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URL:  http://boards.fool.com/what-happened-at-fidelity-that-required-a-29859710.aspx

Subject:  Re: Feeling lost, need advice! Date:  2/20/2012  1:12 PM
Author:  ResNullius Number:  70185 of 75787

What happened at Fidelity that required a complaint? Just curious.

I had a 403B with Fidelity. When I left the company, I was told that I could roll all of the holdings over to an IRA with Fidelity, and that there would be no charge for this. Some of the mutual funds in the 403B had a fee for short term trading. However, I was told that since I was just rolling the funds over to another Fidelity account (as opposed to selling them), there would be no fee.

So (of course) they charged me a fee. I complained and also wrote a letter to the president of the company. The only reply to my complaint was "I am sorry, but we just cannot get our computers to waive that fee."

Just as an aside, never say that to somebody who has designed and written programs for a living. It makes a very bad impression.

I got no results from the letter to the president, so I wrote the NASD. They took my side, and eventually somebody at Fidelity was found who could make those pesky computers behave.

Then I got a call from management saying that if I had just written the president, everything would have been fixed quickly. When I pointed out that I had done that, there was a certain amount of sputtering on the other end of the line.

As soon as I could do so without being charged a fee, I sold everything and rolled the proceeds over to an IRA with Waterhouse (now TDAMeritrade).


A very big Bravo!!!
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