New Investor Here: I just opened an account with an online broker. Is what they asked for normal? Read Details

I just opened an account with an online broker. They asked for a copy via mail of my drivers license and if I wish to have withdrawls from the account they have requested me to fill out a form with my bank account info and mail it back with a voided check--is this normal? Please advice as I am new and don't wish to be taken advantage of.

Which broker? Go to www.nasd.com and do a "broker check" if you have doubts about their legitimacy.

Most of that stuff they requested is normal though with the Patriot Act.

I'm not sure if it is normal to have that much info, but they do have to have some info such as address, ssn, and such. You will have to pay capital gains tax and if they set you up with a money market, there will also be taxes on interest to pay.

What online broker is it? I use scottrade.com and have been with them for about 4 years.

This is clearly normal.

I just opened one last week and I have to give them this information plus my social security #!

Good Luck investing!

Its normal. If you think you are not comfortable with it. Head down to their office and open the account. They need your identification to start an account, it is compulsory.

Every thing looks normal...the voided check means any withdrawal will be sent directly( electronically) to your bank account....with Fidelity I can choose to have them send me a check (by mail)...takes two days longer but no fiddling with the bank account. I guess it's ok that way....depends on how you feel about it.....but as far as ID, I'm sure they need all that.
Hope you have a good year!

Did you sign up for a money link transfer? Through my schwab account I have money link. It links my checking acct to my schwab acct so I can transfer money between the two online.

No.

I suggest you to close your account.