TD AmeritradeConsumerAffairs Unaccredited Brand
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We have had Ameritrade accounts since early this year and were happy until today. Their Risk Management team has closed our accounts without giving cause or reason for the action. So now I must move everything to another broker. It's unreasonable of them to close an account that is active and in presumed good standing and not to provide a reason to flat out refuse to give a reason. I believe they are discriminating against us because of my partners' current situation. I will not recommend them to anyone else.
Josh **, Ameritrade - Burlington, MA. Don't be stupid to give your money to Josh ** of Ameritrade and Tanner ** - ThinkOrSwim. They chase you for the money because they can make commission out of it. Once money is in they leave you alone. You sent them the emails. No response. They promised to call you. No phone call. Disappointed and felt extremely disgusting.
Recent change over from Scottrade was less user friendly than promised. With the advent of mobile technologies and applications, more attention should have been dedicated to presentation, navigation, functionality and user satisfaction on portable devices. As an account holder with multiple accounts, I find the simple actions of checking balances or hopping from one account to another very challenging. I recommend their developers and product managers review competitor sites such as Schwab, Fidelity, eTrade, or commercial banks like Chase, Bank of America or Wells for guidance on better interfaces.
I sent in a request to cash out my account 64 days ago. I have followed up weekly. Time and time again when I call the reps go through my account, documents and notes. I have been told every Friday for the past 6 Fridays that my account will close any day and the check will be mailed within 48 hours. 6 weeks later, nothing. We are not talking a lot of money but it’s not their money, it’s mine. Seriously...so you that desperate? Tacky and misrepresents any financial institution. Thieves!
Being required to move my accounts from Scottrade to TD Ameritrade has become a "chore" to get anything accomplished. Even a simple phone call. I tried to reach my long time rep with a phone call to my local office. Recording asked for my account No. "No such account number", I was told. Then a rep from St. Louis came on the line. I told him I wanted to reach my local office and answer was "do you have an appt?" I told him I was returning my rep's call. "Well, what was the call about and can you talk to me?" I told him I just wanted to contact my local office as I have always done. "Well, we don't do things the old way here anymore". Good answer to keep clients. I am now searching for another company and can understand the previous reviews!
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My late husband had an account with them. Since his passing, I have sent a letter every month, with death certificate and domiciliary letter. I have NEVER received a response!! This has been going on since 2016!!! I have called, sent emails, more letters and still NO RESPONSE!!! They need to get over themselves, they are not that good!! I think the "5" star reviews are from employees, mind you, my opinion. Poor, poor excuse for a company!! Avoid this company!!!
I have been dealing with them for about 9 months trying to move some Estate paperwork. They have asked me about literally 5 times for the same paperwork. Every time I emailed them and thought everything was ok, they asked me again. They were not familiar with NJ law, had no idea of the form L-8 where I am the primary beneficiary.
After back and forward with them for months, they finally processed it but continue to deny access of the account causing the account to go under. After all the paperwork being processed and the account released, surprise??? They asked me for the paperwork all over again. After cursing to myself a few hundred times, I emailed them the same paper worked that they asked before.
Surprise? Still not good, they are still denying me what is mine by law and are treating me like some kind of alien or thief who is asking them for my money (widow). I can't take it no more, 9 months and counting I have not yet take possession of a minor amount that is hanging there without supervision. What a disgrace? Does anyone know when am I going to invest w/ them? I can say NEVER, NEVER, NEVER. Hate them! People out there, please leave a beneficiary w/ this co or your love ones will never see the money... Horrible. Here I am a widow w/ two kids and no money to pay bills. Welfare next?
I came over from Scottrade where I had traded for 8 years without a problem. After the transfer it took TD Ameritrade all of two weeks to give me a problem with a missing dividends. Their answer to my inquiry was double talk about sweep etc. I was new to the site so I let it go. Then on April 30 a 54 dollar dividend went missing. It showed in the transaction page but never made it to my cash account. Local management gave me the famous double talk; so I sent a letter to home office where a Shawn with 15 years doing this took the time to tell me that I really did not see what I saw in my cash account and if I wrote to FINRA they would only send the complaint to him to handle. If anyone has had trouble with missing dividends from this place please send me an email to **. FINRA might look into multiple complaints.
I can deal with poor customer service if it's an outlier experience, but when it's the same bad experience time after time after time, and across multiple departments and functions over a course of years, then it's not a 1-off problem. TD Ameritrade customer service is inherently awful. Regardless of what specialized department you need to speak to, all incoming calls first get routed to a broker. There is long hold time to get to the broker, then you explain a situation that they can't help with, then you get transferred to another department with an even longer hold time. Then the person you eventually speak to does not instill confidence that the problem will be fixed, and their path of least resistance is to persuade you to refer to on-line help documents and forms. The problem of course is that the help documents are so generic and unclear that you had to call to talk to a live person in the first place.
