Basically I have 375 MSFT as margin and 145 held as cash in my taxable brokerage margin account. I have called every day since 02/28 and talked half an hour or more with multiple representatives including their margin and stock plan supervisor Scott. They would find eligible stock lots & transfer from cash to margin. It would increase my margin buying power but next day stocks would get reverted to cash position & I don’t have enough collateral to cover calls. Representatives are clueless and have not been able to figure this out for a week now.
Check out my chat with Fidelity representative. When I posted this in r/fidelityinvestments they deleted the post.
Me: i had Tyler, a supervisor form margin, look into an urgent issue with my account. i wanted to check status
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New party ('Ty ****') has joined the session
Thank you for chatting with Fidelity investments, This is Ty ***** with the client service team. Who do I have the pleasure of speaking with today?
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hey Ty
i am ****
Can you clarify a little more on your margin request today?
i have called representative every day since 02/28 to move my MSFT position from cash to margin but it gets reversed next day
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I am more than happy to assist you with that request today. You did come through verified, This request should only take us a few moments today
The request was received yesterday, the team is working to push through and will call when resolved
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Yesteday, the issue escalated to Fidelity supervisor. he said they will do the research & get back to me
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Yes, they are working on the issue and will call when completed
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I am afraid if there's margin call due to market fluctuations as a result of this issue. I have 144 MSFT stocks that I can't move to margin since 5 days now
Due to this reversals, I have seen a federal call once
Can this be resolved with urgency? thx!
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One moment please
So this is handled through stock plan services, I can provide you their direct line and you can see if they can find a way to push it though
You can contact the Fidelity Stock Plan Services group by dialing 800-544-9354. Stock Plan representatives are available continuously from 5 p.m. on Sunday through Friday at midnight, Eastern time.
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I have already talked to stock plan services and margin team multiple times. They even worked together to resolve this unsuccseefully
Could i get confirmation my stocks have not been loaned to be shorted?
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That is the team responsible for the request. Please contact the SPS team to get any updates on the matter
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Did i not mention I have already talked to them?
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Please let me know if there is anything else I can help you with.
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I will post this chat on reddit
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