Credit card application process

VegasMichael

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I’d be interested in hearing the details of this if you want to talk about it.
Buried deeply in the bowels of our ridiculous IRS tax code is a clause/section that states one can transfer money from a 403 or 457 retirement account to a government sponsored account. My pension plan is considered a government sponsored account that allows participants to buy service credit with either retirement account money or out-of-pocket contributions, the former of which is what I wanted to do. It's in effect what's called a rollover.

I called Fidelity and asked them to send me the paperwork so I could begin the process. Two different employees said that was not permitted by law and I politely stated that it was and even offered to send them the section of the IRS tax code wherein it states it's allowed. They still refused.

So I filed a complaint with the SEC with the details and they said if you don't hear from Fidelity within 10 business days contact us again.

Nine days later I get a letter from Fidelity's compliance officer that stated that I "alleged" that they said they would not allow the transaction. "Alleged" my ass. Anyway, the letter finished by saying they would allow the rollover and assigned a "specialist" to assist me. That so-called specialist was an idiot and said he had never heard of such a transaction before and was not familiar with how to do it.

Great.

He finally was able to get me the proper paperwork after talking to other employees and I filled it out and sent it back. I also called my pension plan to inform them of incoming funds to buy credit years and asked if others had had problems doing the rollover like I had had. The lady I spoke to laughed and said they have had more problems with Fidelity than any other vendor. I believed her too because I did an identical rollover with Tiaa-Cref and it was a breeze.
 

BrunotheBoxer

PUREBLOOD MASTERRACE
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Born and raised Brockton. Living in Naples.
Buried deeply in the bowels of our ridiculous IRS tax code is a clause/section that states one can transfer money from a 403 or 457 retirement account to a government sponsored account. My pension plan is considered a government sponsored account that allows participants to buy service credit with either retirement account money or out-of-pocket contributions, the former of which is what I wanted to do. It's in effect what's called a rollover.

I called Fidelity and asked them to send me the paperwork so I could begin the process. Two different employees said that was not permitted by law and I politely stated that it was and even offered to send them the section of the IRS tax code wherein it states it's allowed. They still refused.

So I filed a complaint with the SEC with the details and they said if you don't hear from Fidelity within 10 business days contact us again.

Nine days later I get a letter from Fidelity's compliance officer that stated that I "alleged" that they said they would not allow the transaction. "Alleged" my ass. Anyway, the letter finished by saying they would allow the rollover and assigned a "specialist" to assist me. That so-called specialist was an idiot and said he had never heard of such a transaction before and was not familiar with how to do it.

Great.

He finally was able to get me the proper paperwork after talking to other employees and I filled it out and sent it back. I also called my pension plan to inform them of incoming funds to buy credit years and asked if others had had problems doing the rollover like I had had. The lady I spoke to laughed and said they have had more problems with Fidelity than any other vendor. I believed her too because I did an identical rollover with Tiaa-Cref and it was a breeze.
This I will be showing my wife.
Fidelity is a great company with industry standards but employ lots of shitheads.
That’s what happens when you the company try to save money on salaries.
But they are so big and powerful they don’t really care.
 

Rb0891

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Banking completely sucks balls at this point. I spent literally 5 hours and 8 calls on Monday because of a fraud flag on my card. Was buying some bigger stuff for my exocet project. I first thought no big deal - bigger amount and weird place. Was an absolute fiasco to get it fixed. So hear is the story:

- Try to buy some coilovers - $1500. It declined and it tried a couple times.
- First call - yes, I took off the flag all fixed. Tried again and it didnt work again. Tried several times as I thought it may take a while to take affect.
- Second call - yes, let me look. Hold on a few minutes. Ooops disconnected.
- Third call - yes, not sure what is going on. Try it while I am on the phone. Doesn't work. Let me ice the card and force it through. Ooops disconnected.
- Fourth call - yes, I see the flag but it is gone, so it must be an issue with your vender.

After yelling and screaming, I pulled out my other card (that I don't typically use) and it goes through immediately.

Later in the day, I try to buy something else from another place for a few hundred bucks. Card declined.

- Fifth call - Yes, I see the flag and it was never properly removed. I will do that now and you can retry while I am on the phone. Card declined - you have tried too many times to run it through. I will fix the flag but you have to get with another dept to get the attempts cleared.

- 6th call - Yes I can clear the attempts. BTW are you interested in any of our investment products. Me - GFY

Last night I got some gas and other things and everything is fine. I get online to buy another hundred dollar part (which I will admit may be a more obscure place) and the card is declined. Tried to run it through paypal with the same card and still declined. Run through paypal direct to small bank account and it is fine.

Just got back from Menards for $18 purchase and it was declined.

I am literally on the phone right now waiting again.

Sorry for the thread distraction, but I despise these people. I am not sure if they know how much I have in their bank, but it is well over 6 figures.
 

BrunotheBoxer

PUREBLOOD MASTERRACE
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Jan 27, 2012
Messages
10,578
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Born and raised Brockton. Living in Naples.
Buried deeply in the bowels of our ridiculous IRS tax code is a clause/section that states one can transfer money from a 403 or 457 retirement account to a government sponsored account. My pension plan is considered a government sponsored account that allows participants to buy service credit with either retirement account money or out-of-pocket contributions, the former of which is what I wanted to do. It's in effect what's called a rollover.

I called Fidelity and asked them to send me the paperwork so I could begin the process. Two different employees said that was not permitted by law and I politely stated that it was and even offered to send them the section of the IRS tax code wherein it states it's allowed. They still refused.

So I filed a complaint with the SEC with the details and they said if you don't hear from Fidelity within 10 business days contact us again.

Nine days later I get a letter from Fidelity's compliance officer that stated that I "alleged" that they said they would not allow the transaction. "Alleged" my ass. Anyway, the letter finished by saying they would allow the rollover and assigned a "specialist" to assist me. That so-called specialist was an idiot and said he had never heard of such a transaction before and was not familiar with how to do it.

Great.

He finally was able to get me the proper paperwork after talking to other employees and I filled it out and sent it back. I also called my pension plan to inform them of incoming funds to buy credit years and asked if others had had problems doing the rollover like I had had. The lady I spoke to laughed and said they have had more problems with Fidelity than any other vendor. I believed her too because I did an identical rollover with Tiaa-Cref and it was a breeze.
I showed the boss this.
She asked at the time you wanted to do this were you retired or still working?

Also she worked at fidelity for 16 years and says it’s still a very respected and well run company.

She’s not going to get into any more about this as she’s a busy woman.
 

VegasMichael

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Empire State
I showed the boss this.
She asked at the time you wanted to do this were you retired or still working?

Also she worked at fidelity for 16 years and says it’s still a very respected and well run company.

She’s not going to get into any more about this as she’s a busy woman.
This was in 2016 and I was still working full time until 2022. I still have retirement accounts with Fidelity but they dropped the ball on my 2016 situation.
 

GOTSVT?

This Is Absolution
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I showed the boss this.
She asked at the time you wanted to do this were you retired or still working?

Also she worked at fidelity for 16 years and says it’s still a very respected and well run company.

She’s not going to get into any more about this as she’s a busy woman.
You’re a kept man. Good on you.
 

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