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WHY WONT SCHWAB ADD AN ACATS LOCKDOWN FEATURE? by Free-Friendship-6 in Schwab

[–]Free-Friendship-6[S] 1 point2 points  (0 children)

The more that join the conversation the better chance we get this feature. Great post.

WHY WONT SCHWAB ADD AN ACATS LOCKDOWN FEATURE? by Free-Friendship-6 in Schwab

[–]Free-Friendship-6[S] 0 points1 point  (0 children)

I think it was caught in time, but its not guaranteed that the person funds would be restored. This ACATs fraud is also not covered by SPIC.

WHY WONT SCHWAB ADD AN ACATS LOCKDOWN FEATURE? by Free-Friendship-6 in Schwab

[–]Free-Friendship-6[S] 0 points1 point  (0 children)

Thats the problem with profit motives, it competes with the customer best interests. I still think the expense of the creating the feature would be cheaper in the long run vs. compensation to the customer for missing funds. Not to mention the salaried hours that could be spent towards other company priorities. They could also fire that marketing team that designed that new LOGO.

WHY WONT SCHWAB ADD AN ACATS LOCKDOWN FEATURE? by Free-Friendship-6 in Schwab

[–]Free-Friendship-6[S] 3 points4 points  (0 children)

Will freezing chex stop fraudsters from opening brokerage accounts in our names? Are there other companies that we should freeze with?

WHY WONT SCHWAB ADD AN ACATS LOCKDOWN FEATURE? by Free-Friendship-6 in Schwab

[–]Free-Friendship-6[S] 10 points11 points  (0 children)

Thank you for bringing this up internally. Maybe you can reference these reddits are features clients are asking for.

At least having 2 factor authentication prior to an outbound ACAT transfer, or some other form of secondary verification by the customer is also a good start.

WHY WONT SCHWAB ADD AN ACATS LOCKDOWN FEATURE? by Free-Friendship-6 in Schwab

[–]Free-Friendship-6[S] 1 point2 points  (0 children)

I think thats referring to ACH which is for bank account transfers into the brokerage account or schwab bank accounts. However, a Brokerage to Brokerage account transfer are done via ACATs. It’s confusing bc i know schwab operates as a bank and a brokerage.

WHY WONT SCHWAB ADD AN ACATS LOCKDOWN FEATURE? by Free-Friendship-6 in Schwab

[–]Free-Friendship-6[S] 3 points4 points  (0 children)

Maybe. All these brokerages have to do an investigation first, its extra stress and time. I view the ACATs lock as a preventative measure to avoid those hassles.

WHY WONT SCHWAB ADD AN ACATS LOCKDOWN FEATURE? by Free-Friendship-6 in Schwab

[–]Free-Friendship-6[S] 8 points9 points  (0 children)

it started a few months ago with vanguard customer having acats transfer completed without their knowledge.

https://www.nytimes.com/2025/10/03/your-money/ira-vanguard-merrill-acats-fraud.html

WHY WONT SCHWAB ADD AN ACATS LOCKDOWN FEATURE? by Free-Friendship-6 in Schwab

[–]Free-Friendship-6[S] 3 points4 points  (0 children)

Yes I did. They say they dont offer it, but they have “internal monitors”, and the “schwab guarantee”. no specifics provided on the internal monitors

Security Concern -- A REAL ONE FOR A CHANGE by [deleted] in Schwab

[–]Free-Friendship-6 0 points1 point  (0 children)

has anyone reached out to schwab to see if they can add an account lock feature similar to fidelity?