TD AmeritradeConsumerAffairs Unaccredited Brand
After discussing at length the pros and cons of Ameritrade with different reps and reading reviews decided to give it a try. My advice is for you to realize this is a site like all other online sites. They have their problems. Ok you have to wait days for a trade to clear which means you have to keep wiring your account for additional funds to trade. Options require 25k minimum and trades are slow and painful. After trying this site I realize that the great marketing is all this company really has going for it. This is a terrible, terrible trading site. Don't be fooled.
Failed to process a sale costing me 40000.00. On February 2, 2018 I sent a ach to sell my and my wife’s ira. This sale order was done electronically and confirmed by Ameritrade. The sale should have been executed on Feb 3 however wasn’t done till Feb 7. I spoke with a man named Robert who after researching what happened told me it was bad luck (the market dropped and so did our accounts). This customer service rep wouldn’t even give his name. Stay away.
You will be lost in the shuffle and from the beginning, lost yourself! You will be asked to provide your 9-digit account number that is hidden and displayed in only one place, not the My Account page. They allow options trading immediately, but you cannot have funds for 3 days. They are backwards in everything they do, and it will cause confusion and great problems later. Others allow funds immediately but you cannot trade options without approval. You will try to deal with a convoluted platform and too much data in your face 24/7, then try to place a trade and use symbol lookup for trading that then changes the trading page to Research and News while you are trying to place an active trade. It's like a bad joke or puzzle! The system is not well integrated.
I requested a withdraw that was processed and approved. The next day, it was cancelled without reason. You will place trades and go through the entire process to have it all accepted, only later to say it's denied because funds haven't cleared. It's the worst platform I've seen so far and everything is extremely scattered and difficult to find or use, as though intentional. I cannot fully express how aggravating it has been trying to trade here. Support could care less, and the apologies are too much. Too bad OptionsXpress was destroyed by Schwab! They had it right!
I wrote TD Ameritrade a check for $20,000. They then cashed my check and then only deposited $20 in my TD account. Naturally upset, I called them immediately and their only resolution was just push me aside, give me a "case number" and told me to wait 48 hours for someone to contact me back. Excuse me, you just deposited a $20,000 check from me and royally screwed up, and didn't want to do anything to help me out during the call. At the time of typing this, I have still yet to hear from TD Ameritrade about my missing $19,980.
The other bad reviews for TD Ameritrade look to be accurate and point out a number of problems that I can corroborate and agree with. TD Ameritrade has lost their chain of accounting and has said as much to me more than once over the last decade or so of using them. In the past I have had them admit to me this is their fault and that something is wrong. I asked and also believed what I was told and that was to stay put with them and this would be fixed. Instead, as I continued to use their broken and useless product, one day at begin of December I go to use my Visa debit card and it is declined. I call them and they inform me that they are closing the account as a business decision and this was conveniently done to accept my December USA SSA payment, hold it and the other funds from my use, and then expect me to wait for weeks to even learn what and why by a letter they likely planned to send a week later.
In doing this they held both my cash account and Roth IRA and planned to disperse them to me via a check. Given the amounts in the accounts I am not sure how I would cash them for my use etc. It took me many months to get this resolved, to get my money back and out from under TD Ameritrade and in doing that I lost money that was encumbered for purchases and other monies being refunded to me on the Visa card. The phone person at the end said that the ledger amounts don't add up, and I said I see that and he later said the strike prices are wrong, meaning the stock purchase and sales amounts are wrong. I said, "WOW! You are done." Late in 2013 I ran reports from them showing just raw transaction counts for 2012, 2011, and 2010. Doing them three times over the course of 3 differing days I get differing amounts for ALL THREE YEARS!!!
Overall the ledgers don't work properly, they are not atomic, they are mutable, contain information that changes later, transactions strike the ledger and are later "filled in" with the real information as to the source of the funds etc. Looking at the ledger say at 10pm, has them in one state with today's transaction in place with dollar amounts but just a vague text detail of who made it. After close of business say at 1am, those ledger transactions are rewritten to contain a proper name, say Walmart, or US SSA, etc.
