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I believe the issue lies with the way you handled it. You funded an account then withdraw all the money back out five weeks later, and did not place any trades. There are money laundering laws.
I am sure there is a disclaimer that defines this, I believe it is a waiting period that all brokers must enforce but I am not certain.
It is not fair to call TDA a "roach motel" because of this. Although I am surprised that when you spoke to them on the phone, they weren't able to specifically cite why they couldn't return the money yet. They should have been able to cite the reason and give a date the funds would be available, per the money laundering laws.
This is my understanding. I am not a broker nor have I done what you've done.
no matter what a customer intention is, it could be as simple as getting cold feet. It's his money to start with so the broker should return his his money imm, imho.
Although they have never explained to me why they did what they did, I doubt that money laundering regulations could have anything to do with their actions:
1. It could hardly be a wash to be taking money out of my bank account and then replacing it back into the same account over a month later.
2. They had no hesitation to mail me a check for the requested funds on that same day.
As an aside, as to why I did what I did: I funded the account in the expectation that I could use two order entry systems with which I was familiar, Quotetracker ( which had been actually been bought by Ameritrade) or NinjaTrader. When I found that those two systems could not be used for futures with TD Ameritrade my interest in using TD Ameritrade decreased. [I know that they have TOS, but I am not keen on learning a new system ( I currenty use IB's TWS)].
I cannot find the specific rule I am thinking of. All I know is that in the past I've signed an agreement stating that funds I deposit will not be available for withdraw within a certain period of time, I was thinking something around 4-6 weeks or something. But can't find it, and can't spend more time on it.
What is still unclear to me is what TDA has told you when you've spoken to them by phone. Have you?
The only time I spoke with them was when I asked them to sent me the majority of my money by ACH. They said they would not do that unless I obtained a letter from my bank saying that the money that I had transferred to TD by ACH over a month ago had left the bank. I said this was nuts as TD had had the money for over a month. I then asked for a check instead and they said (and they did) mail me a check that very day.
After that but on the same day, November 26th I sent an email message to TD asking for an explanation and telling them that they could review the tape of the call. The only response I ever received was a message on November 27th saying:"Your inquiry has been escalated. A specialist will research and respond to your concern. We appreciate your patience while awaiting their resolution."
It is now December 4th and no further word from them
I feel that if I try to handle this by phone whoever gets the phone call will not believe my account of what happened [It sounds just plain nuts] without first finding the tape and playing what the TDAT representative demanded that I do. That is why when I sent them the original request for an explanation I asked them to play the tape.
But in the warm spirit of Christmas I decided to send them another message tonight, again giving them the opportunity to review the tape and explain what their problem was. If, as, or when, they reply I will post their answer.
Regards,
JBT
On December 10th TDAT clarified their position. Because I funded account on October I cannot remove funds for 2 months.
Below is their complete message. I guess I now know that the answer is that it acts like a roach motel
From: Message Center Client Services|Date: 12/10/13 12:02 PMMessage available until 12/10/15.
To [jberesfordtipton],
The account was funded on 10/15/2013. You have to wait until 12/15/2013 to remove the funds. If you have further questions please respond to this e-mail and I will be happy to help you. Thank you for choosing TD Ameritrade.
Sincerely,
Ben Houston
Client Services, TD Ameritrade
Division of TD Ameritrade, Inc.
