5 ms·

Lost around 150k of stock from my fidelity brokerage account (ACATS Transfer)

33 points by nope96 4y ago

nope96 4y ago
Found via a thread on Bogleheads, https://www.bogleheads.org/forum/viewtopic.php?p=6756717 https://www.bogleheads.org/forum/viewtopic.php?p=6756717 In another thread the same Reddit poster writes: "I was just told by e-trade that the stocks were sold and the amount was already transferred out to an unknown BOA account." It sounds like ACATS has absolutely no security whatsoever. If someone knows your account numbers, and has enough information to set up a fake brokerage account in your name, they can pull your money away, sell it, and transfer it out before anyone can stop it.
- deleted 4y ago
  [deleted]
wdb 4y ago
Ah I had something similar happen in Switzerland. Still getting a sad feeling when I lookup the current values of my then stock portfolio. Don’t understand why it’s possible
- nope96 4y ago
  The brokerages did not refund you?
- sschueller 4y ago
  Which brokerage and did the transfer go to another Swiss bank? Did you file a police report?
thyrsus 4y ago
Fidelity says 401k accounts are not eligible for lockdown. Why am I supposed to not be worried?
- rabbidruster 4y ago
  Fidelity 401ks are already much more strict in how you can withdraw
zaptheimpaler 4y ago
It's absolutely insane that all the top comments on the thread are seemingly defending the brokerage and placing the blame on the customer for not enabling the "lockdown" feature? Not losing your money is the absolute bare minimum for any brokerage or bank. You don't forfeit FDIC insurance by forgetting to enable the "don't lose my money" feature. The thread has to be completely astroturfed.
- cyclotron3k 4y ago
  It seems some of the mods work at Fidelity...
pa7x1 4y ago
Crypto is speed-running all the history of financial regulation. This would have been prevented with D+2 settlement and actual humans in the loop verifying transactions. Oh wait, no! Wrong thread...
- infinityio 4y ago
  maybe it's possible that both crypto and Fidelity need more regulation?

33 points by nope96 4y ago

Found via a thread on Bogleheads, https://www.bogleheads.org/forum/viewtopic.php?p=6756717 https://www.bogleheads.org/forum/viewtopic.php?p=6756717 In another thread the same Reddit poster writes: "I was just told by e-trade that the stocks were sold and the amount was already transferred out to an unknown BOA account." It sounds like ACATS has absolutely no security whatsoever. If someone knows your account numbers, and has enough information to set up a fake brokerage account in your name, they can pull your money away, sell it, and transfer it out before anyone can stop it.

deleted 4y ago
[deleted]

wdb 4y ago

Ah I had something similar happen in Switzerland. Still getting a sad feeling when I lookup the current values of my then stock portfolio. Don’t understand why it’s possible

nope96 4y ago
The brokerages did not refund you?
sschueller 4y ago
Which brokerage and did the transfer go to another Swiss bank? Did you file a police report?

thyrsus 4y ago

Fidelity says 401k accounts are not eligible for lockdown. Why am I supposed to not be worried?

rabbidruster 4y ago
Fidelity 401ks are already much more strict in how you can withdraw

zaptheimpaler 4y ago

It's absolutely insane that all the top comments on the thread are seemingly defending the brokerage and placing the blame on the customer for not enabling the "lockdown" feature? Not losing your money is the absolute bare minimum for any brokerage or bank. You don't forfeit FDIC insurance by forgetting to enable the "don't lose my money" feature. The thread has to be completely astroturfed.

cyclotron3k 4y ago
It seems some of the mods work at Fidelity...

pa7x1 4y ago

Crypto is speed-running all the history of financial regulation. This would have been prevented with D+2 settlement and actual humans in the loop verifying transactions. Oh wait, no! Wrong thread...

infinityio 4y ago
maybe it's possible that both crypto and Fidelity need more regulation?