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TD Ameritrade buying Scottrade

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  • Thrif-t
    replied
    So why do I get an email notification that a reply has been posted and then I come here and it's not here? I have the email there was a reply, and it didn't look like it should've been deleted because it was offensive or anything?

    I find this happens a lot. I get when it's spam.

    But this is the response that my email says is here and it's not:
    Here is the message that has just been posted:
    ***************
    Thank you for your reply. My responses are interleaved below.


    ---Quote (Originally by snafu)---
    Curiosity leads me to ask why move from TD Ameritrade brokerage?
    ---End Quote---
    Every time a bank or brokerage (of which I have had an account) has been bought out there are changes against my best interest. Already I am losing my banking option, which to me is significant. I foresee more of these changes, e.g. added fees, increased minimum balances, etc. in the future. So, I am embracing change.


    ---Quote (Originally by snafu)---
    Are the majority of your IRA, ROTH brokerage holdings Vanguard or Fidelity?
    ---End Quote---
    Nope. None of my holdings. Various stocks and mutual funds. I suspect I will have to sell off the mutual funds no matter where I transfer, but I will wait until January so as not to miss out on capital gains distributions.


    ---Quote (Originally by snafu)---
    Do you need Brick & Mortar bank for regular transactions or will an electronic institution serve your needs with regular deposits and payments from phone and computer?
    ---End Quote---
    Electronic is best for me. I go to a brick and mortar place perhaps 4 to 6 times a year. Speaking of which, I will be going to one today to transfer funds from Scottrade Bank. :-(
    ***************

    Leave a comment:


  • QuarterMillionMan
    replied
    Got an email today from TD Ameritrade and noticed my acct number is different from my Scottrade acct number. However, I downloaded the TD Ameritrade app to my iPhone, entered my Scottrade acct number and password and got into the TD Ameritrade acct. I deleted the Scottrade app.

    Leave a comment:


  • Thrif-t
    replied
    I need to do this too!! I transfered my Ira and my minor son's Cutodial IRA out to Schwab. Wanted to roll my girls over to Schwab but they still had custodial accounts at Scott and I need them to roll over into their names as they are adults now, only THEN we can roll over to Schwab.

    I'm not interested in staying w/TD Ameritrade. Unless I read wrong I think they charge monthly fee's for certain balances. I orginally opened Roth IRA's for the kids to put in their paper route christmas bonuses and there was no minimum amount. We didn't use it to trade, just to park funds. I can do the same with Schwab. Plus Schwab had some kind of promo going that if we rolled to them we could have free trades with them for as long as we had been customers with Scottrade, so we have 15 years of free trades.

    My 401k is thru Schwab at work. I can see as we age I'll probably roll our Vanguard money into Schwab too just to have one stop shopping. Plus they have a local office in our area. So ya, not interested in staying with TD Ameritrade.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by bennyhoff View Post
    I went on yesterday and so far wasn't thrilled, looked like it is set up more for active traders than for people that buy occasionally and hold. Though I will give it a month at least before I declare this a failure in my eyes.
    I haven't logged into the new site yet. I did log into my mom's Scottrade account the other day to print her 1099 but that was through the old interface. I'll have to check out the new one. I hardly ever go into my Scottrade accounts as I don't actively do anything with them. One is my SEP-IRA so I go in once a year when I make my annual contribution. I'll need to do that shortly as soon as my accountant tells me how much I can put in for 2017.

    Leave a comment:


  • bennkar
    replied
    I went on yesterday and so far wasn't thrilled, looked like it is set up more for active traders than for people that buy occasionally and hold. Though I will give it a month at least before I declare this a failure in my eyes.

    To my surprise my 70+ y.o. mother had her accounts transferred over and is already saying she likes the new interface. I am very surprised.

    Leave a comment:


  • QuarterMillionMan
    replied
    I got an email today from TD Ameritrade that I'm approved for a margin account when I already had it with Scottrade. At this point I just hoping all of my funds got transferred over from Scottrade to TD Ameritrade. I just logged into TD Ameritrade and it looks good, a different though so it will take a little getting used to the new interface with TD Ameritrade.

    Leave a comment:


  • Thrif-t
    replied
    So I'm bumping this thread back up. Did anyone get an email from TD Ameritrade about the change over happening this month? I just finally read it and Monday I gotta get on the ball! We have small Roth IRA's here for the kids and a small Roth for me; I thought i was going to use it to day trade but I just never found the time to get into it like I thought I would.

    Maybe I was misinformed about Scottrade but I don't feel they had all those fee's like TD Ameritrade does. They have monthly fee's for certain account balances. And you only have until Feb 16 to roll your money out of there or it will cost $75 to do after the 2/23.

    My work 401k is with Schwab and there is a local office not too far from me so I'm going to see about doing a rollover to them. Does anyone have experience with Schwab? I like them for my 401k and always see good things written on them. Just wondered what the rest of you were doing in regards to the changeover?

    Leave a comment:


  • Mr-Pulse
    replied
    Thank you for your reply. My responses are interleaved below.

    Originally posted by snafu View Post
    Curiosity leads me to ask why move from TD Ameritrade brokerage?
    Every time a bank or brokerage (of which I have had an account) has been bought out there are changes against my best interest. Already I am losing my banking option, which to me is significant. I foresee more of these changes, e.g. added fees, increased minimum balances, etc. in the future. So, I am embracing change.

