I hope this isn't a sign of things to come, but my experience on a simple mutual fund transfer in kind to Fidelity has been really bad.
Early January - After talking to a Fidelity rep on procedure, I securely emailed transfer paperwork with a copy of XYZ Mutual Fund's statement and received confirm from Fidelity.
Jan 31 - Called Fidelity and they said XYZ Fund didn't accept faxes (remember this point), so they had to send regular mail (don't know if they ever did).
Feb 7 - Called for status. Nothing yet.
Feb 13 - Called XYZ fund. They said they have received nothing regarding this account.
Feb 13 - Called Fidelity. Service guy said they sent duplicate transfer paperwork out yesterday (don't know if they did). I asked why, and told him the other company said they've received nothing. He didn't really have an answer, but said this is just part of a transfer process, and not to worry as "It wasn't sent snail mail", so it should be completed in a few days.
I continued to prod, and after being put on hold, he told me Fidelity sent the paperwork to the wrong address (not sure if it was ever sent), and to give them 10 business days or so. He then admitted they sent it snail mail (I could care less, but don't lie to me).
He then asked if I have a fax number for XYZ company, as most companies accept a fax from Fidelity, and they don't have their fax number. Back in January, they said the delay was because XYZ didn't accept faxes.
Mistakes happen, but lying is unacceptable. At this point, I have no idea if they ever sent the paperwork out (I think not), and I can count 3 times where they flat out lied to me about status.
Early January - After talking to a Fidelity rep on procedure, I securely emailed transfer paperwork with a copy of XYZ Mutual Fund's statement and received confirm from Fidelity.
Jan 31 - Called Fidelity and they said XYZ Fund didn't accept faxes (remember this point), so they had to send regular mail (don't know if they ever did).
Feb 7 - Called for status. Nothing yet.
Feb 13 - Called XYZ fund. They said they have received nothing regarding this account.
Feb 13 - Called Fidelity. Service guy said they sent duplicate transfer paperwork out yesterday (don't know if they did). I asked why, and told him the other company said they've received nothing. He didn't really have an answer, but said this is just part of a transfer process, and not to worry as "It wasn't sent snail mail", so it should be completed in a few days.
I continued to prod, and after being put on hold, he told me Fidelity sent the paperwork to the wrong address (not sure if it was ever sent), and to give them 10 business days or so. He then admitted they sent it snail mail (I could care less, but don't lie to me).
He then asked if I have a fax number for XYZ company, as most companies accept a fax from Fidelity, and they don't have their fax number. Back in January, they said the delay was because XYZ didn't accept faxes.
Mistakes happen, but lying is unacceptable. At this point, I have no idea if they ever sent the paperwork out (I think not), and I can count 3 times where they flat out lied to me about status.