Instant bank account linking on new account. Yikes?
I haven't opened any bank account in at least 6 years. Recently, we opened an account at Marcus. The process took about 10 minutes for a joint account. Then we added a link to Ally. DW asked to go slow, so we chose "Manual - may take 7 days." I expected the typical small random amount deposits to be reported for a security interlock. Nope.
It didn't matter. The link was up instantly and I did a transfer within 1 minute. Overnight, the transfer posted on Ally.
On one hand, this was great! No muss, no fuss. Getting the savings rate right away. On the other hand, this seemed ripe for the nastiest kind of abuse.
My question is: are there behind the scenes extra security checks for this? Our registrations between the two accounts are exactly the same. Surely, this is checked? Someone please tell me it is.
We're going to try to link Vanguard later. I expect it to take longer, which is OK. I hope it takes longer!
Retired Class of 2018