AMP Futures - Check No Good

[threepointer]

Requested money from my trading account, AMP sent me a check drawn on JP Morgan Chase Bank, went to cash check and the account on which the check was drawn did not have funds available. The check was for under $100. Beware!

I don't know if AMP Futures is liquid.

 

[threepointer]

Requested money from my trading account, AMP sent me a check drawn on JP Morgan Chase Bank, went to cash check and the account on which the check was drawn did not have funds available. The check was for under $100. Beware!

I don't know if AMP Futures is liquid.

ok - here's the story, AMP is fine, sorry for the false red-alert.

On Monday, I went to the local Chase Bank Branch with AMP's Chase Commercial Banker on the line and had him speak to the Branch Manager. She pulled up the account on which the check was drawn and it showed zero balance. She refused to cash the check. The Commercial Banker said it was ridiculous (evidently there was $35M in this segregated account). He told me to deposit the check and it would clear overnight. It did. Evidently there is something about the manner in which they sweep funds into and out of this account............

Anyway, if you go to Chase bank to try and cash an AMP check, be prepared to be refused to be given cash.

BTW - my opinion of AMP is that they are one of the best future brokers, period. And I really like the Ninja platform. Peace, good health and profits!

 

[wackypete2]

Maybe you should have called AMP first, before crying wolf??

Peter