TD Ameritrade Wins New York Bank Fee Sourcing Fight

Financial services company TD Ameritrade will not owe record-keeping and service fees New Jersey-based locations paid on individual brokerage account deposits to the state of New York, a New York administrative law judge said in a determination.

Administrative Law Judge Kevin R. Law of the New York State Division of Tax Appeals wrote in a determination made public on Thursday that TD Ameritrade was required under New York state broker-dealer sourcing rules to source the insured deposit account fees to the banks instead of the brokerage clients.

“Petitioner’s brokerage clients do not pay petitioner the IDA fee and are ...