TDA just closed my account, they would not give any details other than some BS about "the withdrawal of funds" and offered me to call US attorney. Say what! I am not some criminal and my account is peanuts. I hear that these firms are all crazy now after Sept 11 and new money laundering rules. Can anyone shed some light on this. I am looking for alternatives. Fortunately I have a back up account thru my bank, but their execution is slow.
I will reach out.. but since you are in the industry,,,can you tell me why an account would get closed because a person is moving money in and out.. and these were very small transfers,,under $1000 and maybe 2 per month or so. I would hate to think that somehow I am not allowed to move $$.
I guess it has to do with the banks. If you W/D $1,000 twice a month with Wells Fargo, I do not see any problem.
Here is a general recommendation. If you are having to actively manage the balance of a risk account, you will not be thinking straight in managing the risks within the account. Guys who want to incorporate Cash Management into their brokerage will have excess funds, relatively, and use a Debit card. And talk to Robert Morse, if he offers it. A wealth of knowledge.