Fidelity Investments

Fidelity will do anything to cling to your cash in order to benefit from the float — including bouncing your checks even tho’ you have way more than adequate funds to clear them.
I never have less than $ 8K in cash in my brokerage account at Fid which I use as one of my checking accounts. Fidelity (the name itself is a joke) recently bounced a check of mine for $ 56 due to «Insufficient Funds» even tho’ there was $ 9K IN CASH in that account. Reason is I had just made a very large deposit into that account and, on their «advisors» advice, I put it in an S+P 500 index fund. Because of this investment Fid «impounded» ALL cash in that account for a WEEK waiting for the transfer of $ from my local bank account to Fid to clear. That transfer, in fact, occurred within an hour of me requesting it (I used to head up IBM’s banking div’n in SE USA so I know about these things, even PHYSICAL checks clear in 24 hrs). Nonetheless Fid is holding on to my cash until tomorrow (11.13.15) meaning that I’m going to be delinquent on about $ 5K of bills that I need to pay. Plus my credit record has a notification of a bounced check of $ 56 due to «Insuff Funds».
I am now removing all funds from Fid.

Investors beware of the Stamford, CT. Fidelity Investments office. I recently was snake-​bitten by one of the associates in this office when I attempted to close out one of my deceased mother’s accounts. I was given the WRONG forms to fill out, and later when I noticed the mistake, they refused to correct the error. Even though they created extra tax burdens for me personally. They later acknowledged the error, but still wouldn’t rectify the problem. I couldn’t believe that a nationally recognized investment company like Fidelity would treat a customer like this. Especially someone like me, that just lost his mother. Amazing.