[retiredguy123]

Originally Posted by bob47

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

From AI:

"No, Fidelity's Money Transfer Lockdown—the security setting that blocks outbound ACATS and electronic transfers—will not prevent you from paying your credit card bill via Fidelity Bill Pay or direct debit."

But, it wouldn't hurt to call Fidelity to find out the limitations of the money transfer security setting.

[Radamo]

Don't see any option for this at Schwab... Is there a need to do this here as well?

[retiredguy123]

Originally Posted by Radamo

Don't see any option for this at Schwab... Is there a need to do this here as well?

Yes, I think it is needed. I don't have a Schwab account, but apparently they do not an online security option. You may be able to do it manually by calling Schwab.

[Younggirl]

Can you tell me how to make this change at Vanguard please?

[retiredguy123]

Originally Posted by Younggirl

Can you tell me how to make this change at Vanguard please?

Log in to your Vanguard account
Select profile
Select security profile
Select "add" at outgoing transfer lock
Select your accounts and click on "lock"

[tyfamily]

From Fidelity:

What is protected during lock?
-Outbound money transfers (previously scheduled electronic fund transfers from your account may still be processed)
-Transfers between Fidelity accounts
-Transfer of shares and assets to another institution
-Individual withdrawals


What's not protected during lock?
-Deposits or transfers into your Fidelity accounts
-Checkwriting and direct debit
-Debit card/ATM transactions
-Trading
-Scheduled required minimum distribution (RMD) or personal withdrawal scheduled plan
-BillPay

[HJBeck]

No. We have this option selected at Vanguard but still can transfer to our checking account anytime we want or have automatic transfers to checking.

[retiredguy123]

Originally Posted by tyfamily

From Fidelity:

What is protected during lock?
-Outbound money transfers (previously scheduled electronic fund transfers from your account may still be processed)
-Transfers between Fidelity accounts
-Transfer of shares and assets to another institution
-Individual withdrawals


What's not protected during lock?
-Deposits or transfers into your Fidelity accounts
-Checkwriting and direct debit
-Debit card/ATM transactions
-Trading
-Scheduled required minimum distribution (RMD) or personal withdrawal scheduled plan
-BillPay

To clarify, the item "transfers between Fidelity accounts" is a bit confusing. As I understand it, I only have one Fidelity "account" with several mutual funds in it. I think that I can transfer money from one mutual fund to another mutual fund because they are both in the same Fidelity account.

Also, whenever I move money out of Vanguard or Fidelity, I always use an ACH transfer into my linked checking account before directing it to another location. These types of transfers are not affected by the outgoing transfer lock.

[DAVES]

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.

We keep reading about AI. It is not like we have a choice. I used to think there are padded rooms full of techno nerds THEY HAVE EVERTHING WORKING-change it. REASON-they have it working. If there was that room full of techno nerds. AI does if faster cheaper and is better able to see when we have it working. FIDELITY you can still find a HUMAN. VANGUARD only at their normal business hours.

[DAVES]

Originally Posted by tyfamily

From Fidelity:

What is protected during lock?
-Outbound money transfers (previously scheduled electronic fund transfers from your account may still be processed)
-Transfers between Fidelity accounts
-Transfer of shares and assets to another institution
-Individual withdrawals


What's not protected during lock?
-Deposits or transfers into your Fidelity accounts
-Checkwriting and direct debit
-Debit card/ATM transactions
-Trading
-Scheduled required minimum distribution (RMD) or personal withdrawal scheduled plan
-BillPay

I'm not a financial advisor. We also deal with RMD-forced to withdraw from IRAs and let the TAXMAN who has been drooling over MY MONEY all these years. People of course have different finances. People use terms like dollar cost averaging. I'm forced to turn stocks into cash for the RMD. Like everything else when to do it. Our stock market. I've read that older people-that is us. Are invested with far more risk than in the past. I laugh with a friend we older folks are riding a mechanical bull or is it a bear? I know what I need for OUR RMD and I am raising CASH in our IRAS. I hold it is prime money market. Quote is based on 7 days.
I do not like auto pilot plans.
RE: OP subject. I'm no techno nerd. Imagine brokerages. Serious MONEY and yet we demand expect easy access. Some people use their cell phone. We are hardwired but it likely goes out over cell towers or people can cut into the wire. And they need to be secure.
Losses i will bet they do not make it public.

[JIMQ3100]

Also make sure your email account is extremely well protected. If someone controls your email, they may be able to intercept brokerage security notifications and password-reset messages.

And turn on alerts for changes to your phone number, email address, mailing address and linked bank accounts. Those seemingly minor changes can be early signs that someone is preparing to take over an account.

If you ever receive an unexpected notice saying that your brokerage account is being transferred, call the brokerage immediately using the telephone number from your statement or official app—not a number contained in the suspicious email or text.

[tophcfa]

Originally Posted by retiredguy123

To clarify, the item "transfers between Fidelity accounts" is a bit confusing. As I understand it, I only have one Fidelity "account" with several mutual funds in it. I think that I can transfer money from one mutual fund to another mutual fund because they are both in the same Fidelity account.

Also, whenever I move money out of Vanguard or Fidelity, I always use an ACH transfer into my linked checking account before directing it to another location. These types of transfers are not affected by the outgoing transfer lock.

I just put the transfer lock on both our Fidelity and Vanguard accounts. I could be wrong, but my understanding is that with the lock turned on I can still transfer money out to our saved bank account with Vanguard, but not with Fidelity. If I want to transfer funds to our saved checking account with Fidelity, I will have to turn the transfer lock off first, then turn it back on after the transfer.

[jrref]

I did this after someone accessed my wifes Fidelity retirement account and tried to wire a distribution to themselves. Fortunately, Fidelity caught it before the transaction was executed. From what I understand, any transfer that is not consistent with what you normally do is sent to a human at Fidelity so they can make sure it's not fradulent. But locking your accounts is just another step to safeguard your account.

[CoachKandSportsguy]

no, the locking is not about your transfers. .

and had a fidelity credit card. . the fraud protection was slow and awful,

[retiredguy123]

Originally Posted by tophcfa

I just put the transfer lock on both our Fidelity and Vanguard accounts. I could be wrong, but my understanding is that with the lock turned on I can still transfer money out to our saved bank account with Vanguard, but not with Fidelity. If I want to transfer funds to our saved checking account with Fidelity, I will have to turn the transfer lock off first, then turn it back on after the transfer.

I called Fidelity about this point, and the representative did confirm that you are correct. You cannot transfer cash to a linked checking account without first unlocking the transfer lock, which only takes a few seconds to do. However, you can make Fidelity credit card payments, complete scheduled automatic debits, and use the Fidelity billpay features without unlocking the transfer lock. Go figure.