TD Ameritrade

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Consumer Complaints and Reviews

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Satisfaction Rating

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.

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Very unfortunate story - I am involved in futures contracts that have expirations very far out. When the market closes, these aren't traded anymore and get valued at whatever TD decides to mark it at (usually any long position at bid, short position at ask). This created a false flag on my account last night. No margin call was ever issued by TD, but by these false marks was determined that they needed to liquidate basically my entire position this morning. Instead of issuing a call or calling me that morning to discuss, the positions were simply liquidated at the worst possible price available, causing me losses that I estimate to be in the neighborhood of $3k-$5k (at least). It also left me in an open position that moved less favorably than it would have had things been left alone. The trades I had on were spreads, and were executed as outright trades instead of spreads, causing further losses on the bid/ask spread.

Unfortunately only a small portion of what I was "robbed" out of (they didn't actually rob me, it really is just an analyst making a decision who does not look into your portfolio or how things are marked, and pushes a buy/sell button). The manager was a nice guy but I know his hands are probably tied in the whole situation. There is just no way they care about making me whole on the problem, and only offered a small fraction of the losses I incurred due to their false liquidation need. It is what it is. I'm out probably 5k on my account due to this, no margin call whatsoever. I was told they had been looking at my account "for weeks," but somehow I only receive one call telling me there is concern on my account. Since I am in the middle of accounting close at my work, there isn't enough time to respond and in the end, I suffer.

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After 10+ years am closing all my accounts with TD Ameritrade. Used to be a great company - not anymore. They introduced new internal rules and without ANY notifications and without any authorization liquidated two of my positions resulting in huge tax liability. Spent 2 hours on the phone - clueless customer service rep., rude and useless supervisor. Will look for legal remedies and no more business with TD Ameritrade.

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Several of the trades I was researching this morning had very incorrect dividend payment in the chart view. Instead of .049 for a dividend (the correct amount) it indicated .49. This happened on two trades I was researching. This is an unconscionable amateur's decimal placement mistake to make. Luckily I still have a Schwab account where I go to get accurate information. Additionally, on heavy trading days their web page is very slow but worse in unavailable. I moved to TDA from Schwab, which was a mistake. I'll be moving back after the first of the year if I can stomach this stuff that long.

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On 10/7/16, I enter a sale order on my phone before the market close on that day. That is a day trade order with no extension and it should cancel once that day is over. The market price did not go up to my sale price. This order suppose cancel automatically, hence I did not do anything. However, on the next open trade date. The system automatically filled my order without cancel the order. When I called TD Ameritrade and explained my situation, they only reply their system record my order was place on 4:02pm. Two minutes after market is close, which is not true on my end. I submitted my order before 4pm. When I asked them to file a investigation, they said they are not going to do.

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I have held three TD Ameritrade accounts for five years and have traded in them actively. The problems with trading with them are so numerous. I don't know where to begin. I will share a story about today and how they cost me $10,000 because their platform crashed during futures trading and I was not filled properly for over five minutes. The platform crashes about 10 times a day and it's worse on mobile devices.

Additionally, I have found that the mobile platform publishes inaccurate data about probability of profitability of your trade. The platform routinely shows incorrect graphs, incorrect break even points, incorrect maximum profit of a trade, and incorrect maximum loss of a trade. Please, if you have money with TD Ameritrade, for your sake move it. There should be a class action lawsuit from Investors against TDA for routinely costing the trader money. It's just a casino disguised as your advocate, but the casino is better because they don't crash every hour when you're trying to make a bet.

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I have requested Ameritrade to close my account, for the last 5 Months, they keep taking me in circles. I.e please verify if the name is correct which took weeks then silence for weeks. I requested them to send me the check, how normally they send me the statement to that address P.O.Box. Their excuse was "We can send to P.O.Box." I said okay, I gave them the street address. They kept quiet for months, again I send them another reminder that I have still not received the check. They said it will take 5 to 6 weeks, I knew it was not the truth, but kept quiet. Not to argue. I might as well wait few more weeks.

