Fidelity Gripe

Chickereeeee

Just a moan, and possibly a warning to other Fidelity users.


I have had an account with Fidelity for decades, and also with iWeb, YouInvest, HL etc (so I do know my way around..)


Last week, I sold a holding within an ISA, intending to go to cash and buy an Investment Trust. I accidentally clicked 'pay to bank account' rather than 'pay to ISA cash' when presented with an option, and PING, I have lost the tax shelter for a non-trivial amount of money.


My fault for not reading the screens in detail, but as far as I know, 1) Only Fidelity do not automatically pay to the ISA cash account, and require a separate withdrawal transaction when the cash has cleared, 2) For non-fund holdings, even Fidelity pay proceeds to the cash account automatically! (so the transaction process differs depending what you are selling) 3) The question presented on screen is not 'Hold proceeds in account or Pay to bank' it is something like ' Transfer proceeds to X account or Y account'! 4) They do not ask 'Are You Sure?' to make sure you really want to transfer out from an ISA tax shelter.


This is using Fidelity's 'New' interface. Very annoyed with self and Fidelity.

Tom99

When did you realise your mistake? Was their not a lag before the cash was available to send to your account? I thought with shares it was normally two working days after you sell, not sure about funds.

Alexland

Unfortunately they do not offer a flexible S&S ISA to enable you to replace withdrawn money. Have you tried contacting them to see if they can stop the withdrawal?