Here’s Jim Sinclair (www.jsmineset.com) showing us the legal language which allows an internet broker to basically say, “Tough titty, kitty – your money is my money until I decide to let you have access to it.”
I especially like this phrase: “… reserves the right to … block my access to the Service without notice, for any reason or for no reason …” – that means you could wake up on a monday morning to find that the Asian and European markets melted down overnight but you can’t sell you positions because your internet broker has blocked access to the Service …
Yes, you can play the macho game and threaten to sue your broker (and their dog) – a lawsuit will cost you MINIMUM $15K and you won’t win anyway – much easier to protect yourself before anything happens
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(s) Termination of Accounts
I may close my Account at any time, after all Debit Balances are paid, on written or oral notice to _____TRADE Securities. ______TRADE Securities reserves the right to terminate my Account or to block my access to the Service without notice, for any reason or for no reason. The terms and conditions of this Agreement will survive termination of my Account and will continue to apply to any disputed or other remaining matters involving my relationship with _______TRADE Securities. After the termination of my Account, I will remain liable to _____TRADE Securities for payment of any indebtedness or obligation to ____TRADE Securities, plus interest as provided under this Agreement.
(e) Modification of Agreement or Service
I understand that ______TRADE Securities may change any of the terms and conditions of this Agreement and/or eliminate any term or condition anytime. _____TRADE Securities reserves the right, but does not intend to follow it as a matter of course, to notify me of modifications to the Agreement by mailing or e-mailing a written notice or new Agreement to me. I understand that the normal method of notifying me of modifications to the Agreement will be to post the information on the _______TRADE Securities Web site. I also agree that ______TRADE Securities may change its Service anytime and that it is not obligated to provide me with notice of such a change.
I agree that use of the Service after a change to the Service or notice of a change to this Agreement, or if I do not close my Account within fifteen (15) calendar days of the change to the Service or notice of a change to the Agreement, means that I accept the change, whether or not I actually know of it, except that changes required by law will be effective immediately.
