TD Ameritrade withdrawal / transfer to a Schwab account
Kevin Gillogly on
I am sitting on hold with TD Ameritrade (over a 90 minute
wait currently). I tried the virtual assistant and the local
branch but the former was not helpful and the latter was a
big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process
a full withdrawal next week. We are going to transfer
appreciated stocks (two) and the remainder I will send to
her in the form of a check via certified mail. Withdrawing
partners does NOT have a TD Ameritrade account but she has a
Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to
a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade
account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly
Treasurer
Montgomery County (MD) Model Investment Club
Peter Dunkelberger on
After you log in to TDA, under the client services menu at the top , one of the drop down options on the far left is 'Messages". I have found TDA to be very responsive when contacted in this manner. I am sure they can answer your questions.
I am sitting on hold with TD Ameritrade (over a 90 minute
wait currently). I tried the virtual assistant and the local
branch but the former was not helpful and the latter was a
big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process
a full withdrawal next week. We are going to transfer
appreciated stocks (two) and the remainder I will send to
her in the form of a check via certified mail. Withdrawing
partners does NOT have a TD Ameritrade account but she has a
Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to
a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade
account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly
Treasurer
Montgomery County (MD) Model Investment Club
SB on
Consider using the secure communication area of the TDAmeritrade account. Response time has been about 24 hours and it is a lot less frustrating. Additionally, you get a record of what you were told.
I am sitting on hold with TD Ameritrade (over a 90 minute
wait currently). I tried the virtual assistant and the local
branch but the former was not helpful and the latter was a
big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process
a full withdrawal next week. We are going to transfer
appreciated stocks (two) and the remainder I will send to
her in the form of a check via certified mail. Withdrawing
partners does NOT have a TD Ameritrade account but she has a
Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to
a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade
account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly
Treasurer
Montgomery County (MD) Model Investment Club
William Waskosky on
Hi Kevin,
Our club has two members doing a full withdrawal and they both have TDAmeritrade accounts. We were going to just transfer stocks and cash to their accounts. I filled out the TDA transfer forms and tried to deliver them to the local branch in St. Paul Mn. but none of the local branches are open. So then I decided to fax the forms in with the Fax # that is on the form, not sure if anyone received the form because the transfer has not taken place yet (forms were faxed on Feb. 2). I then sent an email to support services though the TDA mail system and still waiting for a response. Normally they respond in 24 hours to any emails sent to Support services. The Member that is leaving had a direct line to one of the local agent so I called that # and talked to Reed. He stated that they have a backlog of orders and it might take some time. I was not happy with that response but what can a person do. I did try to call today to get a live person to look into the transfer but could not hold the 1 hour and 30 min.
Let us know if you have any luck talking to someone.
I am sitting on hold with TD Ameritrade (over a 90 minute
wait currently). I tried the virtual assistant and the local
branch but the former was not helpful and the latter was a
big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process
a full withdrawal next week. We are going to transfer
appreciated stocks (two) and the remainder I will send to
her in the form of a check via certified mail. Withdrawing
partners does NOT have a TD Ameritrade account but she has a
Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to
a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade
account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly
Treasurer
Montgomery County (MD) Model Investment Club
Consider using the secure communication area of the TDAmeritrade account. Response time has been about 24 hours and it is a lot less frustrating. Additionally, you get a record of what you were told.
I am sitting on hold with TD Ameritrade (over a 90 minute
wait currently). I tried the virtual assistant and the local
branch but the former was not helpful and the latter was a
big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process
a full withdrawal next week. We are going to transfer
appreciated stocks (two) and the remainder I will send to
her in the form of a check via certified mail. Withdrawing
partners does NOT have a TD Ameritrade account but she has a
Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to
a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade
account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly
Treasurer
Montgomery County (MD) Model Investment Club
Norman Gee on
Under "My Account", "Deposit & Transfer" then "Internal Transfer"
Our club has two members doing a full withdrawal and they both have TDAmeritrade accounts. We were going to just transfer stocks and cash to their accounts. I filled out the TDA transfer forms and tried to deliver them to the local branch in St. Paul Mn. but none of the local branches are open. So then I decided to fax the forms in with the Fax # that is on the form, not sure if anyone received the form because the transfer has not taken place yet (forms were faxed on Feb. 2). I then sent an email to support services though the TDA mail system and still waiting for a response. Normally they respond in 24 hours to any emails sent to Support services. The Member that is leaving had a direct line to one of the local agent so I called that # and talked to Reed. He stated that they have a backlog of orders and it might take some time. I was not happy with that response but what can a person do. I did try to call today to get a live person to look into the transfer but could not hold the 1 hour and 30 min.
