The recent acquisition of TD Ameritrade by Charles Schwab has sparked a lively discussion among users who have found themselves migrated to Schwab’s brokerage platform.
Let’s delve into the key points raised by users to provide a comprehensive view of the transition.
Complaints about Schwab’s website and app
One of the most common complaints is about Schwab’s website and app.
Some customers find them woefully inadequate compared to the old TD Ameritrade app.
They also say the website is difficult to navigate and the app lacks features.
The Schwab app is absolute garbage. I open the TDA app and have all the info I need at a quick glance, not Schwab.
Thinkorswim is the only reason I’m staying with Schwab, otherwise, my transfer to Fidelity would already be done. Schwab bought TD for thinkorswim, good move on their part in that regard, but it didn’t stop an exodus of TD’s user money out from Schwab.
Complaints about Schwab’s lack of certain products and services
Some users expressed disappointment at losing certain features and products that TD Ameritrade had offered.
The ThinkorSwim Advantage
It is important to note that these are just some of the complaints that have been voiced by TD Ameritrade customers.
There are also many customers who are happy with the transition to Schwab.
Undoubtedly, one of the major draws for many users to Schwab is the inclusion of the ThinkOrSwim platform.
This feature alone has been pivotal in retaining a portion of TD Ameritrade’s user base.
When I transferred cash over, TD let me spend it on stocks just a few minutes later. Charles Schwab makes me wait three days. Hate it.
On Schwab, I don’t like having to have multiple screens open for real time quotes. I want to see my total portfolio balances at the same time as real time quotes. I want to see the current price of the underlying stock of covered calls and cash secure puts.
I have no idea how close I am to getting assigned without opening 3 separate screens. These are just a few of the things I dislike about Schwab after being transferred from TDA on September 5th.
I have tried for the past two weeks to “just get used to it.” Well, I’m pretty “used to it,” and it still lacks what I consider basics. They are losing a large TDA client base by not comparing the two systems prior to the transition. Just my opinion based on my experiences.
Transfered over the Labor Day weekend. Still getting used to it. Only use the desktop version and so far Schwab is not nearly as intuitive as TDA. I’ll give it a few more weeks so I know I’m over the learning curve and see. My problem is another broker may be the same or worse.
I have run an investment club since 2005, first with Scottrade, then with Ameritrade. It is a very simple operation and both companies allowed me to transfer funds to my bank account to reimburse club members leaving or reducing their exposure.
Then I end up with Schwab. Someone left the club and Scwab refused to send the money to my bank account claiming that I had to have an account in the club’s name. I actually tried to set up such an account, but banks want to view the club as a company which it is not.
Schwab tells me that they don’t have an “investment club product”. Then they shouldn’t have accepted this account in the first place. As it is, I have spent three months trying to access the account and have had to pay someone who left the club from my personal funds.
Seriously, what is the downside of them transferring funds to my personal account? Schwab is excessively bureaucratic and has no sense of customer service. I have three accounts with them and am transferring them to Vanguard.
I agree Schwab portal and app are way worse than TD. Every day I find things that were easy on TD are impossible on Schwab. Simple things like sorting on daily position changes, export of the daily balances to put in my analysis.
Schwab should have moved everyone to TD, not the other way around.
Looking for a new brokerage account.
Former TD customer who was sold into slavery at Schwab. I am leaving this Fred Flinstone trading comp[any