or Joint Accounts
What is an individual brokerage account?
An individual brokerage account is one titled under the legal name of one person. This single individual is reposonsible for this account and all tax reporting is done by way of this person's provided social security number.
I want to open an individual (or joint) brokerage account with your firm. At what point should I send in the completed account opening documentation?
You will first need to make contact with a broker here and discuss the details of your transaction. If our compliance department approves your transaction, you can then proceed to fax or email in the account opening documentation. If you will be depositing shares, you will first want to complete an Equity Deposit Questionnaire (EDQ) or the Quick Facts Questionnaire (QFQ). See Guidelines for Depositing OTC Securities.
What forms are required to open up an individual account?
Along with a non-expired government issued identification (i.e. passport and/or driver license), at a minimuim the following documentation must be submitted:
- New Account Approval Form (Pages 1*** & 2), Customer Account Agreement, Initial Privacy Notice, and Receipt of Documentation.
- Foreign individual accounts will also need to submit an original W-8BEN, which must be mailed into our firm.
These forms can be found under New Accounts>Individual Account
***We are now requiring the signature line on page 2 of the New Account Approval Form to be notarized.
Do you need the original documentation?
You can fax us or scan into an email the required documentation. The only instance for which we require original documentation is in the case of the W-8BEN for a foreign individaul.
Do you open accounts for Canadian citizens?
If the individual is residing in Canada, then we are unable to open the account. If the individual is permanently residing in another non-banned country, then we would be able to open the account.
I want to open an account jointly with another person. Will this person also need to complete the same paperwork?
Yes. There is a section on the New Account Approval Form for the joint account holder. All account opening documentation requiring signatures will need to be signed by both parties. There are different types of joint accounts (i.e. Joint Tenants in Common, Joint with Rights of Survivorship or Joint Tenancy, Tenants by the Entrety and Community Property. In the event of an unexpected death, alll of these types of joint accounts treat remaining assets differently, so it is important to discuss with your broker the ramifications of each. The type of joint account is determined by completing the Joint Account Agreement. These forms can be found under .
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