Let us know if you have any luck talking to someone.
I am sitting on hold with TD Ameritrade (over a 90 minute
wait currently). I tried the virtual assistant and the local
branch but the former was not helpful and the latter was a
big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process
a full withdrawal next week. We are going to transfer
appreciated stocks (two) and the remainder I will send to
her in the form of a check via certified mail. Withdrawing
partners does NOT have a TD Ameritrade account but she has a
Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to
a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade
account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly
Treasurer
Montgomery County (MD) Model Investment Club
Joe Farrell on
Prior to the announced merger between TD Ameritrade and Schwab, I processed two withdrawals with stock transfers at TD Ameritrade, one was timely and correct; the other was delayed because the withdrawing partner did not want to comply with the partnership agreement that she helped draft and had signed.
Our partnership agreement requires that withdrawing partners must open (or already have) a brokerage account with the same broker that the partnership uses. We will not transfer to another brokerage and will hold the stocks to be transferred until the account is opened and any dividends belong to the club until the transfer is complete.
Consider using the secure communication area of the TDAmeritrade account. Response time has been about 24 hours and it is a lot less frustrating. Additionally, you get a record of what you were told.
I am sitting on hold with TD Ameritrade (over a 90 minute
wait currently). I tried the virtual assistant and the local
branch but the former was not helpful and the latter was a
big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process
a full withdrawal next week. We are going to transfer
appreciated stocks (two) and the remainder I will send to
her in the form of a check via certified mail. Withdrawing
partners does NOT have a TD Ameritrade account but she has a
Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to
a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade
account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly
Treasurer
Montgomery County (MD) Model Investment Club
Kevin Gillogly on
Thanks. I see that. But that seems to be for someone who already has a TDAmeritrade Account and not a Schwab account. Am I missing something?
Our club has two members doing a full withdrawal and they both have TDAmeritrade accounts. We were going to just transfer stocks and cash to their accounts. I filled out the TDA transfer forms and tried to deliver them to the local branch in St. Paul Mn. but none of the local branches are open. So then I decided to fax the forms in with the Fax # that is on the form, not sure if anyone received the form because the transfer has not taken place yet (forms were faxed on Feb. 2). I then sent an email to support services though the TDA mail system and still waiting for a response. Normally they respond in 24 hours to any emails sent to Support services. The Member that is leaving had a direct line to one of the local agent so I called that # and talked to Reed. He stated that they have a backlog of orders and it might take some time. I was not happy with that response but what can a person do. I did try to call today to get a live person to look into the transfer but could not hold the 1 hour and 30 min.
Let us know if you have any luck talking to someone.
I am sitting on hold with TD Ameritrade (over a 90 minute
wait currently). I tried the virtual assistant and the local
branch but the former was not helpful and the latter was a
big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process
a full withdrawal next week. We are going to transfer
appreciated stocks (two) and the remainder I will send to
her in the form of a check via certified mail. Withdrawing
partners does NOT have a TD Ameritrade account but she has a
Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to
a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade
account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly
Treasurer
Montgomery County (MD) Model Investment Club
Kevin Gillogly on
Joe,
This is more for my understanding of things. I finally got through to TD Ameritrade Customer Support. He is telling me that the individual initiates the request. That seems risky in that they could choose different stocks than the one we identified to transfer. I see on TD Ameritrade where I can do an "internal transfer" inside TD Ameritrade.
It seems straightforward: select which stocks I want to transfer in the "internal transfer" section. Then transfer to a different account. Put the account number and person's name in the appropriate box. Send it off.
That is not what I am getting from the TD Ameritrade rep I am talking to now.
Prior to the announced merger between TD Ameritrade and Schwab, I processed two withdrawals with stock transfers at TD Ameritrade, one was timely and correct; the other was delayed because the withdrawing partner did not want to comply with the partnership agreement that she helped draft and had signed.
