Received a generic message from TD Ameritrade advising they’re effectively ceasing business with New Zealand Clients…
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Dear Fergus,
Following an internal assessment of our international business, we have determined we will no longer open or maintain accounts in certain international jurisdictions. We are contacting you because your account is affiliated with at least one of these jurisdictions. We regret to inform you that we will no longer permit the opening or maintaining of accounts in New Zealand effective November 1, 2021.
What this means for you:
On November 1, 2021, you will be limited to closing existing positions in your account. You will not be able to open any new positions.
TD Ameritrade will not be able to accept additional funding in your account on or soon after November 1, 2021. Please do not add or transfer any additional funds into your account following that date. Please turn off any reoccurring deposits or they will be rejected.
If you wish, you can liquidate your account assets or transfer them to another firm.
To withdraw funds from your account, please go the My Account tab > Deposits & Transfers > Withdraw.
If you wish to transfer your assets from your TD Ameritrade account to an external firm, the request should be submitted through and coordinated by the other firm. Please make sure the account is a like-titled account at the other firm and submit an account transfer request through that firm.
If you do nothing, a restriction will be placed on your account limiting the account to closing transactions only. You may continue to hold any current positions and the account may remain at TD Ameritrade.
**If you are an active member of the US Military living in New Zealand or if you reside in a country other than the one listed above and want to confirm if your account is still supported — please contact us to have your address updated.
Questions?
If you have any questions, please click “Reply” to this message to write us. A representative will respond to your query through your Message Center inbox. You can also call a TD Ameritrade Client Services representative at 800-669-3900. We’re available 24 hours a day, seven days a week.
We appreciate your past business and regret any inconvenience this may cause you.
Sincerely,
TD Ameritrade Client Services
Hi Fergus,
I am in the same predicament. Such a shame to lose a great platform like thinkorswim. Have you had any luck in finding a comparable platform to migrate to? I’m looking into “tastyworks” atm
Hi Warren, Indeed. Currently trying to set up with Interactive Brokers. Appears one might be able to shift the account from TD Ameritrade using “ACATS”, however getting a hold of a human at Interactive Brokers has been kind of difficult.
Call their Oz number, you will be able to speak with someone
As anyone looked at moving to Stake?
Does anyone know if they are any good.
Hi, Anyone jumped through the hoops and transferred their account successfully?
I see above tastyworks, Interactive Brokers, Stake mentioned.
Yes, I’ve done a partial transfer from Ameritrade to InteractiveBrokers.
The AML dance is the painful part. They rejected my documents three times. There are a few gotchas. Don’t give them your full name, if you don’t have all the ID you need with your full name on. If your bank uses your middle initials rather than your full name they’ll reject it. Make sure that the account name they generate is EXACTLY the same as your Ameritrade account name otherwise they’ll reject the transfer request.
ACATS itself is scarily easy it doesn’t require any verification at the Ameritrade end.
Also be aware that Ameritrade charges $75 for a full ACATS transfer but nothing for a partial transfer. It makes sense to leave some nominal holdings at Ameritrade. Either cash those out after transferring everything else, or (as Ameritrade have indicated that you can) leave the account open.
Cheers for the Pointers Kevin. Indeed, got my self snagged in relation to the middle initial bit during the process. Will try and get back to sorting this sometime by the end of the month.
Thanks for your reply and info Kevin,
I’ve bee putting it off, must get back onto it 🙂 ,
I did full ACATS transfer to IB and yes TDAmertitrade charges $75 for full transfer but they reversed the transaction after I rang them about the issue (the company’s stand on NZ market)
Was able to transfer my account to Interactive Brokers using ACATS. Was concerned the middle initial in my account title may cause issues. Turns out this did not present a problem.