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Ameritrade Policy on Returning Funds- wait 60 days
Started:December 11th, 2013 (08:10 PM) by jberesfordtipton Views / Replies:394 / 3
Last Reply:January 8th, 2014 (03:43 PM) Attachments:0

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Ameritrade Policy on Returning Funds- wait 60 days

Old December 11th, 2013, 08:10 PM   #1 (permalink)
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Ameritrade Policy on Returning Funds- wait 60 days

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 firmís 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:

ďFrom: 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.


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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Old December 11th, 2013, 08:10 PM   #2 (permalink)
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Old January 8th, 2014, 03:08 PM   #3 (permalink)
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St. Augustine Florida
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Platform: IB and Option Vue for options. NJ and IQFeed for mini day trading
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I had the same experience with them. I had to do a 3 way call with my bank to get my funds back. After that I got the funds promptly.

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Old January 8th, 2014, 03:43 PM   #4 (permalink)
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Portland, OR
Futures Experience: Advanced
Platform: thinkorswim
Broker/Data: TD Ameritrade
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If you just funded your account. This is the case.

If you have been with them for more than 3 months, you can use an electronic withdrawal and it's in your banking account within 2-3 days.

Strategy ≥ Money
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