Is there a minimum investment level to get Schwab L2 data for free?

[ex_hacker202]

I'm gettubg migrated this weekend and I'm really not happy with a lot of the things TDA had that Schwab decided to ditch, but my biggest problem with the transition is that I had 3 separate TDA accounts, each with their own username and PW, so if someone hacked into one of my accounts they couldn't access the other two - I used to have them all linked so I only needed one login but after being a victim of ID theft in 2014 some thief hacked into my tiny ROTH account, which gave them access to my IRA and taxable account - within minutes of breaking into my ROTH, they went to my biggest value account, the IRA, and sold every stock in it. Got a flurry of trade transaction emails (thank god I was home and at the computer when it happened!) and immediately called TDA to have them lock my accounts and reverse the sales. But I just learned yesterday that with Schwab (and Fido) you can only have one login per SS # - that means all accounts are linked and there's no way to unlink them, and if someone gets their hands on your Schwab ID and PW they can do anything they want in any of your accounts - that's mind boggling to me because of the risk involved based on my 2014 hacking experience - despite the fact that I was able to get the IRA sales reversed I literally almost had a heart attack when that flurry of emails flooded my inbox and for a few minutes I thought I was financially ruined (my Dad and both brothers have all had real heart attacks by age 60 so it's something I worry about).

So I'm thinking of moving my cash account to Fido - they automatically put cash into their MMF paying 5%, while Schwab only pays about the same TDA did, which is next to nothing - YTD I've earned more interest on the $100 I deposited into the Fido account to open it to get a backup data source for MT after Ally pulled support from MT than I have on a high 5 figure cash balance with TDA. To limit the hacking risk exposure to all 3 Schwab accounts I'm probably going to move the cash account to the existing Fido account and create a new account with Etrade to transfer the IRA***, leaving me with just a tiny ROTH account at Schwab so I can get L2 data in MT - but I remember back when I first opened my TDA cash account and still had my 401(k) with my old employer prior to moving it to a rollover IRA at TDA you had to have a minimum amount of money in the account to get certain services for fee, and L2 was one of them - for some reason $100k sticks in my mind as the min level required for free L2 (this was circa 2002). I just spent close to an hour today trying to find out if Schwab also has a minimum investment amount requirement to get L2 for free but came up completely blank - only thing I saw that mentioned a dollar amount was a stupid AI generated answer on Google that said the min for free L2 from Schwab was $1M, which I know cannot be true - I think the AI was talking about how much money you need to become a premium Schwab client and get free access to investment management services.

So does anyone know how much money I need to keep at Schwab to get L2 for free? Or is the only requirement for MT to get L2 from Schwab is to have a Schwab account, period?

[Jerry Medved]

LEVEL II - there is no minimum for Level II data.  Getting answers from AI for stuff like that can be extremely unreliable.

Logins - y, I am not crazy about the login ID stuff though it was for different reasons.  I did recently have experience with an account getting compromised (family member) and interestingly enough, I found out about it because Schwab security called.  The Schwab accounts got locked down BEFORE we knew about it and they prevented losses.  The attempts were wires though - trades probably would have been a different matter. CHASE was not nearly as good

However, it seems your solution is a bit extreme.  You can (and SHOULD) setup two factor authentication, preferably NOT SMS - use authenticator app.  And DO NOT set the browser login as a "Trusted device".  When logging in via MT, you will only have to go through that once and will still require login or pin for transactions,; but on browser, if someone gains access, even if they find out your login or if you have login saved in browser, they will not be able to get past 2FA

[ex_hacker202]

I can't find a good authenticator for for Windows 10 desktop - everything I found is an app for mobile devices, and furthermore, they all appeared to be browser password protectors - I'm already using one of those. Why do you say don't use SMS/text for 2FA? That's default for most sites, although many won't let me use my landline to get a spoken verification code, and VOIP landlines can't accept texts. My cellphone is emergency use only - it's a dumb flip phone that costs me $3 every time I use it that's good for 24 hours before I get charged another $3, and I keep it in my man purse stashed in the kitchen - I turn it on maybe 6-8 times/year - have no use for a cellphone since I'm retired and at home 90% of the time, sometimes 100% depending on the day - everyone knows to call my landline or email me (my Dad is the same way, - this apple didn't fall far from the tree).

Anyway, back to the subject at hand - thanks for confirming as long as I keep at least one Schwab account I can get L2 data. Still going to move at least my taxable account to an existing unused Fido account to get that juicy 5% on cash w/o having to lift a finger. I wouldn't be thinking of moving the IRA elsewhere if Schwab didn't have a really stupid rule - you cannot enroll in stocks/funds that offer a real DRIP that gives you stock at a discount. I used to own the CEFs PCI/PDI, and if they were trading at or above a 5% premium to NAV you would get new shrs at a 5% discount to MP - you got $1.05 worth of stock for each $1 in distributions - over the years I held them that earned me a ton of extra shrs by increasing the compounding effect, in particular because those CEFs paid monthly. There is absolutely no excuse for Schwab not allowing enrollment in DRIPs (only broker I'm aware of that has that rule) - in fact, I know of one stock (think it's a BDC) where shareholders are automatically enrolled in the DRIP and get stock, not cash - you have to do some paperwork and mail it in to your broker and the company to opt out and get cash - no idea how Schwab would handle that.

[Jerry Medved]

I don't think I have met anyone without a smart phone in the last 10 years. WOW. I was referring to using Google Authenticator on the phone. have no idea of PC based ones. I mean, I could write one but really don't have the time to deal with it.

