Linda and Mike sent a message to Rodger O. Riney Founder and CEO, Scottrade that said:
Dear Mr. Riney:
We were very disappointed that your company, unilaterally, terminated our relationship with NO notice. The excuse given was that your bank audited our account and determined that we live in Mexico. Allegedly, this was a violation of "The Patriot Act." As this made no sense to us, we researched this legislation - passed in 2001. There is NO mention of Mexico in the legislation. It did not say that the one million plus ex-pats living in Mexico were ALL "money launderers." So what is the real reason for ending our relationship?
FYI: We have been such good clients for so many years that Scottrade, last month, offered us a reduced rate on trading options to a flat $7.00 a trade. Then, the very next week, our account was shut down - again, with no prior notice.
I was a former CEO of several U.S. companies before retiring to Mexico. It appears to me that whatever is going on diminishes your client base and reduces income. This is detrimental to Scottrade. Also, because it will erode your excellent reputation for great client service.
To our knowledge, only Charles Schwab does international business with expats. In Mexico, they have a "Birdsnest on the Ground."
The majority of "senior citizens" have to meet Mexico's stringent financial requirements to be permitted to have permanent residence.
If Scottrade requires licensing to do business in Mexico, why don't you do it???? As you know, 10K U.S. citizens reach age 65 every week. Many of them are coming to Mexico to improve the quality of their lives, and to stretch their dollars.
What a great marketing opportunity as many U.S. businesses have already recognized.
I hope you will have the courtesy to respond to this email. Given our history together, we think we are entitled to an explanation.
Sincerely,
Linda and Mike
