It's absolutely insane that all the top comments on the thread are seemingly defending the brokerage and placing the blame on the customer for not enabling the "lockdown" feature?<p>Not losing your money is the absolute bare minimum for any brokerage or bank. You don't forfeit FDIC insurance by forgetting to enable the "don't lose my money" feature.<p>The thread has to be completely astroturfed.
Found via a thread on Bogleheads, <a href="https://www.bogleheads.org/forum/viewtopic.php?p=6756717" rel="nofollow">https://www.bogleheads.org/forum/viewtopic.php?p=6756717</a><p>In another thread the same Reddit poster writes: "I was just told by e-trade that the stocks were sold and the amount was already transferred out to an unknown BOA account."<p>It sounds like ACATS has absolutely no security whatsoever. If someone knows your account numbers, and has enough information to set up a fake brokerage account in your name, they can pull your money away, sell it, and transfer it out before anyone can stop it.
Crypto is speed-running all the history of financial regulation. This would have been prevented with D+2 settlement and actual humans in the loop verifying transactions.<p>Oh wait, no! Wrong thread...
Ah I had something similar happen in Switzerland. Still getting a sad feeling when I lookup the current values of my then stock portfolio. Don’t understand why it’s possible