TD AMERITRADE
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TD AMERITRADE We have had an account with initially TD Waterhouse and since the merger with TD Ameritrade since July 20, 2000. We have been informed just last week that they have no record of any member of our club having authorization for the club even though I opened the original account. They have actioned and charged for hundreds of transactions since we opened the account and allowed the club to issue individual checks for up to $10,000 and paid them without questioning the signature. They say the account is now frozen. Is anyone else having issues similar to ourselves with this broker. Looks like anyone could have issued the checks to themselves without even being challenged. Whilst I do not want to hassle of moving the account we are prepared to do so. Does anyone have other brokers that they can recommend? We use Scottrade and they require very high security measures with our club officers and check authorizations which they write for us. -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Ivor J. Hill Sent: Thursday, June 02, 2016 9:17 PM To: club_cafe@bivio.com Subject: [club_cafe] TD AMERITRADE We have had an account with initially TD Waterhouse and since the merger with TD Ameritrade since July 20, 2000. We have been informed just last week that they have no record of any member of our club having authorization for the club even though I opened the original account. They have actioned and charged for hundreds of transactions since we opened the account and allowed the club to issue individual checks for up to $10,000 and paid them without questioning the signature. They say the account is now frozen. Is anyone else having issues similar to ourselves with this broker. Looks like anyone could have issued the checks to themselves without even being challenged. Whilst I do not want to hassle of moving the account we are prepared to do so. Does anyone have other brokers that they can recommend? I use Etrade which is super club friendly, been using for 8 + years. I have heard Folio is also a great option. Both are account sync w Bivio Be Well. Irina Sent from my iPad > On Jun 2, 2016, at 10:35 PM, Donna & John Haut <djhaut2006@sbcglobal.net> wrote: > > We use Scottrade and they require very high security measures with our club > officers and check authorizations which they write for us. > > -----Original Message----- > From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Ivor J. > Hill > Sent: Thursday, June 02, 2016 9:17 PM > To: club_cafe@bivio.com > Subject: [club_cafe] TD AMERITRADE > > We have had an account with initially TD Waterhouse and > since the merger with TD Ameritrade since July 20, 2000. We > have been informed just last week that they have no record > of any member of our club having authorization for the club > even though I opened the original account. They have > actioned and charged for hundreds of transactions since we > opened the account and allowed the club to issue individual > checks for up to $10,000 and paid them without questioning > the signature. They say the account is now frozen. Is > anyone else having issues similar to ourselves with this > broker. Looks like anyone could have issued the checks to > themselves without even being challenged. Whilst I do not > want to hassle of moving the account we are prepared to do > so. Does anyone have other brokers that they can recommend? > My clubs went through a similar TD A experience a few years ago. At the merger they failed to image or transfer the records. They did listen to the argument that the paperwork was in existence at one time and they were at fault for losing it. However, Congress in its infinite wisdom, passed a plethora of laws to make life more difficult for drug dealers and terrorists and TD A's hands are tied and they must have updated information to put each member through the Terrorist Watch List ringer. Don't fight it, you will not win. Just do the paperwork and get it behind you. You will have the same information to provide with a new brokerage and if your account is frozen, you will not be able to transfer anything until you update TD A records anyway. Joe Farrell Thanks Joe Although I don't have that Problem, I now understand the problems some clubs are having. Noah Sent from my iPad > On Jun 3, 2016, at 5:34 AM, Joe Farrell <cjfarrell46@comcast.net> wrote: > > My clubs went through a similar TD A experience a few years ago. At the merger they failed to image or transfer the records. They did listen to the argument that the paperwork was in existence at one time and they were at fault for losing it. However, Congress in its infinite wisdom, passed a plethora of laws to make life more difficult for drug dealers and terrorists and TD A's hands are tied and they must have updated information to put each member through the Terrorist Watch List ringer. Don't fight it, you will not win. Just do the paperwork and get it behind you. You