Preparing to pick up the new RV next week, I had to cash out some investments. Did that with Fidelity. I have never really enjoyed working with them, being that they can be needlessly difficult at times, but that’s where I wanted to cash some investments out. That part went well and easily a couple days ago. Today I wanted to move the money to my local bank, so I went to the bank to work out details. Then I called Fidelity, reaching a nice and helpful young lady. Once I proved I was who I am, I gave the transfer info, and all was well. But, she called back to further verify I am who I am. Ok, no problem. But then she called back again to say that this was actually more money than she was authorized to transfer, so I needed to work with her Manager. After being on hold for a good 10 minutes, her manager came on the line. Again I had to go through a verification process to prove I’m me.

Then he asks why I want the money.

I said “because I want to buy something”

He asks what it is I want to buy.

I ask what business is it of his what I spend MY money on.

He says he needs to know so scams can be avoided.

I say that the money is going to my local bank, where a cashiers check will be issued. My bank isn’t a scam.

He says he still needs to know. And I finally told him.

This reminds me of past issues with Fidelity. They like handling your money, but they hate giving it back to you.

And when I retired, I really got jerked around by them, and I spent about 6 months fighting them about the pension payment. I finally won, but it wasn’t fun. The only reason I finally won was because I knew they recorded all phone calls and I had written records of all conversations, with whom, when, and what was discussed. I was able to tell them what recorded conversations to play back to verify their agreements, which they were now saying they never agreed to.

I’m disliking them again. If your deferred benefit pension or your investments are with them, pay careful attention to your money. Keep written records of all discussions, dates, times, and details.

Again, investments have done well.

Too bad you had to go through that, like you said “ it’s my money”.

603, I hear ya but I always look at the other side on everything. You certainly would agree you really want them to "protect" your money against scams but you are a smart and reasonable man so Ill assume they went too far on that. I use a money manager to manage my investments and I deal with the same individual on everything so once he hears my voice all the red tape is cut. Everyones situation is different, as it should be. Glad you finally got it done.

I'm in the final stages of moving banks, due to the credit union not being able to tell me when I could withdraw my money. My life is WAY to short and WAY to many options out there for me to argue with someone over MY money.

Good luck.

Reminds me of a time many years ago when I went to my bank to buy a van. Had been with the bank for many years, had a good amount of funds in both checking and savings, had excellent credit and the banker lady played twenty questions on why i wanted the van. Then she came back with she didn't think I needed to buy it. I said EXCUSE ME went and cleaned out both accounts went to bank across town and bought van that afternoon. LOL

Fidelity, in my experience, kind of blows...

If ANYONE asks me what I am doing with my money and demands an answer that relationship is OVER!

I went to my local bank recently to make a substantial withdrawal and the teller asks me if I was buying a car? I said "No" and she said "What are you buying?" I ignored her and took my money and left. Maybe her curiosity was all but IMO bad manners, but I am not her boss or teacher. She made the situation awkward by asking, hopefully she figured it out.

Rant over.

I wonder what the reaction would have been if your response had been “hookers and blow”?

My wife was doing most of the driving when we went thru the drive-up window at the bank. I get a check each month that is not direct deposit (it has to go to me) so I take it to the bank and cash it.For some reason the teller seems to not like my wife and makes her jump through loops cashing it.One day she says wife has to come in to cash it !. We go in the bank and I lost it,banged my cane on the counter and asked in a loud voice "which bit** in here is giving my wife a hard time cashing my checks ?".I'll take my money out of both accounts and take it some other place if yall dont like it !.Wife was embarrased but we go thru the drive thru now and they greet us like they used to.

The banks teach tellers to ask about transactions that are out of the ordinary for the customer. It is to protect the customer from fraud. They don't care if you say hookers and blow, but if you tell them you won a lot of money and this is the deposit to claim it, or that your girlfriend you met online needs bail money, they are trained to tell you it's a scam.

Banks in general suck these days, I understand their trying to be cautious but at what point does their caution infringe upon my rights of spending my money on what I see fit without it being a dang bit of their business. Like others have said, I had the same thing happen myself last year causing me to change banks, I wanted to wire $400k to a company for a tractor purchase and it ended up taking 2 days to jump through all their red tape. As soon as it went through I had them hand me a cashiers check for my remaining balances and I walked out the door hearing I’m so sorry no less than 50 times. As Judd said life’s to short to deal with BS, it’s my money and I’ll do with it as I see fit without having them ask me what I’m purchasing. I made it very clear at the new bank that I would not be tolerating that one bit, so far I havn't had any issues but time will tell.

I recommend taking a couple of months researching an RV purchase. Good luck!

This is the reason.

I wonder what the reaction would have been if your response had been “hookers and blow”?

She might have responded "how about a threesome?". I get off at 5.

Whoop!

Unfortunately, the inquisitive manager was a he instead of a she.

For the record, I did almost say that I was going for hookers and dope, but thought I should just keep it civil and get this done. I am a smarta__, and that will never change, but I do try to control it most of the time.

It gets way worse when it involves large sums of cash. They don’t want to do it at all and there some IRS hoops you have to jump through. That’s deposit or withdrawal. On top of that banks don’t actually have money to speak of. I had a small bank tell me once that they would have to order the cash and would have it tomorrow. I’m not talking giant sums but +/- 20k.


Back on topic, I use Fidelity and have been very happy with my returns. I’ve never had an issue with them, but I’ve also never tried to make a withdrawal. I’m still too young to be on that side of the ball.

You think Fidelity's bad, don't even think about Jackson National. A few yrs ago, I was told it take at least 4 - 6 weeks to process my paperwork (which they already had) in order to get my money. I threatened to have my attorney draft a letter to the SEC informing them how J. N. was conducting business. I had my money in two days.

Yes banks suck
I have had an issue for a while w Edward jones and trying to figure out what to do w those accts tempted to just take the hit and close them reinvest myself

He asked you all those questions to comply with the Patriot Act. He was filling out an electronic document to send to the FBI. Banks do the same thing if you take out large sums of money.

This is funniest so far.

Folks, get as far away as you can from the big five or so big name banks. Venture out of the city. Open up an account with a semi-small, highly rated bank. Look on Bankrate.com

Here in small town America we have known each other for decades, by first name. When I walk in it is "Hey XXXX, How is the family? In the metroplex zoo you are number 1x74297=URFckd.

I had similar issues with Fidelity, now with Vanguard for past 20 years, and very happy. Banking I use Wells Fargo for nationwide coverage, and a well respected and highly rated local bank in town. No issues with overseas wire transfers to African hunts, cash withdrawals up to 20K, and motorhome purchase.

They have no right to ask what you need the money for. Glad you got it.

I'd a said, "Great" Add another 10 bucks to it.