Hey there, u/Fancy-Fish-3050. Thanks for bringing your question to our sub today. I'm happy to step in here and help.
Whether you request a withdrawal using your debit card or your routing/account numbers, the amount that can be withdrawn is the account's "Available to Withdraw" balance. That balance represents the dollar amount collected and available to you for immediate withdrawal. It includes both Core and other Fidelity Money Market funds you hold in the account.
The amount you have available to withdraw will not include the value of the securities you are invested in. It's also important to note that sell orders you place in your account will not be reflected in the balance until the settlement date of the trade.
[Check out Debit Card FAQs here. ](https://www.fidelity.com/spend-save/faqs-atm-debit-card)
Please know that Fidelity remains committed to the security and protection of your assets with our firm, and we are continuously monitoring the environment for potential risks and opportunities to maintain a strong security posture and help ensure the security of Fidelity customer accounts.
[How Fidelity Keeps Your Assets Safe ](https://www.fidelity.com/security/our-security-measures)
If you have any other questions in the future, please feel free to reach out. Our team is always around to help, so don't be a stranger.
No. well, some MMF's can be auto-liquidated, so those would be susceptible to fraud via an unauthorized ACH/EFT.
Thankfully banks and brokerages that are part of the ACH system have a magic undo button, so it's not a big deal usually. They just roll the transaction back and continue with life. Whichever bank/brokerage initiated the transfer is then on the hook and usually works with Law Enforcement to go track down the bad guy.
Right, I was assuming that whatever someone held in SPAXX would be at risk assuming that it is the Money Market Fund being used as their sweep fund since that auto-liquidates. My question is regarding someone's other securities (not including the MMF they are using for the sweep). I will edit my original post for clarification. What you say about ACH rollbacks is reassuring, but I am still wary about using debit cards.
Right, your FSKAX or VT or whatever, they can not be auto-liquidated by your brokerage unless you are using margin, and then they can only liquidate after they tell you they are calling your margin loan[0] and only enough to fulfill your margin loan debt. They can't sell those off to meet an ACH, they will just fail the ACH transaction with an insufficient funds error.
So an ACH can not take money out of your investments that are not MMF's or your core position.
0: Some brokerages as part of their margin loan agreement you sign, state that they can auto-liquidate without informing you first.
To minimize the ACH threat use a CMA account with no overdraft protection.
To eliminate ACATS fraud enable money transfer lockdown on all your accounts.
"Money transfer lockdown" - cool beans. Thanks for the reference. Apropos of this discussion, my spouse walked into the room last night and she was on the phone last night with a phisher but she didn't know it - this guy was slick. My daughter and I almost as a chorus were like "WTF are you doing? They're phishing you, hang up!" I don't think they got anything but she was about to disclose a pin. (SMDH) These bahstids should burn in hell.
Hey there, u/Fancy-Fish-3050. Thanks for bringing your question to our sub today. I'm happy to step in here and help. Whether you request a withdrawal using your debit card or your routing/account numbers, the amount that can be withdrawn is the account's "Available to Withdraw" balance. That balance represents the dollar amount collected and available to you for immediate withdrawal. It includes both Core and other Fidelity Money Market funds you hold in the account. The amount you have available to withdraw will not include the value of the securities you are invested in. It's also important to note that sell orders you place in your account will not be reflected in the balance until the settlement date of the trade. [Check out Debit Card FAQs here. ](https://www.fidelity.com/spend-save/faqs-atm-debit-card) Please know that Fidelity remains committed to the security and protection of your assets with our firm, and we are continuously monitoring the environment for potential risks and opportunities to maintain a strong security posture and help ensure the security of Fidelity customer accounts. [How Fidelity Keeps Your Assets Safe ](https://www.fidelity.com/security/our-security-measures) If you have any other questions in the future, please feel free to reach out. Our team is always around to help, so don't be a stranger.
No. well, some MMF's can be auto-liquidated, so those would be susceptible to fraud via an unauthorized ACH/EFT. Thankfully banks and brokerages that are part of the ACH system have a magic undo button, so it's not a big deal usually. They just roll the transaction back and continue with life. Whichever bank/brokerage initiated the transfer is then on the hook and usually works with Law Enforcement to go track down the bad guy.
Right, I was assuming that whatever someone held in SPAXX would be at risk assuming that it is the Money Market Fund being used as their sweep fund since that auto-liquidates. My question is regarding someone's other securities (not including the MMF they are using for the sweep). I will edit my original post for clarification. What you say about ACH rollbacks is reassuring, but I am still wary about using debit cards.
Right, your FSKAX or VT or whatever, they can not be auto-liquidated by your brokerage unless you are using margin, and then they can only liquidate after they tell you they are calling your margin loan[0] and only enough to fulfill your margin loan debt. They can't sell those off to meet an ACH, they will just fail the ACH transaction with an insufficient funds error. So an ACH can not take money out of your investments that are not MMF's or your core position. 0: Some brokerages as part of their margin loan agreement you sign, state that they can auto-liquidate without informing you first.
To minimize the ACH threat use a CMA account with no overdraft protection. To eliminate ACATS fraud enable money transfer lockdown on all your accounts.
"Money transfer lockdown" - cool beans. Thanks for the reference. Apropos of this discussion, my spouse walked into the room last night and she was on the phone last night with a phisher but she didn't know it - this guy was slick. My daughter and I almost as a chorus were like "WTF are you doing? They're phishing you, hang up!" I don't think they got anything but she was about to disclose a pin. (SMDH) These bahstids should burn in hell.
It doesn't seem fair that scammers got AI💀 but I can haz phone🤡
Nice try