Paul sent a message to Abigail Johnson – President and Chief Executive Officer of Fidelity Investments and Chairman of Fidelity Worldwide Investment email address that said:
I want you to know I just sent the following email via Fidelity Investment's website. I'd be interested to see if it actually gets escalated. If it doesn't, you have a bigger problem:
Title: 19 MINUTES on the phone
Message:
...and your account representative WAS UNABLE TO TELL ME HOW MUCH CASH IS SITTING IN MY ACCOUNT. Not how much I can purchase. Not how much I can withdraw. Not how much is for buying power. Not how much is being set aside to offset margin. HOW MUCH CASH IS IN MY ACCOUNT? THIS IS RIDICULOUS. YOU HAVE FAILED.
The 7/31 month end statement:
Top Holdings-Cash: $67,006
Core Account-Cash: $75,566
huh?
Website:
Positions-FCASH: $45,752
Balances-Avail To Withdraw-Cash Only: $49,052
Activity Orders-Cash Balance: $75,652
Granted the website reports as of 8/6....but I haven't done a single trade, I use no margin and the only cash activity since the closing of the statement is -$1200 bill pay +$1286 in interest for a net of roughly +$86.
When one looks at their stock positions, you don't just show the unmargined stock. You show the entire position. It should be no different for cash. Now what you can do with it (margin/buying power, etc) is a completely different discussion.
It's INFURIATING. I want confirmation that this comment is placed on Abigail Johnson's desk MONDAY MORNING. I want her to see what a ^%$%^ complicated mess you've made of something so simple.
This NEVER used to be a problem years ago. I'm sick of it.
Paul
...common sense is a dying race.
