Heads up that I called Vanguard to lock my account after I read Clark’s post “Why You Need To Lock Your Brokerage Account Today.” I was surprised later when I was unable to withdraw any money either from the website or via phone. They told me they put a two week hold on my account because of my request. It’s ok, I’ve got enough money in other places, but it was inconvenient. I thought I was just blocking automated transfers and I’d still have access to my money.
1 Like
I experienced the same issue. The gentleman I spoke to on the phone didn’t tell me that. Maybe Clark needs to do more research before making suggestions like this. Can cause a lot of problems / inconvenience.
1 Like
I called Vanguard to put the lock on. I was on the phone for 1hr and 20 minutes. I was passed to three different reps in three different departments. No one seemed to know much about the ACATAS threat. When I finally got to the right rep he asked if I wanted to put a lock on my account also so no one could change anything. He said that I would then have to call to access my account online and lift the lock. I just thought that if it took this long to put it on it would take that long to remove. I said no, just a lock on my brokerage account to prevent this ACATS scam. A prime example of Clark’s “Customer No-Service”!
2 Likes
The rep I spoke to told me that the lock would only be good for ten days and I’d have to call to extend it…or I’d have to write a letter stating I want it locked indefinitely. When I went to purchased some CD’s a couple days ago, I wasn’t able to, said my brokerage accounts were ‘ineligible’. I’m in the process of contacting them and asking them to remove the lock. What BS!!
1 Like
Sounds like my experience. Not what I wanted or expected.
1 Like
The rep told me that a ACATS lock would interfere with transfers to my linked banks. The rep also stated that since the ACATS process takes days, I was safe because I get text and email alerts for all my transactions.
2 Likes
Update.
A family member received this email from Vanguard. “Here are the two choices for adding an ACATS restriction: Option 1: Add a Withdrawal Restriction Option 2: Add an ACAT-only Restriction”
I am going to call Vanguard again about the ACATS restriction and I will ask about the temporary account hold that @ simart mentioned.
1 Like
Thank you! The ACATS only lock is what I thought I was getting, but instead my accounts were locked for two weeks from any withdrawals
@p1g1 - Please share what you find out. I’d like to know the difference between the two options. Thanks!
I set up an ACATS only restriction today. The process was simple.
I indicated that I wanted to set up an ACAT only restriction. The other choice is a restriction on all account withdrawals. The representative need to then send you an authentication code . The rep had me indicate which of my accounts I wanted to include in the restriction. The restriction starts in 1-2 business days. Turning off the restriction is a similar call process.
@p1g1 Thank you for sharing. I’ll call VG after Christmas – once my current lock has expired – and see about setting it up properly. Just to confirm, you can still do transfers / buys (for CD’s, etc.) within your account, correct?
Yes. While in effect, the ACATS only restriction blocks transfer of accounts from brokerage A to brokerage B.
1 Like
@p1g1 Perfect! Thank you for confirming. 
That was my experience, but it took an hour and 20 minutes on the phone. 1 hour waiting to speak to a rep and 20 minutes to get the job done. I also was passed to three different departments as the first two reps were not familar with the ACATS threat.
That was not my experience. See my reply below to another post. I was told that this only applied to my brokerage account and would not prevent any dividend or CG transfers to a bank or online access to my account. Nothing was said about a hold. I was told that a call to customer service would be needed to unlock it.
Tips for Fidelity: https://youtu.be/vUsjeobocmY
Vanguard (and their employees) sure seem to be lacking in keeping current / trained regarding ACATS. My Fidelity account was easy-peasy. Vanguard should take lessons from Fidelity regarding this process!