Initiated a rollover to Fidelity in September at the same time called and changed my account to my new married name. Asked Fidelity if they needed to wait to change name until rollover checked arrived, guaranteed multiple times the name change will not be a problem and go ahead and proceed. Former company mailed first check 11/6, Fidelity lost. Mailed 2nd check 11/30, Fidelity said they could not accept because no SSN or file number, requested 3rd check on 12/6. I received a call from former company on 12/11 that they could not issue a third check as the second check was cashed by Fidelity on 12/5. I called Fidelity every day and talked to multiple employees (all whose names I have with employee numbers), including 4 supervisors and the treasury dept twice. I asked numerous times if my name change could be the problem. No one could find my check. I eventually had the front and back copy of check they cashed faxed 12/11 to Fidelity. I logged over 35 hours on the phone and every day I was promised that money would be found in 24 hours. No one ever called me back and they even began blaming me and the former company I worked for. After weeks and weeks and calling the State Attorney General's office and calling the police department, I finally received a call from Fidelity saying they didn't know what the problem was and that the money had been in my account all along (like I was stupid). I logged on and said no, the money is not in my account. Come to find out they had put my money in an account with an employer that I had not worked for in 7 years. That account had a zero balance, no activity in 7 years and should have been closed when THEY rolled my money out of the account to another fidelity account 7 years prior. And to make matters worse, they spent all of my $30,000 on funds without my permission, that I had not picked. I lost $1000 from the time they had the first check until the time they spent my money without my permission on the fund I had planned to buy. I reported them to the better business bureau and after months this was their response:
On behalf of Fidelity Brokerage Services, I am responding to a complaint filed with your office by the above reference customer, %. Ms%states that a check in the amount of $30,000 was mailed from her former employers 403b plan to Fidelity. The plan administrator claims that the check was subsequently cashed by Fidelity. However, as the date of her complaint Fidelity had failed to deposit the funds into her brokerage account.in response to the customer's complaint we have carefully reviewed this matter. For the reasons set forth below, we believe the appropriate measures were taken in response to her concerns. Fidelity received the check in question during November. However, that check referenced Ms. % by her previous surname. Upon receipt, Fidelity located a 403b account for the customer under that name and deposited the check accordingly. When Ms. _ contacted Fidelity our representatives were unable to immediately locate the deposit as the funds had not been deposited to a retail brokerage account, nor were they being held in an account under her current last name. The deposit was subsequently located and the assets were transferred to Ms.%'s rollover IRa account on 12/15/06. As a measure of goodwill, Fidelity placed an additional credit in Ms.%'s account at that time. According we consider this matter to be resolved. Fidelity
I would now like to take my opportunity to respond to their response, as the BBB's help was worthless. I repeatedly called and warned Fidelity that the problem may be the last name change. They should be able to check the last name I gave them. I spent over 35 hours trying to get someone to help me, no one would. The letter above does not mention that I lost $1000 in the time it took for them to find my money and they only gave me back $500. They still owe me $500 more. I also don't appreciate them leaving accounts in my name open without my permission. I trust that when I give them permission to roll-over a fidelity account to another fidelity account they close the old one. I do not get statements from employers I no longer work for, nor is that old account listed on my account list on-line. The customer service was horrible and I expect a business that handles money be able to locate a check they deposit sooner than 2 months. I never received an apology and would strongly warn people to think twice about letting this company manage your money.
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