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#396438 - 01/05/11 06:06 PM New Lows  
Joined: Jan 2010
Posts: 602
Mike Campbell Offline
Mike Campbell  Offline
I have just been informed that my Ameritrade account has been cancelled because of my jurisdiction. Have we hit new lows?

#396525 - 01/06/11 12:44 PM Re: New Lows [Re: Mike Campbell]  
Joined: Oct 2001
Posts: 5,848
Diane Campbell Offline
Diane Campbell  Offline
What is Ameritrade?

#396533 - 01/06/11 01:43 PM Re: New Lows [Re: Mike Campbell]  
Joined: Jun 2003
Posts: 966
Inplub Offline
Inplub  Offline
Online Trading - TD Ameritrade - Online Stock Trading Online Investing

#396710 - 01/08/11 09:52 AM Re: New Lows [Re: Mike Campbell]  
Joined: Apr 2009
Posts: 515
CaptOneIron Offline
CaptOneIron  Offline
Probably something to do with the Treasury's money laundering rules and the crackdown on tax avoidance schemes a la UBS.

Captain One Iron
#397331 - 01/14/11 08:24 PM Re: New Lows with Ameritrade [Re: Mike Campbell]  
Joined: Mar 2009
Posts: 273
Cayemen Offline
Cayemen  Offline
E*Trade and Ameritrade both don't do business with BELIZEANS anymore. The same happen with the Bahamas, Turks and Caicos Islands and Cayman Island, but it is illegal.

Ameritrade Case on

Following further investigations today, the Cayman Islands government has said that the US Office of Foreign Assets Control (OFAC) has issued no orders telling brokers not to do business with Cayman as was suggested by a US based firm. Government said that the law firm of Sidley Austin LLP, which represents the CIG in the US has confirmed with the Director’s office at OFAC that there are no orders, directives or other regulations that restrict US financial institutions or US citizens from doing business with the Cayman Islands, its financial institutions or residents. "It is now clear that any action TD Ameritrade may have taken was made without the knowledge or approval of OFAC," government said in a statement.

There are interesting comments at the end of this article. Some of them mention a unofficial Blacklist of 50 country's.

Another Article from reads like this
Although I highly doubt that in the age of Wikileaks, OFAC would issue some sort of “secret” document to brokerage firms directing them to pull out of the Cayman Islands and the Bahamas...

Last edited by Cayemen; 01/15/11 12:12 AM. Reason: Added more Info
#397355 - 01/15/11 07:19 AM Re: New Lows with Ameritrade [Re: Cayemen]  
Joined: Apr 2009
Posts: 515
CaptOneIron Offline
CaptOneIron  Offline
I do a lot of banking and financial transactions world wide and I can tell you that a lot of firms in a lot of foreign jurisdictions are refusing to do business with American citizens because of all the hoops that must jump through in the regulatory jungle. It really is ususally just a matter of cost versus benefit where the costs to comply with the US regulations is greater than the montetary gain from doing business with Americans. I would think this is more of the same just from the other side of the equation. There is nothing illegal about a company deciding it will not do business in a particular jurisdiction.

Captain One Iron
#397356 - 01/15/11 07:36 AM Re: New Lows with Ameritrade [Re: CaptOneIron]  
Joined: Jan 2010
Posts: 602
Mike Campbell Offline
Mike Campbell  Offline
The question is why the change in policy.

#397358 - 01/15/11 08:17 AM Re: New Lows with Ameritrade [Re: Mike Campbell]  
Joined: Apr 2009
Posts: 515
CaptOneIron Offline
CaptOneIron  Offline
The US Treasury Department is cracking down on all financial instituions. They are feeling their oats after brow beating UBS and forcing them to break Swiss laws in order to give the IRS information on US taxpayers. This has been going on for about the last 18 months. I have an accountant that specializes in this kind of foreign transaction and we have had to close several accounts because of it. My advice would be to just use a US address for your account. I use Ameritrade and I don't think they really care where you are as long as the address is in the US.

Captain One Iron
#397417 - 01/15/11 07:00 PM Re: New Lows with Ameritrade [Re: CaptOneIron]  
Joined: Jan 2010
Posts: 602
Mike Campbell Offline
Mike Campbell  Offline
Actually they do care. I know of one gentleman who tried as you suggested and got the following reply. The caps are in the original letter.

Dear xyz,

Thank you for updating your TD Ameritrade account records. We have received your Internal Revenue Service (IRS) Form W-8BEN regarding your account.

In order to remove the restriction limiting you to liquidating transactions only, we would need the following:

- A signed letter stating you no longer live or reside in and have no affiliation to BELIZE.

For your convenience you may fax this item to 816-243-3769 or mail to:

TD Ameritrade
1005 N Ameritrade Pl
Bellevue, NE 68005

Including your account number on all documents sent will ensure the most efficient processing.

If you have questions, please contact Client Services at 800-669-3900. We're available 24 hours a day, seven days a week (excluding market holidays).

Kind regards,

Elise Brown
Tax Services, TD Ameritrade Clearing
Division of TD Ameritrade, Inc.

If you have further concerns or inquiries, please e-mail us from our secure Web site's "Contact Us" link located in the "Help Center" or at the bottom of each secure page. For security reasons, we do not answer account specific questions that originate from a source other than the secure Web site.

#397422 - 01/15/11 08:54 PM Re: New Lows with Ameritrade [Re: Mike Campbell]  
Joined: Apr 2009
Posts: 515
CaptOneIron Offline
CaptOneIron  Offline
Well, I will find out since I have an account there. I just wrote to them and asked about this issue of living in Belize. I will let you know what I find out. I did look and on their online appplication for an account Belize is not listed as a place that they will accept an application from. Interestingly, you can be a Belize citizen but the restriction seems to be based only on residency. I'll let you know what they say.

Captain One Iron
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