Step 3, submit the forms to remove her from the joint account. The back office divorce specialists told me we couldn't do Step 2 without submitting the forms for Step 3 at the same time, which makes no sense to me.
But of course instead of telling me this right away they just sat the paperwork aside and waited for me to get so frustrated about why it's taking so long I had to call them to get the ball rolling. So we get the forms submitted for Step 3 (notarized and faxed from a law office) with a very specific cover letter explaining that the transfer portion needs to happen first, then the joint owner should be removed. Of course they screw it up and remove her from the joint account first, so now there is a problem moving the securities from one individual account to a different person's individual account, which may have serious tax ramifications if they don't fix it.
This was the last straw in numerous screw-ups over the years. I've been with them for 15+ years since they merged with TD Waterhouse, where my original accounts were. Over time I sense they learned that they make their money being a discount broker for conventional non-complex trading. But in the course of human events people experience situations where they need proficient customer service and frankly expertise when it comes to their money. TD Ameritrade is absolutely NOT the company to provide any level of customer service above abysmal.
This is the worst experience I have had with a broker. I've been trading options for several years and wanted to try TD Ameritrade. They're so well-known, so they must be good. Right? WRONG! Here are some of the reasons: With technology what it is nowadays, they still put a 3 day hold on ACH transfers. What a crock! Every time I called, I had to be put on hold and wait for a cust svc rep, then when he/she answered I had to tell him/her I need the trade desk, the rep would transfer me, & then on hold again before someone finally answered. Sometimes, when trying to place a trade, time is of the essence! Upon deciding I've had it with this poorly run brokerage company, someone on the trade desk started to give me the direct phone number. One of the cust svc reps should have given that info to me on one of the many calls I made to them previously.
Even though I've been trading for years, they only approved me for covered calls. Covered calls??? Give me a break! That is not a strategy I am interested using right now. My favorite strategy is a debit spread, but I wasn't even approved for options. I waited the required 3 months before reapplying and was still not approved to trade options.
The prices are outrageous! Although I negotiated a lower contract fee (.50¢ instead of .75¢ per contract), every trade to both enter and exit gets hit with the $6.95 fee plus however much for the contracts. So, to enter & exit a trade with 50 contracts ($25.00) would be $31.95 each way - $63.90 total. That is absolutely ridiculous!
On the plus side, all of the company reps that I dealt with were nice - no issues there. And, the Think or Swim platform is pretty nice - it's good for paper trading. My Broker now is Tastyworks - LOVE THEM! Great cust svc - straight to trade desk, excellent prices, and much more. There was a slight learning curve with their trading platform, but once I got it, I was off and running. I opened my account on a Thursday and was trading options & debit spreads on the very next Monday!
I was having hard time getting thing done with TD Ameritrade after they took over Scottrade. A customer service called asking my opinion. I told her that I was having difficulty log in online and also have difficulty getting an account service. She said she has never heard of people have problem log in online and there are other companies out there available. So, I guess I will have to shop around to get my account out somewhere else.
These other reviews here are absolutely correct, "We don't want to see your spreadsheet", was the deal-breaker line at the local office (complete with binding journal entry #'s ), followed by an attitude of, 'you're not welcome here'. Unexplained cash shortages = embezzlement of a lower degree, multiple & routine false margin calls, general refusal to be served regardless of disposition (all were tried), complaints from their own employees to me while on the call (generally a bad indicator), I could go further, as the 'laundry list of complaints quickly becomes a laundromat'.
Case in point, for $-200/mo in margin interest paid (which they call 'an ADJUSTMENT' (?!?!), I should not be forced to reverse-launder/counter-launder/reverse-engineer my money/cash funds in my own escrow (that's your ** job), although tracking every penny of your own funds via spreadsheet (with binding proof included) is never a bad idea (particularly in this case).
Removing BOTH the ability to view cash funds accurately AND tools to manage them is, by definition of American law, embezzlement (or foreshadowing the intent and or potential to commit theft of the same funds, these two are linked, that's how it works). The charts complaint issue also is absolutely correct: *a clear -$5 high per share error on $HCC for the period of Apr-May 2018 in the think or swim app, I believe errors on the lows as well; completely unusable app that is bragged about by reps. Should be called 'squish or swim'. (Done. Renamed. You're welcome ETrade.)
