TD Ameritrade CLOSES down all NZ accounts

[SBQ]

Ok I just received notice from TDAmeritrade that they will no longer serve Canadian residents. So it looks like i'm in the same boat as all the others - looking for another broker.

[gr8teful]

First post as new member. TDA has given me and three of my kids notice to cease trading etc. ShareSight support asked me to check with this notice applies to Australians as well and TDA Support advised that it does.
Their reply "Thank you for reaching out to TD Ameritrade, my name is Micah and I'll be happy to assist! Due to the country's rules and regulations, TD Ameritrade is prohibited from doing business inside the country of Australia as well"
Re a comment above about Crypto - a contributer to another site I subscribe to commented that they understood InteractiveBrokers would enable crypto trading be end of year. I don't know the source of their info but they are usually right.
I have opted for IB for myself. (not for my kids though, the complexity and the monthly subs involved don't warrant it for them) Looks like a painful transition. Easy enough to set up but takes around 5 days to free up the funds transferred. Then there's the ACATS transfer of shares for IB to action and their software is far more complex. It is not a seamless transition.
Finally, TDA support advised me a few months ago that Schwab hadn't yet bought TDA. They were in talks. I don't know that actual status as to whether the deal has yet gone through and haven't been notified of such as a member. However TDA have certainly been tightening up their processes, likely in anticipation. I'm going to miss their ease of use and great member support.
Glad to have stumbled upon this great community.

[Ferg]

Yes PLUS500 lifted margins on CFD/Forex 10% margin now needed from 1% ... all because I live in NZ !!!

I was looking into US online and brokers and came across this:
https://www.productreview.com.au/listings/plus500
You might want to read some of the reviews.

[SBQ]

Trying to sign up with IBKR. You may notice there are lots of online referrals to get a credit on new accounts. However all of them redirects me to IB's portal in Australia - a geo-locker for those in NZ when trying to make the application and i'm quite certain IB Australia does not have the same credit for signing up as US residents do when going through their local servers. Anyways i've lodged an application and I am at the point 'Final Steps to Complete Application where it says :

"We've submitted your application for approval. Your account application is pending approval."


Under "Fund Your Account":


"We review funded account applications first. If for any reason your application does not get approved, we will send your money back."

So I am assuming the account just sits for weeks as experienced by others. To get a faster approval response, you have to initiate a transfer of funds before they look at establishing the account? The annoying thing with IB is you can't use their online chat for support help as this option is only available for exiting account holders. I assume emails have a rather slow response judging by the online complaints. Beware IB has among the worse customer support.

I intend to transfer accounts via ACATs but from what I read, this could be a sticky and stressful situation. Normally 5 - 7 working days but if there are any hitches or mistakes, then it could take over a month to sort out. I'm awaiting a reply from TDA in verifying the account details - specifically the account names and address and applicable TIN/SIN#. Having read that even the middle name that is presented in 1 account as a middle initial would stop the ACAT transfer and create delays. You have to remember that the integrity of the account information is only as good as the person that enters it into system. Much like how we have Direct Credit payments Bank to Bank where the user can simply mistype a wrong # and the $ goes astray.




I've also learned that your existing TDA account will close in a full ACAT transfer. There is another option where you could just wire transfer the funds to fund the IB account. But here's something from a complete different angle. My understanding is we have up to Nov 1 to do trades and after that date, the account goes into a 'closing position'. Meaning that you can't make deposits or buy any shares. However you can still keep the account and leave it in a frozen position. TDA is not saying the account must be closed after that date. There could be hope that one day they may change so one strategy is to buy the index ETF and leave it there for many years. Being in a closing position, you would be able to sell off a portion of the shares in the long term future, and then wire transfer a portion of the funds. This may not be so much as a bad idea if you intend to hold the S&P500 or Berkshire Hathaway.

[JBmurc]

I was looking into US online and brokers and came across this:
https://www.productreview.com.au/listings/plus500
You might want to read some of the reviews.

Yeah I had my issues with PLUS500 ... I purely used it as a gamble using only a few hundred dollars at a time .... I will need a new platform..anyone know a good CFD provider for us Kiwis ,,,???

[JBmurc]

Yeah I had my issues with PLUS500 ... I purely used it as a gamble using only a few hundred dollars at a time .... I will need a new platform..anyone know a good CFD provider for us Kiwis ,,,???

Anyone with ROCKFORT ?

[gr8teful]

Thanks SBQ - forewarned re ACATS transfer! I had a glitch getting some funds transferred from TDA as my TDA name is a First and Lastname whereas my ASB account uses Mr and initials and Surname. My new IKBR account is full name with two middles names and TDA has the first middle name. They are pedantic about naming conventions, esp in light of AML. A Please Explain phone call did sort it, thankfully, but it's nerve wracking.

