wa-header11.9
bach-logo

CUSTODIAL UPDATES

FIDELITY

Fidelity EFT Standing Instructions Purge

This is a reminder that the EFT standing payment instruction purge executes quarterly on the 2nd Saturday of the month in February, May, August and November.  The next purge is on May 12, 2018.

 

Why is Fidelity doing this? There are two primary reasons driving this decision:

  1. Operational Risk: Ownership at the bank could have changed, so if the instructions have not been used in 36 months, we are removing them.
  2. Fraud Protection: With pervasive phishing campaigns and compromised email interactions, we need to ensure that only active instructions are maintained on our accounts.

 

The purge will only apply to instructions that have not been used in the past 36 months. The instructions must be used prior 5/12/2018 to avoid being purged – no exceptions. If and when the instructions are purged, a confirmation will be sent to your client.

Fidelity encourages each advisor to obtain a list of impacted accounts by accessing the Standing Instructions report in WealthScape. Please refer to the column labeled Last Date Used  to determine which instructions have not been used in 36 months.

Directions to the report in WealthScape:
Reports>Client and Account Information>Standing Instructions

As always, please reach out to your AE Wealth Support team at 866.363.9595 for further details.

AW04180102 - For investment professional use only.

footer-logo