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Schwab to buy TD Ameritrade

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Schwab to buy TD Ameritrade

There are numerous articles on this, and the deal is said to take place next year.

 

Here's the DoC article:  https://www.doctorofcredit.com/schwab-will-buy-td-ameritrade-brokerage/ 

 

I can't find any recent data points, but assuming TD Ameritrade is only a SP for a new account I might give it a go as a 'back door' into Schwab without the HP.  (I would have no issues going to Schwab through the 'front door', but I don't need the account immediately and I don't mind being patient.)

 

I'm fairly sure I had an account with Ameritrade back in the 90s, but when I tried to do a lookup of my user ID it didn't recognize my information so I guess it's safe to assume that account has been purged.

Message 1 of 16
15 REPLIES 15
Community Leader
Super Contributor

Re: Schwab to buy TD Ameritrade

How does this work when a mod creates another topic on same subject? Smiley LOL

 

https://ficoforums.myfico.com/t5/Credit-in-the-News/Schwab-to-buy-TD-Ameritrade-in-26B-deal/td-p/582...

Message 2 of 16
Moderator

Re: Schwab to buy TD Ameritrade


@simplynoir wrote:

How does this work when a mod creates another topic on same subject? Smiley LOL

 

https://ficoforums.myfico.com/t5/Credit-in-the-News/Schwab-to-buy-TD-Ameritrade-in-26B-deal/td-p/582...


The same way it would work if anybody else created a thread about using TD Ameritrade as a backdoor into Schwab.  If one just wants to post a link to news articles or discuss the merger itself as it relates to the articles, CIN is the correct place. Smiley Wink

Message 3 of 16
Moderator

Re: Schwab to buy TD Ameritrade


@UncleB wrote:

@simplynoir wrote:

How does this work when a mod creates another topic on same subject? Smiley LOL

 

https://ficoforums.myfico.com/t5/Credit-in-the-News/Schwab-to-buy-TD-Ameritrade-in-26B-deal/td-p/582...


The same way it would work if anybody else created a thread about using TD Ameritrade as a backdoor into Schwab.  If one just wants to post a link to news articles or discuss the merger itself as it relates to the articles, CIN is the correct place. Smiley Wink


Soooo, from one Mod to another Mod lol.  Assuming the deal goes through and regulators give it the green light (lots of hurdles to clear), I realize this would have some impacts related to cash management products.   I can only imagine the product restructuring given both brokerage platforms.  That said, I wonder if the TD Ameritrade Client Rewards CC would remain with TD Bank or change hands with another issuer?   Ok, so wishful thinking it goes with AmEx Smiley Tongue

Message 4 of 16
Moderator

Re: Schwab to buy TD Ameritrade


@FinStar wrote:

@UncleB wrote:

@simplynoir wrote:

How does this work when a mod creates another topic on same subject? Smiley LOL

 

https://ficoforums.myfico.com/t5/Credit-in-the-News/Schwab-to-buy-TD-Ameritrade-in-26B-deal/td-p/582...


The same way it would work if anybody else created a thread about using TD Ameritrade as a backdoor into Schwab.  If one just wants to post a link to news articles or discuss the merger itself as it relates to the articles, CIN is the correct place. Smiley Wink


Soooo, from one Mod to another Mod lol.  Assuming the deal goes through and regulators give it the green light (lots of hurdles to clear), I realize this would have some impacts related to cash management products.   I can only imagine the product restructuring given both brokerage platforms.  That said, I wonder if the TD Ameritrade Client Rewards CC would remain with TD Bank or change hands with another issuer?   Ok, so wishful thinking it goes with AmEx Smiley Tongue


Ooh... that's a great question - I was overlooking the TD Ameritrade Client Rewards CC completely!  Smiley Surprised

 

I've always figured at some point a Schwab Platinum will be in my future but of course a Schwab account is a prerequisite. I don't mind playing the long-game if it is advantageous (avoiding a HP isn't critical, but I'll take it).

Message 5 of 16
Moderator

Re: Schwab to buy TD Ameritrade


@UncleB wrote:

@FinStar wrote:

@UncleB wrote:

@simplynoir wrote:

How does this work when a mod creates another topic on same subject? Smiley LOL

 

https://ficoforums.myfico.com/t5/Credit-in-the-News/Schwab-to-buy-TD-Ameritrade-in-26B-deal/td-p/582...


The same way it would work if anybody else created a thread about using TD Ameritrade as a backdoor into Schwab.  If one just wants to post a link to news articles or discuss the merger itself as it relates to the articles, CIN is the correct place. Smiley Wink


Soooo, from one Mod to another Mod lol.  Assuming the deal goes through and regulators give it the green light (lots of hurdles to clear), I realize this would have some impacts related to cash management products.   I can only imagine the product restructuring given both brokerage platforms.  That said, I wonder if the TD Ameritrade Client Rewards CC would remain with TD Bank or change hands with another issuer?   Ok, so wishful thinking it goes with AmEx Smiley Tongue


Ooh... that's a great question - I was overlooking the TD Ameritrade Client Rewards CC completely!  Smiley Surprised

 

I've always figured at some point a Schwab Platinum will be in my future but of course a Schwab account is a prerequisite. I don't mind playing the long-game if it is advantageous (avoiding a HP isn't critical, but I'll take it).


