Saturday, September 20, 2008

Fidelity screwed its customers!

I have an IRA account with Fidelity.
On Friday their web site was down for at least an hour at the open. Their phone line was down also, Once the phone line started to work, hold time was more than an hour. Their web site was still locking up for about 2 hours after it was supposedly fixed.

I was unable to close long position in (YUG)/(XHB)/(UWM) I opened on Thursday afternoon.

When I finally spoke to a life person the answer I received was, in plain English: "Take it and shovel it up your arse - we cannot honor sell order you have not placed no matter is WE ( Fidelity) made it impossible to place such order"
To make things worse Fidelity representative stated on recorded line that "All brokers have technical problems today" - I wonder if TDAmeritrade's Joe Moglia and ThinkOrSwim Tom Sosnoff would be interested in their competitor statement. ( Both AMTD and TOS account have not had a single problem on Friday)

I have not made profit I expected to make on the trade I was unable to place due to complete and utterly failure of Fidelity to provide quality service - and Fidelity is hiding behind some convenient rule of "not creating individual prints for customers"

Any lawyers in the house?

P.S. Customer is always right? No wonder why United States are gradually disappearing in the "New 3rd world" bottomless pit.


la grande poussée said...

schwab was faster than ever. Also if you are signed into streetsmartpro - they can see what they failed to act upon and will, and have reimbursed me as if the transaction happened the way and time my fingers pressed enter. twice reimbursed once for 2,600 and 4,200 they tell you when you call - close out the position then we will review it and compensate you from your electronic entry and the price you closed it. lt - and they did. TraderMike went to TOS and left about a year ago - said it was options oriented and didn't work for how he trades. I think if you write Michael - He'll tell you why.

paul peachin

Anonymous said...

I also got a frozen website as I entered my trade that morning--eventually got online via the mobile website, then was able to go back to desktop and enter trades through my watchlist. But it happened again on 9/26 first thing. Not good.