[retiredguy123]

Automated Customer Account Transfer Service (ACATS) is being used to make unwanted transfers of funds from Vanguard and Fidelity accounts to outside brokerage accounts. This is sometimes used to defraud the account holder and to steal their money. They don't need your permission to move the money. If you have an account with either Vanguard Investments or Fidelity Investments, it is now very easy to prevent these unauthorized transfers by making a simple online change to your security settings. It is also very easy to undue the security setting whenever you want. If you have an account with Vanguard or Fidelity, I recommend that you take a minute to make this simple change.

[tophcfa]

Originally Posted by retiredguy123

Automated Customer Account Transfer Service (ACATS) is being used to make unwanted transfers of funds from Vanguard and Fidelity accounts to outside brokerage accounts. This is sometimes used to defraud the account holder and to steal their money. They don't need your permission to move the money. If you have an account with either Vanguard Investments or Fidelity Investments, it is now very easy to prevent these unauthorized transfers by making a simple online change to your security settings. It is also very easy to undue the security setting whenever you want. If you have an account with Vanguard or Fidelity, I recommend that you take a minute to make this simple change.

Thanks for the heads up, those are the two brokerage firms we use. Quick question, if I turn on that security setting will that prevent me from periodically transferring funds to our checking account to pay our bills?

[retiredguy123]

Originally Posted by tophcfa

Thanks for the heads up, those are the two brokerage firms we use. Quick question, if I turn on that security setting will that prevent me from periodically transferring funds to our checking account to pay our bills?

As I understand it, the security setting will not affect transfers to or from a checking account that is "linked" to your Fidelity or Vanguard accounts.

[Battlebasset]

Thanks. Just did this with fidelity

[CoachKandSportsguy]

Thanks!

Fidelity was in plain site, Vanguard, one has to search around for it. .

done this afternoon.

[tophcfa]

Originally Posted by retiredguy123

As I understand it, the security setting will not affect transfers to or from a checking account that is "linked" to your Fidelity or Vanguard accounts.

Perfect, thanks. Just added this to my to do list.

[coralway]

40 years with Fidelity, never any issues.

[retiredguy123]

Originally Posted by coralway

40 years with Fidelity, never any issues.

Me too, with Fidelity and Vanguard. But, scammers are getting smarter. ACATS is designed to prevent brokerage firms from "dragging their feet" when asked to transfer funds. An ACATS transfer must be completed within about 7 days. If you are on a cruise or otherwise not available, an ACATS transfer can be completed before you even know it. If a scammer has your personal information, they can forge documents and transfer your funds, without your permission, to an outside account, and then transfer it somewhere else, and your money is gone. That is why Vanguard and Fidelity offer the security setting. But, if you want to take that chance, go for it.

Note that I also use the "two factor" authentication when logging in to my accounts. Without it, anyone who has your username and password can log in to your accounts from anywhere in the world.

[MrFlorida]

Fidelity and Vanguard. Did both after viewing your post, thanks for the heads up.

[Altavia]

An example why the OP is thanked 18,547 Times in 7,519 Posts - need a special badge for that - well done!

[JRcorvette]

Originally Posted by retiredguy123

Automated Customer Account Transfer Service (ACATS) is being used to make unwanted transfers of funds from Vanguard and Fidelity accounts to outside brokerage accounts. This is sometimes used to defraud the account holder and to steal their money. They don't need your permission to move the money. If you have an account with either Vanguard Investments or Fidelity Investments, it is now very easy to prevent these unauthorized transfers by making a simple online change to your security settings. It is also very easy to undue the security setting whenever you want. If you have an account with Vanguard or Fidelity, I recommend that you take a minute to make this simple change.

That is an excellent idea. Good advice.

[asianthree]

We moved both Vanguard and fidelity accounts 10 years ago, to our Merrill accounts.We have always two step verification, sign in, plus no money can be moved without verbal confirmation.

[Ecuadog]

Done. Thank you.

[CoachKandSportsguy]

Originally Posted by coralway

40 years with Fidelity, never any issues.

past performance is no guarantee of future results.

There is always a first time for everything.

[bob47]

Originally Posted by CoachKandSportsguy

past performance is no guarantee of future results.

There is always a first time for everything.

Will I have to unlock my account every month to transfer money to pay my Fidelity credit card?