TD Ameritrade wouldn't close my account

[Sewa]

Charles Schwab has bought TD Ameritrade and I don’t want to do business with Schwab. The buy out is to close next month.

I called to close my account and it didn’t go well. I had to pass this sham test before they would send me a check.

It was a three part test that I had pick an address out of a group that I should know. I had to pick the correct address in each part before they would close my account and send the check.

I wasn’t sure about any of the addresses I was presented. In the first part one address could have been from a place where I lived in the late ‘80s. In the other two parts the correct addresses were my father’s business addresses. How in the hell are people supposed to remember this?

I’m going call back Monday and ask to talk to the location’s manager and demand they close my account. The test I was given is a flawed sham.

[deRien]

1. I've had the same

issue with Docu Sign. Both times I thought I had answered the questions correctly but apparently I was wrong or there was something wrong with the system. Very frustrating.

[Lochloosa]

6. One wrong answer and it's takes an act of God to get Docu Sign to do anything.

[Rebl2]

11. Same here

I don’t remember exact addresses to apartments I lived at 35 or more years ago.

[LonePirate]

2. The test was to verify your identity so that they don't send your check to a scammer.

Look at it from their perspective. Someone contacts them and asks close Account X and they claim to be the owner of that account. Do you know how many people have had access to my date of birth and SSN from various jobs I have had to car loans to rental and mortgage applications and agreements? That's true for a lot of people. Anybody with access to that info in the past could impersonate someone else and drain their account with little difficulty.

These tests, while flawed in some cases, are there for your and the institution's protection. There may be better ways to handle these situations; but the company was looking out for you despite what you thought was an unreasonable hassle.

[Sewa]

3. What happened to asking what your mothers

maiden name, like other businesses? Seems to me the test is designed to keep people from closing accounts.

I provided more than enough information to assure them that I was legit. Nobody else could know my trading history over a ten year span, but me.

[moniss]

4. Many years ago I knew a woman who passed away and left her

account to an heir. Despite there being a will etc. the investment firm dragged on and on way past everything settling. After threat of suit they finally put through the paperwork to close the account. Almost half the value of the stocks had evaporated. The heir had been trying from the very beginning to get them to liquidate the stocks and just hold the account in cash. Florida brokerage. The same office had the nerve to call him up after some time passed and they asked him if he would like to invest some of the proceeds with them.

[mwooldri]

5. The alternative to closing...

... is to withdraw all but a tiny amount of money. Opt out of electronic statements. Keep it dormant.

Unless service fees are involved. Then I suppose it would make sense to close it.

[jimfields33]

7. That's a great idea.

I have a TD brokerage account. I’m going to let my account transfer to Schwab. But for those who don’t want to, keeping a share in the account won’t rack up fees. Only fees if you sell.

[3Hotdogs]

8. You might have been able to go to a different brokerage and have them conduct the transfer.

[Tetrachloride]

9. The risk of scammers is high.

[Sewa]

10. Situation was resolved

I was able to have my account closed today. They waved all fees for inconveniencing me.