TD Ameritrade - Withdrawal Issues

[smacman]

I'm having a unique issue which I'm hoping somebody may be able to advise me on. I am a non-us person living in Hong Kong, with several brokerage accounts in the US and elsewhere. I've never run into this issue with any other broker which is why I am little caught off guard with this.

I am trying to transfer some money out of my TD Ameritrade account back to my personal bank account in HKG. TD Ameritrade has run me around for a week requesting forms, numbers, etc., even after I filled out a standard Int'l Wire Form on their Account Management site. Now, after jumping over every other hurdle, they are telling me that I can not access my funds due to the US Patriot Act. They are unwilling to provide me with any other information, and are very much putting the onus on me to research and fight for my money.

I understand that the US Patriot Act requires customers and financial institutions to disclose and record the reasons / details of each transfer. I can't however see how my withdrawal request has anything to do with this. I am not even transferring to a 3rd party (sending from TD Ameritrade -> to a major global Bank account in the same name).

Again, any advice would be greatly appreciated. I am hoping perhaps someone is more familiar with these requirements than I am. In addition, I think it is important to share this nightmare as others could find themselves in the same situation as me.

Regards,

 

[pboyles]

Have a look at this, lots of issues with them at present.

Consumer complaints about TD Ameritrade

 

[wackypete2]

Have a look at this, lots of issues with them at present.

Consumer complaints about TD Ameritrade

I've had an account with TDAmeritrade since the 1980's, before TD bank bought them out and have been an Apex client for many years. The only issues I've had were some platform problems with their older Streaming Quote platform.

Reading through the complaints on the website I see about 1/2 of them are from traders who don't have a clue. The other 1/2 sound legitimate .

I have noticed their customer service isn't what it used to be even for Apex clients so no doubt those complaints are probably genuine.

Peter

 

[wackypete2]

to the original post:
The US Patriot Act lists international banks that US banks are banned from dealing with due to privacy and secrecy issues. Although I don't know for certain I would expect Hong Kong and China to have many banks on that list. If your bank is on that list then you cannot have money wired to your bank from inside the United States.

Peter

 

[smacman]

to the original post:
The US Patriot Act lists international banks that US banks are banned from dealing with due to privacy and secrecy issues. Although I don't know for certain I would expect Hong Kong and China to have many banks on that list. If your bank is on that list then you cannot have money wired to your bank from inside the United States.

Peter

The bank I wanted to transfer to is HSBC. I would be quite shocked if they are on that list but nothing surprises me anymore...

 

[wackypete2]

You should be able to have TDAmeritrade send you a check. At this point you'd be better just getting your money any way you can even if it's inconvenient.

Peter

 

[smacman]

Resolved.. Chock this one up to dealing with the wrong people. After escalating this high enough, the wire was finally authorized.

 

[Breaze]

Hi, smacman, How did you get it resolved? I have exactly the same issue as you mentioned in your 1st post and same bank.

Do you have send them the Letter of Instruction each time you do an international wire transfer? Your reply is greatly appreciated.

Thanks.

 

[lugui]

Hi, Smacman, I just come across the same problem as you have mentioned in your first post. I have already send them the form. But they denied receiving it even it was an attachment in their internal message system.

Can you please give me the contact point in TD Ameritrade for escalation ?

Thanks

 

[heaterbg]

Ameritrade Withdrawal Issues

Hallo,

I had the same problem. When I tried to withdrow some of my money and transfer them from my brockerige account to my personal account in Austria, they refused.

The explanation was that I have to present a document on the grownd of which I order the transfer. I am a lawyer and knew that it is groundless, but finally I transfered the money to my account at E-trade and received my money.

Now I did not close the account, but I am afraid to send them more money and work with them.

Regards,
Heaterbg