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Is TD Ameritrade a broker or a “Roach Motel”
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Is TD Ameritrade a broker or a “Roach Motel”

Elite Member
new york new york
Trading Experience: Intermediate
Platform: IB
Favorite Futures: commodities
Posts: 9 since Nov 2013
Thanks: 9 given, 1 received

Is TD Ameritrade a broker or a “Roach Motel”

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.

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Life's short, risk it all
Portland, OR
Trading Experience: None
Platform: thinkorswim
Broker/Data: TD Ameritrade
Favorite Futures: ES/NQ/RTY/YM
Massive l's Avatar
Posts: 1,610 since Mar 2011
Thanks: 1,078 given, 2,371 received
Forum Reputation: Legendary

Very interesting. I have several accounts with them and have never had an issue.
That just doesn't make sense. Hope it all gets figured out for you.

Elite Member
Houston, TX
Trading Experience: Intermediate
Platform: TOS, Ninja, Tradestation
Favorite Futures: US Stock index futures
Skidboot's Avatar
Posts: 126 since Dec 2010
Thanks: 118 given, 179 received

Oh WOW... Sorry to hear that... I too have a few TDA and legacy TOS accounts and have done many ACH transfers to and from multiple bank accounts. Never had any issue till date.

Elite Member
San Diego, CA
Trading Experience: Intermediate
Platform: TT Pro
Broker/Data: Advantage
Favorite Futures: Gasoil, heatoil, crude
baywolf's Avatar
Posts: 54 since Sep 2009
Thanks: 26 given, 30 received

This post reminds me of this podcast: The invisible plumbing of our economy

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.

Elite Member
Trading Experience: Intermediate
Platform: ThinkorSwim, Ninjatrader, Multicharts
Broker/Data: Thinkorswim, Ninjatrader Brokerage
optionzen's Avatar
Posts: 139 since Nov 2010
Thanks: 136 given, 105 received

I have been with tda / tos for 5 years no issues at all. They have been professional always.

Sent from my SAMSUNG-SGH-I337 using Tapatalk

Elite Member
Trading Experience: Intermediate
Platform: ThinkorSwim, Ninjatrader, Multicharts
Broker/Data: Thinkorswim, Ninjatrader Brokerage
optionzen's Avatar
Posts: 139 since Nov 2010
Thanks: 136 given, 105 received

optionzen View Post
I have been with tda / tos for over 5 years no issues at all. They have been professional always.

Sent from my SAMSUNG-SGH-I337 using Tapatalk

Sent from my SAMSUNG-SGH-I337 using Tapatalk

Site Administrator
Manta, Ecuador
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Big Mike's Avatar
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Is TD Ameritrade a broker or a “Roach Motel”


TDA is a highly reputable broker.


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SF Bay Area + CA/US
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paps's Avatar
Posts: 1,660 since Oct 2011
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Yea guys...I too have not had any issues with fund transfers back to bank acct in the past.


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Elite Member
new york new york
Trading Experience: Intermediate
Platform: IB
Favorite Futures: commodities
Posts: 9 since Nov 2013
Thanks: 9 given, 1 received

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.


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