Fidelity Investments: What's Going Wrong And How To Fix It?

Fidelity Investments is a company that has been in business for 78 years. They offer investment services, including mutual funds and index trackers (ETFs), and have recently added a cash management account (CMA) service. However, there have been several complaints from customers about issues with the company's services. These include problems with deposits, transfers, and withdrawals, as well as unexpected account closures and restrictions. There have also been reports of technical issues with the website and mobile app, and concerns about the company's response to fraud, including implementing long holds on deposits. While Fidelity has responded to some complaints, many customers remain dissatisfied with the resolutions.

Technical issues and outages

Fidelity users have reported a range of technical issues and outages, which have caused frustration and financial stress for customers. One of the most commonly reported problems is difficulty accessing their accounts, with some users reporting being locked out of their accounts without explanation. In some cases, this has resulted in significant financial hardship, such as being unable to pay bills or purchase a car. Other issues include delays in depositing and transferring funds, problems with the website and mobile app, and difficulties with viewing or printing Adobe PDF forms.

Fidelity has acknowledged some of these issues and has advised customers to try accessing the website using incognito mode or an alternative browser. They have also suggested trying a full refresh of the site or clearing the browser's cache to resolve problems with images not displaying correctly. In addition, they recommend using the latest versions of specific web browsers for optimal compatibility and security.

However, users have expressed dissatisfaction with Fidelity's response to these technical issues, reporting long wait times for customer support and a lack of transparency and communication. Some customers have even threatened to move their investments to another financial institution due to the inconvenience and stress caused by these technical problems.

It is important to note that investing involves risk, and customers should be aware that the value of their investments may fluctuate. While technical issues can be frustrating, it is always a good idea to remember that a range of factors can impact the performance of investments.

Fraud and security issues

Fidelity Investments has been accused of implementing new policies without notifying customers, such as holding funds for 16 days before allowing transfers or withdrawals. This has caused significant inconvenience and financial hardship for customers, who suspect financial troubles within the company.

There have also been reports of unauthorised transactions and account closures without prior notice or explanation. In one instance, a customer reported that their account was closed after depositing a settlement check, causing delays in a car purchase and creating an unnecessary financial burden. Another customer reported that their account was restricted without a clear reason, and despite assurances from Fidelity that the issue would be resolved, it persisted for several months.

Fidelity has also been criticised for its handling of fraud and security issues. In one case, a customer reported that their account was compromised, with two fraudulent online transfers initiated. Despite notifying Fidelity immediately, the transactions were not stopped, resulting in significant financial loss. The company also refused to cooperate with law enforcement without a subpoena, further complicating the matter.

In addition to these issues, there have been reports of technical problems with the Fidelity website and mobile app, including difficulties logging in and accessing certain features. These issues have caused frustration and anxiety for customers, especially when coupled with lengthy hold times and unhelpful customer support.

While it is important to note that not all complaints may be representative of the majority of customers' experiences, the volume and consistency of these issues suggest that Fidelity Investments needs to address these concerns to maintain the trust and satisfaction of its clients.

Poor customer service

One issue that has been widely reported is unexpected holds placed on customer deposits, with some users reporting that their funds were held for up to 16 days. In some cases, customers were not informed of these holds before making their deposits, resulting in frustration and financial hardship. This appears to be due to an increase in fraud and a new company-wide policy regarding fraud prevention. However, customers have complained that this policy was not properly communicated, and that they were not given adequate explanations for the holds on their funds.

In addition, there have been reports of technical issues with the Fidelity website and mobile app, including problems with logging in and accessing certain features. These issues have caused further frustration for customers, who have been unable to access their accounts or make necessary transactions.

Fidelity has also been criticised for a lack of transparency and poor communication regarding account restrictions and closures. In some cases, customers have had their accounts restricted or closed without any prior notice or explanation, leading to significant financial hardship and stress. When customers have attempted to resolve these issues, they have often been met with unhelpful or unresponsive customer support.

Overall, while Fidelity has addressed some of these issues, many customers remain dissatisfied with the company's responses and lack of transparency. The poor customer service and communication from Fidelity have led to a loss of trust and prompted some customers to consider moving their investments to other financial institutions.

Delays in funds availability

Fidelity has attributed these delays to increased security measures and fraud prevention efforts. In some cases, the company has implemented a 16-business-day clearing time for transfers initiated from banks through the Fidelity website. While this has likely impacted a wide range of customers, it is important to note that not all transfers are subject to the same delay. The time it takes for a transfer to be completed can vary depending on the amount of money being transferred, the method used, and other factors.

For example, electronic funds transfers (EFTs) through the Fidelity website or mobile app go through a processing and hold period before the funds are available in the account. During the hold period, customers can use the transferred money for trading up to $25,000 on the day of the deposit if submitted before 4 pm ET on a business day. However, they cannot withdraw or transfer funds to other accounts. The hold period is a temporary measure put in place by Fidelity to reduce the risk of fraud.

While some users have expressed understanding of the need for enhanced security, others have been frustrated by the unexpected delays and the lack of clear communication from Fidelity. It is important for customers to be aware of potential processing and hold times when planning their financial transactions to ensure they have access to their funds when needed.

Issues with third-party browser plugins

Fidelity Investments is currently facing issues with third-party browser plugins, which are causing problems with access to the website. This has resulted in an error message being displayed to users, who are advised to run their browser in incognito mode or use an alternative browser while the issue is being resolved.

The specific reference error code is "18.6dc83017.1735450244.a9e7fd04". If users continue to encounter this error, they are advised to contact customer support and provide this reference number.

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