Business Profile

Mutual Funds

Fidelity Investments

This business is NOT BBB Accredited.

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Complaints

This profile includes complaints for Fidelity Investments's headquarters and its corporate-owned locations. To view all corporate locations, see

Customer Complaints Summary

1,356 total complaints in the last 3 years.
588 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. 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.

Initial Complaint
Date:09/23/2022
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
My father died in early December 2021. Part of the estate is an inherited *** of which I receive one fourth and my sisters and brother each receive one fourth. The executor began the process to distribute the inherited *** to the beneficiaries in early 2022. The executor informed the rest of the beneficiaries that Fidelity was not returning her phone calls or responding to any request for next steps in distributing the ***. Finally the executor got a hold of a representative who informed her that Fidelity required a form with a Medallion Signature in order to distribute the funds. They supplied the form and the executor was able to obtain the required Medallion. This was in May of 2022. The executor then asked for next steps in distributing the inherited *** and Fidelity stated they were unable to find the submitted medallion paperwork. This was followed by a series of back and forth until Fidelity finally admitted they had the medallion paperwork. It is now August of 2022. Fidelity again is not returning the executor's phone calls. There is no progress until September when at the executor's request I got involved. I spoke with ******************* in the *********** office and he was apparently helpful and connected me to the *** service as Fidelity had also failed to inform us that during his illness in 2021 my father had failed to take out the necessary ***. The executor is currently working with an accountant in hopes of not incurring further losses to the value of the inherited ***. Today we had followed every instruction. Set up Fidelity accounts to accept the funds. The executor attempted to make the distribution and suddenly we need an additional medallion form. The professional service provided by Fidelity to follow the wishes of their long time client my deceased father and assist their new clients, myself and my siblings has been abysmal to the point of negligent and has potentially cost us tens of thousands of dollars.
Business Response
Date: 09/28/2022
To Whom It *** ********************************* forwarded Fidelity a complaint filed under the above referenced case ID.

We contacted our client directly on September 27, 2022, and are currently working on a resolution. We consider this matter closed with the BBB.

Sincerely,

Fidelity Investments
Customer Answer
Date: 09/28/2022
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 **************************** reserve the prerogative to keep this complaint open until such time as the funds to which I am the beneficiary have been transferred to my account and I have the opportunity to review the extent of the damages that I have incurred as a result of the negligent handling by Fidelity. I find Fidelity's dealings with the executor of the estate, whom they would consider the client, to have been reprehensible but as Fidelity indicated that is a matter of resolution between the executor and Fidelity. I will keep in mind that Fidelity does not consider the beneficiaries of inherited accounts in their customer service standards. It is something that anyone considering placing funds that will ultimately be inherited should think about carefully.

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,
******

Business Response
Date: 10/03/2022
Dear Better Business Bureau:

Your organization forwarded Fidelity a complaint from *************************. We wanted to make you aware we responded to the appropriate parties via email on September 30, 2022, to address the client's complaint. We consider the matter fully reviewed and resolved.

Sincerely,

Fidelity Investments
Initial Complaint
Date:09/23/2022
Type:Product Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Fidelity Investments is holding funds from a client who requested a withdrawal for their own account. The client requested the withdrawal over six weeks ago. Three weeks ago the client, along with a rep from our office, spoke with a Fidelity agent for over an hour. There have been nine phone calls with Fidelity, and still no funds received by the client. This is a 403b account and the client is *************************.
Business Response
Date: 09/27/2022
To Whom It *** *************************************** forwarded Fidelity a complaint filed under the above referenced case ID.

We contacted our client directly on September 27, 2022, and are currently working on a resolution. We consider this matter closed with the BBB.

Sincerely,

Fidelity Investments
Customer Answer
Date: 09/27/2022
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.
Fidelity contacted our client, however, we have been told in the past that the matter would be resolved - - - and it was not! SO, until Fidelity sends the check---WITH 15% additional for loss of money due to the market turndown while she waited----it is not solved. We also wish to have written instructions from Fidelity indicating how to streamline this process to avoid the same problem next time.

FAQ

Regards,
***
Initial Complaint
Date:09/23/2022
Type:Service or Repair Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
On 5-12-22, I received this letter (copy enclosed) from Fidelity Investments.I called the same day, talked to ****, gave him the date of my father&#**;s death and he said I would be hearing from them in **** business days.By 7-13-22, I had heard nothing so I called. They informed me the account was settled on 7-6-22 and I would be hearing from them.On 7-25-22, I sent a letter and got no response.On 8-11-22, as per *****, said they need more information and don&#**;t know when I will hear from them. It has been 4 1/2 months and these people will not give me a straight answer. If they have my father&#**;s money I would like to know.Can you help me?
Business Response
Date: 09/27/2022
To Whom It *** ********************************* forwarded Fidelity a complaint filed under the above referenced case ID.

Based on the information provided, we attempted to locate an account for the individual but were unable. Please have the client contact us at ************. For the convenience of the client, we are available 24 hours a day, 7 days a week.

