Why can’t I withdraw from TD Ameritrade?

0
78
Why can't I withdraw from TD Ameritrade?

TD Ameritrade is a registered broker-dealer with the Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority (FINRA). It offers online stock brokerage services, and also runs a discount brokerage platform. The company was acquired by TD Bank in 2009 and is based in Santa Clara, California.

This blog was developed to provide insight into how the stock market works and to help our clients become better investors. This blog gives information about how our stock brokerage works and what it has to offer you.

Overview of TD Ameritrade

Pros: * TD Ameritrade does not charge fees if you do not trade; con: * Other brokers charge fees on your trades. The following video was published by TD Ameritrade on August 14, 2012. https://www.youtube.com/watch?v=xB3yY-qGm-4 What is TD Ameritrade and the methodology to have your account to be funded? TD Ameritrade is a leading online trading and investing services provider with over 8 million customers throughout the world. The company is the largest U.S based retail brokerage, with over $12 billion in total assets. In addition, they provide stockbroking and investment management services to small businesses and individual investors. They also offer research and analytics to help investors make better decisions. TD Ameritrade’s website provides a detailed explanation of their policies and the funding process.

Positively, the company offers competitive pricing, no transaction fees for cash and margin, and no hidden fees. Their customer service is excellent, with live chat available 24 hours a day, 7 days a week. Additionally, their mobile trading apps are very convenient for both their customers and potential customers.
The TD Ameritrade website and the application process is simple and straightforward, providing a good online resource for prospective customers and investors. One of the most positive aspects of TD Ameritrade is the high percentage of funds it makes available for investors. In fact, 90% of the time, they do not charge an additional fee if you do not place any trades. TD Ameritrade provides an excellent service with low cost trading. They do not charge you any transaction fees when trading stocks, bonds, options or futures. They also offer free online stock research and analytics. The company’s customer service is excellent, with live chat available 24 hours a day, 7 days a week. There is no additional fee for placing your cash and margin account with them, and they provide an excellent customer service.
Additionally, they offer competitive pricing.

Negative: * You must complete a comprehensive questionnaire which includes many personal details, such as tax information, social security numbers, and banking information. * Once your account is funded, there will be a $5 monthly account maintenance fee.

TD Ameritrade not letting withdraw funds

 


TD Ameritrade recently announced that they would no longer allow users to withdraw funds from their accounts via PayPal. This may have something to do with the recent scandals concerning the company’s involvement in facilitating money laundering by Mexican drug cartels. But it is not the only reason, as the company also states that the regulations for Paypal are too strict and therefore it has decided to prohibit users from using it to complete transactions.

Furthermore, in February 2014 the company announced that they would stop offering investment advice. TD Ameritrade’s decision has caused quite a bit of controversy within the community. For example, many of the site’s users feel as if they are being forced to trade through other services such as Robinhood. Others feel as though they are being forced to trade through less reputable brokers.

Background PayPal is a service provider for electronic payments, based on its payment network, owned and operated by eBay Inc. and founded in 1998 by brothers-in-law Max Levchin and Peter Thiel. In 2006, it became available to merchants, consumers and businesses through credit cards, checking accounts and other forms of payment. By the end of 2014, more than 210 million users around the world had registered with the company. PayPal provides a number of products and services that are accessible by the general public.

Furthermore, TD Ameritrade stated that the reason behind this decision is because of the increasing number of complaints they receive regarding unauthorized transactions from customers who have been hacked into or their account information stolen. So why not simply ban Paypal transactions completely, or at least all transactions which are not completed with direct deposit, or bank transfers?

Is it right for TD Ameritrade not letting withdraw funds?

I believe they are correct, as many other brokerages have similar policies. After all, it is impossible to guarantee that every transaction is legal. In fact, many have already been banned by Paypal and other financial institutions. You may not like this decision, but you must admit that they have the right to make these choices.

If this decision is unfair to users of TD Ameritrade, then perhaps there should be some type of punishment for them. This could be a fine, loss of commissions, a temporary suspension of service or even the outright banning of users who persist in their “stealing” of our funds and other crimes. We will never know until such time as the company makes its case. I do not think any of these options are fair or just. After all, these users were willing participants, and they knew exactly what they were doing. How could you not allow people to have complete control over their own money? I would have had no problem if they banned Paypal transactions, but they made a very controversial decision by prohibiting users from using it to complete transactions. It is not like this option is easy to access and it was already very limited before. Why did they do this?

I would also argue that this is one of the reasons why it is so important to learn to manage your own money. This is another topic that we have covered many times, but I believe that it is an important part of every investor’s education. You have to take charge of your financial future by managing and controlling your own money. That is the only way you will be able to get out of debt, build up a nest egg for your retirement, build wealth for your children and invest wisely for yourself. If you are unwilling or unable to take charge of your money, you will be a victim of your own circumstances. But if you are in control of your money, you will always win.