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We just opened up a new bill-pay account at our brokerage (in person) and the rep ordered checks which would be mailed. That was 6 weeks ago and no checks have arrived.
After trying to find out where they were, being told by person#2 "they were never ordered and we should re-order", then finding proof online they were indeed ordered, I now see that having checks mailed to us is a huge security hole I never considered before.
Before anyone comments that we wouldn't be responsible if someone cashed these stolen checks I actually don't know if we would be held responsible or not for lost money. And having to go through that if it happens would be horrible.
I lost valuable time today, had to disrupt my full schedule to talk with brokerage rep online (my local reps have not returned 2 phone calls) to put a stop on these checks and decide how to handle any possibility that these checks are an ongoing security risk, because they have access to one of our largest accounts.
In 20+ years we never had to think this was a problem (having checks mailed) but now eyes are opened.
Tomorrow we'll try and figure out what else needs to be done.
I don't want to name the brokerage but there is a team assigned to answer our calls as well as the person who ordered checks when we were in their downtown office. We are clients of this national firm for 30+ years. No one returned our calls (3 calls) in 5 days except one person who gave provably incorrect information.
It's not their fault the checks are missing.
It's their fault they don't respond and fix the security problem of lost checks.
I will fix this problem which is bigger than the missing checks.
Getting new checks in the mail should be no different from a bank account. You should know when the checks were printed & sent. Most of the time will go via snail mail. Sorry no tracking.
Checks should be as secure as any other mail in the USPS. Maybe an option to use air mail or overnite mail at some cost.
This is being over thought. Checks, blank or not are sent regular mail all the time, in fact that’s the most common method to send checks and there’s no reason to believe that will change any time soon. Blank or filled out Carrie’s essentially the same risk since it’s your account number that’s the issue
Yes way over thinking. And when you order checks you can usually pay extra for tracking or overnight or whatever. I never do so I don't remember the options but they are there.
I would close the account and open a new one. Let them mail another set of checks but don't put any money in the account until you get the checks.
After considering different choices this one, "opening a new account," is our decision.
Yesterday I looked into moving assets associated with the missing checks to another account in the same brokerage. What I found is a form that needs Medallion Signature guarantees to do this.
Another heads up for me that, unlike our bank accounts, I can't move assets from one account to another online.
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