There's definitely some known "unknowns", but I can honestly say that I never got a HP when I opened both the Schwab brokerage and investor checking accounts last year.  So, perhaps going through TD Ameritrade today as a 'backdoor' option may be more strategic if the HP is still part of their current SOP.   I'm still waiting for a targeted 100K MR offer for the Schwab Platinum (if I ever get to see one).   But, no complaints on the Schwab Investor AmEx Smiley Tongue

 

Although, I was interested in adding the TD Ameritrade Visa at one point, but not sure what its fate will be... whether it would continue to be serviced by TD Bank or transition to AmEX much like the Citi Hilton Reserve portfolio went to AmEx.

Message 6 of 16
Senior Contributor

Re: Schwab to buy TD Ameritrade


@UncleB wrote:

There are numerous articles on this, and the deal is said to take place next year.

 

Here's the DoC article:  https://www.doctorofcredit.com/schwab-will-buy-td-ameritrade-brokerage/ 

 

I can't find any recent data points, but assuming TD Ameritrade is only a SP for a new account I might give it a go as a 'back door' into Schwab without the HP.  (I would have no issues going to Schwab through the 'front door', but I don't need the account immediately and I don't mind being patient.)

 

I'm fairly sure I had an account with Ameritrade back in the 90s, but when I tried to do a lookup of my user ID it didn't recognize my information so I guess it's safe to assume that account has been purged.


I recently (past month) opened a Schwab brokerage account. I noticed on their website a line about "verifying identity" and figured that meant a credit pull so I called and the rep assured me it was only a SP on EQ. So I unlocked EQ and opened the account, no HP on EQ and TU & EX were locked so they couldn't HP them. And the ID verification was only 2 multiple choice questions, one about a street & one about a city I have lived on/in. Both were previous addresses on my EQ report, sometimes when opening a bank account I get questions going back 30+ years, obviously Lexis Nexis or similar.


Fico 08: 734/716/734 TU/EX/EQ
Message 7 of 16
Valued Contributor

Re: Schwab to buy TD Ameritrade

Interesting that ID verification is derived from public information that almost anyone could have access to...

Versus more personal info like SSN, or DL. Or the bank account that you're linking said account to, matching the info.

IDK

 

This meger seems too big to allow IMO. 






Message 8 of 16
Senior Contributor

Re: Schwab to buy TD Ameritrade


@Janus wrote:

Interesting that ID verification is derived from public information that almost anyone could have access to...

Versus more personal info like SSN, or DL. Or the bank account that you're linking said account to, matching the info.

IDK

 

This meger seems too big to allow IMO. 


Well of course you have to provide SSN & DOB, for one you have to certify that you're not subject to tax withholding from the IRS, although Schwab didn't ask for my DL# like most bank accounts do.And they did the two trial deposits to the bank account I linked to confirm I was the owner of the account.

I'm in my 60s so my info goes back many years, a recent bank account opening asked what state I lived in in 1963, and what city Hancock Street was located in - San Diego, where I lived from 1977-1983, but I never lived on that street, a business I was part owner of was located on that street, so that's digging pretty deep. That kind of personal info only comes from Lexis Nexis or similar, and something definitely only I would know.


Fico 08: 734/716/734 TU/EX/EQ
Message 9 of 16
Moderator

Re: Schwab to buy TD Ameritrade


@DaveInAZ wrote:

@UncleB wrote:

There are numerous articles on this, and the deal is said to take place next year.

 

Here's the DoC article:  https://www.doctorofcredit.com/schwab-will-buy-td-ameritrade-brokerage/ 

 

I can't find any recent data points, but assuming TD Ameritrade is only a SP for a new account I might give it a go as a 'back door' into Schwab without the HP.  (I would have no issues going to Schwab through the 'front door', but I don't need the account immediately and I don't mind being patient.)

 

I'm fairly sure I had an account with Ameritrade back in the 90s, but when I tried to do a lookup of my user ID it didn't recognize my information so I guess it's safe to assume that account has been purged.


I recently (past month) opened a Schwab brokerage account. I noticed on their website a line about "verifying identity" and figured that meant a credit pull so I called and the rep assured me it was only a SP on EQ. So I unlocked EQ and opened the account, no HP on EQ and TU & EX were locked so they couldn't HP them. And the ID verification was only 2 multiple choice questions, one about a street & one about a city I have lived on/in. Both were previous addresses on my EQ report, sometimes when opening a bank account I get questions going back 30+ years, obviously Lexis Nexis or similar.


That's interesting... historically Schwab has been a HP to open a brokerage account, with reports of such even just a few months ago.

 

If that's changed then my idea of opening an account with TD Ameritrade to work-around the HP is mostly moot. 

Message 10 of 16
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