Sincerely,

***************************
Executive Office
Initial Complaint
Date:09/22/2022
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
My account was closed after requesting a 5 billion dollar transfer with 250k still in the account.
Business Response
Date: 09/26/2022
Dear Better Business Bureau:

Your organization forwarded Fidelity a complaint from *************************. We wanted to make you aware we emailed the client on September 23, 2022, to address the client's complaint. We consider the matter fully reviewed and resolved.

Sincerely,

Fidelity Investments
Initial Complaint
Date:09/22/2022
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
On July 9th 2018, I came home to find my fiance unresponsive. She had past addiction issues, and after she passed we found out her ex-boyfriend, ***********************, a major drug dealer from Cape Code, **. provided her with drugs that she overdosed on. This was devastating to me as we were to get married in a month, she was pregnant with our child, and I really thought she was sober. Her name is ****** *******************************, and she worked for State street bank for many years. About a year prior to her passing, she put me as the beneficiary to her 401k, since she was estranged from her family, who were partially responsible for the trauma that led to her addiction issues. She gave Fidelity my current email and phone number, they never reached out to me. 3 years later, her family wanted to get her 401k, and called me to tell me I was the beneficiary, and wanted me to sign paperwork to give them the 401k. This is after threatening my life, telling me to kill myself etc. Also, they have been well aware the whole time that I had nothing to do with her passing, and I even sent fidelity to the police reports. The family claims fidelity is speaking with them, which is in violation since they are not the beneficiaries. Over the last year, Fidelity has refused to call me back, will not communicate with me, will not tell me anything that is going on, even though I have called close to 100 times, they never call back, and make me relive the trauma of losing ****** each time. They told me my lawyers cannot reach out to them, and that I have zero recourse in this matter, which I find hard to believe, is there any oversight, or are they allowed to ignore survivors and beneficiary's? I have watched the market crash over the last year, and it sure feels like they don't want to pay out the 401k, or even think they have any responsability towards beneficiary's, I need help.
Business Response
Date: 09/27/2022
To Whom It *** ********************************* forwarded Fidelity a complaint filed under the above referenced case ID.

We contacted our client directly on September 27, 2022, and are currently working on a resolution. We consider this matter closed with the BBB.

Sincerely,

Fidelity Investments
Initial Complaint
Date:09/17/2022
Type:Product Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I had a 401k general purpose loan through fidelity I was on leave from my employer from November 2021 till September 2022 on my first paycheck back to work I received $0 due to a deduction from fidelity in the amount of 688 for a 401k general purpose loan. That loan was defaulted on and reported as a distribution to the *** which I will be paying taxes on but for some reason fidelity is still pulling all the payments from my leave up until now when that's not supposed to occur I'm looking for a refund of my $688 that was withdrawn from my paycheck, I contacted Fidelity and they informed me that the money should not have been withdrawed but they had to put a research ticket in that will take five business days to review this is my whole paycheck I cannot wait five business days for Fidelity to review if this was a mistake or not they pulled the money out right away on Friday but it's taking so much time just to tell me if I can have my money back. According to my employer Fidelity is the one who reports to them how much to take out of the paycheck and send to Fidelity so Fidelity must correct this in their computer and stop taking any future payments from my paycheck and refund the amount that was taken in error. Also according to my employer Fidelity is scheduled to take another $188 from my next paycheck which I do not want to occur for a loan that has been defaulted on and reported as a distribution and is no longer a loan.
Business Response
Date: 09/20/2022
Dear Better Business Bureau:

Your organization forwarded Fidelity a complaint filed under the above referenced case ID.

We contacted our client directly on September 20, 2022, and are currently working on a resolution. We consider this matter closed with the BBB.

Sincerely,

Fidelity Investments
Customer Answer
Date: 09/27/2022
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,
*******
Initial Complaint
Date:09/15/2022
Type:Customer Service Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I opened an account for which Fidelity offered a $50 incentive. I have completed all of the requirements and waited the 25 day period, and the incentive has not been deposited into this account. I have called the customer service line four times over the past two weeks and have been told each time to wait and the $50 will show up in the account in 1-3 days, but this does not happen. I have been on the phone for over 2 hours with 5 different people, each time having to explain the issue all over again, each time they say the issue is resolved and I will see the $50, each time I wait the period they tell me and it does not happen. Two days ago I spoke with a supervisor, *******************, who assured me that he would get it taken care of and even called me that same day to say he hadn't forgotten about it, but three days later, the $50 is not there. I believe that calling the customer service line again would be additional waste of my time, and ask that the company honor the incentive immediately as I have fulfilled the requirements. It gives me very low confidence that a company who can't resolve a simple matter like this could be capable of managing my money. Further this is related to a youth account and the company is failing at their goal "We are hoping to help your teen jumpstart their financial journey by helping them learn about money" - because all my teen is learning from this experience is about poor customer service.
Business Response
Date: 09/18/2022
Dear Better Business Bureau:

Your organization forwarded Fidelity a complaint from *****************************. We wanted to make you aware we emailed the client on September 16, 2022, to address the client's complaint. We consider the matter fully reviewed and resolved.