BUT in that you will at times see transactions change, go away, or arrive and be before the last time you checked. Look at 10pm see one thing, check again at 1am and see a new item marked as being there at 9pm. It can't work. I had to call them over and over again. At one point 3 times a day for 7 days to get a debit card replaced, each time I was lied to. They were not sure what was being done, if it was sent, how it was sent, etc. A vendor made numerous refunds to the Visa card and none of them showed up and TD allowed this theft to happen, messed up on two other CC disputes, and with that partook in and enabled theft of my money. Then they admit that again saying it makes no sense. They claim the account is closed, allowed funds to be paid to others but not me, and now over one year later USPS mail me statements saying there is a few dollars left in the account. Why?
Dialogs on the phone had them be verbally abusive to me, act condescending, essentially accusing me of things, making slurs of me personally, being harassive, dishonest, and then again doing same thing with checks to close the account. This set of accounting and ethics failures affects ALL TD Ameritrade clients.
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Was trying to open a new account for an employee for a pension account and experienced unusual ineptitude, non caring behavior by new accounts dept. Very limited help even from numerous supervisors from lost faxes, poor documentation and more importantly no response and reply leading to numerous follow-ups, hours on the phone and the feeling that one hand does not have any idea what the other is doing. More than 90 days just to get a new account!!! Late for the tax season because of these morons. Never again.
Depositing funds from your bank account into your Ameritrade account is simple (even for a novice). And why wouldn't it be? The whole point is for Ameritrade to take your funds and make a profit from them. Want to withdraw funds from your Ameritrade account back into your bank account? Well that's where the BS starts! My ACH bank transfer account was deactivated for no apparent reason. I was told it was a precautionary reason to fight potential fraud. That alone was a little sketchy, but that was only the beginning.
Now they want me to verify my bank connection by entering two test deposit amounts into "My Bank ACH Connections". Only if it was that easy! As I stated, they deleted my Bank ACH Connection, so there is no way to enter the two test deposit amounts. Nobody at Ameritrade knows how (or wants) to resolve this issue. Now I want to close my account out entirely and withdraw my $2,000. This is complete absurdity! BUT I CAN’T CLOSE MY ACCOUNT - BECAUSE AMERITRADE WOULD RATHER STEAL MY MONEY AND PROFIT OFF THE INTEREST! Where is my Ameritrade representative/Manager???
Finally closed two accounts that have been sitting for years, untouched. There was very little in two accounts I had - one less than $100 and the second had almost $200. In September 2017, spoke to a Representative to sell the last of 3 shares of stock and explained that I wanted to close both accounts and have the funds disbursed directly to my checking account (the accounts were already set up to transfer directly to my checking). After 45 days, I finally received funds from the lesser of the two accounts, which they took money out of, even though I was told nothing would be charged. Here it is December 2017 and I'm still waiting for funds from the 2nd account! It took 45 minutes on my phone w/ Representative to straighten the mess out. Excuse after excuse and 100 times "I'm sorry"! Why did you send a check when funds were to be transferred to my checking? (Sorry!).
Why have I never received the funds from the 2nd account? It was an absolute horror & you would have thought with what they put me through that we were dealing with millions of dollars! And I have to tell all of you that every single time I had a transaction, a withdrawal or anything at all - there were errors! Not ONE thing I did over a span of 8 years was EVER handled CORRECTLY! Can you sense my frustration? NOT ONE transaction was handled correctly!
I can't even estimate the number of hours spent on the telephone with Representatives trying to figure out what went wrong. Each one made it sound like it was the first time they'd ever seen anything like that happen with anyone! Yet, repeatedly, over and over and over, always a screw up. Even if I was asking for a simple disbursement! I can't believe I didn't end the torment sooner! I searched high and low, reading reviews before opening an account with any other broker but guess I had to learn the hard way! Stay far, far, far away from TD Ameritrade if you want to keep your sanity!
