Public Mediation

Mark D vs. Fidelity Investments (Headquarters)

Long term client ripped off for small change

M. D. vs. Fidelity Investments (Headquarters)
82 Devonshire St, Boston, Massachusetts, 02109-3605, United States
Amount Involved: $2,370.72
    • Status: In Negotiation
      This claim has posted for public comment and negotiation. It will remain posted until resolved to the claimant's satisfaction. Suggest a resolution to help these parties reach a settlement.
       (seeking public comment)
    • Claimant Seeks: 2 non-monetary items.
    • Claim #: 1888395
    • Amount Involved: 2,370.72
    • Filed On: May 02, 2016
    • Posted On: May 19, 2016
    • Complaint(s):
      • Bad business practices
      • Problem with a service
      • Overcharge or billing error
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Statement of Claim
Complaints Involved (4) - View
Claimant says:
"I was presented with a promotion by Fidelity telling me I was eligible for Fidelity's zero-interest credit card. The terms stated that I could make purchases with no payments for one year at no interest. I had several significant big ticket items to purchase so I thought this was a good way to purchase them with no interest for a year.

To make sure I had the terms correct, I called Fidelity's representative in charge of the card promotion to confirm that how I planned to use the card was within their terms and would not trigger any penalties. I told him exactly what I would be purchasing to make sure it qualified without any restrictions or limitations. He confirmed that what I wanted to do -- make large purchases and pay them off after one year -- was eligible for this promotion and that I would not be charged any fees or interest.

In early 2015 we discovered that their promotor had lied and in fact we had been hit with large charges and interest on the card. We never got a straight story, but after complaining to Fidelity, we were told that the account couldn't be used as promised for purchases and as a result we accrued substantial late fees and interest. I had funds in other accounts which I could have used to make the purchases without any penalties or cost. I used Fidelity because I thought the offer was good and that I might use the card for other items in the future.

When I complained to Fidelity, they completely disassociated themselves from the card offer and explained that it was a third party provider that they had no control over- FIA, whoever that is.

I found statements that I hadn't opened that did in fact show that charges were accruing. Guess it was my fault that I didn't check my statements. However, I was used to dealing with honest firms that stand behind what their reps say when you carefully confirm your rights and obligations over the phone. I run a business and don't always take time to read statements. I guess with Fidelity it's pretty important to read the fine print since they a) don't stand behind their word and b) pass off the blame to third party providers whom they're happy to front as long as they can shirk any responsibility.

In my view, Fidelity should have done the following:

a) Made sure their promotional staff were trained and knew the terms of the products they were promoting. This would have prevented my problem and saved me the charges.
b) Make clear the limitations of their third party promotions to avoid confusion. I suspect the terms were intentionally obscure to encourage people like me who USED to trust Fidelity for quality, to bite on a scam deal and end up paying huge fees.
c) Avoid third party providers who don't accommodate Fidelity clients and correct these types of mistakes. Basically Fidelity sold it, then told me "hey, you screwed up by trusting us..."
d) Avoid selling out their clients for fee scam third party providers or at least disclose when they are only acting as middle-men.
e) Accommodated a life long, customer by fixing this problem- even it it required them to forgo some fees. In the long run Fidelity would have made a lot more off me as a happy customer. Now I keep my cash and larger asset holding with two other firms. Hope it was worth it for Fidelity to skim a few fees off me.

I think my conversation with the rep who confirmed my anticipated usage and who misrepresented their terms would have been recorded. I'd request that Fidelity review the call and refund my fees once they listen and confirm the facts of my confirmation call."
...
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What Claimant Wants Hide
Non-Cash
What By When How Much
1. Apology: I've been a very profitable client of Fidelity's for over 20 years. I have spoken to two of their reps on this issue and neither offered even an apology- much less a refund. Jun 01, 2016 N/A
2. return all charges assessed on my account since this was promoted as 0% interest and 0 fees. Jun 01, 2016 N/A
Cash
1. Copy claim to regulators Jun 01, 2016 $14.99
2. Pay for claim posting cost Jun 01, 2016 $7.99
3. Other – Physical delivery charges Jun 01, 2016 $2.99
4. 4.5 hrs trying to resolve this with Fidelity. You would think they respect that their clients are busy and have better things to do. Value my time pls. Jun 01, 2016 $2,225.00
5. Pay me interest $122.74
Just make me happy!
Claimant invites Fidelity Investments (Headquarters) to make a fair offer to resolve this complaint.
Cash total : $2,373.71
Non-cash: 2 items
  • 0
Do you agree with the claimant’s demands?  (If you are a party to this claim, click here.)

Respondent's Counteroffer

There has been no response to this claim from Fidelity Investments (Headquarters). This claim will remain posted until resolved
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  • Question: by Mark Deuitch (154 points) — Ceo And Co Founder Of Peopleclaim.
    • On: 05-23-2016
    View more
  • What is Fidelity's policy with regard to disclosures when they market third party products?  Do they disclose on their site and promo material that the card isn't theres and that they don't stand behind their customers who have problems with it?
  • 3
  • Contributed Solution: by Dev Annand On 05-19-2016
    View more
    Fidelity should refund customer's money and change their policy re third party promotions More...
If you are a party to this claim, click here.
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