Avoid Fidelity if you want to see your $$ again
Closed on the house earlier this week as part of going full time. Fidelity has a number of new account bonuses available and so I opened an account and transferred the proceeds of the house sale (six figures). I used my South Dakota address, which was accepted by Fidelity's forms (other banks have flagged it as a PMB and requested another addy).
Went to check the progress of the transfer and my account was locked. Called customer service, per the note, and was told that if I wanted to see my money ever again, I needed to appear IN PERSON at a Fidelity office with proof of ID and proof of address. I was told two forms of government issued picture ID was necessary. Thankfully, I have a passport. Thankfully, I am only 35 miles away from an investor center. Unfortunately, I recently had knee surgery and cannot drive. So I got a driver, took my proof and went to Fidelity. I had proof of my old address, my closing documents, showing the old address and my temp florida addy, proof of the wire from the closing agent to my bank account, proof of mail sent to me from another bank to my Florida address, proof of Medicare having my south Dakota addy, proof of my bank having the South Dakota Addy. proof of car insurance out of South Dakota, and proof of South Dakota health insurance with the South Dakota Addy.
The head of Fidelity's loss prevention determined that this was not sufficient proof of address and demanded as a condition of my getting access to my money that I produce utility bills (and nothing else) to prove I was staying in Florida and to prove that I lived at the South Dakota address. The was after two and a half hours at Fidelity.
It took a phone call to Fidelity's general counsel to get them to back down, and even so, they still want to hold my money for four more days. Obviously if I were a distance to an investment center or did not have a current passport, I would be totally unable to access my funds without substantial travel or waiting for the government to issue a passport.
Therefore, I would really recommend not using Fidelity as a full timer.
Went to check the progress of the transfer and my account was locked. Called customer service, per the note, and was told that if I wanted to see my money ever again, I needed to appear IN PERSON at a Fidelity office with proof of ID and proof of address. I was told two forms of government issued picture ID was necessary. Thankfully, I have a passport. Thankfully, I am only 35 miles away from an investor center. Unfortunately, I recently had knee surgery and cannot drive. So I got a driver, took my proof and went to Fidelity. I had proof of my old address, my closing documents, showing the old address and my temp florida addy, proof of the wire from the closing agent to my bank account, proof of mail sent to me from another bank to my Florida address, proof of Medicare having my south Dakota addy, proof of my bank having the South Dakota Addy. proof of car insurance out of South Dakota, and proof of South Dakota health insurance with the South Dakota Addy.
The head of Fidelity's loss prevention determined that this was not sufficient proof of address and demanded as a condition of my getting access to my money that I produce utility bills (and nothing else) to prove I was staying in Florida and to prove that I lived at the South Dakota address. The was after two and a half hours at Fidelity.
It took a phone call to Fidelity's general counsel to get them to back down, and even so, they still want to hold my money for four more days. Obviously if I were a distance to an investment center or did not have a current passport, I would be totally unable to access my funds without substantial travel or waiting for the government to issue a passport.
Therefore, I would really recommend not using Fidelity as a full timer.