So far, opening the account with IB has been a bit painful but going ok. I did transfer in NZ$ to assist with opening the account, ahead of ACATS transfer. The funds cleared within two days but I was advised it would take 5 days to commence trading. That's not outrageous, though we will see

In terms of trading platform, their Online Portal seems to be the most similar to the TDA online portal ie simplified and easier for unsophisticated folk like me. The TWS IB desktop software is probably similar to the TDA ThinkorSwim software. Very powerful and customisable. Installing it on my main Win 10 PC was seamless and fine. Installing it on my DELL XPS13 2-in-1 laptop is another story. It installed too small to use, practically. Fonts can be increased, to help with viewing/usage, but it needs something like Compatibility DPI mode or some such. Am awaiting their support to help with that one and I'm surprised that searching for answers to this has so far come up fruitless.

Can you do partial transfers via ACATS or is it an all or nothing?

Also very interested to know what other brokerages people are transferring too. IB [IKBR] is too much for small accounts, in my view. ie kids accounts with between $10k and $40k LTBH accounts where the likes of Stake and Hatch etc seem more suited for ease of use and compliance.

Finally, leaving a long term stock, like SPY in TDA is an interesting notion SBQ. Thanks

[Relaxed]

IBKR - Just to be clear re the monthly subs. if you have a large account ($100,000 USD) there is no minimum fee:
Minimum Activity Fee

Our accounts are designed for sophisticated traders and investors who regularly meet our required minimums. If you do not meet those minimums, we charge a monthly activity fee. Generally, we waive this fee for any month in which:

• You have more than 100,000 USD in equity or
• You generate more than 10 USD in commissions and fees

The monthly activity fee is based on commissions only and does not include fees related to third-party assessments such as market data subscriptions or order modification/cancellation fees.

[SBQ]

Thanks SBQ - forewarned re ACATS transfer! I had a glitch getting some funds transferred from TDA as my TDA name is a First and Lastname whereas my ASB account uses Mr and initials and Surname. My new IKBR account is full name with two middles names and TDA has the first middle name. They are pedantic about naming conventions, esp in light of AML. A Please Explain phone call did sort it, thankfully, but it's nerve wracking.

So far, opening the account with IB has been a bit painful but going ok. I did transfer in NZ$ to assist with opening the account, ahead of ACATS transfer. The funds cleared within two days but I was advised it would take 5 days to commence trading. That's not outrageous, though we will see

In terms of trading platform, their Online Portal seems to be the most similar to the TDA online portal ie simplified and easier for unsophisticated folk like me. The TWS IB desktop software is probably similar to the TDA ThinkorSwim software. Very powerful and customisable. Installing it on my main Win 10 PC was seamless and fine. Installing it on my DELL XPS13 2-in-1 laptop is another story. It installed too small to use, practically. Fonts can be increased, to help with viewing/usage, but it needs something like Compatibility DPI mode or some such. Am awaiting their support to help with that one and I'm surprised that searching for answers to this has so far come up fruitless.

Can you do partial transfers via ACATS or is it an all or nothing?

Also very interested to know what other brokerages people are transferring too. IB [IKBR] is too much for small accounts, in my view. ie kids accounts with between $10k and $40k LTBH accounts where the likes of Stake and Hatch etc seem more suited for ease of use and compliance.

Finally, leaving a long term stock, like SPY in TDA is an interesting notion SBQ. Thanks

Yes you can do a partial ACAT transfer however i'm uncertain of the benefit. I'm not sure where it's shown in TDA account setting but in IB they have a listed way you declare what shares and qty to transfer. It may be you only want to transfer the short term shares and leave in TDA the long term shares like the index ETF. Eitherway long term TDA will only allow the shares to be sold in the account and the funds only sent out.

There's another question I need to ask TDA in the case after November 1st, will dividends still be deposited as technically, they are a deposit but not done by an incoming wire transfer.

[Monarch]

IBKR - Just to be clear re the monthly subs. if you have a large account ($100,000 USD) there is no minimum fee:
Minimum Activity Fee

Our accounts are designed for sophisticated traders and investors who regularly meet our required minimums. If you do not meet those minimums, we charge a monthly activity fee. Generally, we waive this fee for any month in which:

• You have more than 100,000 USD in equity or
• You generate more than 10 USD in commissions and fees

The monthly activity fee is based on commissions only and does not include fees related to third-party assessments such as market data subscriptions or order modification/cancellation fees.

https://www.interactivebrokers.com/en/index.php?f=4969
as per this link there are no monthly maintenance/inactivity fees for any size account. I have been with them for about a month with only a few grand so far and have not incurred any such fees.