Can't find 2k out of 4K sent from my locked access due to fraud - As stated above I made two deposits of $2,000. Opening an account. Could get anyone to help me an admitted amateur. So at 8:00 PST, 11:00 PM their time I am locked out. Called and stated after insisting my current balance was $1500??? I had asked to transfer 2k back into checking account but some error occurred.
Anyway it’s nowhere today. They blocked for fraud. What fraud? Who, your fraud? No. The US Government is on me for 2k. Offered to send a POA (moms worth 2-3 million net). They won’t tell me who is looking for and what type of fraud, who are these people. Told me doesn’t know and that I need to call in the morning at 7:00AM, they leave at 4:30, call tomorrow. Well how did they freeze my account at 11:00pm, I was in it at 10:30pM, if their time???? Called this morning explained my 2k wasn’t in my bank nor theirs. WTF? Sorry. Anyone who these mysterious fraud people are?
I have been trying to set up my checking for 3 weeks and it is still not done with 3 calls for help. I have very loud ring in the ear due to an accident in 2001. I call escalations and he hung up on me after I even told him the problem with my hearing. He also said he would not listen to the 3 calls that are tape by their own company after I asked for he to do it. That is the easy away to find what the problem was and who gave me the help. Everyone knows that when someone logs into any account it will tell them the persons I was talking to!
I day traded a lot. In the millions. When I was up they had a local rep calling me trying to sweet talk me to deposit more money, giving me free trades. Upping my margins. Some sort of equity margin on top of regular margin. Opening the gates to more leverage for riskier trades. But the minute I was in peril or ask for extension cold shoulder. I cannot begin how much down the drain they have gone since Thinkorswim got bought out. Their cs chat reps are also snarky at times with attitudes and or jokes in a time where you're dealing with real losses. There are multiple instances over the years where they just flat out didn't report trades. After hours trades that are up on nasdaq.com never hit their chart. Lots of names becoming hard to borrow if you like to short. Prior reps would go out of their way to locate shares. Now the default answer is no first, until you push and I mean demand it. But they never seem to be able to get any.
Constant reclassification of risk on Biotech stocks, causing surprise margin calls. Only for the stock to recover and leave me stuck with losses. Example stock was rated at 40% Equity to margin ratio. All of the sudden they reclassify it to 80% equity risk, and few days later you get sold off scratching your head, what happened? I am repeatedly screwed over and frustrated with this company. They never take any accountability for their system or trade errors. So as far as software it's got a lot of cool tools, but none of that matters when the core trade order execution system keeps messing up. My dream is to be short AMTD when they go under to make back all the losses they caused/induced by them.
30 year customer - had one share of Level 3 closed out by TD Ameritrade in a mandatory reorg takeover by CenturyLink. The proceeds of $26.50 were offset by Ameritrade charging me a $38 fee for the reorg netting a -$12 in the forced transaction. The TD reps would not amend or credit this ridiculous situation forcing me to transfer my account to Schwab (resulting in another $75 transfer fee).
I've never written reviews but felt that this time my only option was the power of the pen. I worked with another firm to transfer out and close my TD Ameritrade IRA. We did a 3 party call with them and received direction as to what had to be done. Everything was completed within a couple hours and faxed to TD Ameritrade per the guidance given. We were told it would take 5-8 business days. I timed this based on another investment option. After a couple days the firm that was working on my behalf asked me to call TD Ameritrade because TD had lost their fax (supposedly) twice already. I called and miraculously the fax was found on the third time. This cost me several days and will now also cost me, potentially, thousands in investment dollars. I'm so irritated that my money is in the hands of someone that doesn't allow me complete control. I will never use them again.
I recently requested that all of my own money be withdrawn to my checking account, and I got a message today saying they were unable to do so for some unknown reason. What a terrible company, negative infinity stars.
I have foolishly attempted to trade the markets with this company for a number of years. I have lost $60,000 dollars in total. Some because of my own mistakes in the market but the losses that really bother me are the ones that immediately go aggressively against me. This seems to be the pattern of TD Ameritrade. You put in a sell order after realizing a profit and if it's the slightest bit above the current bid or ask price they immediately start selling away from your price. You don't even have time to adjust before you have lost all of your profits. I have had with these jerks. I just use their platform for data to trade with other online brokers.
