Hi, my wife is in chase and she has been asked by the system to close robinhood account that is on my name. Is that something even valid to ask? What should we do? Why would I close my trading account?? Please suggest.
Its a standard practice at a lot of banks, specially if your spouse is working anywhere near investment banking
But the it makes sense for her to close her accounts, why I need to close my account? Don’t I have right to keep this to myself?
Financially, you and your wife are considered one entity. Like in CA, you can't have your wife as the only llc partner for a normal llc.
You are a "connected person". basically she could be trading through your account or telling you what to do.
Wait until you realize you have to get approval for every trade, buy or sell.
I am definitely not going to do that. Better for spouse to change company. I feel this is ridiculous!
Ridiculous is making your spouse change jobs, just to keep a crappy vendor.
You better act fast before it brings legal troubles.
I was also asked to transfer to ETrade and close
Did u do it
Yup
Absolutely valid. She agreed to this in joining the firm. Be prepared for lots of pre checks. Next time read the fine print
Yeah when I was working at Jomorgan we couldn’t have Robin hood or anyone from our immediate family. Coinbase was allowed and no cashapp
Transfer the stocks to another brokerage
It’s a CIB thing…all connected parties ( employee and spouse) details needed to be entered in the system and only use firm approved brokerages , RH isn’t in the approved list. And worst part is both employee and the spouse has to declare and get approvals for every trade you want to place and only if approved then we can do the trade. And not all stocks are approved to be traded. You can transfer your stocks from RH to any of the approved brokerage and continue trading from that account.
Not just CIB, but yeah.
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Depends on the relationship between Chase and RH.