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Why Do Some TD Ameritrade Customers Hate Schwab?

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.

When Schwab bought TDA, I opened an account with Schwab to get used to it. I find both the website and app lacking. The website is okay. It just takes a bit to get used to different navigation styles.

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.

As a buy and hold investor, I bought frequently enough to be qualified under TD Ameritrade’s active trader, and there were various additional products I received for free for nearly a decade that I’m going to be losing and be out of. Schwab hasn’t offered anything.

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.

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13 thoughts on “Why Do Some TD Ameritrade Customers Hate Schwab?

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. I find it bizarre the phone app cannot sort positions by day-gain. It’s what everyone checks first: top gainers and losers for the day. TD also presented a consolidated view when holding the same stock in multiple accounts. Even the Schwab desktop web site apparently cannot do this. This practically necessitates using a 3rd party tool which can present a consolidated view. There does not appear to be anything like GainsKeeper. I want to check my income/loss within taxable accounts in real time, not wait for Schwab to make a 1099 annually. Schwab has never heard of tax-loss harvesting and planning of same?

    If you’re leaving Schwab, where are you going? On some levels, their site does the job. Fidelity somewhat better than Schwab perhaps. I have an HSA at Fidelity and while I always missed some of the TD tools, I cannot say Fidelity has been terrible but I also wuld not say it’s near TD. Fidelity does have a nifty feature to click a position and have it expand to show all purchase lots. Interactive Brokers was repellently unintelligible to me.
    As @Doug said, what would actually be better?

  7. Evan, same comments from me. The consolidated view does not seem like it should be that hard. I finally found out they have this on their website but not the app. That amazes me.

    I also hate that I cannot get any kind of summary view other than small, mid, or large cap, domestic or foreign. Find me a publicly traded “domestic” symbol worth investing in! Everyone is global now, get rid of this archaic view. I want to see at a glance, from the app, stocks by sector. I’ve been asking for it with then for months, no joy.

    The TDA app was so intuitive yet feature rich. I rarely if ever needed the website. The Schwab app is absolute trash. The website not much better. I’ve been stuck on the sidelines for the last 3+ months and will be changing brokerages as soon as I find an option similar to TDA. Fidelity isn’t it.

  8. Ones can add me to the list, I do not like Schwab since transfer from TD Ameritrade. TD Ameritrade is 500 times better website than Schwab, and I honest come to believe Schwab is mismanged with comes to customer care, they don’t seem to care. Be on website, navigate to another area like Transactions, and website will crash. Sign back in crashes again. Done that 3 times, call Customer care, explain to member issues, places me on-hold another member comes online like where did the person was talking with go, she has no clue, and she disconnects call – Really Schwab, and you call yourself – Quality Customer Service is a JOKE! I will be leaving Schwab because of their senseless management, terrible navigating website, and bottomline reason – They don’t seem to care unless you have at least a million in an account – well too bad I am not J.R. Ewing of Ewing Oil of Dallas.

  9. Why oh why couldn’t they just let TD people keep what we had…I am so confused using the Schwab account..I’m going to have to go in to have someone show me how the hell to navigate. Everything is so foreign to me which is unfair when we were loyal TD customers for years….give us back our platform…

  10. total Chaos… the ONE thing I cant live with out is conditional order…. swab says they have it but 3 of their people could not show me how to: once……. a condional order that will let me sell my stock position when when the index hit a certain price….. oh well it might be me unable to tell them I want sell a put option or short etf….when the index hits a certain price. Or buy a certain stock or option when the index hits a price. Oh well I will keep looking for a firm that will.

  11. Dang! Did not know so many share my dislike (hate) for Schwab. I am on old guy with vision impairment. The website is terrible (I am being generous). I will try to make sense of Thinkorswim but past efforts just frustrated me. Schwab does too. I may just cash in my account. Does anybody know of a decent broker?

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