5 ms·

Fidelity also bans people from their platform, does not tell them why, and makes it a pain in the ass to liquidate assets and get your money. Source: It happen

Fidelity also bans people from their platform, does not tell them why, and makes it a pain in the ass to liquidate assets and get your money. Source: It happened to me, I have fine credit, I don't daytrade (I'm an index investor for 95% of my investments), don't rapidly move money in/out, don't exploit interest-bearing accounts like weirdos do on various sites, and I have no idea what the hell the problem was. They still won't tell me anything beyond "We don't want your business."

elliekelly 8y ago
If they aren't telling you that means it's AML-related and they legally can't. It could be for any number of things ranging from online gambling to your name (or even the name of a family member of your business/employer) appearing on a "watchlist" or being similar to a name that appears on such a list. You should try to figure out where you're getting flagged because if it's a problem at Fidelity it's only a matter of time before you get the same flag from other financial institutions.
- icelancer 8y ago
  Hasn't been a problem at any other financial institution that I'm at, including Vanguard (been there over a decade). Also, there is some irony in you telling me to figure out why I am getting flagged while also telling me I can't be told what it is.
  - sumedh 8y ago
    Since you are from the US, can you sue them and then they tell what happened?
  - elliekelly 8y ago
    Sorry, I meant via performing your own searches against the watchlists. Most of them are public. Treasury Department sanctions are a good place to start.
astura 8y ago
>don't exploit interest-bearing accounts like weirdos do on various sites Can you elaborate on what "weirdos" do to exploit interest-bearing accounts?
- tedmiston 8y ago
  Not OP but I think the intent here was something analogous to credit card churning but for the bank accounts, e.g. join for 60 days, get the sign-up bonus, immediately move the money elsewhere, rinse and repeat.
  - astura 8y ago
    I do this myself, though I don't hit it as hard as many people (I do about ~$1,500/year). I've never heard of anyone being banned from existing accounts, just being prevented from opening new accounts.
    - tedmiston 8y ago
      That sounds interesting. Are there any particular sites you follow to find out about bonuses? I like Bankrate but don't think they have info on signup bonuses.
      - astura 8y ago
        Yes. https://www.doctorofcredit.com https://www.doctorofcredit.com Its one of the very few financial blogs that doesn't do credit card referrals, thus they don't try to steer their readers to any specific financial products or using any particular links that are less attractive than other ones available but earns them commission. Bankrate (and others) shouldn't be used, because of the following (directly from their site): >Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.

elliekelly 8y ago

If they aren't telling you that means it's AML-related and they legally can't. It could be for any number of things ranging from online gambling to your name (or even the name of a family member of your business/employer) appearing on a "watchlist" or being similar to a name that appears on such a list. You should try to figure out where you're getting flagged because if it's a problem at Fidelity it's only a matter of time before you get the same flag from other financial institutions.

icelancer 8y ago
Hasn't been a problem at any other financial institution that I'm at, including Vanguard (been there over a decade). Also, there is some irony in you telling me to figure out why I am getting flagged while also telling me I can't be told what it is.
- sumedh 8y ago
  Since you are from the US, can you sue them and then they tell what happened?
- elliekelly 8y ago
  Sorry, I meant via performing your own searches against the watchlists. Most of them are public. Treasury Department sanctions are a good place to start.

astura 8y ago

>don't exploit interest-bearing accounts like weirdos do on various sites Can you elaborate on what "weirdos" do to exploit interest-bearing accounts?

tedmiston 8y ago
Not OP but I think the intent here was something analogous to credit card churning but for the bank accounts, e.g. join for 60 days, get the sign-up bonus, immediately move the money elsewhere, rinse and repeat.
- astura 8y ago
  I do this myself, though I don't hit it as hard as many people (I do about ~$1,500/year). I've never heard of anyone being banned from existing accounts, just being prevented from opening new accounts.
  - tedmiston 8y ago
    That sounds interesting. Are there any particular sites you follow to find out about bonuses? I like Bankrate but don't think they have info on signup bonuses.
    - astura 8y ago
      Yes. https://www.doctorofcredit.com https://www.doctorofcredit.com Its one of the very few financial blogs that doesn't do credit card referrals, thus they don't try to steer their readers to any specific financial products or using any particular links that are less attractive than other ones available but earns them commission. Bankrate (and others) shouldn't be used, because of the following (directly from their site): >Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.