A TikToker has posted a viral clip calling out Fidelity for the headache they put her through when it came to acquiring the funds from her deceased father's 401k investment account.
Jessica Hughes (@happilyhughes) explains her ordeal in a clip that has garnered over 943,000 views.
She starts the video saying, "The amount of people that can't get their money out of Fidelity is disturbing."
@happilyhughes Replying to @dfehren I really don’t understand how they’re getting away with this… #fidelity ♬ original sound - happilyhughes
She then goes on to explain, "So my dad died two years ago he had two 401ks ... Fidelity was an absolute nightmare I think it took six months to get the money out."
The TikToker notes that the second account, which was with Prudential, took two weeks to cash out and that the staff there were extremely helpful. However, it was another story when it came to the 401k at Fidelity.
"They kept losing documentation, you can't get anyone on the phone and I spent, hours, hours, on the phone with them. But, my dad had a small 401k and they kept losing the documentation and I couldn't get the guy on the phone and the guy got fired and then someone else took his place," she says.
This carried on for over a year when, Jessica explains, the estate expired, meaning she could no longer legally claim her deceased father's savings. "I can't get that money out unless I rehire a lawyer to re-open the estate to go after the 401k," she says, adding that a lawyer she consulted with advised her not to pursue legal action since the amount in the 401k was less than what it would end up costing in legal fees to go after the funds.
Jessica ends her video by noting that she's not the only Fidelity customer who's encountered this issue. "I mean it's ridiculous and the fact that several people have experienced this with these smaller accounts, there's something not right. If this has happened to you with Fidelity, please...leave a comment."
Fidelity has been embroiled in a number of 401k-related controversies over the years. Investment News reported in July of 2020 that Fidelity settled a class action lawsuit for an "accounting gimmick," costing the firm $28.5 million in settlement fees.
In 2019, Mercer also published that Fidelity was facing "lawsuits [and] investigations over 401(k) fees." In 2013, the company was also sued by its employees over their own 401k plans.
A shocking number of viewers shared that they had also gone through or were going through the same issue with Fidelity.
One user remarked, "Omg thank you so much—thought it was just me! My mom passed and we can’t access her 401k thru fidelity."
"Wait?!? I’m having this EXACT issue with cashing out my pension with fidelity!!! Told me I submitted the 'wrong' paperwork three times," another exclaimed.
A number of users suggested that Jessica and other commenters who had been having problems retrieving funds from the company file an official complaint with the Better Business Bureau.
"This happened to my sister and me. They lost everything or it wasn’t filled out correctly. I went to the BBB viola! We got our money," one person said.
The Daily Dot has reached out to Fidelity Investments via email and to Jessica via TikTok comment for further information.
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The post ‘The amount of people that can’t get their money out of Fidelity is disturbing’: Daughter says she can’t access deceased father’s 401K. It’s not just her appeared first on The Daily Dot.
