If you need your money back, be prepared to wait. It may be unwise to keep funds there that you might need soon or suddenly.
I opened an account with TD Ameritrade which I funded on October 16th by an ACH from a NYC bank. That 5 figure deposit showed up on that date on my TD AT statement.
On October 21st they confirmed to me that I was all set up for electronic transfers to and from the account:
“You've successfully verified the bank information for XXBank. This electronic funding setup can be used to transfer funds electronically to and from your TD Ameritrade account. Just go to My Account > Deposits & Transfers (or Accounts > Deposit/Withdraw).”
I never had any disagreements with them, in fact had never executed a trade with them. On November 26th I asked TD AT to transfer back to my bank by ACH most of my balance, keeping $10K with TDAT. TDAT refused and said to call them. Person said that I needed a letter from the NYC bank showing the money had left the account. I pointed out that was nuts because the money had been with TDAT for over a month. He persisted. I finally said to send me a check instead to which he agreed.
I sent my ”Apex Client Services, TD Ameritrade” representative a summary of what happened and said “It is simply unbelievable, but you have a recording so you can check for yourself.” As of today no explanation or apology has been forthcoming.”
On December 2nd the check arrived with an enclosed printed form exhorting me to “Utilize Electronic Funding to receive funds the next business day! Don’t wait for your check to arrive by mail or pay fees to wire money. Sign up online for Electronic Funding. It’s a quick and easy way to get access to your money faster.”
So if you put money there that you might need promptly, well like the Roach Motel it might check in but not check out.
You know the US has an antiquated financial system when I can get next day delivery of a physical good from Amazon prime for $2.99. But ACH or wire of non-physical money cost at least $20, and forget about next day transfers if it is on a Friday after 12pm in California.
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The following 2 users say Thank You to Big Mike for this post:
The fact that they may have a good reputation makes what happened in my case even more curious.
I have now been waiting for an explanation from them since November 26th, with nary a word.
I am glad you got your money back without a problem.