Shouldn’t the answer to this question be within 3 business days? If an ACAT request is in good order the delivering firm has 3 business days to deliver the assets. Since the question states that the request is already in good order, shouldn’t the transfer be completed within the next 3 days?
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Hi @MortTheTort! Good question.
Sounds like you’re aware of the general ACATS process that allows investors to seamlessly move assets from one brokerage firm to another. Once a request is submitted, the delivering firm has 1 business day to validate the request, and three business days to complete the delivery.
This example serves as a good lesson in how to approach vague test questions. Although the question states the request is in good order, does that necessarily mean the delivering firm has validated the request? Not necessarily. Be sure not to add any additional context into test questions. Take it for what it is. With ACATS transfers, most are in good order prior to being submitted. This doesn’t necessarily mean the validation process is skipped. The delivering firm must do their part in validating the request, even if it’s in good order from the receiving firm’s perspective.
I hope this helps! This is a nuanced topic, so please let me know if you have additional questions.
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