Why not SMS - its better than not having it, but it is not sufficiently secure, as many crypto exchanges found out. If someone wants to go after your money, it is a weak link - they can hack, social engineer, etc a way to switch your number to their phone and then they get your SMS, not you.  Cell companies have been much better about protecting against that, but if you want more security, then mobile authenticator is the way to go

 

[ex_hacker202]

What can I say - I'm a luddite. If I hadn't been forced to stop working in late 2006 due to major chronic health problems I'm sure I would have owned a smartphone when they came out (not sure I would pay for a monthly data plan now though, would just be throwing money away), but they didn't even exist yet, so I was out of the tech loop when they became commonplace and they just bypassed me. I've owned a flip phone since 1999 (Motorola Startac was the first), all I needed it to do was make phone calls while I was driving somewhere, and that's still true today (I don't text, hate it). I do have an Android tablet but can't stand using it - I have no clue how to do anything except open a browser or play music, and my hand-me-down old Chromebook is essentially just a browser, so it's a piece of cake to use - I love the ability to hit the microphone icon and say the search terms and have Google translate my voice to text to do the search - but that's the only thing I do with it, look up answers to questions that pop into my head while watching TV at night - I keep it plugged in and have it stashed under my couch, and now that I have it I don't know how I lived without it. .

And on a side note - I really hate what smartphones have done to social interactions - when I walk into a restaurant to get dinner with friends the first thing they do after we sit down is bury their heads in their phones for 3-5 mins - no conversations until they catch up on what happened between when they left home and arrived at the restaurant - it's just plain rude. What really could have happened in the last half hour that you absolutely have to know right now? And standing next to someone swiping thru their phone for 1-2 mins waiting for them to find a specific photo they just HAVE to show you RIGHT NOW drives me nuts too, because most people don't create separate folders for different types of pix, or whatever the equivalent is on a smartphone. Actually, if it takes more than 30 secs, I tell them "when you find it let me know" and walk away to go talk to someone else.

Edit: dummy me forgot to tell you the great news about moving from TDA to Schwab w/o remembering to create a Schwab login before the weekend transition - I wasn't going to call and be put on hold for hours while people in the same boat were flooding their tech support lines, so I just fired up MT yesterday and change all the portfolio windows to use Fido as the data feed - but something odd happened - a popup dialog box appeared from within MT that let me log into Schwab after I clicked on a few "yes I understand" boxes - my Schwab account has the same ID as my TDA IRA accout did, and the PW is the same too - it was like magic! If that was your work kudos - what a relief - I didn't have to contact Schwab for anything.

Edited May 14 by ex_hacker202
forgot to mention MT signed me into Schwab

[Don]

After a several months away from Medved, I decided to try and login via a small Schwab account (formerly TOS/AMTD) I have. I continue to get the no eligible accounts message. I can still login to TOS itself.

Years ago I used to keep a large account at Schwab, but left and moved to Fidelity after numerous issues. Thanks

[Jerry Medved]

@Don is the account in question a TRUST? if so, that will be resolved by end of week next week. Some account types are not yet enabled for the API.

[Don]

Yes, it is a trust. Thank you!

[wilywilly]

Ditto on ex-hacker202's "smart" phone experience - retired in 2007, so no need for a mobile phone, and share all his peeves about being around friends glued to them, pictures, etc. My wife works out of the house and has an iPhone, so when we travel I don't need one - that's about the only time I can see their utility. Don't even get me started on QR codes in place of real menus in restaurants...

[Jerry Medved]

Oh I hate QR Code Menus. I want a PHYSICAL MENU!!! and always ask for one.

[ex_hacker202]

I've never seen a QR code menu, but I only eat out at a couple restaurants and even that isn't more than a couple times a month. Did a little googling and was horrified  by what I found:

1. Many places require you to download their own app and create an account before you can scan the QR code and download the menu as a PDF. How can you trust the app doesn't contain malware or tracking software? These places don't have WiFi either, so you are burning up a bunch of your monthly data quota every time you have to download a menu. You also can only see a few items on your phone at a time, what a PITA - plus it ruins the entire dining out experience by forcing people to stick their noses into their cell phones to find what they want to order. And if you don't have a smartphone, you're just screwed - no choice but to leave, and you may not discover the problem until you've already waited 20 mins to be seated.

2. Phishing QR codes has gone up 600% in 2023 and it's only going to get worse - they're hijacking the restaurant QR code and sending you to a different website to get the menu, and who knows what might be contained in the fake menu download. A survey done in 2024 also found that 88% of people want real paper menus, and lots of people walk out of the restaurant instead of doing everything in bullet #1 - as a result, QR menus are disappearing in the US, but QR paying appears to be here to stay, although it's optional, don't have to use it.

3. Some places are using this tech to get rid of wait staff - you order from the menu using your phone and pay the bill with your phone - zero interaction with a real human, except for the person who brings the food and beverages to your table - it's basically 100% self service. I always leave generous tips for good service, but I'll be damned if I'm going to tip someone just for bringing me food to my table or bar stool (it's usually not even my waiter) - do you tip the person taking orders at a takeout counter? I don't. On top of that, my state's laws for tipped workers say they must make the equivalent of $15/hr at a minimum - guess what's going to happen to restaurant food prices if/when QR ordering/paying leads people to tip less for less service?

A Taco Bell I eat at once a month just got renovated and there are no humans taking orders anymore - there aren't even any cash registers - there's two big double sided vertical touch screen panels where you tap on an item to order it, then you have to scan a chipped CC at the machine to pay - you cannot use cash. There's probably an option to use Apple pay or Google pay, but I didn't stick around to find out - the 2nd time I was there I got so frustrated with being led to pages I did not need to see but still had to skip thru to get to the final pay screen that I gave up and walked out, and I'll never eat there again.

[Don]

It is very nice to have MT back fully functional for Trust accounts! Thank you!