I recently attempted to close a second account at a brokerage, but was told that they would never close an account due to regulation purposes. I have closed second and third accounts at different brokerages several times, and was wondering if this is BS or not. If it is in fact not a regulation, I will remove all of my accounts from that brokerage because I'm just not comfortable at all with the potential Corzine-dabbling little firms might of done (or are doing) into my money. If it is in fact BS.... Is anybody able to cite the facts on this?
To my knowledge, there is no regulation about keeping an account open when the client has removed all securities and assets and no longer has trading rights. Maybe they are waiting until after they send out tax data for the last calendar year or their WSP provide for a period of time that must pass before they close the account. Ask them for either the regulation they are sighting, or their compliance rule in their WSP that prevents you closing the account. Bob
The guy went out of his way to help someone who's not even a client of his company... please insult him more so he stops bothering with such positive community interaction, we clearly don't need people who work in the industry and know a thing or two helping out around here. Also, the discount department store joke works better for physical objects.. A common example would be asking a bad driver if they got their license at Walmart. You know, because the part that makes the joke funny is suggesting they bought it cheap or that it's worthless.. Try harder next time. Maybe: "Where did you learn English? From an IKEA assembly manual?" Punk.
First you are way to vague about this account to really help you. However, some reasons an account could not be closed right now: Dividends pending short or long Non settled securities Short a cash merger that has closed Open positions A wash sale that needs to be reviewed A margin call that effects other accounts at the brokerage You agreed to a capital holding period
considering that the s is close to the c on the keyboard it could have been a typo. why bother with this uncommon error? there are numerous people on ET who don't know the difference between their and there. there is also a subset who don't know the difference between lose and loose. from experience, it is best to ignore these errors.
To the two dopes who posted questioning me (you know who you are): 1.) The account was a duplicate account not funded, never traded, etc. 2.) I still can't find a citation... so I'm not sure if exists... If you knew anything about Wall St or finance, you'd know misspellings, typos etc are common and almost required - perfect keyboard typing indicates your focus is making letters look pretty, not the more important things.