Fidelity IT Issues and Poor Customer Service.

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JamesSFO
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Fidelity IT Issues and Poor Customer Service.

Post by JamesSFO »

Since VG usually gets taken to the woodshed here, I thought I would share a story about a computer glitch and lack of support from Fidelity.

I contributed some funds (ITOT ETF) I had at Fidelity to a Fidelity DAF in December.

The Fidelity page no longer has cost basis information for ITOT and the Fidelity DAF does not either and the contribution record area which is supposed to have this info is blank. (My CPA wants this info for my taxes).

Call up Fidelity, they don't know and need me to call back when a specialist is available (only Eastern times business hours on Weekdays and I'm on Pacific time.)

To me this is disgraceful compared to the service I usually get with Vanguard where the rep (and yes I'm flagship at Vanguard and a nobody at Fidelity) would have opened a ticket or escalated the issue for me and gotten back to me with an answer. So now I have to figure out how to call them rather than them researching for me and getting me an answer.

(aside: mostly posting this as a reminder that all of these companies we like: Vanguard, Fidelity, Schwab, can make mistakes and/or have computer glitches.)
stlutz
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Re: Fidelity IT Issues and Poor Customer Service.

Post by stlutz »

Something I learned from another poster yesterday--according to the IRS instructions for form 8283, you are not supposed to report cost basis for publicly-traded securities held for longer than 12 months. If that is the case with your donation, then your CPA may be asking for information he/she doesn't actually need.

Not related to Fidelity customer service, but just an FYI.
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BL
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Re: Fidelity IT Issues and Poor Customer Service.

Post by BL »

stlutz wrote: Sun Mar 18, 2018 11:36 pm Something I learned from another poster yesterday--according to the IRS instructions for form 8283, you are not supposed to report cost basis for publicly-traded securities held for longer than 12 months. If that is the case with your donation, then your CPA may be asking for information he/she doesn't actually need.

Not related to Fidelity customer service, but just an FYI.
That is what I was thinking. The donation is the value at point of donating, assuming it was held >one year.
There is no gain reported to IRS, just the value of contribution. So it makes sense to me that the CGs do not exist.

Experts, anyone?
Chip
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Re: Fidelity IT Issues and Poor Customer Service.

Post by Chip »

JamesSFO wrote: Sun Mar 18, 2018 11:10 pm Call up Fidelity, they don't know and need me to call back when a specialist is available (only Eastern times business hours on Weekdays and I'm on Pacific time.)

To me this is disgraceful compared to the service I usually get with Vanguard where the rep (and yes I'm flagship at Vanguard and a nobody at Fidelity) would have opened a ticket or escalated the issue for me and gotten back to me with an answer. So now I have to figure out how to call them rather than them researching for me and getting me an answer.
I'm confused. I thought you couldn't even call Vanguard on a weekend.

You can send a secure message to Fidelity rather than having to figure out how to call them. Click on Customer Service, then Contact Us, then Send a Secure Message.
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HueyLD
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Re: Fidelity IT Issues and Poor Customer Service.

Post by HueyLD »

JamesSFO,

According to the instructions for form 8283 line 1 col. (g),
Column (g). Do not complete this column for property held at least 12 months or publicly traded securities. Keep records on cost or other basis.
I assume that the securities donated were held for long term. As a result, cost basis information is not required to be shown on the reporting form of 8283.

Https://www.irs.gov/pub/irs-pdf/f8283.pdf

https://www.irs.gov/pub/irs-pdf/i8283.pdf
bondsr4me
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Re: Fidelity IT Issues and Poor Customer Service.

Post by bondsr4me »

I personally think all 3, Vanguard, Schwab, and Fidelity are very good brokers.
I have account with all of them plus TDA.

They, along with all the others, have their good points and their not-so-good points.

None are perfect; far from it.

I do feel that if you value simplicity, VG is the best one.

Yes, VG makes occasional mistakes; we all do, no exceptions to that.

After my Schwab bonus time requirement has been fulfilled, I will probably transfer most of our accounts to VG.

I will do this because I TRUST VG; this is the quality on which I place a huge premium.
I can overlook an occasional mistake but I won't overlook lack of integrity (not accusing any broker of this).

Have a great week,

Don
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JamesSFO
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Re: Fidelity IT Issues and Poor Customer Service.

Post by JamesSFO »

stlutz wrote: Sun Mar 18, 2018 11:36 pm Something I learned from another poster yesterday--according to the IRS instructions for form 8283, you are not supposed to report cost basis for publicly-traded securities held for longer than 12 months. If that is the case with your donation, then your CPA may be asking for information he/she doesn't actually need.

Not related to Fidelity customer service, but just an FYI.
Good to know, and hard to check without access to the cost basis information any more.
Iliketoridemybike
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Re: Fidelity IT Issues and Poor Customer Service.

Post by Iliketoridemybike »

I always capture the information at the time of sale or donation. It’s all right there so I take a quick screen capture and tuck it away into my tax file.
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JamesSFO
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Re: Fidelity IT Issues and Poor Customer Service.

Post by JamesSFO »

Iliketoridemybike wrote: Mon Mar 19, 2018 7:25 am I always capture the information at the time of sale or donation. It’s all right there so I take a quick screen capture and tuck it away into my tax file.
Yes, in hindsight I should have screenshotted this.
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JamesSFO
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Re: Fidelity IT Issues and Poor Customer Service.

Post by JamesSFO »

Btw, got a quick answer during Eastern business hours today after a really long hold time. As an aside they cannot explain the computer glitches I'm seeing.
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