In July I was confirmed that the check was mailed. I waited for 5 weeks and nothing until today. Zero. Nothing, is just they are playing dirty. I was very furious and I called them, to send me a draft by DHL to my street address. They said okay. Weeks passed. Nothing came, nor the check that they lied that they have send in July nor the draft. A bit is puzzling me. If Ameritrade mailed me the check how come I can log into my account and my amount is showing. This proof that they are dishonest. Is like the song California dream. You can check in but you can not check out. I am sick and tired, of how to come out and get my check back. Please advise how to handle this case.

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Terrible phone support. Curt replies from agents. "You're not the only one calling in..." I called to fix a simple sync problem 5 times and was put on hold over 20 minutes EVERY TIME. I responded "Then hire 10 more people to give customer support. You're not just losing my business, you're losing the business you'll never hear about. The 10 other people I tell this to who will NEVER do business with your company." I have 3 brokerage accounts and NONE take more than 30 seconds to get online.

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TD Ameritrade broker manipulated things to generated false margin call that damaged my 401k Rollover account. It also taken portion of dividend payout from my account. When I transferred the account to another reliable broker, it stolen cash from my account before making the transfer out. I have complained to its corporate office, but nothing done. I took it to small claims court, and the judge advised me to file complaints with proper agencies because problem involved with frauds. I discussed problem with lawyers. They advised me to seek for individuals investors who were cheated by TD Ameritrade, to form and file complaints against TD Amaritrade in group. That will make the case stronger and everyone will share the legal cost. I will pursue with this advise to stop TD Ameritrade from cheating its investors, and to recover money from TD Ameritrade wrongdoings.

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I've referred two friends for $50 referral bonus but got cheated. They say, the referrers opened by not clicking referral links, but am sure their system has got bugs which does not record appropriately, finally they don't give bonus money and provide commission credits which internally benefits them.

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I just received letter closing my account of 15 years for reasons not mentioned in letter. 3 years ago I was charged but never convicted of white collar crimes. So far I've lost 2 credit cards Kohl's charge. The problem is no one even answers any questions, frustrated my credit score is 825. What to do?

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I have over 4 accounts with TDA, 2 of which are managed with Amerivest. I am not at all happy with their so-called managed style. Not only is it expensive, around 1.5% of value, but it also performs poorly. Just because you are in an aggressive portfolio, the portfolio needs to be hedged against black swan days. In my time with them certain macro factors came into play and the portfolio performed terribly. Oil plummeted, Brexit, interest rate issue and lastly the China implosion. The portfolio was very volatile, all along I've been charged around 600$/quarter. Now here's the problem, after a black swan event, the portfolio rebalances to stay above water, starting with less capital, as it has lost value. So inevitably it always tries to stay above water. So far I'm up 2% but after taking away fees just about breakeven. But I'm okay because under the circumstances many others have been wiped out.

My other accounts albeit much smaller performed much better with me managing them. I'm not even a trained financial adviser. Now their proprietary options platform Thinkorswim is second to none, it's absolutely spectacular, especially with renegotiated rates making it very economical. I have used quite a few including Interactive Brokers' TWS and it pales in comparison. Also routing is superior with TDA, they're able to get SMART routing to work efficiently which gets you better execution prices. Overall I would never use them to manage money in future, but I really rely on them for options trading.

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This sole individual pretending as though everyone's case here is the same and that TD, a huge name in business should not get told on for disgusting business practices needs to go somewhere. Wrong is wrong. I opened a brokerage account a couple years ago. (I know this will seem funny to some, as you are all dealing with very large sums of money, but money is money and I wanted to learn some things.) I had a few thousand in there to play with and dabbled in some pennies. Risky? Yes. Profitable? Should be. I started learning what stocks were all about. I figured out a formula in 2 weeks. I was pulling in cash. It wasn't large sums, but it was always a sure thing the way I went about it. After that month of learning I made about $1,000. I kinda got bored a little and took a break from it. About two weeks later, I went to collect my earnings that were on my itemized statement clear as day as money earned. The system wouldn't allow me to pull it.

