Automated Customer Account Transfer Service (ACATS)
A system that facilitates the transfer of securities from one trading account to another at a different brokerage firm or bank. The National Securities Clearing Corporation (NSCC) developed the ACATS system, replacing the previous manual asset transfer system with a fully automated and standardized one. Investopedia Says:
Stocks, bonds, cash, unit trusts, mutual funds, options and other investment products can be transferred via the ACATS system. Only NSCC-eligible members and Depository Trust Company member banks can use the ACATS system. This is the system in which processes Automated Customer Account Transfers (ACAT). Related Terms:
Broker
Clearing House
Depository Trust Company
Equity
Financial Asset
National Securities Clearing Corporation - NSCC
Security
Transfer |