I am looking at opening an account but I’m concerned about security. Does anyone know if there is a type of account that has strict withdrawal protocols? For example, withdrawing cash would require verbal and written confirmation, etc?
Any help would be greatly appreciated.
They have two factor authentication and restrictions on only withdrawing money to accounts you’ve funded from. Withdrawals are also confirmed via email. I’m not sure if there other options.
Verifying bank accounts is a real pain. They do micro-deposits which you have to verify. Then there’s is the “bingo card”. It’s a physical card with a bunch of numbers on it. The whole process is a bit of a hassle and old fashioned. Sometimes instructions are not 100% clear and time consuming. It’s all a bit too much for millenials for sure. But I guess it does make you feel safer.
They have a “SLS” (Secure Login System) that determines security protocols.
You can opt out of SLS entirely, in which case making any withdraw requires jumping through many hoops and verifying identity.
You can use the “bing card” thing Marco mentioned, which they mail you when you open an account, or you can upgrade to better options like a device that goes in your wallet or a phone app. But if you’re using an SLS device there are fewer restrictions on withdraws. They’ll still require verbal verification on some abnormal or very large transactions, but for the most part when using sls its easy to move money in/out to registered bank accounts.
Thanks for the replies.
Whats the withdrawal process like if I opt out of SLS entirely? The more hoops I have to jump through the better. Verbal verification and written verification is what I’m looking for to make it as hard as possible for someone to fraudulently withdraw from my account.
You’d have to call and ask to be sure. I was opted out early on, and I believe I had to call and give verbal confirmation on all withdraws. If I was trying to send money to an account different than the one I used to fund the account I had to put it in writing and call.
The most secure approach is to use a security device - the phone app is probably best. If someone wants to withdraw from your account they would need physical access to your phone, which I assume has its own password/biometric protection, and your acct password. And even then from amount over 100K or so IB may still want verbal confirmation.
great thanks