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Amp Closed Loop Policy.


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Amp Closed Loop Policy.

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  #1 (permalink)
 windriver13 
Wyoming
 
Experience: Intermediate
Platform: Sierra
Broker: Edge Clear
Trading: Micros
 
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Posts: 14 since Jan 2012
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Has anyone ever heard of Amp's Closed Loop Policy? I was in the process of changing Banks so I sent $4,000.00 from my old checking account to my Amp account which I have had for several years. Along with my acknowledgment of receiving my wire I got this message from Amp
Quote "Please Note: When you are ready to withdrawal your funds - due to Closed Loop policy you will have to withdraw your funds back to the same bank account used to credit your AMP Global Clearing, LLC Account." Having never heard of this I sent Amp an email and asked if that meant I had to drain my account before I changed Banks. I never even got a reply from them. I have given them a lot of Comm. over the years and thought I should at least deserve a reply. I asked my Broker at Edge Clear if I could have my funds transferred to them from Amp. I was informed Amp wouldn't let me because of this policy. So I ended up draining Amp account and I will be using Edge Clear now. Maybe I have been in the Dark but I have never heard of this policy and am Posting to inform others that may not know of it either.

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  #2 (permalink)
Kuuluud
Revali, EE
 
 
Posts: 46 since Aug 2015
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This is fairly common. AMP is just complying with Anti-Money Laundering (AML) act . Firms must comply with the Bank Secrecy Act and AML is part of this.
You may change your broker, but they also have to implement and follow the same guidelines (at some point).

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 hlatham 
Exeter, UK
 
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This is pretty standard, although I would be surprised if they didnít allow you to change the bank account on record by sending proof that you are the owner of the new account eg. by sending a bank statement.

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 TradeTheLevel 
Rockland, ME
 
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Seen this allot. Same rules apply if you use a debit card at brokers. They still want to send it back to the card. I think they can still give you your money. But more paperwork is involved.

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