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BizIPEsq., Attorney
Category: Business Law
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Experience:  I am a business attorney. I represent individuals and companies with all business related matters.
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I am a US citizen, a US taxpayer and a Vietnam veteran, but

Resolved Question:

I am a US citizen, a US taxpayer and a Vietnam veteran, but I live in Australia. Morgan Stanley has long told me the Patriot Act makes it impossible for them to allow me to purchase shares in my account with them; and now that I cannot even add shares to that account if I wish to transfer them from a dividend investment program. All I can do is hold my shares or sell out (which I do not wish to do). Question, is this true? Does the Patriot Act bar Americans overseas from trading or depositing shares into an account?  So, I am in Australia, but this is a question for USA federal law, I don't seem to be able to change to that category.  Please forward to the proper person.

Submitted: 1 year ago via Cornell Legal Info Institute.
Category: Business Law
Expert:  BizIPEsq. replied 1 year ago.

BizIPEsq. :

Hello, I will be assisting you

BizIPEsq. :

Question: do you have a US mailing address?

BizIPEsq. :

Hello, I will be assisting you

Customer:

The website crashed yesterday, thus I was unable to reply at that time. Now I am away from home for the next couple of days. If you have the appropriate information, are you suggesting mailing it to me? It could go to a brother. But if this is in regard to legal advice, no, my residence and mailing address is in Australia. Now I should come up again online in say 12 hours if you are around. Presently, I believe 8AM my time is around 4PM Pacific (California) time, if you want to suggest a time to clear this up. Cheers, Steve

BizIPEsq. :

I had access issues as well!

BizIPEsq. :

My question about address was in connection with your issue. Unfortunately without a US address banks and financial institutions cannot service your account. The remedy for that would be fairly simple, get either a mail box somewhere in the US that can forward your mail to you in AU or use a virtual mailroom service like this

BizIPEsq. :

some banks have special programs for expats. I know Chase and Citi do and I believe HSBC also does. You should contact those banks and see if they also offer brokerage service in conjunction. In any event you should get a US mailing address.

BizIPEsq. :

This should address your situation. Thank you for allowing me to assist you

BizIPEsq. :

Please rate my service. Without your rating I do not get compensated for my work.

Customer:

I would still like to know the section of the act that is causing me such grief if you can refer me to it. I do have a Citi account and have to keep an extortionate amount of money in it to avoid fees ($20 a month!) but I will check Citi and Chase on brokerage. Presently everything I have tried abroad demonstrates that if you are not a citizen you can trade. If you are, you cannot. That is why I would like a reference to the actual law if you have it. Otherwise, thanks for the advice.

BizIPEsq., Attorney
Category: Business Law
Satisfied Customers: 996
Experience: I am a business attorney. I represent individuals and companies with all business related matters.
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