Letter liquidating account

11-Mar-2019 11:46

Besides this, the following details of the LC are picked up and displayed: If the component currency and the currency of the account to be debited for the liquidated amount are different, you can indicate the exchange rate to be used in the conversion.By default, the exchange rate specified for the product under which the LC is processed, will be displayed.Documents may also be rejected if information on the document has been altered, or the documents are outdated or missing the appropriate court seal.Once the necessary documents are received, a new account is typically set up for the beneficiary or estate, at which time securities registered in the name of the deceased person will be transferred.Brokers use this information for several purposes, including learning about the new account owner and her financial needs, and meeting legal and regulatory obligations.

That said, don't feel compelled to transfer your account to another firm, and don't transfer assets or buy new ones without doing your due diligence about the firm, investment professional and investments.

You should also take time to get to know your broker and firm: use FINRA Broker Check to check out the background of an investment professional and firm.

Find out how the account is managed: ask about the firm's compensation fee structure and how buy and sell decisions are made.

Whenever you have to collect a component (typically for a commission or charge, or under certain circumstances the availment amount or the collateral amount), you debit it from the customer’s account.

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On some occasions, you may have to debit it from an internal receivable GL, to be debited from the customer account at a later date.While specific procedures vary, brokerage firms tend to follow a fairly similar process of transitioning account assets to an account holder's heirs and beneficiaries.

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