I received my statement. I was shocked after submitting a payment of $91.00 for July that the interest rate went up 5% from last month. They added $61.00 to my account interest fees. I called and said I wanted to close the account. Then a split second later I said not to close the account. I called 2 more times today Sat 08/26 /2017. The account is reopened on the third attempt finally. Closing the account hurts the consumer. I had made several payments to them in the amount $90-94.00 This is really breaking me. I had mentioned to them I'm investigating them, this company. Where's the respect. I'm not using my TD card anymore. It's a big rip off. For sure trust me. I had a brokerage account there also. They collected more from me than I did get from my investments on margin calls. Stay away. Trust me.
I was switching accounts from Scottrade to TD Ameritrade. I was told by Courtney that my funds would be available by 10am on 8/16/2017. The funds were not there. $115,500 I was wanting to buy a stock and could not. Supervisor told me that there was nothing he could do. TD Ameritrade you have dishonest employees working for you!!!
$75 fee to just move my IRA account to another broker - That is ridiculous. I move my money around to other brokers all of the time. This company will never get my business again. I've never been charged for moving my money.
They charged me an inappropriate fee and I had to battle with them to get it removed. Then they mistakenly put it into collections and had to fix that plus send me the letter of apology I demanded. These clowns should be shut down for incompetence. That's the last time I go with a Canadian company. I also pulled out of a large piece of business with them for their incompetence. There's a price to be paid for their unprofessionalism. Get better people! Do better training!
I began using TD Ameritrade's Trade Architect approximately 10 yrs ago. It was never perfect, as nothing ever is, but it served its purpose. However, other than improving with time, it gradually deteriorated to the point I had to find another platform. Not only is the site down on a regular, when it is "functional" a glitch occurs on a regular basis. At market open the graph option is unavailable for at least 30-45 min most of the week... Learning a platform takes time, effort and money, therefore making a switch is costly. I strongly advise to look elsewhere for your trade needs.
I had been a client for over 10 years and made numerous trades. I had a brokerage account, traditional IRA, & Roth IRA. I recently had rolled over a 401k from Voya. After they received my rollover money, TD Ameritrade locked my account where I couldn't use my debit card. They wouldn't allow me to deposit money unless I did a wire transfer which let's face it, is not very convenient. I asked them why, they wouldn't tell me. I told them I had an account with E*TRADE also and would've sent my rollover to them had I known they were going to do this. And asked why they did this and what I needed to do to regain access to my money and be able to deposit money in it from my payroll check and or ACH transfer.
Their suggestion was to move my money to E*TRADE. So, I did. They didn't mention that they were going to charge me ridiculous fees for the move. One of the accounts only had $598 in it, the other 2 had more. And they charged me two fees, one for $75 and the other for $69. So by the time my money got to E*TRADE I had approximately $450 in that account. They did the same to the other 2 accounts. I would not recommend them. Terrible customer service. I've moved the money to E*TRADE and they're much easier to use anyway. Much more user friendly and not crooks like TD.
I have had accounts with Ameritrade for over 20 years. I recently moved an inherited IRA over to them from another brokerage firm worth over $1,000,000. During the transfer time I received a letter from Ameritrade from the Risk Management Department stating that all of my accounts were now restricted and that I had 30 days to move them out of Ameritrade. In the meantime, they took away my online access so that I could not even retrieve my account numbers. Also received a congratulatory email stating that they had received my IRA. Finally got a hold of customer service where I still received no explanation but at least got my account numbers. The risk management department has yet to call me back but on their voicemail they specifically state that no explanation will be given. Lovely.
I have a retirement account with this company tdameritrade.com. I made all my trade online through their website. I had 6140 shares of stock of (bbrg). Last week on Thursday 3/30/2017. I sold all my shares at a price of $5.15. I went into their system online and saw that all my orders have filled and that I did not have any positions open. Also, I received an email from them confirming the trade.
