Is TD Ameritrade close to bankruptcy? A personal Review
Sometimes all that glitters is not gold when it comes to investing and the online stock trading, in fact it can be a HAIR PULLING experience when it comes down to a simple trade.
All the discount online trade accounts be it Alpaca, Robin Hood, Webull, Ameritrade even Charles Schwab. You can be sure they will quickly take your money and put it to good use... for them...
Here is what we found when it came to getting your money back to use for other things..
So if you are trading with Ameritrade or similar online trading account be aware that in case of urgency or emergency you won't and will not get your money back the same day or even the next...
The reasons are many and all lawful. They are required by law to hand you the money 2 business days.
But that won't happen
# 1 They will wait until the end of the day to make the trade you ordered in the morning
# 2 They will then send you a message telling you "You have unsettled funds."
You now have to wait 2 full days for the unsettled funds to become available...
Then you have a choice in the way the funds are sent to you...Wire, Bank to bank or snail mail
In our case we requested for the funds to be wired transferred. at a $25 fee... See below
Then in our case after hours of waiting, they said:... "We need a letter authorizing the transfer"
You will ask yourself, Letter? From whom? What does the letter have to say? Who and where do I sent it?
Quick contact online chat...
Make letter... Scan and send, ...Wait
# 3 They sent forms.... an email is sent telling you to go to their web page...
Down load form...
Fill out form.... Good luck if you don't know how to scan and send...Then you have to SNAIL Mail.
#4 even if you requested same day wire transfer,
They will notify via email that you've successfully confirmed the bank account.
Something that was already done with the initial set up of the Ameritrade account.
Then another message secured this time on the webpage that it'll take 24 hours to process,
Provided it is not the weekend.
So in this case From Wednesday morning to the following Monday. 4 Business days plus a weekend.
.
Over all rating when it come to getting your money back on a scale of 1 to 10. We give Ameritrade a 2
Ameritrade will GAME the system in order to maximize the time they hold on to the money...
Multiply this by a few million transactions per month.we can see how they make their money..
By the way this might be a typical modus operandi of ALL online trading accounts. Robin Hood or Stash won't be any different.
As predicted, here we are Monday Morning... The following message was received
Message C
We want to let you know we've received your Wire request in the amount of $1,470.00 for your account ending in 9411.
Once we have processed your request, you will receive an email confirmation. To review your request online, log in to your TD Ameritrade account, go to My Account > Deposits & Transfers, and select "Activity."
For future reference, the transaction ID for your Wire is 19841606. Please refer to this number when requesting additional information.
Verification of ownership, verification of bank accounts was done on Thursday and Friday...*
Message A
Dear C LLC
We are sorry, but we are unable to process your request to wire in the amount of $1,470.00 at this time for your account ending in 9411 because Need LOA (Letter of Authorization).
If you have any questions, please log in to your account and go to Client Services > Message Center to write us. Or call Client Services at 800-669-3900. We're available 24 hours a day, seven days a week.Thank you for choosing TD Ameritrade. We appreciate the opportunity to serve you.
Message B Dear Valued Client,
We got your request, and we're glad to help. The forms you asked for are attached. You can print, complete, and return them to TD Ameritrade by mail at either of the addresses below. If a form doesn't require a signature in ink, you can also return it to us by fax, or electronically through your secure Message Center.
Standard Delivery:
TD Ameritrade
PO Box 2760
Omaha, NE 68103-2760
Overnight Delivery:
TD Ameritrade
200 South 108th Ave.
Omaha, NE 68154
Fax:
866-468-6268
Message Center:
Scan the completed form, then log in to your account, go to Client Services > Message Center to write us and attach the form to your message
If you need any other forms, please visit the TD Ameritrade Form Library at tdameritrade.com/forms.
If you have any questions, or if there's anything else we can do for you, please let us know. You can write us through the Message Center, or call Client Services at 800-669-3900. We're here to help 24 hours a day, seven days a week.
Post Data...Or Second thought...
There are possible reasons to delay giving the costumers their own money.
#1 Delays are caused by security concerns. the most common reason given to explain away delays...
#2 Profit, Use of money floating in between time of sale and actual time of disbursement.
#3 They are almost bankrupt (very short on money) and are forced to implement these technical delays.
Regardles of reasons, legal or not these delays serve only to irritate or infuriate the clients who may move their money else where.
