Is "ACH Payment PERSHING BROKERAGE" fraud?

Written by Ava Morales

June 18th, 2024

Medium Risk

What is "ACH Payment PERSHING BROKERAGE"?

Pershing has been in business since 1939 and operates as a subsidiary of The Bank of New York Mellon Corporation. The company provides a range of financial services and solutions to institutional and retail financial organizations. Retail products and services offered by Pershing include brokerage execution, clearing, prime brokerage, and investment advisory services. The company also provides trading, investment management, and various operational support services to its clients.

  • **ACH Payment**: Automated Clearing House transaction, indicating an electronic funds transfer.
  • **PERSHING**: The brokerage institution involved in the transaction.
  • **BROKERAGE**: Indicates the nature of the transaction related to brokerage services.

    • 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.

    SimplyWise Community Comments
    Transaction codes from Pershing
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