I contacted them, for them to tell me I earned nothing. NOTHING. I looked at my paper again, second guessing myself at the assured sound in her voice. "Nope, it said it" and so I said, "Ma'am it says right here that -" and I was cut off. I was basically clicked over to a "crisis management team" meanwhile there was no yelling, interrupting, rudeness on my part. The woman had the nerve to get into a load of fake details and also pull out a calculator and then say "See?" See what?? Do you see my statement like I see it? The answer is no, because they are simply crooks and they knew I was new simply by the small amounts of cash I was using, whereas if I had big money invested, I would have five homes by now. Needless to say I took my remaining little change out and closed that sucker never to look at stocks again.

IMO they are for insiders of some sort. Years went by and I was looking for a good bank. I went to TD. Why? I do not know lol, but I went. I sat down with a lady who I later realized did not want me to bank with TD. I was asked why I was there because I was far from my residence. So what? Has nothing to do with apples. I told her I was shopping there so "Can I open an account please?" I handed her a check from work. She says, "You work here?" "You work at such and such a University?" "What is it that you do there?" I couldn't believe it. I'm sitting here trying to start the process so I can go along with my day and this woman is grilling me like she owns TD. I get quiet as if to say, "Are you done lady?" She looks back down at my check and asks again, "Well why do you want to bank in this area?" I couldn't believe it.

At that point I politely asked for my check back and said goodbye and walked out. I now bank at Chase and for the life of me I have no clue what possessed me to go to TD in the first place. My bank and the people there are awesome. I never pull the race card, because I never really encountered it in life, but I did on this. The lady clearly had some sort of issue. TD. You stink and you hire some seriously shady people and if that is not how you do business, you need to have a serious weeding out process in the works to get rid of these type of folks.

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So *MANY* of these complaints are about obvious issues that have nothing to do with TDA. When you open a bank account, you need to provide a physical address now (anti-terrorist thing) - ANY bank will not accept a PO Box. When you send a check for deposit, they will put a hold on it to clear - ANY bank. When you sell a stock, it takes three business days for the proceeds to settle and become available (ANY brokerage).

If you need the funds earlier, you need to borrow from your margin and pay interest. If a bank/brokerage offers something for free (like free trades or a toaster with a $3k deposit), you HAVE to deposit $3k before you get the gift (letting you deposit less is a courtesy to you)! YOU (not the brokerage) are responsible for knowing what transaction fees are. YOU (not the brokerage) are responsible to learn how to use the software (there are free videos, classes, and personalized walk-throughs available). If you don't avail yourself of these free offerings, you should NOT complain when you get dinged for doing something wrong.

Just so you know, about 90% of the negative reviews I've read here about TDA relate to these types of ridiculous no-concept-of-self-responsibility person. If you take the time to educate yourself, these things won't happen to you. 90% of the "complaints" I've read relate to issues common to ANY brokerage or bank that ANY reasonably educated person should know. It's so bad, I have serious doubt that the people doing the complaining have ANY experience with banking (for example, not knowing it takes three days for sold securities to settle makes it almost impossible to believe the person understands what investment even is, much less that they have $100,000 to invest).

After reading slack-jawed for almost an hour, I felt it necessary to write this "stand-up" review for TDA. There are some legitimate issues in this list, but the vast, VAST majority have no right putting negative light on the company when it's the person writing the review who's clearly at fault. I have *NEVER* experienced a problem with TDA in any way. Been with them since 2003.

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Per telephone rep and PRINTED offer flyer, I was promised $2500 to open account with >$1000000 fund transfer. Rolled over lump sum pension distribution to TDA without issue. They refused to honor offer, saying it doesn't apply to my account type?!?!? Nowhere in the flyer does it mention that! Classic bait and switch due to either employee lying or incompetence. Shame on them! Will be moving my $$ to Etrade soon... sigh.

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I have had a brokerage account with them since January. As a result of my attempting to add a financial advisor to my account it was frozen. They have in effect confiscated my accounts of over a million dollars. There is no one up their chain of command who can help you.

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In the past 5 years TD Ameritrade have neglected their duties to perform orders that I have diligently performed as a customer. Lost over $20K because of TD Ameritrade. Some of their excuses were they couldn't buy the stock at the actual price at market real time. So if I wanted to sell a stock at $8 a share when the market says the stock is at $8.01, if I wanted to sell a stock at $10 a share TD Ameritrade would wait till the stock goes down to $8 a share before selling. Sometimes they wouldn't even do that much. Really upset with this shady company and at the moment trying to sell off the rest of my stock TD Ameritrade had already fleeced me for. Thinking about contacting a lawyer. Anybody have someone they can recommend?

