Personal Finance (Not Investing) • Fidelity as a one stop shop

Is there any more "evidence" of this being an actual issue at Fidelity?

So far, one Reddit post has been offered. And we have no way of validating if we got an accurate version of it. Maybe there's a "now for the rest of the story" we haven't heard that gives missing context. Maybe it was intentionally false/misleading. I mean it's not like people post things on places like Reddit for attention...

And maybe it was the truth. But in that case I'd be a bit surprised that out of the 80M or so customers, this has only been reported once... I'd suspect this to be far more common if this is a legitimate issue/concern.

You should read the original post on reddit. The person who posted it is a CPA and former bank auditor. They provide a lot of detail, seem very sophisticated, and present the story in a matter of fact calm manner. I don't think there's a lot of reason to doubt their story. The Fidelity official mod for the subreddit immediately showed up and asked to communicate with them privately.

Also the poster explains that since their wallet was stolen, the same fraud happened at the same time with their Chase debit card and Chase made them whole right away, but they have been fighting with Fidelity for six months. And, they reported the fraud within twelve hours (their phone was stole at the same time), but somehow the underlying bank for the Fidelity debit card claimed that was not quick enough.

It really does seem like this person is getting the run around and Fidelity's response was to wash their hands of it. I personally wonder how many horror stories like this may exist for other regular banks. It is of course easy to find single horror stories online for almost any business. But I would not just dismiss this story out of hand. It does seem legitimate to point out that when you have multipe institutions involved, it is going to be more complicated to resolve this sort of situation, then when one single institution has all the responsibility.

Statistics: Posted by SnowBog — Thu May 30, 2024 10:48 pm — Replies 6538 — Views 1272229