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 …