    Originally posted by snafu View Post
    Are the majority of your IRA, ROTH brokerage holdings Vanguard or Fidelity?
    Nope. None of my holdings. Various stocks and mutual funds. I suspect I will have to sell off the mutual funds no matter where I transfer, but I will wait until January so as not to miss out on capital gains distributions.

    Originally posted by snafu View Post
    Do you need Brick & Mortar bank for regular transactions or will an electronic institution serve your needs with regular deposits and payments from phone and computer?
    Electronic is best for me. I go to a brick and mortar place perhaps 4 to 6 times a year. Speaking of which, I will be going to one today to transfer funds from Scottrade Bank. :-(

    Leave a comment:


  • snafu
    replied
    Curiosity leads me to ask why move from TD Ameritrade brokerage? Are the majority of your IRA, ROTH brokerage holdings Vanguard or Fidelity?

    Do you need Brick & Mortar bank for regular transactions or will an electronic institution serve your needs with regular deposits and payments from phone and computer? I was at a bank earlier this week, 1st time in a few years as I needed to exchange a significant sum of foreign currency left over from travel earlier in the year.

    Leave a comment:


  • Mr-Pulse
    replied
    Closing Scottrade Bank

    Got an E-mail about an hour ago.

    We will be closing your Bank account on February 17, 2018; however, you may be eligible to receive cash management services with your new TD Ameritrade brokerage account, including:
    Yes, well . . . I guess I knew this day was coming.

    I suspect other changes will be coming soon.

    Can anyone recommend a good brokerage to handle my IRA and ROTH IRA?

    I'm currently looking at Fidelity, Vanguard, and Ally Invest.

    It appears that Fidelity and Ally Invest has Closure fees of $50, which may not be a big deal, but it's a penalty for leaving fee, and I do not like that. Ally Invest seems to have the better trading fees. Vanguard and Fidelity look to have the best ETFs and mutual funds.

    Oh, and Ally Invest has a bank account w/ online bill pay and all that.

    Thoughts?
    Last edited by Mr-Pulse; 12-07-2017, 10:26 AM.

    Leave a comment:


  • ~bs
    replied
    it'll probably get rolled into a tdamertirade account. similar things happened with previous mergers.

    If you're wondering why the mergers, the industry is racing towards the bottom as far as commissions and other forms of income, and the companies need to consolidate to survive.

    Leave a comment:


  • QuarterMillionMan
    replied
    Today I received this same email.

    Leave a comment:


  • Thrif-t
    replied
    Got another email on this today guess it's a done deal:

    We want this to be a great experience for you.
    There’s nothing you need to do.

    This is an exciting time to be part of Scottrade® and TD Ameritrade®. On September 18, 2017, our two firms officially joined together as one organization.

    Better together.

    Although we're one company, we'll continue to operate as two separate firms until we convert all Scottrade accounts to TD Ameritrade. Over the coming months, we’ll be working hard behind the scenes to provide you the best experience. Staying focused on the here and now, and not just the future, will be at the heart of our efforts. That means being clear and transparent and making sure you always know what to expect.

    Let’s start with what this means for you right now.

    Business as usual. Continue to use your same accounts, invest and manage your money as you do today and only use Scottrade branches for now. You’ll continue to be served under the Scottrade name until operations are combined and accounts are seamlessly transferred to TD Ameritrade. We expect this to take place in early 2018.

    No change to your low commission rates. Continue to benefit from our low $6.95 base commission rate.

    Exceptional service and support. You remain at the center of everything we do – on the phone, online and in person. We plan to maintain hundreds of branches across the country. In some cases, where there are TD Ameritrade and Scottrade branches close together, branches may be consolidated. We’ll keep you informed as decisions are made.

    What’s ahead. There's a lot to look forward to. TD Ameritrade was ranked #1 Overall Broker in StockBrokers.com 2017 Online Broker Review. TD Ameritrade also ranked #1 in several categories, including: Smartphone App, Desktop Platform, Mobile Trading New Tool, Trader Community, Platforms & Tools, Offering of Investments, and Education. We believe these tools will provide you with the best investing experience in the industry.

    Watch for more information. If you have accounts with Scottrade Bank, you'll receive a separate communication.

    We want to help.

    We know that this is a time when we need to exceed your expectations in every way possible and continue to reward the trust you've put in us. We promise to keep you fully informed as we work to combine our operations and seamlessly transition accounts in early 2018.

    If you ever have any questions or concerns, please contact your local Scottrade team at 800.619.7283. Or visit the Transition Hub at welcome.tdameritrade.com for information and updates.

    Thank you for your business.

    Sincerely,

    Tim Hockey
    Rodger Riney
    President and CEO
    TD Ameritrade
    Founder and CEO
    Scottrade Financial Services, Inc

    Leave a comment:


  • sv2007
    replied
    I don't think it'll have much immediate affect for people who only have account(s) with 1 company. I'm going to guess that TD Ameritrade will likely keep most of the the lower fee schedule for existing Scottrade customers.

    However, it'll affect people who maintain accounts at both brokerages as the SIPC insurance is only only $500k instead of $1m. I.e. you should move some money out of the joined company.

    Leave a comment:


  • bennkar
    replied
    I got the same letter as Thrift-t. I have two accounts, my mother one. I suspect nothing bad will happen because of it, but we'll wait and see. If it turns out poorly, then I will start looking for a new brokerage. No sense in stressing about it (yet).

    Leave a comment:

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