Evidence 1 - The next day 3/31/2017. I tried to do a wire transfer from that account I have with TD Ameritrade as early retirement to my personal account at Suntrust back. The system showed an error message and did not allow me to "SUBMIT" the request because I did not have sufficient funds in my account. At the time I only had $500 in cash and the rest was the stocks that I sold but the system does not cover that into cash but after 3 days. So I decided to wait for that to reflect as cash. The requested transfer at that time was for $30,000 but showed I have $500 in cash.
Evidence 2- The next Monday on April 3. I went into my account and saw that the money from the sale of all the stocks was showing as cash. So the cash in my account at that moment showed a balance of $31,500 approx. At that moment I filled out the wire transfer request for $31,000. (I was able to SUBMIT my request without any errors.) I selected the 10% option on the account for taxes. VERY IMPORTANT I was able to submit the request no errors for lack of funds.
Evidence 3 - At night on that same day 4/3/2017 I received a message from TD Ameritrade to my email saying "Dear Valued Client, There is an urgent message in your account ending in 0182 that needs your immediate attention. Please log in to your account, at tdameritrade.com, and go to Client Services Message Center to view it. The message indicates what action you'll have to take."
I went to the online account to read the message and it said. "We have received your request for an electronic transfer (ACH) of $31000.00 for your TD Ameritrade account ending in 0182. Unfortunately, we were unable to process this request. For information about why we could not process your request, please reply to this message to write us. Or call Client Services at 800-669-3900. We're available 24 hours a day, seven days a week. Please note that we cannot resolve some matters through email and may require a phone call for security reasons. We appreciate your business and regret any inconvenience this may cause you. TDA 2638 EM 07/13"
The next day on Tuesday 4/42017 in the morning around 10:00 am I called them, however, I first went into my account online and to my surprise, it shows that I still owned a total of 6040 shares of (bbrg) and only 100 shares of (bbrg) had sold. (THIS IS A LIE!) I called them to find out what is going on and they insist in the lie. I have collected evidence taking pictures of screenshots from my computer which I want to provide to you. I need help.
I deposited $500,000 in order to qualify for $600 deposit bonus. 9 months after that initial deposit, I withdrew some of the money. They charged back the $600 bonus. I called them two days ago to see what they might be able to do. I've never witnessed such amateurish/poor customer service. The representative (MIKE **) who was actually a supervisor was so SMUG and RUDE it was embarrassing. He simply read the fine print of the promotion that the funds needed to stay in the account for 12 months or they would be subjected to charge back.
To be clear, I wasn't necessarily asking for a refund but instead wanted to let them know that it would have been nice to have received a heads up/explanation for such a large charge-back. At minimum, a little customer empathy would have been in line. I got neither. I asked for a call back from his supervisor (SEAN **) which I did not receive. I will be pulling all of my money from Ameritrade and will be going to a firm with transparency, ethics, and empathetic customer care. Shame on Ameritrade, never again.
In every instance T.D. is upfront with charges. Most procedures complained about are common to all Brokers. Brokers comply with Federal law. The one complaint that I find most outrageous is the complaint about Amerivest (T.D.'s managed investment accounts). T.D. does not make investment decisions for Amerivest. Morningstar is the investment advisor and most if not all securities are ETF's. The cost is far less than managed funds and most mutual funds. Of course the management fee is based upon account value. If you put in sufficient funds your management fee will be way below 1%. For comparison the base management fee at say Wells Advisors for a high-value account is 1%.
Up to this point I have been very happy with TD Ameritrade. What has caused me to question their "customer service" attitude results from a recent check transferred from a separate investment into my account at TD Ameritrade. The money was issued in the form of a check. It was deposited into my IRA account at TD Ameritrade. TD Ameritrade charge me $100 to cash this check, on top of $250 annual fee!!! They try to justify it saying it was a "non-standard" account and non-standard transaction. BS. It was a check written on one bank account and deposited into my TD Ameritrade account. This is robbery. It is very disappointing to find TD Ameritrade cares more about bogus fees than their customer's satisfaction.