Our partnership agreement requires that withdrawing partners must open (or already have) a brokerage account with the same broker that the partnership uses. We will not transfer to another brokerage and will hold the stocks to be transferred until the account is opened and any dividends belong to the club until the transfer is complete.
Consider using the secure communication area of the TDAmeritrade account. Response time has been about 24 hours and it is a lot less frustrating. Additionally, you get a record of what you were told.
I am sitting on hold with TD Ameritrade (over a 90 minute
wait currently). I tried the virtual assistant and the local
branch but the former was not helpful and the latter was a
big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process
a full withdrawal next week. We are going to transfer
appreciated stocks (two) and the remainder I will send to
her in the form of a check via certified mail. Withdrawing
partners does NOT have a TD Ameritrade account but she has a
Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to
a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade
account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly
Treasurer
Montgomery County (MD) Model Investment Club
Anat Spector on
That is why we request every member of our club, must have a personal td ameritrade account .
This is more for my understanding of things. I finally got through to TD Ameritrade Customer Support. He is telling me that the individual initiates the request. That seems risky in that they could choose different stocks than the one we identified to transfer. I see on TD Ameritrade where I can do an "internal transfer" inside TD Ameritrade.
It seems straightforward: select which stocks I want to transfer in the "internal transfer" section. Then transfer to a different account. Put the account number and person's name in the appropriate box. Send it off.
That is not what I am getting from the TD Ameritrade rep I am talking to now.
Prior to the announced merger between TD Ameritrade and Schwab, I processed two withdrawals with stock transfers at TD Ameritrade, one was timely and correct; the other was delayed because the withdrawing partner did not want to comply with the partnership agreement that she helped draft and had signed.
Our partnership agreement requires that withdrawing partners must open (or already have) a brokerage account with the same broker that the partnership uses. We will not transfer to another brokerage and will hold the stocks to be transferred until the account is opened and any dividends belong to the club until the transfer is complete.
Consider using the secure communication area of the TDAmeritrade account. Response time has been about 24 hours and it is a lot less frustrating. Additionally, you get a record of what you were told.
I am sitting on hold with TD Ameritrade (over a 90 minute
wait currently). I tried the virtual assistant and the local
branch but the former was not helpful and the latter was a
big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process
a full withdrawal next week. We are going to transfer
appreciated stocks (two) and the remainder I will send to
her in the form of a check via certified mail. Withdrawing
partners does NOT have a TD Ameritrade account but she has a
Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to
a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade
account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly
Treasurer
Montgomery County (MD) Model Investment Club
Lisa Robertson on
I think you should ask for the form used to donate stock to a charity. There is no difference in the transfer process for TD Ameritrade if the brokerage firm the stock is being transferred to belongs to a charity or a person. I think the form is the same as well.
Lisa Robertson
On 02/08/2021 11:40 AM Kevin Gillogly via bivio.com <user*9886100001@bivio.com> wrote:
Joe,
This is more for my understanding of things. I finally got through to TD Ameritrade Customer Support. He is telling me that the individual initiates the request. That seems risky in that they could choose different stocks than the one we identified to transfer. I see on TD Ameritrade where I can do an "internal transfer" inside TD Ameritrade.
It seems straightforward: select which stocks I want to transfer in the "internal transfer" section. Then transfer to a different account. Put the account number and person's name in the appropriate box. Send it off.
That is not what I am getting from the TD Ameritrade rep I am talking to now.
Prior to the announced merger between TD Ameritrade and Schwab, I processed two withdrawals with stock transfers at TD Ameritrade, one was timely and correct; the other was delayed because the withdrawing partner did not want to comply with the partnership agreement that she helped draft and had signed.
Our partnership agreement requires that withdrawing partners must open (or already have) a brokerage account with the same broker that the partnership uses. We will not transfer to another brokerage and will hold the stocks to be transferred until the account is opened and any dividends belong to the club until the transfer is complete.
Consider using the secure communication area of the TDAmeritrade account. Response time has been about 24 hours and it is a lot less frustrating. Additionally, you get a record of what you were told.
