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Fidelity 401k loan from hell

Started by Doug Peterson, 12/10/2006 09:47AM
Posted 12/10/2006 09:47AM | Edited 12/10/2006 09:51AM Opening Post
It has now been six weeks since I initiated a loan from Fidelity and still no money. A 401k loan is from my own money, not theirs, and I pay it back to myself.

At each point in the process I was told I would have my money in two days. One excuse after another. The last incredible development is they supposedly mailed this big check in this busy Xmas season rather than with a tracking number as promised and I was paying for.

Has anyone else had this mind boggling problem with this company? Am I being scammed?

"--Granted, that's a worse case scenario. The destruction might in fact be ... limited to our own galaxy."
Posted 12/10/2006 02:16PM | Edited 12/10/2006 02:24PM #1
Doug,
is the 401(K) with your current company? If so, contact your plan administrator, or is this a rollover into an IRA?
Mike
Posted 12/10/2006 06:52PM #2
Yes bureaucratic incompetence is surely the answer. In fact my employer's plan administrator involvement was the only thing that got anything moving at all: then it occurred to me, I am not Fidelity's customer, my employer is.

"--Granted, that's a worse case scenario. The destruction might in fact be ... limited to our own galaxy."
Posted 12/12/2006 06:19PM #3
i recently borrowed from my 401k for to augment the down payment of my new house. i applied for the loan 2 months before closing. needless to say the check arrived a month AFTER closing. fortunately i foresaw their incompetence and had enough reserve to carry through closing, and that the loan was only for "extra" reserve and to furnish the place.

yes it took so long i actually started REPAYING the loan before i RECEIVED the loan check.

they're lucky i was so busy with closing that i didn't pursue my complaints.
Posted 12/15/2006 06:20AM | Edited 12/15/2006 06:20AM #4
They're following the Ferengi 1st Rule of Acquisition:

"Once you have their money, never, ever, give it back."

8)
Posted 12/15/2006 08:20PM | Edited 12/16/2006 04:08PM #5
I think it was in the movie Used Cars that Kurt Russell's motto was: get their attention, get their confidence, then get their money.

Seriously, it is now 8 weeks, no check in my mailbox. They won't even do anything until the 18th, then they reexamine the matter as lost mail. Who in their right mind would mail a check big enough for a down payment on a large house without any tracking, assuming after six weeks of excuses that it was even mailed? And with the security gauntlet I have to run just to talk to them on the phone, they just lick a stamp and toss it in the post? Not even registered mail? I think I am being had.

I am seriously considering taking legal action.

"--Granted, that's a worse case scenario. The destruction might in fact be ... limited to our own galaxy."
Posted 12/18/2006 02:31PM | Edited 12/18/2006 04:01PM #6
Incredibly, the envelope containing the 5-figure check was handed to me by the druggie next door--he received it in his mailbox! Good thing he didn't open it.

"--Granted, that's a worse case scenario. The destruction might in fact be ... limited to our own galaxy."