Fidelity Investments complaint: Hardship withdrawal.

Complaint from meg22 reported on 28 May 2021 about Fidelity Investments

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My complaint:

Starting March of 2021 we have called Fidelity Investments for 401k many times explaining that we wanted to put money on a primary residence. We asked the amount that could be allocated to this. They expressed that the amount that we needed would be acceptable since it was for a primary residence. So we put a bid on a house. With this we also had to take out 3 loans to get the hardship withdrawal. Then when it came time to get the hardship withdrawal they expressed we could not pull out that much for the down payment on a primary residence.

We asked to make a formal complaint and they said that they would review in 5 days. Then when we called back after 5 days they said 10 days. We are still in this process. They said they reviewed the tapes and never told us that. We have the dates and times of calls and who we specifically spoke to especially about the process and wrote down all the steps to do this. This could ultimately financially ruin us. We are going to be writing a formal complaint letter to them, talk to supervisor with multiple emails to SEC, BBB.

Suggested solution:

Allow us to withdrawal the money from the account as promised for the house down payment.

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Nancy
Nancy (@guest_5285)
1 year ago

Same. Employer is in bed with them, so guess who loses?