Active Vanguard investors

[grasshopper]

Looks like July 1 Vanguard added account transfer lock down on the Web, Go to Security profile lock accounts to secure.

 

[frayne]

Another good way to prevent nefarious actions by bad actors, I use the function on my FIDO accounts.

 

[disneysteve]

Can you explain what that means? What happens when you activate that?

 

[Al18]

At Fidelity, you can turn on file transfer lockdown, which prevents any money from being transferred. You have control over each account : brokerage, IRA, etc.

 

[disneysteve]

At Fidelity, you can turn on file transfer lockdown, which prevents any money from being transferred. You have control over each account : brokerage, IRA, etc.

What do you need to do each time you want to transfer funds? Is it pretty simple or are there a lot of hoops to jump through?

 

[grasshopper]

What do you need to do each time you want to transfer funds? Is it pretty simple or are there a lot of hoops to jump through?

What is an outgoing transfer lock?​

An outgoing transfer lock prevents ACAT, or Automated Customer Account Transfer. This is a standard system brokerages use to transfer assets between institutions. Another brokerage institution should only initiate ACAT after you’ve opened an account with them and asked them to transfer your assets from Vanguard.
Locking your accounts for outgoing transfers protects your assets from being moved to an outside brokerage institution without your consent—a common type of fraud. It doesn’t apply to bank transfers you initiate, so you still have access to your money.

What is a full transfer lock?​

Coming soon
A full transfer lock prevents all money movement into and out of your account, including fund transfers to and from other brokerage institutions. Additional details about specific limitations will be provided once this account lock is available.

Sign in go to Security profile, just lock or unlock accounts.

 

[COcheesehead]

What do you need to do each time you want to transfer funds? Is it pretty simple or are there a lot of hoops to jump through?

If you have reoccurring transfers - like to a local checking account - you do nothing. One off transfers require that you turn it off with 2FA verification. You can do it by account or for all accounts. A customer service person cannot do it for you. It takes 30 seconds.

 

[Al18]

On Fidelity to change the lockdown settings, you choose security settings and check or uncheck the settings for each account. You can then transfer the money and then go back to the security settings to turn lockdown back on.

 

[RetMD21]

Thanks grasshopper! It just took a few seconds to activate the ACAT transfer lock.

 

[Earl E Retyre]

It looks like for Vanguard it works for all accounts other than Trust accounts. I think for Trust accounts you may need to call them.

 

[SJhawkins]

Thanks for posting this.