Coworker called Fidelity to set up ROTH IRA using Chase JPM account. Scam issues require in-person action

Coworker next to me | Mene Mene Tekel Upharsin

[MeneMeneTekelUpharsin]

My coworker here in the Austin area went online to start the process of starting an IRA account with Fidelity using is JP Morgan Chase account. He was told by the Fidelity Rep that he couldn't do it online because of a FRAUD issue JP Morgan has experienced.

Has anyone read/heard about what has happened with JP Morgan regarding this sort of thing? I recommended he put cash in a stock trading account and hold and wait for an inevitable severe downturn which is coming and then buy dividend-paying stocks and HOLD and reinvest the dividends(he's only 22). Then the above happened. Information please? Also, feel free to recommend good dividend-paying stocks.

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TOPICS: Business/Economy; Chit/Chat; Education; Local News
KEYWORDS: fidelity; investment; ira; jpm; scam; vanity

[MeneMeneTekelUpharsin]

Thanks in advance. Both of us waiting in anticipation of truthful FR responses.

Thanks,

Mene

[HonorInPa]

I use JP Morgan for investing and Chase for banking - not heard a thing.

[Fido969]

Anti-money laundering rules. Risk management looks at the situation and determines in-person is required.

Banking is a PIA nowadays.

[DIRTYSECRET]

You’re talking thousands of dollars over a lifetime. You should do it in person.

[leopud]

My co-workers heard that JP Morgan has customer service problems.

[Zathras]

Fidelity is very very careful about their security.
Nothing abnormal with this request.
I set mine up face to face long ago.

[buckalfa]

Bottom line, I am pretty sure that the fraud problem is systemic, not just one institution.

Yeah, I deal with a regional bank in the Carolinas. They are layering additional security on online banking and ATM's. Most investment transactions now require in person actions. Cyber security for sure plus not allowing any transaction to be beyond government reporting.

[Professional]

I’ve been an advisor for 34 years. Your synopsis lacks enough details.

Here is what I can tell you.

800 number employees at any financial institution are licensed but are generally very inexperienced and work in focused bit roles, so they lack experience and depth.

An investment account under Finra requires identity verification and knowing the customer. Even a discount firm for diy are responsible. There were lawsuits from dot com era.

Money laundering, regulation best interests, fraud, etc are heavily policed in my industry and the fines for non compliance are significant.

All that said, I suspect fraud today in the us financial markets make anything in the past look like a joke. We are in the golden age of fraud.

[MeneMeneTekelUpharsin]

Yes, it does, because it is my coworker’s business. Just wondering if something happened with that process that I had not read.

[MeneMeneTekelUpharsin]

Thank you everyone. Question(s) answered.

[4Runner]

Ditto Post #7.

Our experience as well and grateful for it.

People are becoming thoughtless automaton idiots with ridiculously unrealistic expectations, wanting everything in the blink of an eye, including the custodianship of investment money. Thanks to the ubiquitous smartphone and AI a lot of people are going to risk facing irretrievable financial ruin with the granting of their convenience wishes. Then the rest of us, who acted with prudence in these matters, and backed off on demanding ever more techno-magic, will begin to hear the government screaming, it's too big to fail!!

And guess who's going to get to bail them all out?

[PAR35]

My guess is that it is from the Know Your Customer (KYC) regulations and driven by compliance.

[Tell It Right]

I use both T Rowe and Charles Schwab for investing. T Rowe for mutual funds, and Schwab for options trading (new to it).

I was able to set up the options trading in my Roth IRA so that the day-by-day transactions don't have income tax. That took a manual review by the manager to approve. It's a tiny portion of our portfolio, but it seems to be doing its thing.

[dfwgator]

Well, my broker is E.F. Hutton, and E.F. Hutton says........

[Vigilanteman]

I’ve had good retirement account relationships with both Fidelity and Schwab for many years. JPM/Chase has been nothing but trouble. They are partners of the globalist agenda, and I will not deal with them anymore.