Account Restrictions
To view a restriction on an account, you can use the Get Account API and look at the accountRestrictions object in the response.
The below table has additional information on account restrictions and how to remediate, if applicable.
Reason Codes
| Description (name) | Code (reasonCode) | Reason | Remediation |
|---|---|---|---|
| Awaiting SIMPLE IRA Paperwork | 001 | Account is awaiting paperwork to be fully open, for SIMPLE IRA accounts only | Securely upload the completed Employee certification and/or Employer certification forms |
| Awaiting Account Opening Paperwork/ Awaiting Customer Agreement Signature | 002 | Account is awaiting paperwork to be fully open | Advisee can e-sign the Customer Agreement with their advisor, complete the Customer Agreement IFA on the client site, or their advisor can upload a PDF of the signature page on the advisor site for the correct account and document type |
| Awaiting Qualified Retirement Plan form | 004 | Account is awaiting paperwork or review to be fully open, for QRP accounts | Email Client Service with the filled out “Qualified Retirement Plan Setup Form” |
| Membership Closed | 006 | All of the clients accounts are terminated | Contact Client Service |
| Miscellaneous | 007 | Placed for various reasons | Contact Client Service |
| Invalid Contact Information | 008 | Client's email or mailing address is invalid | Update mailing address and/or email address on client profile |
| Account Escheated | 009 | Customer was unable to be contacted, account holdings sent to the respective state | Can not be remediated |
| Outgoing Transfer (All Assets) | 010 | Account has a full outgoing transfer, is in non-trading and pending termination | Can not be remediated |
| Regulation-T Trading Debit | 011 | There is a trade related debit in the account | Contact Client Service |
| Debit Balance | 012 | There is a debit balance in the account | Client can place a sell order or deposit money to clear the debit |
| Account Closed | 014 | The client account is terminated but not all of the clients accounts on our platform are terminated | Cannot be remediated |
| Client is Deceased | 015 | Client has died, and we are processing or waiting to process a claim by next of kin | Contact Client Service |
| Compliance Restriction | 018 | Various reasons | Contact Client Service |
| Outgoing Transfer (Partial) | 019 | Account has a pending outgoing partial transfer | Restriction will be lifted once the partial transfer is complete |
| Pending Firm Review | 020 | Various reasons | Advisor can lift this restriction by logging in to the GSCS Advisor Portal |
| Full Restriction | 021 | Account has been restricted by the RIA firm | Complete any open IFAs and contact RIA firm |
| API Account Approval | 022 | Account has been restricted by the RIA firm, relating to API firms | Complete any open IFAs and contact RIA firm |
| Awaiting Beneficiary IRA Paperwork | 023 | Account is awaiting Beneficiary IRA Paperwork paperwork to be fully open | Upload relevant paperwork and/or contact Client Service |
| CIP Failure | 024 | Client's identity was unable to be verified based on the information provided | Client must contact Client Service with a copy of their social security card and government issued ID to verify their identity |
| ORC Review | 028 | Various reasons | Contact Client Service |
| Returned Mail | 029 | Client had multiple items of returned mail | Update physical and mailing address on file and contact client service |
| Awaiting Trust Evidence of Existence Document | 030 | Account is awaiting Trust Evidence of Existence Document to be fully open, for trust accounts only | Securely upload Trust Evidence of Existence documentation |
| Minor Age of Termination | 031 | UTMA/UGMA account where the minor is now of age, a new account must be opened since the minor has reached adulthood | A new account must be opened since the minor has reached adulthood, an Internal Transfer form must be submitted via secure upload to transfer assets from the restricted custodial account to the new account |
| Awaiting Entity Onboarding Questionnaire | 033 | Account is awaiting Entity Onboarding Questionnaire to be fully open, for entity accounts only | Securely upload the Entity Client Onboarding Supplemental Questionnaire |
| Awaiting Death Certificate for Inherited IRA | 035 | Account is awaiting Death certificate to be fully open | Client should upload the decedent's Death certificate through secure upload |
| Awaiting Estate Documentation | 036 | Account is awaiting Estate related documents to be fully open, for estate accounts only | Securely upload court document and supplemental entity questionnaire or contact Client Service |
| Missing CIP Updates | 037 | Account is missing some information relating to client identity | Ensure you have provided all of the following: - One or more Sources of Wealth in the Additional Compliance Information section - a valid email address - a valid residential street address - your country of citizenship - the Entity Questionnaire (for an entity account) - QRP Questionnaire (for a QRP account) - Updated Trust Information and Trust Parties information for Trust accounts - Legal Evidence of Existence documentation for trust accounts - Trustee Indemnification form for trust accounts |
| Account Closure Requested | 038 | Client requested their account be terminated and is placed into non-trading | Contact Client Service |
Note
You can also utilize the comments field in the API response for additional comments on the restriction.
Types
GSCS has two types of restrictions, indicated by the restrictionCode field in the API response.
-
Complete Restriction (CR): no purchases or sales of securities will be accepted or processed, nor any money movement (including bank link set up) or account transfers (initiated or processed even if set up prior to the restriction), nor any updates to client information (e.g., address, email address, phone number, etc.). When a CR restriction is applied, an advisor or advisee can still login an view an account, documents, and other account data & details, as well as client details.
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Sell Only Restriction (SR): no purchases of securities will be accepted or processed, nor any money movement (i.e., no ACH, check, wire, internal transfer). We will accept and process sales of securities, outbound account transfers and updates to client information.
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