My TD Ameritrade Accounts Will Ulimately Be Switched to Schwab

[LogicalSpock2]

Hello! I utilize my TD Ameritrade accounts to source my Medved Trader feeds daily. Running about 70 live charts and a few options streams across 2 large monitors and utilized MT's level II and raw data feeds when making trades. What happens when my TD Ameritrade accounts get switched to Schwab? I don't see Schwab as an available data source.

Based on reports from others that have already made the switch, I am not looking forward to being switched to Schwab. I'm sure you have many MT users in the same boat. What has been the consensus action taken by actively trading MT users that sourced data from their TD Ameritrade accounts and were switched to Schwab?

[Donald Q.]

From a data source perspective, dxFeed has been one of the best investments for me and a HUGE thanks to the MT Team for also investing in the integration!! For trade executions, I'm using TD Ameritrade, TradeStation, and Interactive Brokers. I hope the move to Schwab doesn't reduce the service level currently provided, which has been actually quite excellent.

[Jerry Medved]

right now we do not have Schwab. Their API, that will support both Schwab and TD Ameritrade accounts after they are transitioned, should be available later this year, at which time we will definitely add it in MT.  They are transitioning accounts in multiple groups and trying to put anyone that uses the API in the groups that get converted last.  You should have received a notification indicating when your account will be converted. If not, you can call them. If you are being converted on Labor day, you can try calling them to switch to a later date, though no gurantiees.

[Doug Hayman]

I have 5 accts with TD Amertrade: my Solo 401k, my IRA, my wife's IRA, a dormant trading acct, and a Trust Trading acct.

I am scheduled for transition over Labor Day weekend.

I just called them in attempt to delay my transition, to which they said no can do.  As an aside, I just found out that only my Solo 401K acct is transitioning on Labor Day, and my other 4 accts have not been designated to transition for some strange reason.  I'm going to call during the day tomorrow, to speak with someone up the chain who knows what's going on, to rectify what appears to be an administrative screw-up, since they guy I spoke with didn't have the answers.

As an aside, late last year when Schwab was auditing the books of TD Ameritrade for compliance with merger pending, they discovered that my Solo 401K acct (which I established under the auspices of TD Waterhouse) was designated as a "Flexible 401K" (whatever that is -- never got a straight answer) and it was re-coded moving forward to what should have been all this time a "Solo 401K".  As a result of the incorrect coding of my acct, I never received annual Emails alerts from them to file annual IRS EZ-5500 forms (takes like a minute to fill out).  Apparently, "Flexible 401K" accts didn't get this Emails.  As a result, I was delinquent on 9 years of filing EZ-5500's with the IRS, and had to back-fill their filings, and pay IRS $1,500 for that privilege.  I complained to TDA and Schwab about this, asked them to credit me this fine, and they said that the onus for not filing was on me.  I do my own taxes, was not aware of this filling, but I paid the fine and moved on.

Why am I spilling my guts here???  Just want to let you TDA acct holders to proceed with caution, check everything they do during this transition, and if you have multiple accts with them, be aware of the first part of this message.  I do not trust them administratively.

[Jerry Medved]

there are 2 more transition dates after the Labor day one.  The TD Ameritrade API is going to continue to function until then.

[Doug Hayman]

Spoke with a TD rep, and I was informed that "by regulation" my "401K" acct needs to be transitioned over to Schwab during Labor Day time frame.  My other accts noted above will be transitioned at a later TBD date, which sucks.   Not even a hint of a communication to let me know that I'll be in this hybrid state for a period of time.

Rep said that after Labor day transition, there will be a November date transition period, followed by a TBD transition date sometime in 2024.

[Jerry Medved]

why sucks? you have something on Schwab that you need? Otherwise, I personally was trying to get my accounts to be transitioned later but no luck.

[Doug Hayman]

I trade out of my 401k, so I will be forced to use Schwab trading tools, until API is ready to support Schwab. Different tools, different accts, not all under 1 umbrella.  Shoddy migration strategy, but can’t say I’m surprised. 

[Jerry Medved]

Their production API endpoints be alive before then so we should have both TD Ameritrade and shrub setups available. So shouldn't be a problem 

[Jerry Medved]

 

[JamesKB2]

I'm a pretty active trader through TDA.  Honestly, this Schwab buyout sucks.  I have a long standing account system with 4 managed in different configs.  (Taxable margin / level 3, Two Roths and a 401k).

I just got the notification that my main Taxable will be switched on November 3rd.  The 401k was done this weekend.  The Roth(s) haven't heard a thing yet.

Sigh...

I've thought about moving to another broker (leaving this mess behind) but really don't know who / what / why to do so.  I've become so complacent using TDA through Medved that going through it all just seems daunting and another huge time suck.

I guess I'm asking for community ideas.  Anyone just ditching Schwab and the transition to go to a different broker?  Tradestation?  Other suggestions?

TDA was such a great, complete basket, no fee data feeds, smooth transactions, great data compilation for tax filing, etc.

Damn shame...

[Jerry Medved]

please note that we expect to have the Schwab integration done later this month, at which point it will work the same as TD Ameritrade does now. Certainly before the November switch

[tedthehead]

I've got 10 accounts with TD and for some reason 3 will not be moved till Nov 6. Just signed in on MedVed with one of these three accounts and all is good on MedVed (though market is down). Just got lucky I guess with the 3 accounts. Hope this helps some others.

[Jerry Medved]

they were trying to keep the accounts that use the API (and thus Medved Trader) until later conversion - November and March. Some (like HSA, 401K and some others) had to be migrated this particular time. 

[Doug Hayman]

Just an FYI.  I had my solo 401K migrated from TDA to Schwab this weekend, without a hitch.  All positions were carried over, and my beneficiaries were carried over to Schwab without a hitch as well.

I have my 4 other accounts (2 IRA's and 2 Trading brokerage accounts) slated to be moved on 11/6.  As both TDA and Schwab had listed (before this weekend's move) all accounts that are to be moved on 11/6, my wife's IRA account was not listed by either brokerage as an acct to be moved.   Although I've been trading from her account forever, under the auspices of my central login, I was told that I had to fill out a Trading Authorization (TA) form for this account to add my name as an authorized user, before it could be considered to be moved over to Schwab.  They have a texting option facility on TDA to complete this (where my wife was texted the request to add me), but as it turns out, THAT DOES NOT WORK (finally got TDA to admit that).  On their web interface, see Client Services -> Link Accounts -> Trading Authorization.

As it turns out, I had to fill out a TA PDF and submit to them by Email, which they received, and said was now sanctioned.  However, my wife's IRA account still does NOT appear as an acct to be moved over on 11/6, and neither TDA or Schwab can give me a solid answer on this.  Of course, I still have 2 months to get this rectified, and have access to this acct currently via my TDA login.

Just wanted to give you guys the heads up on this, for anyone with a similar situation.