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Fidelity Investments complaint: Knowingly allowing an INVALID bond value to remain in my account

Open 84 views Financial Services

Filed 22 Jan 2024 by Stanley

I’m not impressed by the customer review rating of only 1 out of 5, but I’ll enter my complaint anyway. The following refers to my Reg IRA ending in 512 and the bond issuer is New Hope Tx.
I had a bond that delayed the principle payment at maturity. I have now received full payment for the bond but Fidelity wont remove the bond as they have not received a DTC from the issuer. Fidelity is still showing an old 3rd party price of .63 and therefore incorrectly showing a value for the bond as $3150 (5 bonds). This bond value has the potential to cause an excess RMD for next year. A Fidelty rep has said they can’t do anything until they receive the DTC. Most certainly, the 3rd party price is WRONG and if changed to 0 that would reduce the bond value to 0 and eliminate the problem.
I repeat that the Fidelity rep has said they can’t do anything until they get the DTC but they have admitted that if the problem remained by 12/31, they would do something so as to not inflate the RMD.
If something can be done on 12/31, why can’t it be done TODAY.
I hope you take some corrective action.

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