Opening a New Account: Top Questions & Answers


Who can open an account at OptionsHouse?

U.S. citizens and resident aliens can open an account at OptionsHouse. Non-resident aliens may not open an account at OptionsHouse.

Can my spouse/friend manage my account?

Yes, you may authorize a limited trading authorization (LTA) on your account. By completing a LTA form you allow a third party to trade on your account but it does not allow the LTA to perform other functions in your account such as transferring money or changing personal information.

I currently do not have a permanent residence. Can I still open an account?

OptionsHouse is required (pursuant to the USA PATRIOT Act and industry regulations) to verify the identity of our clients, including residential address. In order to open an account with OptionsHouse, all account holders must pass this verification process. If we are unable to verify a residential address, we may not be able to open your account.

Is my account open after I complete the online application?

Unless your account qualified for E-signature, you will need to sign the pending account application along with any other documents that are listed on the checklist. All of the signed documents should be faxed to OptionsHouse at 866-492-2478. All pages of the application (usually 2-4 pages) must be received. We will not be able to open your account if we only receive the signature page of the application. You will be notified when your account has been opened via an email sent to the email address on file.

I sent in the documents listed on my checklist and now you are asking me for additional documents – why?

OptionsHouse uses a soft credit check from a third party provider in order to verify public personal information about our potential customers. In order to open an account with OptionsHouse, all potential account holders must pass this verification process. If we are unable to verify certain information, additional documents may be requested.

What documents are acceptable for address verification?

The only documents we will accept are:

  • Non-Expired State issued ID showing the current address (cannot be issued after the date of application)
  • Utility bill (gas, electric or cable) - complete bill (needs to be less than 60 days old)
  • Lease or mortgage statement - complete document, fully executed (signed)
  • Renter’s or Homeowner’s Insurance Statement - complete statement

We will NOT accept: cellular phone bills, credit card or bank statements, vehicle registration or voter ID cards.

What documents are acceptable to verify my date of birth?

In order to verify your date of birth, please provide one of the following:

  • Non-Expired State issued ID
  • A copy of your passport
  • A copy of your birth ceritificate

What documents are acceptable to verify my social security number?

In order to verify your social security number, please provide one of the following:

  • A copy of your social security card
  • A letter from the IRS verifying your number
  • A complete, signed copy of a professionally prepared tax return
  • A copy of your Medicare Card
  • A copy of your selective service card

We will NOT accept: a W-2, a W-9, a self prepared tax return, a social security statement, a copy of your passport.

How will I know when my account has been opened?

You will receive an email once the account has been opened which gives the trading level assigned to the account.

If I am opening an account with another individual, do I need to provide their information as well?

Yes. When completing the account application, you will need to provide the name, residential address, social security number, date of birth and employment information for all applicants.

If I made a typo on my application- how can I fix it?

If you made a mistake on your application, cross off the incorrect information, write in the correct information and initial the changes. You can then fax the corrected document to OptionsHouse.

What documents are acceptable for address verification if I live with my parents or spouse?

If you live with your parents, we need a copy of your birth certificate along with one of the following documents in your parent’s name:

  • Non-Expired State issued ID showing the current address (cannot be issued after the date of application)
  • Utility bill (gas, electric or cable) - complete bill (needs to be less than 60 days old)
  • Lease or mortgage statement - complete document, fully executed (signed)
  • Renter’s or Homeowner’s Insurance Statement - complete statement

If you live with your spouse, we need a copy of your marriage certificate along with one of the following in your spouse’s name:

  • Non-Expired State issued ID showing the current address (cannot be issued after the date of application)
  • Utility bill (gas, electric or cable) - complete bill (needs to be less than 60 days old)
  • Lease or mortgage statement - complete document, fully executed (signed)
  • Renter’s or Homeowner’s Insurance Statement - complete statement

I am a student, what can I send in to verify my address?

If you are living on a college campus, there are two options to verify your address:

  • Send us a letter from your college housing office confirming your address and the dates you are residing in campus housing

OR

  • We can make the college address your mailing address and change your residential address to you permanent address.

