Thanks,
Mene
I use JP Morgan for investing and Chase for banking - not heard a thing.
Anti-money laundering rules. Risk management looks at the situation and determines in-person is required.
Banking is a PIA nowadays.
Fidelity is very very careful about their security.
Nothing abnormal with this request.
I set mine up face to face long ago.
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.
My guess is that it is from the Know Your Customer (KYC) regulations and driven by compliance.
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.