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I received notice from TD Ameritrade canceling my inactive account, no explanation as to why, telling me not to open another.
Anonymous5 views2 answers
I opened a TD Ameritrade account a few months ago and set up some "watched" stock accounts but never had any money to purchase any stocks. Now I received a letter via UPS telling me that TD Ameritrade "has made the decision to terminate our business relationship with you." And further states "While we ask that you do not open a new TD Ameritrade account in the future,....." I called them and they are refusing to tell me what caused them to send such a letter unless I go to arbitration! The man I spoke with said "I understand your need to know why...but I am not going to divulge that information in this venue....." He flat out refused to let me talk to anyone else.
Brokerage firms can tell people if they want their accounts or not. The cost of maintaining inactive accounts and compliance oversight over them is a headache for many firms.
Impossible to know what the concern is, from the information provided... It could be economical or regulatory. In some instances, I've seen firms conduct periodic searches of clients names via background search sites and perhaps there is an AML (Anti-Money Laundering) or other type of hit coming up with someone who shares the same name as you. This would be a circumstance where they would be prohibited from discussing information they based their decision on. As a private entity, they can likely decide who they want to do business with, according to their stated policies and procedures, and it's unlikely that they will budge on the issue. Good luck.