Conclusion: All these complaints here are valid and real. TDAm. is in one business mode here, ripoff ETRADE's programming (intellectual property_theft_), buyout & shutdown up & coming competition i.ie. Scottrade (monoplize), *hide customers' cash funds while denying view or control thereof (*embezzlement_), push their own customers around (frequent bad service)... I cannot seem to say enough BAD things about TDAmeritrade (that are REAL and FACTUAL based). One business Mode: BAD.
At this point I will recommend you guys to begin filing U.S. SEC complaints, before this becomes any higher level of embezzlement (actual theft, although still could be stealing pennies to hundreds, I did not check for accuracy <$100. "Potential escalation to high-level embezzlement (+theft) data is inconclusive at this time". Guys run away as fast as you can, before this could get any worse. Schwab is however offering 'superior buyout relief' for displaced Scottrade'rs.
I have called to close an account four times. Each time they make a different mistake and they are so sorry... for a week at a time! No one seems to be accountable. And you hear people in the background laughing. Very unprofessional and they won't release your money. Was told twice an ACH transfer was set up and it was cancelled. No accountability.
After 25 Years as a client (along with my mother & brother too) I am DONE with Ameritrade. I tried 4 times to close out a Zero balance account; should be easy right? No so much! While I was online, logged into my accts (mutual fund & Acct that should have been CLOSED) & speaking to a Customer Service Rep, I saw that a strangers name was 'Linked' & appeared to have access to my accounts. I've had many problems w/ Identity Fraud in the last few years. I am very cautious & nervous about Protecting my identity. I asked the Rep why this was happening, WHO IS THIS PERSON that is listed on my accts with Access, How could this happen? He had no clue. I asked for a Supervisor to call me back ASAP. NO One Called. I waited a week. Called today spoke to a supervisor, she opened a fraud case & am now calling an attorney. Ameritrade is awful and now Dangerous as well.
First of all, there is false advertising. They advertise free trades for 60 days and such but then when you get done setting up the account and going through all the gyrations you find out the trades are some of the most expensive in the business. Then, when attempting to close the account, which had never been used, they refused to delete the social security numbers of my beneficiaries. So, it's out there, like so many other companies, just waiting for databases to be compromised. Uncool.
I was a happy Scottrade customer with a small SEP IRA. The first time I tried to make a contribution into my SEP after the TD Ameritrade acquisition, I discovered TD Ameritrade will not accept ACH deposits for SEP IRAs. You must mail a check or do a wire transfer. Extremely inconvenient. I've transferred my account elsewhere. Glad to be gone.
I have been a member of TD Ameritrade for 18 years. I trade stocks/ETF's full time as my primary source of income. I have been trying to resolve a charting issue with the online platform for 5 months now. Spoke with countless TDAmeritrade reps: Richard ** 11/27/17, Johnathan 1/17/18, Christian ** 1/25/18, Kim ** 2/5/18, John 2/8/18, Mark ** 2/8/18, Cole ** 3/21/18 and Igor ** 4/10/18. I have received countless runarounds and am growing frustrated that this issue has not been resolved despite countless hours on the phone and emailing TD about these issues. Charts as of the first week of November 2017 stopped updating candles in real time. This creates a discrepancy in the chart that can cost the unaware trader a great deal of money. The charts are now essentially useless for anyone in the Intraday trading scene. I understand that charting errors will happen from time to time but their sense of urgency about resolving this issue is unacceptable.
TD Ameritrade knowingly admits there is a problem with the charts but they can not tell me when or if they will even be fixed. TD Ameritrade tells me that their vendor is responsible for the charts and that it is up to them to resolve it but that their vendor insists that the charts are performing as they are supposed to. I have asked for contact information so I can speak with their vendor directly but have not received such information. I'm not sure what else I can do to resolve this situation other than make the public aware of the issue. Please see attached chart for illustration of what is happening. Notice discrepancy between real time price ($17.83) and the close ($18.02) on the 30 min candle is $.19 or 1.05%.
TD Ameritrade a big step down from Scottrade - Scottrade had its limitations, but horrible experience with TD Ameritrade: 1) Last Price and Closing Price often differ when the markets are closed (middle of the night on the weekends); 2) Shares x Last Price or Closing Price does not equal Market Value showing; 3) There is no accurate real-time cash balance, including cash and money market, so no way to know exactly what it is except by calculator and transactions page; 4) The Unrealized Gains/Loss page is not real time and does not show the stock/fund symbols, but alphabetizes by stock/fund name. 5) Ameritrade site allows editing of Positions page to create custom page, but not ordering of columns, which undermines its usefulness. Ameritrade makes excuses for all of these. Individually and together, they make it very difficult, if not impossible, to keep records, balance account in a spreadsheet, and transact online.
