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FIDELITY INVESTMENTS BROKERAGE "SERVICE"
An SI Board Since June 1999
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Emcee:  RDH Type:  Unmoderated
IF YOU ARE UPSET ABOUT FIDELITY's lack of notification to their customers about their huge margin requirements changes, please visit the subject FIDELITY'S DISDAIN FOR THEIR CUSTOMERS: FIGHT BACK!!! in the coffee shop area and POST YOUR THOUGHTS.

THE LINK IS:
Subject 29021

Thanks,

RDH.

BELOW IS A COPY OF THIS POST:

Started By: RDH
Date: Jun 21 1999 8:04AM ET

FIDELITY: FIGHT BACK

Friday at 4:00 PM, Fidelity announced changes to their margin requirements, raising the minimum house requirements from 30% to 35% and raising requirements on hundreds of securities. According to a Fidelity representative I talked to on Saturday, Fidelity had been planning this for quite a while, but had decided not to advise their customers of this upcoming change, even though this could help many of the customers to plan ahead before they were assigned a house call. According to the same representative 437 margin requirement changes were implemented on Friday at 4:00 PM.

Below is one way to peacefully protest. My lawyer recommends that I do not advise you to do the following and that I also avoid stating in writing whether I plan to do the following:

CALL your Spartan or Fidelity broker (1-800-544-5555) and transfer to the trading desk. Do this between 9AM and 10:00 AM or 3:00 PM and 4:00 PM, when they are busiest. ASK THEM TO TELL YOU THOSE SECURITIES THAT HAD THEIR MARGIN REQUIREMENTS CHANGED. INSIST THAT THEY TELL YOU EACH ONE.– tell them you can't wait for them to mail or fax you this information, but that you need to know now.

You may even ask why a particular security's requirements were changed. Why is Oracle and Cisco at 35% and many value stocks like CompUSA (CPU), Innovex (INVX) and Cendant (CD) at 60%? Why did they not chose to notify us when they made their decision to do this or when they notified their Information Services to make the changes in their computer systems?

You may wish to call them once each day over the next two weeks.

In summary, although I think the above is a great idea, my lawyer advises me not to encourage others to do the above or say whether I plan to do the above, especially since it could cause FIDELITY SERIOUS INCONVENIENCE AND MAKE THEM RECONSIDER THERE RECENT LACK OF CONCERN TOWARDS THEIR CUSTOMERS.

However you must admit this is an EXCELLENT WAY OF PEACEFULLY PROTESTING FIDELITY'S LACK OF INTEREST IN THEIR CUSTOMERS. THEY COULD HAVE AND SHOULD HAVE GIVEN US ADVANCE WARNING!

-- RH
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ReplyMessage PreviewFromRecsPosted
31Just spent tons of minutes trying to explain to a Fidelity's "trader&quDinesh-4/13/2010
30Using the "premium customer services" number I always get right in witwilywilly-1/5/2010
29Is Fidelity Dead? If not, why 1 hour plus delays on customer service lines? HaDinesh-1/5/2010
28Overseas Property Investment - What things to be considered when planning for oYevv-9/15/2009
27Need Property Investment Info Can anyone help me on how to find auction propertYevv-8/27/2009
26Indeed I am. It is a routine rolling out of a covered call. The calls are now deDinesh-8/6/2009
25Dinesh, Are you talking about rolling out an covered call using a single "dwilywilly-8/6/2009
24Fidelity IRAs also don't let you enter option roll orders. A 2-leg order is Dinesh-8/4/2009
23Well, All I can add here is that Fidelity's online order entry is pretty sucDinesh-5/6/2008
22 LKO, The answer is no...each acct. treated separately. Regards, RobertOpusX-11/22/1999
21 Does Fidelity count their "12", "36", "72" times LKO-11/21/1999
20 Their so called "level 2" is static, not streaming or dynamic. Don&SJS-10/28/1999
19 ArtsCool, I'll try that. (calling them) As far as trading an IRA, I think tOpusX-10/26/1999
18 Sorry, it has to be trading money. Write them at the Boston address (call them ArtsCool-10/26/1999
17 ArtsCool, I've got more than 20K in my IRA I wonder if that counts, probablOpusX-10/26/1999
16 Robert, been in Silicon Valley (for real) for three weeks. What do you want to ArtsCool-10/26/1999
15 I agree...however I wish we could convince them to charge same commish's onOpusX-10/19/1999
14 I trade my IRA through them as well. They are so much better than waterhouse (Dan Swartzendruber-10/19/1999
13 anybody out there? I'm trading IRA out of Fido would like to discuss tradiOpusX-10/19/1999
12 Fidelity was a lean mean machine today/ no problems all day on fills. They arArtsCool-6/25/1999
11 Fidelity not broken yet I was able to log on again so maybe it will be happy ArtsCool-6/22/1999
10 Yes, their site was crap this afternoon. Actually all day I had one problem orStinkie-6/22/1999
9 I have had only a couple of times in 5 years had any trouble with the overseas Jan Garrity Allen-6/22/1999
8 Dumping Fidelity and going to E-Trade. I went from padding of 18,000 to a housMike Sesan-6/22/1999
7 I too couldn't get a trade in the last 1/2 hour. I couldn't even geMosko-6/22/1999
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