed that technical difficulties prevented me from accessing my funds. As a solution, I was required to complete a 6-page document that requested sensitive information, including my Social Security Number, address, and date of birth. I was then instructed to either mail or email the form.Given the sensitive nature of the information required, I found this process highly concerning. Additionally, my attempts to escalate my concerns and seek alternative solutions were disregarded. Despite my urgent need to access my funds, Fidelity has made no meaningful effort to assist me during this challenging time.I am extremely disappointed with the lack of support and the bureaucratic hurdles I have faced. When struggling individuals need financial resources; financial institutions must provide efficient and compassionate assistance. Unfortunately, my experience with Fidelity has been the opposite.I kindly request that this matter be addressed urgently. I expect a prompt resolution that allows me to access my funds without further delay or unnecessary complications. Furthermore, I urge Fidelity Investments to review and improve its customer service practices to ensure that other customers do not face similar issues in the future.Business response
07/15/2024
To Whom It *** *************************************** forwarded Fidelity a complaint filed Case ID # ******** for *************************.
We contacted our client directly on July 12, 2024, and are currently working on a resolution. We consider this matter closed with the BBB.
Sincerely,
Fidelity InvestmentsInitial Complaint
07/10/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
Fidelity locked my account and now will not unlock it.They say its under review but no timeline or even allow someone with knowledge of situation speak to me Need to acess my money and still get its under review, requested to close account and was told no.No contact at all from Fidelity. *******Business response
07/15/2024
Dear Better Business Bureau:
Your organization forwarded Fidelity a complaint from *****************************. We wanted to make you aware we spoke with ****************** on July 14, 2023, to address the client's complaint. We consider the matter fully reviewed and resolved.
Sincerely,
Fidelity InvestmentsInitial Complaint
07/10/2024
- Complaint Type:
- Product Issues
- Status:
- Answered
Fidelity Investments has blocked my account for reasons of fraud. Explained to them all withdrawals were made by the account holder, the amount of money and the timing of the withdrawal were all controlled by me. Which should satisfy the fraud concern. It did not, they insisted I tell them the details of why I withdrew larger than normal sums and what was I using the money for. This line of questing by anyone is out of bounds and my answer was that is my business and not your. To no avail, they insisted I tell them why I was withdrawing and what I was using the money for. I became very incensed as this line of questions as that is harassing and an invasion of privacy and kept repeating that is a private matter that is none of your business!! This line of questioning quickly became the only thing they were looking for in their search for the fraud. I did become hostile, quite clearly, as I refused to answer their outrageous question, that no one should ask, how am I using my money that I withdrew? I was told by a gentleman very clearly and loudly that I will not remove the block on your account with that he hung up. Tuesday July 9, I called back to find out the name of the department, which is called At Risk and to speak to the manager of that department and was refused as they would not speak to me again. I reached out to several executives of Fidelity via email to see if they would provide some form of relief. Only one replied giving me marketing hype of how Fidelity is customer focused, etc and that I refused to cooperate. Translated, that means I refused to divulge my personal information to strangers posing as my investment firm. This fake "fraud" needs to be resolved ASAP as my patience has run out. Already speaking to 2 attorneys about a civil action against Fidelity Investments.Business response
07/15/2024
To Whom It *** *************************************** forwarded Fidelity a complaint filed under the above referenced case ID.
We contacted our client directly on July 11, 2024, and are currently working on a resolution. We consider this matter closed with the BBB.
Sincerely,
Fidelity Investments
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