Be aware of Fidelity Investments

[nepttako 18]

Hello everyone, 

First time post here. Thanks for reading.

Background: I am a CR-1 holder. I just landed in US 1.5 months ago. My husband is a US citizen.

 

Before I moved, I gathered my saving wish to put them in one of US investment account in order to continue growing my money. We found Fidelity seemed like a good choice. So we went to their customer counter in NC. We had a good time doing business there without knowing it was the beginning of a disaster. Me and my husband opened few accounts at the same time, he as a citizen, he could walk out with accounts ready. In my case, they needed to review all my papers, including passport, green card, social no. and international driver license. After couple days, I got my accounts ready too.

 

Everything was going well. I put my money in the accounts and started trading. I got the account confirmation, also the trading confirmations etc...Just last week, I found out I couldn't log in my bank page. It showed my accounts was locked. I was shocked since I just got their trading confirmation. I called them and they said I hadn't have enough credit record, and then I needed more documents to prove my identity. When I opened my accounts, there was no problem. I got everything they need. I deposited my money and started to invest, and bam! my account was locked without saying a word. I have no problem against identity thieves, but man, how lacking and inconsistent the communication was....

The communication between me and Customer service was bad, and between Customer service and so called their Risk department was bad too. One time they didn't know what documents I needed to provide. The instruction was actually sent to the message inbox in my LOCKED Fidelity account that I couldn't get. A manager said I could call back the day after, so that her colleague could let me access the account temporary just to read the instruction. I called back and the other person said it is no such thing of 'temporary access the account'. Customer service is very apologizing, but honestly they just couldn't give me any help at all! All the info and action came from their Risk department but they don't talk to the customers.

 

What they needed was 1. passport 2. International driver license 3. Utility bill with my name and my residential address 4. other bank statement to show the source of my money. For 1 & 2, clearly I had provided them during the process of opening accounts. I had  to provide again just for their risk department. For no.3,  I had to provide a letter from the house owner (my mother in law) and signed by her because all utility bills are in her name. I provided all the documents and faxed to them. To get them process on the papers, I waited 2 days. 2 days later, first call, they didn't receive my fax. I called again, tried to get different person,  they did receive it, but I was rejected again because they needed a medallion stamp on the signature, which they never told me. Again, I asked my mother in law's help and went to one of her bank to get the stamp. Then I mailed the paper. USPS shows delivered successfully on this Monday. It has been 3 days, Customer service said either they hadn't received them or the risk department was still reviewing them.

 

Money got kidnapped and I couldn't do anything about it. If they had told me at the first day I couldn't open accounts because I didn't have enough credit record or just simply I was a new immigrant, I would have appreciated their honesty and walked away with some respect for this company. Right now, I just want them to unlock my accounts and move my money away from them.  It's not much, but how can I trust them if they can hold them whenever they wanted?

 

Guys! if you just move to US and wanted to put money in a bank, think twice about Fidelity Investments. And also, what's your opinion if you are in my shoes? any step I could have taken? Thank you!

 

 

 

 

Edited September 20, 2018 by nepttako

[Jo Së 200]

1 hour ago, nepttako said:

I am a CR-1 holder. I just landed in US 1.5 months ago.

Guys! if you just move to US and wanted to put money in a bank, think twice about Fidelity Investments. And also, what's your opinion if you are in my shoes? any step I could have taken? Thank you!

Well, Fidelity isn't a bank, they are a privately owned investment management company.  They are making sure you are who you say you are, since you recently came to the US you haven't established any credit history, therefore they have to take additional steps to confirm your identity, in the mean time there isn't much you can do as far as your account goes. 

I don't think is just fidelity, it goes for anyone financial company.  

[nepttako 18]

Thanks for the reply. I really hope not all US financial companies were like that. And it's not just what they wanted to verify with, is how they conduct and communicate these verifications with their customers.