TD Ameritrade recently bought out Scottrade and the entire experience has been horrible. My wife and I both had retirement accounts at Scottrade and just about every preference we had set up has been screwed up. Part of our dividends were re-invested, part sent to a money market account, and only one third sent to us. We were suppose to get all dividends sent via a check to us quarterly. We count on this money for our everyday living expenses and at this point in our life, I don't want the dividend reinvested. Calls to customer service got foreign reps who spoke terrible english. When I did get a person that I could understand, I could not make them understand my problem. I am at "wit's end". I will be leaving this company in the dust. I would give a zero star if I could.
I'm a former member of Scottrade. The technical issues and customer service at TD Ameritrade are atrocious. I can understand an occasional technical glitch however, a week and a half ago online trading was down the entire day. Today, you can view only but can't place trades. Again I understand technical glitches are going to happen even though they happen more often at TD Ameritrade. Today will be my last day at TD Ameritrade. I've already started closing my account out. Not because of the numerous glitches. I decided to call customer service and place an order manually. Was on hold for 46 minutes and 37 seconds for this phone call. Finally got in touch with a broker to manually place my trade because of their glitches. How about this order never showed up to my account.
If I'm going to spend 46 minutes and sit through your higher than normal call volume to place a trade because your website is malfunctioning. I wholeheartedly 100% expect that trade to be there when I hang the phone up. As soon as my funds finish settling, I can assure you they are on the way out the door. I didn't mind paying their high-dollar trade fees. I'm already accustomed to it from Scottrade but at least their website work. There's cheaper trades available on platforms that work. I do wish Ameritrade well.
I am a former Scottrade customer, and I will soon be a former TD Ameritrade customer. I was very pleased with my experience at Scottrade, but TD Ameritrade is the absolute worst. As I write this, their website is down. I wanted to sell a very large position in Amazon, but I can't. I'm watching the stock on Level II as thousands of dollars disappear. Unlike every other online broker, TD Ameritrade does NOT report the dollar amounts of trades instantaneously. You have to wait until overnight to see how much your trade was worth. Unbelievable! And I can verify the responses of the other reviewers on this board that calling the 1-800 number or leaving an email message is useless. The people answering the phone and responding to messages are clueless and often give wrong answers.
My Scottrade online experience was quite good; not so with Ameritrade. Want to obtain transactions over a multi-year period? Sorry, no can do. Limited to search a year at a time. Seriously? I'll be switching brokers.
I am coming from Scottrade. Everything is new and I am excited to learn as much as I can. I like learning on my own and not in a classroom setting. I have had questions and all have been answered in a straightforward manner. I like how things are laid out at the website. I do have to take the time and discover what the answer is. I look forward to working with Ameritrade.
Website is a nightmare. I can't find most information regarding my account and neither can uninformed people at the 800 #. Orders have been processed but not in accord with instructions and no one knows why. Trying to find an order or completion of order on website is non-existent. Taking suggestions for other brokerages...
Ameritrade has tools for every level of investor. I have used for over ten years with no bad experiences. The screens are intuitive and the information is complete.
I got transferred from Scottrade. Cost basis for multiple trades / positions are messed up. I have had 3 calls and multiple email exchanges and every time they acknowledge that it is messed up and they will manually fix it... Then I get a response saying it looks OK, and then I tell them why it is messed up which they agree and then it goes in a repetitive do loop. Their level of competence is next to zero. I am not even going to talk about bunch of issues with transition. They has months to port information, but half of it has come over, the remaining hasn't and there is no timeline when the rest of it comes. I think I am going to take my business somewhere else. Absolutely unacceptable.
I have used Ameritrade for my brokers since 2000, have used others and those online platforms are not easy to use. I won't move my accounts with TDA plus I can transfer in and out easily.
I fell into Ameritrade as a result of inheritance from a work friend, Fred who felt fatherly towards me. I was not an investor prior but have managed and made gains with the help of TD customer service. Having no other experience with other companies I can only say since 2009 and I am still a rookie that TD is good!
I don't use Ameritrade's services often but it's very good when I do. The services seem to be pretty complete. Costs are reasonable and the features are easy to use.
My various Scottrade accounts have just be assumed by Ameritrade. Since all my assets were transferred, dividends have not been credited to my account. I called Customer Relations who did not know why this was occurring. The rep promised to look into it and call me back. I am still waiting. I cannot believe that I am a lone case and others have not already called about missing dividends. This should not be happening.
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.
Ameritrade Company Information
- Company Name:
- TD Ameritrade
- Year Founded:
- 200 S 108th Ave.
- Postal Code:
- United States
- (800) 454-9272