Sincerely,

Fidelity Investments
Customer Answer
Date: 09/19/2022
[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
Date:09/14/2022
Type:Product Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Fidelity Investments reported account ******************** to the *** in 2020 for $40,000. The *** is requesting a copy of the **** form. The form is not available in my online account. I have contacted Fidelity Investments to get the **** form from 2020. I am attempting to obtain the **** form from Fidelity Investments and have been unable to do so, resulting in me closing all of my accounts due to their constant negligence, the form was never mailed to my address. They told me that the account was closed so that I could not access the form online and that a request needed to be made and there was no other way for me to get the **** tax form even if I paid extra. I waited 2 weeks to receive a letter from Fidelity Investments, the first page stated that they received my request for the ************** account and then the next page is a **** from 2021 from Q2. The deadline for the *** is September 21 which i will miss because they are refusing to provide the tax form that they never mailed out.
Business Response
Date: 09/20/2022
To Whom It *** ********************************* forwarded Fidelity a complaint filed under the above referenced case ID.

We reached out to our client directly on September 15, 2022, and are currently working on a resolution. We consider this matter closed with the BBB. We ask the complainant to allow **** business days to receive our response.

Sincerely,

Fidelity Investments
Customer Answer
Date: 09/20/2022
[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
Date:09/09/2022
Type:Product Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
On 7/6/2022 I tried purchasing a money order to pay rent. I had $963 deposited in my Fidelity account. When the cashier processed the transaction only $670 went through of a $900 charge. I left the store without my money order. After investigating I discovered that Fidelity had placed a $670 daily spending limit on my card so I called customer service and asked that this limit be changed. I had my son help with this call because I'm disabled and my speech is sometimes unintelligible over the phone. We waited 1h:37mi (I have screenshots) on hold with Fidelity and their assurances that they were fixing the problem. After that wait the agent came back on the phone and abruptly said "She's going to have to call back to futher fix this issue. Ok?". My son asked what the problem was and I heard the agent say "She is going to have to call back when she doesn't need assistance. Thank you". He then hung up on us. After that call I received an email saying my Bill *** had been cancelled and further restrictions were placed on my account and now I have no access to money I need for rent and I now owe late fee. It makes no sense because we called them about something routine and they made a decision to restrict access to my funds arbitrarily. Whats worse is we called back 30 minutes later and they said the "back office" was busy and we would receive a call back. 3hrs later and no call. The office was closed so I'm now on hold again for the 4th time in 2 days trying to access money that belongs to me. I have never felt so discriminated against for my disability. I've had 2 major strokes and rely on assistance to handle banking affairs often and this has never happened with any other banking institution. Fidelity management should be ashamed. Imagine if I didn't have anyone to help navigate this issue, I may never be able to retrieve my funds. It is my plan to cease any business with Fidelity as soon as I'm able to regain full access to my account or funds.
Business Response
Date: 09/12/2022
To Whom It *** ********************************* forwarded Fidelity a complaint filed under the above referenced case ID.

We contacted our client directly on September 12, 2022, and are currently working on a resolution. We consider this matter closed with the BBB.

Sincerely,

Fidelity Investments
Customer Answer
Date: 09/19/2022
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.
The company, Fidelity, has not resolved my issue nor have they given me any details as to why theyre limiting access to my money which I need to pay rent/ bills.

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,
*******
Initial Complaint
Date:09/09/2022
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I called fidelity to take a hardship withdrawal. An agent called **** lied to me and said I needed to take out a loan before making the hardship withdrawal. After waiting 24 hours like instructed when I went to take out the hardship the amount was significantly less. Another agent from Fidelity told me it was because of the loan I took out and that it wasn't necessary. Numerous agents afterwards have agreed that I was given false information yet none will reverse the loan. The reason for not reversing it they say is because my employer **** won't approve the loan reversal which is another lie from Fidelity because I have called several departments in **** and spoken to countless agents that tell me it's not up to them its up to Fidelity. Fidelity issued the loan and they have the power to reverse it. I spoke to ****** in the escalation department and she says the same thing every other agent has told me. That **** doesn't approve it. When I asked her what department told her that she said she can't discuss that with me reassuring to me that it's a lie. I told her I would like to hear it from **** that they don't approve the loan reversal but she can't get that done. I would like my loan to get Reversed so I can have the original amount I had available for my hardship withdrawal. Fidelity admitted to giving misinformation and I expect for them to make it right.
Business Response
Date: 09/18/2022
Dear Better Business Bureau:

Your organization forwarded Fidelity a complaint from Lazniel *******. We wanted to make you aware we sent a letter to the client on September 15, 2022, to address the client's complaint. We consider the matter fully reviewed and resolved.

Sincerely,

Fidelity Investments
Customer Answer
Date: 09/20/2022
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,
Lazniel

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Fidelity Investments is NOT a BBB Accredited Business.