Complaint / review / scam report
I initiated a transfer from my Fidelity brokerage accou...

Complaint / review text:
I initiated a transfer from my Fidelity brokerage account to my Netbank Money Market account. A week after requesting the transfer I noticed that the funds were no longer in my Fidelity account but had not arrived in my Netbank account so I sent them an email asking if they were aware of the incoming funds. They told me that they were but that even though the transfers are electronic they are not automatic and that the transfer would have to be manually initiated and manually verified and that it would take 4-5 business days.

Four business days later the funds had been deposited in my Money Market account. My checking account had a -$3.94 balance so I attempted to transfer money into the checking account so I could pay a debt and put it into the black. The Netbank system told me I didn't have enough valid accounts to do a transfer so I called customer service and was told that the matter would have to be researched by the security department and that I would have an answer (notice they didn't say resolution) within 24-48 hours. I asked them if my understanding was correct in that even though my funds were in their possession I was not able to access them at this time. They told me I was correct.

I then asked to speak to someone in the security department but was denied and told I would have to wait for the higher level team to look at the situation. All this because the account I wanted to transfer funds in to was showing a negative balance of $3 and change. It seems to me that they would WANT me to transfer funds to bring it to a positive balance but instead they hijack my money and refuse me access to it until they can research the issue.

Contact information:
Author: Contact with Author

Offender: Netbank

Country: USA

Category: Business & Finance


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