All replies
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Re: Ridiculous Requirements of StockUp for Free Share of Stock
tidbits Jun 22, 2016 1:11 AM (in response to sdbeachbum)- Member Since: Jul 15, 2011
That's all required for any stock trading. It's actually regulated this way.
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Re: Ridiculous Requirements of StockUp for Free Share of Stock
sdbeachbum Jun 22, 2016 8:10 AM (in response to tidbits)- Member Since: Jun 22, 2016
I have accounts at another brokerage and they never required that I provide my actual SS card, passport or bank account routing and account numbers.
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Re: Ridiculous Requirements of StockUp for Free Share of Stock
tidbits Jun 22, 2016 1:15 PM (in response to sdbeachbum)- Member Since: Jul 15, 2011
I used to work for Citi Financial. At some point they'll require it and it's regulated as such they will require something to prove you are really you.
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Re: Ridiculous Requirements of StockUp for Free Share of Stock
tidbits Jun 22, 2016 1:16 PM (in response to tidbits)- Member Since: Jul 15, 2011
Also they are routing money to you account, and that's what that is for. When you opened your account was probably before the regulation changes.
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Re: Ridiculous Requirements of StockUp for Free Share of Stock
gramps28 Jun 24, 2016 6:07 AM (in response to tidbits)- Member Since: Jul 15, 2011
They're not routing any money to your account when you sign up , It's only when you
sell so you shouldn't need to provide any information until you decide to sell.
You can look at it whatever way you want but for me it's not worth giving that info for one
share of stock.
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Re: Ridiculous Requirements of StockUp for Free Share of Stock
tidbits Jun 24, 2016 12:25 PM (in response to gramps28)- Member Since: Jul 15, 2011
Aside from that the others are required by regulation which I was pointing out.
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Re: Ridiculous Requirements of StockUp for Free Share of Stock
stevetjr Jun 24, 2016 3:08 PM (in response to tidbits)- Member Since: May 20, 2012
It's all here in the FDIC rules FDIC Law, Regulations, Related Acts - Miscellaneous Statutes and Regulations rule 1020.220 actually talks about identification requirements. It doesn't actually use the term SSN but rather Tax Identification number (which for most of us is our SSN). They don't use the term SSN because technically by the letter of the law when SS was enacted the number wasn't supposed to be used for anything other than SS and we all know how that went lol.
But if you open any bank account, asset account (brokerage) or etc you have to do this. After the basic info the rest is "risk assessment" and they must prove they have some kind of program which I am sure is probably some random percentage they have an increased screening.
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Re: Ridiculous Requirements of StockUp for Free Share of Stock
miket Jul 2, 2016 3:44 PM (in response to sdbeachbum)- Member Since: Jul 16, 2011
And I am assuming there is some regulation that stops them from giving stock to those with business accounts - like ours.
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Re: Ridiculous Requirements of StockUp for Free Share of Stock
tidbits Jul 2, 2016 3:48 PM (in response to miket)- Member Since: Jul 15, 2011
There are so many laws and regulations as there are lawyers. They are often specialist in specific areas and general well rounded lawyers don't fair well.