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That account will let you start investing right away. Try to pass 250k through it and I think you'll find fraud and KYC flags are in effect until you've done so
by yakak 4y ago
That account will let you start investing right away. Try to pass 250k through it and I think you'll find fraud and KYC flags are in effect until you've done something that verifies your access to your address, etc, go change your address to a forwarder and that will affect your credit report, and so on..
Regular banking is pretty indifferent to the future profits of a new account that can pay out cash as it examines risk, while a loan salesman's interest in believing he has a sale..
- adrr 4y agoKYC requirements are wrapped up in the AML rules. It's the same. Any one handling money needs to know their customer. Banks will run "credit" checks on new accounts usually through Chex Systems. It checks if you had a bank account closed due to negative balance. Also pushing $250k to a bank/sweep account won't set anything off because the risk to FI handling the money is minimal. There's minimal risk it can be clawed back and the risk is on the FI that pushed the money. If you pull the money, thats a different story due to rules around ACH clawbacks. I assume fidelity lets you fund your account with no max though a push either ACH or Wire but to pull, you're limited to $50k or a lower amount per day. If you try to transfer that money out from a pull, it will get locked down till the ACH clawback period expires.