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TD Ameritrade lost a customer today. I have been with TD Ameritrade back to the days when it was Jack White. Am supposedly one of their valued private clients but today after several years of endless administrative compliance related hassles I am saying goodbye and good riddance. I have grown accustomed to the endless hassles and intrusive questions when you attempt to transfer money out, most recently when I tried to transfer money out to make an end of year charitable contribution they insisted I disclose the name of the charity before they would complete the transaction.

The last straw came this week when I attempted to do a direct transfer of some same stock options my employer had awarded me and I updated and resubmitted the exact form I have used every year for the last five years for this same purpose. This year I received a response stating that they will no longer accept a form completed online and sent to them via their "secure" mailbox, but rather I had to complete a paper form in blue ink and MAIL it to them.

I was tempted to remind them that this is the 21st century and I can even buy and sell real property via digital signature but decided to save my energy and simply close my account and move to a more progressive company. It's a shame because I really do love every other aspect to TD Ameritrade. Their website is great, their breadth of service offerings is fine. Their fee structure is good, everything but the compliance Nazis is fine, but in the end nothing else matters. The hassle factor is just too great.

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TD Ameritrade seems to forget that they are dealing with your most valuable asset. I rolled over a 401K a little over a year ago and really didn't need any "service" until recently. Due to my job and a family emergency, I needed a distribution from the account. I explained to them it was urgent. This was on a Tuesday and they explained that the funds should be showing "pending" in my bank account by the next morning. I didn't see anything Wednesday nor Thursday. So Thursday, I went into my bank (*insert shameless plug for the wonderful service at CAPITAL ONE). I wondered if they could see something I couldn't. They didn't but they sat with me until we got someone from TD Ameritrade on the phone. It took 2 transfers and a second call but we finally got someone who said they needed some additional verification and they had contacted me and not heard back.

They did NOT contact me; all they did was put some message on my account and I had no reason to think I needed to go back online and do anything because I had done the whole transaction in person with an agent who should have been able to verify anything he needed to. Finally (this after about 40 minutes), we got it straightened out and they agreed to wire the money so it would get into my account that evening or no later than the next morning (Friday). Guess what? Friday afternoon - still no money! And Friday was my deadline! So, once again, back to Capital One and back on the phone with TD Ameritrade. Again, about 30 minutes later, we find that they wired the money to some bank in Louisiana (I'm in Texas)! Once again, we got it straightened out and got the wire transfer sent to the right bank. I finally did get my money on Monday, almost a week late and it would've cost me quite a bit of money had Capital One not helped me out.

Bottom line, TD Ameritrade is too incompetent to handle your money. They don't have any respect for you nor for the problems that their bumbling employees or their convoluted system might cause. I got a half-hearted apology and nothing else. This could have cost me several hundred dollars. The only acceptable solution in my mind is for TD Ameritrade to pay me what they would've cost me. Never mind, I'm small potatoes to them so their refusal to recognize how serious their mistakes were and adequately compensate me for what it cost me is going to cost them $35,000. Their loss, Capital One or Etrade's gain!

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Tried to transfer 4 accounts out of Ameritrade, beginning mid-November 2015. It is now the last week in January and due to mishandling, misinformation, no information, and lack of knowledge, ignorance, or understanding by the Ameritrade staff, the funds will not be available until the first week in February. Every phone call required giving them all my verification information, a transfer to "someone who can help you," more verification of information, and little help.

Most, 5/6 of those I spoke to, had NO clue what was happening and why. And those who sounded like they understood and knew something, usually later back pedalled and told me, "oh wait, I see what you're saying, here's the documentation." This place must be a hellish environment to work in, as no one seems to know what's going on. Hopefully, you don't have any money with Ameritrade, coz if you do, it's a bear trying to get it out of there. Good Luck!

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I have entered a number of trades and set criteria to exit the trade when the market meets that criteria. Ameritrade has been unable to get me out of the trade, even though, the price is well passed my limit. When I called ask the trade desk and supervisor they blamed the market and said there is nothing they could to take me out of the trade. Very poor customer service and issue response both from supervisors and Ameritrade itself.