Perhaps the Federal Trade commision should have a look into these delay tactics practiced by these online trading co's
Bottom line, considering TDameritrade serive to costumers is it really worth thi stock price
All the discount online trade accounts be it Alpaca, Robin Hood, Webull, Ameritrade even Charles Schwab. You can be sure they will quickly take your money and put it to good use... for them...
Here is what we found when it came to getting your money back to use for other things..
So if you are trading with Ameritrade or similar online trading account be aware that in case of urgency or emergency you won't and will not get your money back the same day or even the next...
The reasons are many and all lawful. They are required by law to hand you the money 2 business days.
But that won't happen
# 1 They will wait until the end of the day to make the trade you ordered in the morning
# 2 They will then send you a message telling you "You have unsettled funds."
You now have to wait 2 full days for the unsettled funds to become available...
Then you have a choice in the way the funds are sent to you...Wire, Bank to bank or snail mail
In our case we requested for the funds to be wired transferred. at a $25 fee... See below
Then in our case after hours of waiting, they said:... "We need a letter authorizing the transfer"
You will ask yourself, Letter? From whom? What does the letter have to say? Who and where do I sent it?
Quick contact online chat...
Make letter... Scan and send, ...Wait
# 3 They sent forms.... an email is sent telling you to go to their web page...
Down load form...
Fill out form.... Good luck if you don't know how to scan and send...Then you have to SNAIL Mail.
#4 even if you requested same day wire transfer,
They will notify via email that you've successfully confirmed the bank account.
Something that was already done with the initial set up of the Ameritrade account.
Then another message secured this time on the webpage that it'll take 24 hours to process,
Provided it is not the weekend.
So in this case From Wednesday morning to the following Monday. 4 Business days plus a weekend.
.
Over all rating when it come to getting your money back on a scale of 1 to 10. We give Ameritrade a 2
Ameritrade will GAME the system in order to maximize the time they hold on to the money...
Multiply this by a few million transactions per month.we can see how they make their money..
By the way this might be a typical modus operandi of ALL online trading accounts. Robin Hood or Stash won't be any different.
As predicted, here we are Monday Morning... The following message was received
Message C
We want to let you know we've received your Wire request in the amount of $1,470.00 for your account ending in 9411.
Once we have processed your request, you will receive an email confirmation. To review your request online, log in to your TD Ameritrade account, go to My Account > Deposits & Transfers, and select "Activity."
For future reference, the transaction ID for your Wire is 19841606. Please refer to this number when requesting additional information.
Verification of ownership, verification of bank accounts was done on Thursday and Friday...*
Message A
Dear C LLC
We are sorry, but we are unable to process your request to wire in the amount of $1,470.00 at this time for your account ending in 9411 because Need LOA (Letter of Authorization).
If you have any questions, please log in to your account and go to Client Services > Message Center to write us. Or call Client Services at 800-669-3900. We're available 24 hours a day, seven days a week.Thank you for choosing TD Ameritrade. We appreciate the opportunity to serve you.
Message B Dear Valued Client,
We got your request, and we're glad to help. The forms you asked for are attached. You can print, complete, and return them to TD Ameritrade by mail at either of the addresses below. If a form doesn't require a signature in ink, you can also return it to us by fax, or electronically through your secure Message Center.
Standard Delivery:
TD Ameritrade
PO Box 2760
Omaha, NE 68103-2760
Overnight Delivery:
TD Ameritrade
200 South 108th Ave.
Omaha, NE 68154
Fax:
866-468-6268
Message Center:
Scan the completed form, then log in to your account, go to Client Services > Message Center to write us and attach the form to your message
If you need any other forms, please visit the TD Ameritrade Form Library at tdameritrade.com/forms.
If you have any questions, or if there's anything else we can do for you, please let us know. You can write us through the Message Center, or call Client Services at 800-669-3900. We're here to help 24 hours a day, seven days a week.
Post Data...Or Second thought...
There are possible reasons to delay giving the costumers their own money.
#1 Delays are caused by security concerns. the most common reason given to explain away delays...
#2 Profit, Use of money floating in between time of sale and actual time of disbursement.
#3 They are almost bankrupt (very short on money) and are forced to implement these technical delays.
Regardles of reasons, legal or not these delays serve only to irritate or infuriate the clients who may move their money else where.
Perhaps the Federal Trade commision should have a look into these delay tactics practiced by these online trading co's
Bottom line, considering TDameritrade serive to costumers is it really worth thi stock price
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