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Started By
Message
Brokerage account requirement shenanigans?
Posted on 1/5/23 at 12:08 pm
Posted on 1/5/23 at 12:08 pm
I went through the new account setup for an online brokerage account today due to an attractive incentive, and after completion, received a message saying they required a "COLOR picture of my photo ID" plus a "selfie of me holding said ID", plus a likeness of my SS card or other tax document.
I've opened 3-5 online brokerage accounts in the last 6 years or so, and have never been asked for photo documents. I phone them, they acted like it was standard in the industry, in fact acted like I was the odd one for having a concern.
Very fishy to me, why do they need a photo ID... and in color! I imagine they're on board with ESG.
I deleted the account.
I've opened 3-5 online brokerage accounts in the last 6 years or so, and have never been asked for photo documents. I phone them, they acted like it was standard in the industry, in fact acted like I was the odd one for having a concern.
Very fishy to me, why do they need a photo ID... and in color! I imagine they're on board with ESG.
I deleted the account.
This post was edited on 1/5/23 at 12:12 pm
Posted on 1/5/23 at 12:10 pm to ThatTahoeOverThere
No scam, they were listed on bankrate, nerdwallet, etc for their attractive incentive.
This post was edited on 1/5/23 at 12:11 pm
Posted on 1/5/23 at 12:10 pm to Hewonbyalot
The IRS requires this in order to set up an account and talk to them online about any tax issues. Id.Me.
Posted on 1/5/23 at 12:11 pm to Hewonbyalot
I believe the Patriot Act requires a photo ID to open a brokerage.
Posted on 1/5/23 at 12:11 pm to Hewonbyalot
quote:
No scam, they were listed on bankrate, nerdwallet, etc for their attractive incentive.
Name of said brokerage?
Posted on 1/5/23 at 12:11 pm to bagboy333
quote:
I believe the Patriot Act requires a photo ID to open a brokerage.
Nope
Posted on 1/5/23 at 12:14 pm to Colonel Angus
(quote: The IRS requires this in order to set up an account and talk to them online about any tax issues. Id.Me.)
(quote: .... Patriot Act)
Opened one with Schwab less than a year ago, not required.
(quote: .... Patriot Act)
Opened one with Schwab less than a year ago, not required.
This post was edited on 1/5/23 at 12:15 pm
Posted on 1/5/23 at 1:36 pm to Hewonbyalot
Sounds like they take your financial security serious. Not sure why you’re so upset with that.
Posted on 1/5/23 at 1:47 pm to Hewonbyalot
What, exactly, is your concern?
Companies are probably going overboard with security requirements, but it's because there have been so many issues.
Companies are probably going overboard with security requirements, but it's because there have been so many issues.
Posted on 1/5/23 at 2:00 pm to Hewonbyalot
voyager (the crypto exchange) required this. luckily I withdrew my funds before they went under. but that was a requirement to open an account with them.
Posted on 1/5/23 at 3:04 pm to Hewonbyalot
quote:
Very fishy to me, why do they need a photo ID... and in color! I imagine they're on board with ESG.
Different places interpret know your customer rules into their policies in different ways. They are not trying to exclude you based on your race.
Posted on 1/6/23 at 5:31 pm to TorchtheFlyingTiger
quote:
What was the promotion?
2k for 100k
Posted on 1/7/23 at 11:28 pm to RummelTiger
quote:This Reddit user says the “stake” app is asking for a selfie holding the ID Reddit link
Name of said brokerage?
Posted on 1/8/23 at 7:40 am to Hewonbyalot
$2k for $100k is good. Where?
Posted on 1/8/23 at 8:59 am to ATLsuTiger
That’s one of the most generous promotions that I’ve ever seen for that deposit amount. Tastyworks and TastyTrade are Tom Sosnoff’s firms (Think or Swim founder - later sold it to TD Ameritrade). I’ve followed Tom’s options trading methodology for years and I’ve met many members of his team at trading conferences, but I’ve never traded with Tasty or their other firm, Dough. So I can’t speak to their commission structure or other requirements. But they’re definitely legit.
One thing I do remember is that when other firms either didn’t offer portfolio margin or they only made certain clients aware of it, TOS just had a minimum account size and had you take short test to make sure you understood the ramifications. Now that’s pretty much an industry standard.
All that to say, if you want that big bonus, follow the instructions and don’t worry about it. If you know anything about Sosnoff, you know that he doesn’t play games.
One thing I do remember is that when other firms either didn’t offer portfolio margin or they only made certain clients aware of it, TOS just had a minimum account size and had you take short test to make sure you understood the ramifications. Now that’s pretty much an industry standard.
All that to say, if you want that big bonus, follow the instructions and don’t worry about it. If you know anything about Sosnoff, you know that he doesn’t play games.
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