Disclosing a recently closed brokerage account
I applied for a IT position at a large bank and received a job offer in 2019. The onboarding process took forever and I wasn't sure if the offer would have been rescinded due to COVID-19 since I knew of a lot of people who had offers rescinded due to COVID-19. Anyway, during the pandemic, since I noticed stocks were down, I opened up a Robin Hood account and invested like $1500. Then when stocks peeked a few months later, I sold them and closed my Robin Hood account (I'm not much of a gambler and I saw I was up $1K and thought I should take my money and run). About 3 weeks after closing my account, I started work at the bank. Now they are asking for me to disclose any brokerage accounts. The thing is, I didn't realize there was a rule about brokerage accounts and bank employees when I opened the RH account. My question is, since my account was fully closed prior to my start date of working at the bank, do I still need to disclose the closed brokerage account? I am honestly afraid to disclose it because I signed an employment offer back in 2019 but opened up the Robin Hood account in 2020 then closed weeks before my start date.
You are severely overthinking this. There is nothing in the offer that would prohibit you from investing however you please prior to starting with the bank.
With that said, whether you have to disclose or not will depend on the bank's policy. I was in a similar situation to yours and my bank's policy was any account that was opened in the 30 days prior to starting at the bank (or something similar). And even though I had closed it, they asked for statements to verify this.
They're just covering their bases. IT doesn't seem to me like a position that would require much monitoring in that regard.
Also, even if you hadn't closed it, they just ask this to know what positions you have and monitor your actions going forward. No need to even close the account.
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