NexusFi: Find Your Edge


Home Menu

 





Is TD Ameritrade a broker or a “Roach Motelâ€


Discussion in Brokers

Updated
      Top Posters
    1. looks_one jberesfordtipton with 6 posts (0 thanks)
    2. looks_two Big Mike with 5 posts (2 thanks)
    3. looks_3 optionzen with 2 posts (0 thanks)
    4. looks_4 cory with 1 posts (0 thanks)
    1. trending_up 5,329 views
    2. thumb_up 2 thanks given
    3. group 7 followers
    1. forum 18 posts
    2. attach_file 0 attachments




 
Search this Thread

Is TD Ameritrade a broker or a “Roach Motel”

  #1 (permalink)
 jberesfordtipton 
new york new york
 
Experience: Intermediate
Platform: IB
Trading: commodities
Posts: 9 since Nov 2013
Thanks Given: 9
Thanks Received: 1

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.

Started this thread Reply With Quote

Can you help answer these questions
from other members on NexusFi?
Exit Strategy
NinjaTrader
NexusFi Journal Challenge - April 2024
Feedback and Announcements
The space time continuum and the dynamics of a financial …
Emini and Emicro Index
Futures True Range Report
The Elite Circle
ZombieSqueeze
Platforms and Indicators
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
61 thanks
Funded Trader platforms
38 thanks
NexusFi site changelog and issues/problem reporting
27 thanks
GFIs1 1 DAX trade per day journal
18 thanks
The Program
18 thanks
  #3 (permalink)
 
Massive l's Avatar
 Massive l 
OR/USA
Legendary /NQ Trader
 
Experience: None
Posts: 2,129 since Mar 2011
Thanks Given: 1,859
Thanks Received: 5,106


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.

Visit my NexusFi Trade Journal Reply With Quote
  #4 (permalink)
 
Skidboot's Avatar
 Skidboot 
Houston, TX
 
Posts: 202 since Dec 2010
Thanks Given: 203
Thanks Received: 299

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.

Reply With Quote
  #5 (permalink)
 
baywolf's Avatar
 baywolf 
San Diego, CA
 
Experience: Intermediate
Platform: TT Pro
Broker: Advantage
Trading: Gasoil, heatoil, crude
Posts: 55 since Sep 2009
Thanks Given: 26
Thanks Received: 33

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.

Reply With Quote
  #6 (permalink)
 
optionzen's Avatar
 optionzen 
Dallas
 
Experience: Intermediate
Platform: ThinkorSwim, Ninjatrader, Multicharts
Broker: Thinkorswim, Ninjatrader Brokerage
Posts: 139 since Nov 2010
Thanks Given: 137
Thanks Received: 106

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

Reply With Quote
  #7 (permalink)
 
optionzen's Avatar
 optionzen 
Dallas
 
Experience: Intermediate
Platform: ThinkorSwim, Ninjatrader, Multicharts
Broker: Thinkorswim, Ninjatrader Brokerage
Posts: 139 since Nov 2010
Thanks Given: 137
Thanks Received: 106


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

Reply With Quote
  #8 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,397 since Jun 2009
Thanks Given: 33,173
Thanks Received: 101,537

Question:

Is TD Ameritrade a broker or a “Roach Motel”

Answer:

TDA is a highly reputable broker.

Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #9 (permalink)
 
paps's Avatar
 paps 
SF Bay Area + CA/US
 
Experience: None
Platform: TS, TOS, Ninja(Analytics)
Trading: NQ CL, ES when volatile mrkts
Posts: 1,739 since Oct 2011
Thanks Given: 2,176
Thanks Received: 1,726

Yea guys...I too have not had any issues with fund transfers back to bank acct in the past.

Thnx
S

Sent from my DROID RAZR using Tapatalk

Reply With Quote
  #10 (permalink)
 jberesfordtipton 
new york new york
 
Experience: Intermediate
Platform: IB
Trading: commodities
Posts: 9 since Nov 2013
Thanks Given: 9
Thanks Received: 1


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.

Started this thread Reply With Quote




Last Updated on December 10, 2013


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts