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new york new york
Experience: Intermediate
Platform: IB
Trading: commodities
Posts: 9 since Nov 2013
Thanks Given: 9
Thanks Received: 1
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I am posting this because often we participants in the markets need quick access to our funds whether for a margin call or for an emergency or opportunity in the rest of our lives.
Until I encountered Ameritrade I was completely unaware that a broker could withhold my funds for 60 days, but Ameritrade says that is their policy.
The facts are these:
I made a deposit by ACH on October 15, 2013 into an account I had opened the day before.
But, six weeks later, on November 25th, having found their system incompatible for trading future contracts with either NinjaTrader or QuoteTracker, I requested that Ameritrade send back most of those funds to my same bank account that had been the source of the ACH six weeks before.
They refused to do so but I subsequently received a check which they claim was ex gratia, and an exception to their firm’s policy.
I complained to them on November 26th and pressed them to tell me what their policy was. Finally, on December 10th they responded with what their policy is which is set forth below in its entirety:
“From: Message Center Client Services Date: 12/10/13 12:02 PM.
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
Note: I had started a thread here over a week ago about this incident,
, but because only now have they disclosed their policy, and how knowing about it might be important to some members of this site I thought their response worthy of the attention of a thread of its own.
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