wire transfer trouble

J

jwampo

I`m using TD ameritrade broker. For a week I`m trying to make withdrawal and this is unsuccesfull. They said me: "We are unable to process the request at this time as the purpose for the wire is missing or incomplete pursuant to requirements as promulgated under the USA Patriot Act."

I tried to use "personal use", "return of prior investment" and these were incorrect. So, who can help me? Which wire purposal will be correct? I think "closing account" - this will be best.
I asked support about it - they said me - "we don`t know why you make withdrawal, use google and read Patriot Act".
 
Hi,

I'm having the same problem with tdameritrade. How did you resolve it?
I am unable to find a valid reason for them.

Thank you
 
Just use the ACH method and you will have no problems. The money will be in your bank acct the next morning. I just did it twice in the last week with no problems.
 
"Cash needed to pay bills" usually works. Some firms have tried to use the PAtriot Act to require very specific reasons for wire transfers. As others have stated using the ACH transfer may get around this.
 
I suppose there are better controls around ACH since there's a lag of a day or two between when the funds are first removed from an account and being available in the other account. With a wire, it's immediate and there's no hope of retrieving the money if removed at the other end.
 
purpose of wire: Money to buy a new car.

it worked, they processed my wire request.

in-cre-di-ble, These things only happen in America :-)

thanks for the replies
 
The feds want it to be specific enough that they can get a conviction for wire fraud later on if the money really is used as part of money laundering, drugs, gambling, etc.

If you just say return of capital or whatever, that would still be accurate in any case and it would be harder to prosecute for wire fraud.

Probably TDA is part of a pilot program to require very specific reasons.
 
Quote from fpinero:

purpose of wire: Money to buy a new car.

it worked, they processed my wire request.

in-cre-di-ble, These things only happen in America :-)

thanks for the replies
More...

The USA has turned into a police state with an all encompassing gathering of information on USA citizens equal to that of the Soviet Union during the Cold War.
 
Am I understanding this correctly -

1. You have a TD ameritrade
2. You are trying to wire trans out of account to another one of your accounts
3. Having problems because you have to indicate purpose and because of something in The Patriot Act you can't do it because your purpose is not right

If TD ameritrade can't tell you how to wire transfer your own money to another of your accounts then ??? they would be gone.

Am I missing something here??
 
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