More nonesense from TDAmeritrade

Discussion in 'Retail Brokers' started by pupu, May 29, 2010.

  1. pupu


    Couldn't believe it when I got this after trying to transfer a modest ammount from my joint account held in the US with a foreign address(other owner) to my TDAmeritrade account:

    "This e-mail is to make you aware that TD AMERITRADE has received a wire in the amount of $X,000.00 for deposit to your account. The sender/remitter of the wire is shown as the joint owner , which is not the same as the TD AMERITRADE account title, my name.

    TD AMERITRADE's current procedure is to NOT change the title of funds by accepting wires from a Business Entity or a Third Party (someone that is not listed on the TD AMERITRADE account) for deposit to a personal or non-like titled account.

    Before the wire can be accepted by TD AMERITRADE or returned to the bank, would you please verify exactly who the joint owner is and what the relationship is to you? What type of business does the sender do? Why is the wire coming from this sender instead of from you?

    WE RARELY ACCEPT 3RD PARTY INTERNATIONAL WIRES (as noted on our website) BUT IF YOU CAN FAX IN LEGAL DOCUMENTATION SHOWING YOUR OWNERSHIP OF THE FUNDS, IT WILL BE REVIEWED BY COMPLIANCE FOR POSSIBLE EXCEPTION. THE FAX # IS xxx. If the funds are from a joint account you share with myname , a copy of your account statement (in English) faxed to the number above OR a service message from the sending bank verifying the full title of the sending or originating account will be needed.

    In addition, we would like to verify your intentions for the funds being wired to your TD AMERITRADE account (will you invest the funds here at TDA or are the funds going to be moved out fairly soon).

    This information is needed to meet the compliance requirements related to the US PATRIOT ACT and must be provided before the wire can be reviewed for an exception to our policy.

    IF this wire is accepted, it will be as an EXCEPTION. Future wires to your account should come from a personal bank account that is titled the same as your TD AMERITRADE account, an account that will show you as the sender/remitter of the funds if you wish to benefit from automatic posting of your funds.

    I can be reached at 1-888-xxx ext. xxx from 8:30 AM until 5:00 PM Central Time, Monday-Friday, or you can reply to this e-mail.

    Thank you for your assistance.
  2. Baywolf


    Different names on the accounts, foreign address. Sounds like a legitimate red flag to me. I'm sure your intentions are well, but this is how bad people cleanse dirty money. It will be like this any brokerage in the US you go to.
  3. Yup, it's standard anti-money laundering policy.

    I'm surprised they didn't flat out reject it. If anything that's good customer service....