Oh, I don't think they will admit responsibility because they don't want liability to others.
I suspect most people just accept the excuse. They want it both ways. Here's their marketing materials for the cash manager, and their video about how you can put your money to work because of the cash manager rather than leaving it in the account to cover charges.
https://www.fidelity.com/spend-save/fid ... sh-manager
So they disclaim responsibility for not being careful when processing checks, but their marketing materials and advertisement provide assurance. Seems like false advertising to me when they know of the problem.
Frankly, I don't see how they have a legal leg to stand on under the UCC, which holds them strictly liable for failing to honor a check that is properly payable, which includes overdrafts that they have agreed to pay (which is certainly the case with their cash manager), and only allows them to limit liability for consequential damages if they acted with "due care."
I'm moving most of my ACH withdrawals to the brokerage account, but if that's going to be unreliable too, I'll stop using Fidelity. So far, I've had and heard of no problems with the brokerage account, and suspect it's more reliable because MM funds show up in "available funds" in the brokerage account, but not in the CM account. I will keep money in the CM account to cover payments.
I suspect most people just accept the excuse. They want it both ways. Here's their marketing materials for the cash manager, and their video about how you can put your money to work because of the cash manager rather than leaving it in the account to cover charges.
https://www.fidelity.com/spend-save/fid ... sh-manager
So they disclaim responsibility for not being careful when processing checks, but their marketing materials and advertisement provide assurance. Seems like false advertising to me when they know of the problem.
Frankly, I don't see how they have a legal leg to stand on under the UCC, which holds them strictly liable for failing to honor a check that is properly payable, which includes overdrafts that they have agreed to pay (which is certainly the case with their cash manager), and only allows them to limit liability for consequential damages if they acted with "due care."
I'm moving most of my ACH withdrawals to the brokerage account, but if that's going to be unreliable too, I'll stop using Fidelity. So far, I've had and heard of no problems with the brokerage account, and suspect it's more reliable because MM funds show up in "available funds" in the brokerage account, but not in the CM account. I will keep money in the CM account to cover payments.
Statistics: Posted by classpro — Mon Aug 12, 2024 3:50 pm — Replies 45 — Views 4388