I am sitting on hold with TD Ameritrade (over a 90 minute
wait currently). I tried the virtual assistant and the local
branch but the former was not helpful and the latter was a
big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process
a full withdrawal next week. We are going to transfer
appreciated stocks (two) and the remainder I will send to
her in the form of a check via certified mail. Withdrawing
partners does NOT have a TD Ameritrade account but she has a
Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to
a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade
account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly
Treasurer
Montgomery County (MD) Model Investment Club
Kevin Gillogly on
Lisa,
That is the form they sent over to me. Joe mentioned it is straightforward. It seems to be. I had the account rep walk me through the different lines of the form but what you said Lisa matches what their rep told me.
I think I am set.
Thanks to all who have responded. Much appreciated.
I think you should ask for the form used to donate stock to a charity. There is no difference in the transfer process for TD Ameritrade if the brokerage firm the stock is being transferred to belongs to a charity or a person. I think the form is the same as well.
This is more for my understanding of things. I finally got through to TD Ameritrade Customer Support. He is telling me that the individual initiates the request. That seems risky in that they could choose different stocks than the one we identified to transfer. I see on TD Ameritrade where I can do an "internal transfer" inside TD Ameritrade.
It seems straightforward: select which stocks I want to transfer in the "internal transfer" section. Then transfer to a different account. Put the account number and person's name in the appropriate box. Send it off.
That is not what I am getting from the TD Ameritrade rep I am talking to now.
Prior to the announced merger between TD Ameritrade and Schwab, I processed two withdrawals with stock transfers at TD Ameritrade, one was timely and correct; the other was delayed because the withdrawing partner did not want to comply with the partnership agreement that she helped draft and had signed.
Our partnership agreement requires that withdrawing partners must open (or already have) a brokerage account with the same broker that the partnership uses. We will not transfer to another brokerage and will hold the stocks to be transferred until the account is opened and any dividends belong to the club until the transfer is complete.
Consider using the secure communication area of the TDAmeritrade account. Response time has been about 24 hours and it is a lot less frustrating. Additionally, you get a record of what you were told.
I am sitting on hold with TD Ameritrade (over a 90 minute
wait currently). I tried the virtual assistant and the local
branch but the former was not helpful and the latter was a
big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process
a full withdrawal next week. We are going to transfer
appreciated stocks (two) and the remainder I will send to
her in the form of a check via certified mail. Withdrawing
partners does NOT have a TD Ameritrade account but she has a
Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to
a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade
account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly
Treasurer
Montgomery County (MD) Model Investment Club
Susan McClay on
My two cents' worth. I'm not associated with a brokerage firm, but I was curious several years ago after speaking with a TDAmeritrade representative when our club transferred stocks to a withdrawing member. I think I have this right.
"ACATS" stands for Automated Customer Account Transfer Service and is a system that facilitates the transfer of securities from one account to another at a different brokerage firm.
When securities are transferred from one brokerage firm to another, the account name and tax ID number on the transferring and receiving accounts must match. Thus, an investment club can transfer its account to another brokerage firm because that information will be the same on both accounts. But, it cannot transfer securities to a withdrawing member whose account is at a different brokerage firm because the identifying information on the two accounts will not match.
The identifying information need not match on the two accounts if the transfer is within the same brokerage firm--ACATS doesn't apply. That's why the process is that the investment club transfers securities from its account at Broker A to its withdrawing member's account at Broker A (different identifying information). The withdrawing member then transfers the securities from Broker A to Broker B (matching identifying information).
This is not a particular brokerage firm's rule but, rather, is a standardized rule to which all brokers adhere.
I do not know whether TDAmeritrade and Schwab are now considered a single broker or two.
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Kevin Gillogly via bivio.com Sent: Monday, February 8, 2021 3:32 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] TD Ameritrade withdrawal / transfer to a Schwab account
Lisa,
That is the form they sent over to me. Joe mentioned it is straightforward. It seems to be. I had the account rep walk me through the different lines of the form but what you said Lisa matches what their rep told me.
I think I am set.
Thanks to all who have responded. Much appreciated.
I think you should ask for the form used to donate stock to a charity. There is no difference in the transfer process for TD Ameritrade if the brokerage firm the stock is being transferred to belongs to a charity or a person. I think the form is the same as well.
This is more for my understanding of things. I finally got through to TD Ameritrade Customer Support. He is telling me that the individual initiates the request. That seems risky in that they could choose different stocks than the one we identified to transfer. I see on TD Ameritrade where I can do an "internal transfer" inside TD Ameritrade.
It seems straightforward: select which stocks I want to transfer in the "internal transfer" section. Then transfer to a different account. Put the account number and person's name in the appropriate box. Send it off.
