Wow. Wow. Thank you for this. Mayhap I have made quite the mess of things.That may risk going out of the frying pan and into the fire: FINRA has a current emphasis on ACATS fraud* , including telling member firms to be on the special outlook for this sort of behavior:Not sure if this will make a difference, but my entire transfer is an ACATS transfer. [ . . .]
[. . .]My online Vanguard linked bank account webpage has a statement that says I can transfer to this account in 7-10 calendar days. Today is day 8 and I was unable to transfer.[. . .]
[. . .]I guess worst case, now I've purchased Admiral Shares and can bring them back to Fido via ACATS. Image may be NSFW.
Clik here to view.*Recent FINRA Regulatory Notices and reports relating to ACATS fraud:Once the ACATS transfer of the assets to the newly established account at the receiving member is completed, the [possible] bad actor will (within a short period of time) attempt to move the [possible] ill-gotten assets to an external account at another financial institution by:
- transferring the account assets (i.e., cash and securities) to an account at another financial institution
- liquidating the securities or a portion of the securities transferred into the new account, then transferring any realized proceeds (along with any cash that was transferred to the new account) to an account at another financial institution; or
- purchasing additional securities using the transferred cash and then transferring those securities to an account at another financial institution.
Regulatory Notice 23-06 "FINRA Shares Effective Practices to Address Risks of Fraudulent Transfers of Accounts Through ACATS" (Published Date: March 28, 2023)
Regulatory Notice 22-21 "FINRA Alerts Firms to Recent Trend in Fraudulent Transfers of Accounts Through ACATS" (Published Date: October 06, 2022)
2024 FINRA Annual Regulatory Oversight Report: Anti-Money Laundering, Fraud and Sanctions -> "Emerging Risk: New Account Fraud" (January 2024)
My plan: Do nothing for the next sixty days. Then attempt to transfer July's bill money to my bank. If I can't, I'll call. The interest on the HELOC will be all of $40. Oh well. Lesson learned re: impulsivity.
However, I don't know how I would have seen this coming. I stumbled across a thread here purely by chance, after the ACATS was all but completed (all minus a sweep).
Thanks again cas.
Statistics: Posted by Charles Joseph — Tue May 07, 2024 9:02 am — Replies 31 — Views 4014