Connecting an external brokerage account to your Frec account

You can connect your external brokerage account to Frec by using Plaid or by connecting it manually. See below for a step-by-step guide on how to connect using both methods.

Using Plaid to connect your external brokerage account

You can add an account using Plaid by selecting “Transfer stocks” in the “Transfers” tab or by clicking “+ Add brokerage account” in the “Borrow” tab when you request to transfer additional securities. Once you click “Transfer stocks” or “+ Add brokerage account” you will be prompted to connect your external brokerage account with Plaid or Manually. If you want to connect with Plaid, click the button labeled “Plaid.”

Once you click the “Plaid” button, you will be asked to click the “Continue” button to agree to Plaid’s End User Privacy Policy. Then you can select from a list of major external brokerage firms or enter your brokerage firm’s name in the “Search Institutions” box. Once you select the external brokerage firm you want to connect to, you will be prompted to enter the username and password associated with your external brokerage account. You may be prompted to do this within Frec’s platform or redirected to your external brokerage account’s platform to enter the information.

Your external brokerage firm’s username and password is only used to connect Frec with your outside brokerage firm account to retrieve your account number, the name on the account, and the securities held in the account in order to request an ACATS transfer. Frec does not collect or store your outside brokerage firm’s password or login information.

You will also be required to connect an external brokerage account that has the exact same name as the name on your Frec account and it must also be the same account type. For example, if you have an individual account with Frec then you will need to select an individual account at the external brokerage firm.

Once you’ve completed the connection by submitting your username and password correctly, you will be required to select the external brokerage account you want to connect. Then you will need to verify your external brokerage account number within the Frec platform. You can find your external brokerage account number on your external brokerage account statements or on the external brokerage firm’s platform. Once verified, your external brokerage account will be connected to your Frec account, and you will be able to select the securities and quantity you want to transfer into Frec. Frec will then initiate an ACATS transfer on your behalf. See “Selecting securities to transfer from an account connected with Plaid” for more information on initiating an ACATS transfer.

Manually connecting your external brokerage account

Your external brokerage account’s firm may not be available on Plaid, or you may want to connect your account without using Plaid. You can do this by selecting “Transfer stocks” in the “Transfers” tab or by clicking “+ Add brokerage account” in the “Borrow” tab when you request to transfer additional securities. Once you click “Transfer stocks” or “+ Add brokerage account” you will be prompted to connect your external brokerage account with Plaid or Manually. You will then click the box labeled “Manual” then the “Continue” button.

Next, you will be required to select your external brokerage firm from a dropdown menu. If you do not see your external brokerage firm listed, you can reach out to help@frec.com to request for it to be added or for Frec’s support team to assist you with the ACATS transfer. If we are unable to allow you to connect the external brokerage account manually, you may still be able to connect the account using Plaid.

Once you’ve selected your external brokerage firm, you will then be required to enter your external brokerage account number. You can find this external brokerage account number on your external brokerage account statements or on your external brokerage firm’s platform. Please confirm the account number you entered is accurate and correct. Any mistakes will delay or cancel any ACATS transfer requests. You will then be required to confirm by leaving the “Yes” selected for the question, “Is this an individual investing account?” If your external brokerage account is not an individual account, it will be rejected. An ACATS transfer must be between two accounts of the same type. For example, an individual to an individual account.

You will also need to confirm that the name on your external brokerage account matches the name on your Frec brokerage account. Once you confirm all of this information, you will be able to enter the securities symbols and quantity you want to transfer from your manually connected outside brokerage account. Frec will then initiate an ACATS transfer on your behalf. See “Entering securities information to transfer from a manually connected account” for more information on initiating an ACATS transfer.