That is not what I am getting from the TD Ameritrade rep I am talking to now.
Prior to the announced merger between TD Ameritrade and Schwab, I processed two withdrawals with stock transfers at TD Ameritrade, one was timely and correct; the other was delayed because the withdrawing partner did not want to comply with the partnership agreement that she helped draft and had signed.
Our partnership agreement requires that withdrawing partners must open (or already have) a brokerage account with the same broker that the partnership uses. We will not transfer to another brokerage and will hold the stocks to be transferred until the account is opened and any dividends belong to the club until the transfer is complete.
Consider using the secure communication area of the TDAmeritrade account. Response time has been about 24 hours and it is a lot less frustrating. Additionally, you get a record of what you were told.
I am sitting on hold with TD Ameritrade (over a 90 minute wait currently). I tried the virtual assistant and the local branch but the former was not helpful and the latter was a big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process a full withdrawal next week. We are going to transfer appreciated stocks (two) and the remainder I will send to her in the form of a check via certified mail. Withdrawing partners does NOT have a TD Ameritrade account but she has a Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly Treasurer Montgomery County (MD) Model Investment Club
ira smilovitz on
Susan's explanation matches my experience with various types of transfers. The only exception appears to be transfers to charities - that is the only situation where I have never seen a problem transferring between brokers whether I was on the sending side or the receiving side.
My two cents' worth. I'm not associated with a brokerage firm, but I was curious several years ago after speaking with a TDAmeritrade representative when our club transferred stocks to a withdrawing member. I think I have this right.
"ACATS" stands for Automated Customer Account Transfer Service and is a system that facilitates the transfer of securities from one account to another at a different brokerage firm.
When securities are transferred from one brokerage firm to another, the account name and tax ID number on the transferring and receiving accounts must match. Thus, an investment club can transfer its account to another brokerage firm because that information will be the same on both accounts. But, it cannot transfer securities to a withdrawing member whose account is at a different brokerage firm because the identifying information on the two accounts will not match.
The identifying information need not match on the two accounts if the transfer is within the same brokerage firm--ACATS doesn't apply. That's why the process is that the investment club transfers securities from its account at Broker A to its withdrawing member's account at Broker A (different identifying information). The withdrawing member then transfers the securities from Broker A to Broker B (matching identifying information).
This is not a particular brokerage firm's rule but, rather, is a standardized rule to which all brokers adhere.
I do not know whether TDAmeritrade and Schwab are now considered a single broker or two.
That is the form they sent over to me. Joe mentioned it is straightforward. It seems to be. I had the account rep walk me through the different lines of the form but what you said Lisa matches what their rep told me.
I think I am set.
Thanks to all who have responded. Much appreciated.
I think you should ask for the form used to donate stock to a charity. There is no difference in the transfer process for TD Ameritrade if the brokerage firm the stock is being transferred to belongs to a charity or a person. I think the form is the same as well.
This is more for my understanding of things. I finally got through to TD Ameritrade Customer Support. He is telling me that the individual initiates the request. That seems risky in that they could choose different stocks than the one we identified to transfer. I see on TD Ameritrade where I can do an "internal transfer" inside TD Ameritrade.
It seems straightforward: select which stocks I want to transfer in the "internal transfer" section. Then transfer to a different account. Put the account number and person's name in the appropriate box. Send it off.
That is not what I am getting from the TD Ameritrade rep I am talking to now.
Prior to the announced merger between TD Ameritrade and Schwab, I processed two withdrawals with stock transfers at TD Ameritrade, one was timely and correct; the other was delayed because the withdrawing partner did not want to comply with the partnership agreement that she helped draft and had signed.
Our partnership agreement requires that withdrawing partners must open (or already have) a brokerage account with the same broker that the partnership uses. We will not transfer to another brokerage and will hold the stocks to be transferred until the account is opened and any dividends belong to the club until the transfer is complete.
Consider using the secure communication area of the TDAmeritrade account. Response time has been about 24 hours and it is a lot less frustrating. Additionally, you get a record of what you were told.