I signed up for a broker account with TD, was offered a promotion of 500 free trades. After making over 25 trades I noticed I was being charged for the trades. I contacted support they activated my promotion and gave me 10 free trades! After expressing my dissatisfaction with how they handled this issue they became very rude, and unwilling to help any further. So I am getting screwed out of 250 dollars cause they didn't get my promotion activated right.
They also did the same to a friend I referred to them, after all said and done I have moved all my accounts from TD. They are dishonest and only care about money not customer satisfaction. As a business owner I would never have treated a customer the way I got treated by this business! It's very unprofessional to offer a promotion to drive business "not give the promotion offered" and treat the customer like crap for asking to get what they signed up for. Would not recommend using their services!
They offered a $500 bonus if I'd deposit a certain amount of money and keep it with them for at least one year. They reneged... actually bold-faced lied about the program and changed requirements in mid-stream. There's a good reason all their reviews are LOW, LOW, LOW. Believe them... stay away from this company.
For most trader's I'd be considered pennies. I buy a few shares a month. I was going with Capital One investing until I was swayed into TD Ameritrade by some people at the college I go to. Skeptical I only deposited $100. After 3 trades, well within my funds, they take over half of my deposit on margin call. For what? I didn't purchase any stocks on margin. I called and their excuse didn't clear up why they the system showed I traded on margin when I didn't. 1 day, just 1 day and these people have showed me that they are incompetent. They are also slow. Capital One investing has quick trade settlements, no ** website and customer service is always happy to help. Thankfully I didn't close my account with them.
I am a retired individual and have had regular trading and retirement accounts from 1980s which currently are with TD. I am not complaining about regular and legal restriction by government/Court orders; The restrictions placed on my accounts have no explanations; except I wrote a few months ago to the president's office and had a heated exchange with Ms. Linsey ** and I mentioned that I will close down all my accounts and move to E-Trade. It is my contention because TD is in the process of acquiring Scottrade; it illegally placed restriction on a number of accounts to prevent these monies moving out before this acquisition took place. Please share your experiences with TD because I find it very difficult to get proper and consistent answers from their CS for simple transactions requirements; invariable one person will tell one thing and then the other something, and finally after a lot of time loss and complaint does one get the answer.
TD Ameritrade expert review by ConsumerAffairs
TD Ameritrade, founded in 1975 as First Securities Omaha, is a full-service brokerage firm. It is still headquartered in Omaha, Neb. and now holds $774 billion in investor assets. It offers many types of investment and financial products for all levels of investors. Clients can work with agents in local branches or only trade stocks online.
Platform: TD Ameritrade offers multiple platforms, one that is more basic and another that includes more advanced tools for experienced traders. Those interested in trade speed or best-execution rates can find the site’s statistics online.
Tools and calculators: Visitors to the TD Ameritrade website can use several tools and calculators to help them figure out how much to save and the best investing methods for their financial situation. Some of these tools are free for all consumers, not only TD Ameritrade customers.
Education: TD Ameritrade customers have access to educational materials to improve their stock market knowledge. The company has a daily and a quarterly publication that includes news stories, investor insights and research.
Research resources: The TD Ameritrade site has resources for traders to use for researching investments. In addition to historical stock profiles, clients can access technical analysis reports and use Social Signals, which pulls data from Twitter to help investors spot trends.
Asset Protection: TD Ameritrade provides clients with Asset Protection. The company will return any money or assets lost if fraudulent activity occurs on a client’s account. See the company’s website for terms and conditions.
Best for: TD Ameritrade is best for all level of investors, and it is especially good for those who want the backing of a major financial firm with many products and services.
The ConsumerAffairs Research Team believes everyone deserves to make smart decisions. We aim to provide readers with the most up-to-date information available about today's consumer products and services.
Ameritrade Company Information
- Company Name:
- TD Ameritrade
- Year Founded:
- 200 S 108th Ave.
- Postal Code:
- United States
- (800) 454-9272