Quote:
Originally Posted by retiredguy123
I still cannot find any difference between Vanguard and Fidelity regarding lost or stolen money. Both companies will reimburse the customer for unauthorized transactions. Neither will be responsible for customer negligence. I have accounts with both companies, and don't know about any "insurance" offered by Fidelity. Please tell me what I am missing???
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RE: Lost or Stolen money
I don't believe you have any INSURANCE what you have is these large companies wishing to protect their hard earned goodwill.
Not sure what and when it changed but years ago before you placed an order for a fund or........, you would be sent a copy of the prospectus, you would SIGN an application and it would outline the companies responsibility and that you have read and understand same.
If, I recall, FROM MANY YEARS AGO, you have agreed to arbitration. The trouble is the arbitrator is paid by the company so is not working for you.
CONGRATULATIONS YOU ARE ONE OF VERY FEW THAT WONDER ABOUT YOUR RIGHTS.
I do not know the whole story but someone we know INVESTED? with MADDOFF. When, that scam went bust this person got back most if not all of the money he had put in. I BELIEVE part of the money came from a fund that the brokers are forced to contribute to.