Is "ACH Withdrawal Acorns Invest Transfer" fraud?

Written by Remi Russell

June 18th, 2024

Medium Risk

What is "ACH Withdrawal Acorns Invest Transfer"?

Established in 2012, Acorns is a financial technology and financial services provider. It offers a micro-investing platform with features including automated investment in a portfolio of exchange-traded funds (ETFs), arranged in five different types of portfolios. In addition, Acorns provides a checking account service with a debit card offering that assists customers in making wise monetary decisions. Besides that, they provide a cash-back program where users can earn as they shop with Acorns’ 350+ partners.'

ACH: Automated Clearing House, a network that facilitates electronic payment transfers between banks

Withdrawal: The action of taking money out of an account

Acorns: The name of the company or service involved in the transaction

Invest: Indicates that the transaction is related to investment activities

Transfer: The action of moving money from one account to another, usually within the same financial institution

Verify if this transaction is fraud in 30 seconds

Verify With Receipt

The best way to tell if this charge is fraudulent is to find the receipt. You may have an electronic copy of the receipt, which you can finding by searching in your email accounts for.

Or, if you want to automatically find and reconcile receipts so you never worry about fraud, you can use SimplyWise to automatically match all bank and credit card transactions to email and paper receipts. The app instantly reconciles your expenses and flags anything that doesn't match.

STEP 1

Connect your Email

Download the SimplyWise app and connect your email account. SimplyWise will search through your emails and find all the receipts in your inbox. This allows you to understand what exactly you are paying for when you see a bank transaction on your statement.

STEP 2

Connect Your Bank

Connect to your bank account/credit card transactions through the secure (256 bit encryption) Reconciliation feature within the app.

STEP 3

Reconcile

Reconcile the charges reported by your financial institution against what you've recorded in your SimplyWise account. Find fraud quickly! SimplyWise will match your transactions to your bank/credit card spending and check those items off.