will have the same information to provide with a new brokerage and if your account is frozen, you will not be able to transfer anything until you update TD A records anyway. > > Joe Farrell > Club and myself use TD. Electric Transfer funds to club checking account at a credit union to write checks a few times when necessary. Member payments deposited to credit union and transferred to TD. Club formed in 1997 and switched to TD in 2002. Never had a problem. Cindy Gerke On Jun 2, 2016 10:17 PM, "Ivor J. Hill" <ijh@ijhill.com> wrote: We have had an account with initially TD Waterhouse and We use Schwab with good results and synching to Bivio. But I now understand for new "businesses" as they call investment clubs they want $1 million or no account. On Fri, Jun 3, 2016 at 12:48 AM, Irina Clements <irina39@verizon.net> wrote: I use Etrade which is super club friendly, been using for 8 + years. I have heard Folio is also a great option. Both are account sync w Bivio I have always had success in talking to someone at TDAM when we had a problem. Yes, it meant more paperwork but we were able to add an additional authorized partner to the list and much later when it turned out that TD had imported data from before 1991 which gave us an incorrect basis for one stock, all I had to do was talk to someone and email them an Excel spreadsheet with bivio's information to make things right. Don't give up on TDAM. Marcia Meltzer On Thu, Jun 2, 2016 at 10:17 PM, Ivor J. Hill <ijh@ijhill.com> wrote: We have had an account with initially TD Waterhouse and We had difficulties with Td about 2 years ago when 2 unauthorized checks were cashed through our account. We contacted TD about 4 times, phone calls and 2 walk in visits. Finally I contacted FINRA m sent a letter with documentation and they ordered TD to answer us within 30 days. Some of the money was recovered and the remainer was paid back . But no explanation of how it happened. Remember TD Brookerage does business through TD Bank a Canadian company, so you should touch base with both. Then consider FINRA and the Banking Dept , show proof of how long you had the account, where your money is coming from( member fees) etc, if you contact the authorities while you are working on clearing up the problem it will go faster. No one wants to be out of compliance. > Date: Fri, 3 Jun 2016 02:17:21 +0000 > From: ijh@ijhill.com > Subject: [club_cafe] TD AMERITRADE > To: club_cafe@bivio.com > > We have had an account with initially TD Waterhouse and > since the merger with TD Ameritrade since July 20, 2000. We > have been informed just last week that they have no record > of any member of our club having authorization for the club > even though I opened the original account. They have > actioned and charged for hundreds of transactions since we > opened the account and allowed the club to issue individual > checks for up to $10,000 and paid them without questioning > the signature. They say the account is now frozen. Is > anyone else having issues similar to ourselves with this > broker. Looks like anyone could have issued the checks to > themselves without even being challenged. Whilst I do not > want to hassle of moving the account we are prepared to do > so. Does anyone have other brokers that they can recommend? TD Ameritrade is an affiliate of TD Bank, but they don't have common controlling ownership. Ameritrade bought a majority interest in TD Waterhouse from the TD Bank Financial Group in 2006.renaming the combined companies as TD Ameritrade. Toronto Dominion Bank retains a 42% ownership interest in the parent of TD Ameritrade. TD Bank is not a Canadian company, but an American bank corporation based in Cherry Hill, NJ. It is a subsidiary of Toronto Dominion Bank which is a Canadian company. Ira Smilovitz On Fri, Jun 3, 2016 at 3:25 PM, MALIKIA GABAY <mgabay279@outlook.com> wrote:
Thank you for the clarification Ira but the fact still stands that you have to contact TD Ameritrade as well as TD Bank, and the bank seems to do things slowly. When having problems it is best to contact FINRA as well as the banking commission. They respond with notifying each to give a response usually within 30 days, They also follow up with you. Date: Fri, 3 Jun 2016 16:15:35 -0400 From: ira.smilovitz@gmail.com Subject: Re: [club_cafe] TD AMERITRADE To: club_cafe@bivio.com TD Ameritrade is an affiliate of TD Bank, but they don't have common controlling ownership. Ameritrade bought a majority interest in TD Waterhouse from the TD Bank Financial Group in 2006.renaming the combined companies as TD Ameritrade. Toronto Dominion Bank retains a 42% ownership interest in the parent of TD Ameritrade. TD Bank is not a Canadian company, but an American bank corporation based in Cherry Hill, NJ. It is a subsidiary of Toronto Dominion Bank which is a Canadian company. Ira Smilovitz On Fri, Jun 3, 2016 at 3:25 PM, MALIKIA GABAY <mgabay279@outlook.com> wrote:
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