Is "ACH Withdrawal / COMP NAME: Acorns DESC: Transfer" fraud?

Written by Caleb Martin

June 18th, 2024

Medium Risk

What is "ACH Withdrawal / COMP NAME: Acorns DESC: 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 transactions between financial institutions

Withdrawal: The act of removing funds from an account

COMP NAME: The name of the company or organization initiating the transaction

Acorns: The specific name of the company or organization associated with the transaction

DESC: Description of the transaction, typically providing additional details or context

Transfer: Indicates that the transaction involves transferring funds from one account to another

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SimplyWise Community Comments

SarahJ89

I got this transaction an hour ago. I almost fell for this scam!

5 days ago

IvyPatterson

I called my bank and they said to reset all my passwords and get a new card.

2 weeks ago

JohnT

I just got an email about a $200 transaction that I don't recognize. I haven't made any purchases recently. Has anyone else seen something like this? What should I do?

1 month ago

Mike_West

Received an email with a transaction notification for a service I never signed up for. It looks legitimate but I'm really worried. Could this be a scam or a mistake?

2 months ago

AnnaB23

I found a charge on my account for an amount I didn’t authorize, and I got an email confirmation for it. I'm sure I didn't make this transaction. How do I resolve this?

5 months ago

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