Please check that your brokerage has a security guarantee.
The following 4 brokerages offer a security guarantee.
If a thief steals all your assets from one of the above brokerages and if you have not been negligent, then the brokerage will restore the value of your account.
Vanguard refuses to offer a security guarantee. If a thief steals all the money from your Vanguard account, Vanguard will not compensate you. You will lose everything.
On the other hand, it's not exactly easy to get Vanguard to transfer funds to an account that is not registered to you.
messagenews: snipped-for-privacy@k78g2000cwa.googlegroups.com...
Vanguard to transfer funds
My experience at Schwab is that even if I want funds transferred to my own account, I need to authorize the transfer ahead of time. And at the time of the requested transfer, I need to personally make the request, not on the web.
Schwab gives me no issue transferring cash between accounts on the web. Stock movement requires paper. IRA RMDs and cash transfers happen instantly during working hours, and next day if entered after hours. JOE
accounts on the web.
Between Schwba accounts, no. I am talking about transferring from Schwab into a bank account.
What happens if you have check-writing privileges, someone forges a check, and is successfully able to make a withdrawal?
Anoop
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