Читать книгу Mutual Funds For Dummies - Eric Tyson - Страница 46

Folks who grew up dealing only with local banks often worry about others having easy access to the money you’ve invested in funds. Even if someone were able to convince a fund company through the toll-free phone line or on its website that they were you (say, by knowing your account number and Social Security number), the impostor, at worst, could only request a transaction to occur between accounts registered in your name. You’d find out about the shenanigans when the confirmation arrived in the mail or your email, at which time you could call the fund company and undo the whole mess. (Just by listening to a tape of the phone call, which the fund company records, or a record of the online transaction, the company could confirm that you didn’t place the trade.)

No one can actually take money out of your account, either. Suppose that someone does know your personal and account information and calls a fund company to ask that a check be sent from a redemption on the account. Even in such a scenario, the check would be sent to the address on the account and be made payable to you.

The only way that someone can actually take money out of your account is with your authorization. And there’s only one way to do that: by completing a full trading authorization or power-of-attorney form. I generally recommend that you not grant this authority to anyone. If you do, make sure that the investment firm makes checks payable only to you, not to the person requesting the money from the account.

When dealing with a money market fund, in particular, the ease of access is even greater. Most money market funds also offer check-writing privileges. These accounts often carry a restriction, however, that your bank checking account doesn’t have: Money market checks must be greater than a specified minimum amount — typically $250.

If you like to conduct some transactions in person, some of the larger fund companies, such as Fidelity, and certain discount brokers, such as Charles Schwab and TD Ameritrade, have branch offices in convenient locations. For more information on discount brokers, see Chapter 9.