I am sitting on hold with TD Ameritrade (over a 90 minute wait currently). I tried the virtual assistant and the local branch but the former was not helpful and the latter was a big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process a full withdrawal next week. We are going to transfer appreciated stocks (two) and the remainder I will send to her in the form of a check via certified mail. Withdrawing partners does NOT have a TD Ameritrade account but she has a Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly Treasurer Montgomery County (MD) Model Investment Club
jeri1717 on
Susan,
Thank you for such clear and detailed information!
Jeri Morgan, Mutual Investors Group of Cheney WA
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Susan McClay via bivio.com Sent: Monday, February 8, 2021 12:40 PM To: club_cafe@bivio.com Subject: RE: [club_cafe] TD Ameritrade withdrawal / transfer to a Schwab account
My two cents' worth. I'm not associated with a brokerage firm, but I was curious several years ago after speaking with a TDAmeritrade representative when our club transferred stocks to a withdrawing member. I think I have this right.
"ACATS" stands for Automated Customer Account Transfer Service and is a system that facilitates the transfer of securities from one account to another at a different brokerage firm.
When securities are transferred from one brokerage firm to another, the account name and tax ID number on the transferring and receiving accounts must match. Thus, an investment club can transfer its account to another brokerage firm because that information will be the same on both accounts. But, it cannot transfer securities to a withdrawing member whose account is at a different brokerage firm because the identifying information on the two accounts will not match.
The identifying information need not match on the two accounts if the transfer is within the same brokerage firm--ACATS doesn't apply. That's why the process is that the investment club transfers securities from its account at Broker A to its withdrawing member's account at Broker A (different identifying information). The withdrawing member then transfers the securities from Broker A to Broker B (matching identifying information).
This is not a particular brokerage firm's rule but, rather, is a standardized rule to which all brokers adhere.
I do not know whether TDAmeritrade and Schwab are now considered a single broker or two.
From:club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Kevin Gillogly via bivio.com Sent: Monday, February 8, 2021 3:32 PM To:club_cafe@bivio.com Subject: Re: [club_cafe] TD Ameritrade withdrawal / transfer to a Schwab account
Lisa,
That is the form they sent over to me. Joe mentioned it is straightforward. It seems to be. I had the account rep walk me through the different lines of the form but what you said Lisa matches what their rep told me.
I think I am set.
Thanks to all who have responded. Much appreciated.
I think you should ask for the form used to donate stock to a charity. There is no difference in the transfer process for TD Ameritrade if the brokerage firm the stock is being transferred to belongs to a charity or a person. I think the form is the same as well.
This is more for my understanding of things. I finally got through to TD Ameritrade Customer Support. He is telling me that the individual initiates the request. That seems risky in that they could choose different stocks than the one we identified to transfer. I see on TD Ameritrade where I can do an "internal transfer" inside TD Ameritrade.
It seems straightforward: select which stocks I want to transfer in the "internal transfer" section. Then transfer to a different account. Put the account number and person's name in the appropriate box. Send it off.
That is not what I am getting from the TD Ameritrade rep I am talking to now.
Prior to the announced merger between TD Ameritrade and Schwab, I processed two withdrawals with stock transfers at TD Ameritrade, one was timely and correct; the other was delayed because the withdrawing partner did not want to comply with the partnership agreement that she helped draft and had signed.
Our partnership agreement requires that withdrawing partners must open (or already have) a brokerage account with the same broker that the partnership uses. We will not transfer to another brokerage and will hold the stocks to be transferred until the account is opened and any dividends belong to the club until the transfer is complete.
Consider using the secure communication area of the TDAmeritrade account. Response time has been about 24 hours and it is a lot less frustrating. Additionally, you get a record of what you were told.
I am sitting on hold with TD Ameritrade (over a 90 minute wait currently). I tried the virtual assistant and the local branch but the former was not helpful and the latter was a big circus which got me back to the national 800 number.
So while I am waiting here are my questions. I will process a full withdrawal next week. We are going to transfer appreciated stocks (two) and the remainder I will send to her in the form of a check via certified mail. Withdrawing partners does NOT have a TD Ameritrade account but she has a Schwab account. Schwab has acquired TD Ameritrade.
Has anyone here done a stock transfer from TD Ameritrade to a Schwab account?
Were there any fees involved?
Should I ask withdrawing partner to open a TD Ameritrade account to facilitate?
Any questions I should ask when I finally get a live person?
Thanks
Kevin Gillogly Treasurer Montgomery County (MD) Model Investment Club