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I was with TD Ameritrade for over a year, and I remember them offering a margin account, but not signing up for it. When I left them for eTrade, I suddenly find out I have been paying them interest on a margin account. When I called them to find out what is going on, they wouldn't talk to me because my account is now closed! The only way to communicate with them now is through snail mail on a PO Box! Stay away!

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I have been with TD for many years but am finding them increasingly incompetent - and in spite of their new ad campaign saying otherwise, they NEVER listen to complaints or suggestions to make their sites and service better. The last straw was last week when they cancelled a routine mutual fund sell order after without good reason, causing me a loss. Two days ago, they unilaterally changed my account address to one that is more than 3 years out of date, claiming that the USPS gave them an updated address for me! Had I not caught it, they would be sending my statements to a stranger! Utterly unbelievable.

The cost basis shown on their "positions" screen is completely unreliable, even showing a ZERO basis for some investments that I purchased through them!! They have acknowledged this problem for years but have done nothing about it. You can't reply to or initiate a customer service message to them through their app - you have to log in to the desktop website. When discussing a mutual fund order with them via secure messaging, their app requires you state the buy or sell order number of shares in spite of the fact that the order may have been denominated in a dollar amount. Even they say how stupid this is but after many months even this isn't fixed.

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Eager to Open account but unable to keep up with post account opening service. Poor choice of investment instruments, compared to my similar account at other competitor org. Frequent account reviews - None.

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Poorly designed app. Lost out on a good stock. Pulled the trigger, thought the order filled. Transaction was lost. No stock. Switching over to E-Trade. Much better company.

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Don't waste your time or money. Losing portfolio, decided to change to another brokerage, cost 50% of the portfolio to sell, then they kept $75 because I was transferring to another brokerage. BAD BUSINESS PRACTICES!!!

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The system locks up during trading, causing huge losses to accounts. You can't sell when this is going on, and this happens almost every time right after I buy an option.

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Consumer Increased Rating!
1

After stonewalling me for answers, it now appears the only thing the company did wrong, in this case, was to fail to provide the requested information in a timely fashion. They withheld the correct amount. They did not communicate well at all about it. I still don't like dealing with them.

Bob of San Diego, CA on

Original Review

ADR Dividends are subject to foreign tax withholding. I hold same number of shares of a stock that is an ADR in TD Ameritrade and another bank. Would you believe TD Ameritrade withheld $5 more? On inquiry, the other bank was forthcoming in the distribution of funds. TD Ameritrade is stonewalling me on how they handled this transaction. TD Ameritrade held an additional $5 and refused three times to explain why. I have the correspondence. The other bank was quite forthcoming. I am closing my accounts with TD Ameritrade. They are thieves.

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TD Ameritrade has nice bells and whistles and the Trade Architect platform works when all is calm. I also like to watch the market news on the little MSNBC box on the top/side of the page -- lots of talking heads, both bullish and bearish. When the ** hits the fan and the market crashes, Trade Architect fails-- you get a "failed login" message or the page stays blank for hours. This also happens on big days like today, with the Fed news. Yep, I had all my trades planned, but have been trying to get into trade Architect all day - still no dice. The closing bell rang five minutes ago and I still can't get in. My advice is invest in TD Ameritrade shares as it profits from little retail investors like me who get beat to the punch every time!

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You can build custom views of your portfolio. You can add a column for % dividends. The catch is that it will not work for all of your accounts. The decimal place moves. There is no accurate persistence between accounts. I've reported it and they say they know and are working on it. It seems to me like they have built a platform for frequent readers and ignored basics. I moved them from Schwab and will move back after the first of the year. Schwab has better information in one place than TDA does. TDA has basically three platforms, the web basic, what I use, thinkorswim and trade architect. The web seem like the stepchild.

Expert Review

ConsumerAffairs Research Team

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.

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.

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Ameritrade Company Profile

Company Name:
TD Ameritrade
Year Founded:
1975
Address:
200 S 108th Ave.
City:
Omaha
State/Province:
NE
Postal Code:
68154-2631
Country:
United States
Website:
http://www.tdameritrade.com/