What, I can't rate them a zero?
Written: Jun 04 '02
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Pros: One-stop shopping, comprehensive online account view
Cons: error-prone processes, abysmal service recovery, general lack of customer concern
The Bottom Line: Save yourself a LOT of pain and do not try to switch or consolidate accounts to Fidelity.
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| anydave's Full Review: Fidelity Investments |
Executive summary: Save yourself a LOT of pain and do not try to switch or consolidate accounts to Fidelity. Regardless of asset balances, they simply do not seem to want your money. Service recovery is non-existent even when you get into their "Premium Service" organization. While at some times they will exhibit a level of sympathy, at no time will a Fidelity rep - either on the phone or in the branch - assume ownership of the problem. I have concluded that contrary to my expectations, branch management must have no element of their compensation based on assets under management.
I will try to make a VERY long and painful story somewhat briefer. I have two 401K accounts at Fidelity and was satisfied with the service received including online account access, etc. For various historical reasons, we have several accounts at other institutions. I decided that it would be beneficial to consolidate a number of those accounts (5) to Fidelity. Following is a synopsis of errors.
First problem: First account to transfer was a Schwab One account serving as my primary household account. Partial transfer requested into new Fidelity account. First indication of problem - stack of NSF notifications from Schwab. Reason for problem - Fidelity miscodes transfer request as full account transfer. After NUMEROUS conversations with Fidelity and Schwab TOA agents, Fidelity transfers cash back to Schwab account.
Second problem - Where's my free Gold AMEX? Long story short, it took numerous conversations with Fidelity to find a rep who knew that there must be $5000 in that particular account to begin processing the AMEX app. Original rep had said that they count total assets, which given my 401K balances should not have been a problem. Six weeks after the account was opened I get the AMEX.
Third problem - Um, where's the AMEX for my other account? Fidelity - we forgot to process it. Two months to get that one.
Fourth problem - Six weeks to transfer money from Smith Barney. Until two days after the projected date, I was told that it would be 4 weeks. When I called them (for the third time) on this transfer, they said it would eb an additional 4 weeks as they had miscoded the transfer instructions. The branch manager called and resolved the transfer in under a week.
Fifth problem - The one that results in me moving all monies possible (I have to keep the 401Ks there) away from Fidelity. Two weeks ago, I find my AMEX frozen despite ample balance. After NUMEROUS phone calls and branch visits - totaling over 6 hours - and numerous mis-explanations by Fidelity, we find that though the AMEX purchases have been showing on my monthly statements, Fidelity has not, in fact, been honoring AMEX's monthly draft - again despite ample funds in my accounts. Fidelity's first explanation (after the two reps that told me they had no clue) was that when I made a $10,000 deposit, they frose the $9,000 of margin that was available. Morons. The next explanation - which they actually gave me in writing - was that Fidelity had no obligation to cover drafts from margin. MORONS. That is, of course, one of the whole points of the Fidelity Ultra account. This letter, BTW, came from the manager of their Prium Service department. After recieving that letter, I got a different Premium Service rep who took a mere 10 minutes to fully understand the problem, tell me that the other Fidelity folks were misinformed, and take ownerrship.
Yet, as of today, two weeks later, I have had NO explanation from Fidelity as to why they didn't pay the drafts as presented. They have yet to admit error, but after a week of arguing did agree to send a check to AMEX. After much more discussion they agreed, and ultimately did, wire transfer funds to AMEX. Oh, of course, I had to call AMEX and get the wire transfer instructions for them.
I can't move my money fast enough and I would suggest that others learn from my pain and find an alternate place to open or consolidate accounts.
Recommended:
No
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Epinions.com ID:
anydave
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Reviews written: 1
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