My SS is correct on my application, why do you need a copy?

OptionsHouse is required (pursuant to the USA PATRIOT Act and industry regulations) to verify the identity of our clients including your name, date of birth, social security number and residential address. OptionsHouse uses a soft credit check from a third party provider in order to verify personal information about our potential customers. In order to open an account with OptionsHouse, all potential account holders must pass this verification process. If the soft credit check does not verify the required pieces of information, OptionsHouse requires documents that can verify the information.

Can I have a mailing and residential address?

Yes. When completing the online application, you will first be asked to provide your residential address and there will also be an area for you to provide an alternative mailing address. You may use a business address as your mailing address but your residential address is required.

How long will it take me to complete the application?

An average individual or joint account application should take you less than 15 minutes to complete. If you are completing an IRA account, it should take you less than 30 minutes to complete. Entity account times vary by account type.

I am opening an entity account with multiple members, what information must I provide?

To open an entity account with multiple members you will need to provide the name, date of birth, social security number and residential address for every member. Every member of the entity will also be required to sign documents before they are sent in to OptionsHouse. For accounts that require a secondary applicant, you will also need to know the secondary applicants’ employment information – including name, address of employer, industry and occupation.

I am opening an account for my company, why do you need my personal information?

OptionsHouse is required (pursuant to the USA PATRIOT Act and industry regulations) to verify the identity of our clients including name, date of birth, social security number and residential address. In order to open an entity account, there must be a primary account holder and all authorized officers of the entity must pass this verification process.

Can I send OptionsHouse my documents via fax?

Yes, you may fax your documents to us at 866-492-2478. Please ensure you list your account number on the documents that you are sending. It is also always best to use a fax coversheet with your name and account number on it.

How can I tell if promotions have been added to my account?

If you have any questions on how to redeem or obtain a promotion, please contact our Customer Service Department at: 877-653-2500.

Where/how can I print out my application again?

Log-in through the “Manage Account” tab. Click on “My Accounts” and under “Pending Applications” you will see any applications that still need to be completed. From this screen, you can also re-print your most recent account application. Please note, we can fax or mail you a copy of your application if requested.

What other documents do I need to send in with my pending account application?

You will need to sign the pending account application along with any other documents that are listed on the checklist. All of the signed documents should be faxed to OptionsHouse at 866-492-2478. All pages of the application (usually 2-4 pages) must be received. Once OptionsHouse has reviewed your documents, additional documents may be requested.

What documents are needed to open an entity account?

OptionsHouse offers a variety of entity accounts, each with different paperwork requirements. Please see the list below for the documents that are required for all entity accounts. (Please note, additional documents verifying the identity of managers/members may be required in addition to the documents listed below.)

  1. Corporate Account
    • Account Application
    • Corporate Account Agreement
    • Articles of Incorporation
    • W9
    • SS-4
  2. LLC Account
    • Account Application
    • LLC Agreement
    • Articles of Organization
    • W9
    • SS-4
  3. Partnership Agreement
    • Account Application
    • Partnership Agreement
  4. Trust Account
    • Account Application
    • Trustee Certification
  5. Sole Ownership Account
    • Account Application
    • Affidavit of Sole Ownership
  6. Investment Club Account
    • Account Application
    • Investment Club Account Agreement
    • SS4
  7. Beneficiary IRA
    • Application
    • Certified (Original) Copy of Death Certificate
    • Certified Letter of Testamentary or other Court Certified instructions dated with the last 65 days
    • Affidavit of Domicile
    • Cash and/or Security Journal Request Form
    • Letter of Instruction how to distribute the funds once moved from the deceased account
  8. Estate Account:
    • Application
    • Certified (Original) Copy of Death Certificate
    • Certified Letter of Testamentary or other Court Certified instructions dated with the last 65 days
    • Affidavit of Domicile
    • Cash and/or Security Journal Request Form
    • Letter of Instruction how to distribute the funds once moved from the deceased account