cancel
Showing results for 
Search instead for 
Did you mean: 

Schwab to buy TD Ameritrade

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Moderator

Re: Schwab to buy TD Ameritrade


@UncleB wrote:

@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. 


@UncleB  I opened one a month or two ago and no HP.. Just a brokerage account no HP.. I didnt open a margin account of a high yield checking account though as margin account will certainly get you a HP along with I believe the checking account.  Weird thing is today they solicated me for a checking account by email the main reason i didnt want a checking account with them is a few reasons already have a cash management account with fidelity which is the exact same thing and second they are VERY chexs sensitive...Also have schwab investors Amex card (don't think i ever did a post about it at 10k) and left door open for schwab amex if i ever need to cash out mr's at 1.25 cents

 

Email today about Checking account:

 

Thank you for choosing Schwab and opening your Schwab One® brokerage account. Complement your investing experience by linking your new brokerage account to a Schwab Bank High Yield Investor Checking® account so you can take advantage of the account benefits it offers
 
Quick and easy access and transfer of funds
Unlimited ATM fee rebates worldwide1
No foreign transaction fees2
No minimum balances or account service fees3
Digital wallets for Apple Pay®, Google Pay, Samsung Pay, and Microsoft Wallet4
Message 11 of 16
Moderator

Re: Schwab to buy TD Ameritrade


@CreditCuriosity wrote:

@UncleB wrote:

@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. 


@UncleB  I opened one a month or two ago and no HP.. Just a brokerage account no HP.. I didnt open a margin account of a high yield checking account though as margin account will certainly get you a HP along with I believe the checking account.  Weird thing is today they solicated me for a checking account by email the main reason i didnt want a checking account with them is a few reasons already have a cash management account with fidelity which is the exact same thing and second they are VERY chexs sensitive...Also have schwab investors Amex card (don't think i ever did a post about it at 10k) and left door open for schwab amex if i ever need to cash out mr's at 1.25 cents

 

Email today about Checking account:

 

Thank you for choosing Schwab and opening your Schwab One® brokerage account. Complement your investing experience by linking your new brokerage account to a Schwab Bank High Yield Investor Checking® account so you can take advantage of the account benefits it offers
 
Quick and easy access and transfer of funds
Unlimited ATM fee rebates worldwide1
No foreign transaction fees2
No minimum balances or account service fees3
Digital wallets for Apple Pay®, Google Pay, Samsung Pay, and Microsoft Wallet4

Ah, gotcha... the checking account and margin are what gets the HP.

 

If I understand correctly having the checking account makes the brokerage account fee-free with no minimum balance? 

 

I'm actually more inerested in the checking than the brokerage at this point (and of course the entire point is to be eligible for the Schwab Platinum).  My MR balance is a pittance compared to many on here so there's certainly no urgency, I'm just trying to make sure I've explored every angle in advance. Smiley Happy

 

My Chex should be completely clean... the last time I opened a deposit account was when I joined NFCU in 2015 and opened the savings account they require for membership.  I should probably take a look at it anyway just to make sure, though.

Message 12 of 16
Senior Contributor

Re: Schwab to buy TD Ameritrade


@CreditCuriosity wrote:

@UncleB  I opened one a month or two ago and no HP.. Just a brokerage account no HP.. I didnt open a margin account of a high yield checking account though as margin account will certainly get you a HP along with I believe the checking account.  Weird thing is today they solicated me for a checking account by email the main reason i didnt want a checking account with them is a few reasons already have a cash management account with fidelity which is the exact same thing and second they are VERY chexs sensitive...Also have schwab investors Amex card (don't think i ever did a post about it at 10k) and left door open for schwab amex if i ever need to cash out mr's at 1.25 cents . . .

 

Maybe that's why no HP for me, I just opened Brokerage account and specifically declined Margin and Checking, perhaps that's similar to declining Overdraft on a Bank account to make sure there's no HP. And Schwab's "High Yield Investor Checking" only pays .15%, easy to pass on, and you can link external accounts directly to the Brokerage account for transferring funds in & out.


Fico 08: 734/716/734 TU/EX/EQ
Message 13 of 16
Moderator

Re: Schwab to buy TD Ameritrade


@UncleB wrote:

@CreditCuriosity wrote:

@UncleB wrote:

@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. 


@UncleB  I opened one a month or two ago and no HP.. Just a brokerage account no HP.. I didnt open a margin account of a high yield checking account though as margin account will certainly get you a HP along with I believe the checking account.  Weird thing is today they solicated me for a checking account by email the main reason i didnt want a checking account with them is a few reasons already have a cash management account with fidelity which is the exact same thing and second they are VERY chexs sensitive...Also have schwab investors Amex card (don't think i ever did a post about it at 10k) and left door open for schwab amex if i ever need to cash out mr's at 1.25 cents

 

Email today about Checking account:

 

Thank you for choosing Schwab and opening your Schwab One® brokerage account. Complement your investing experience by linking your new brokerage account to a Schwab Bank High Yield Investor Checking® account so you can take advantage of the account benefits it offers
 
Quick and easy access and transfer of funds
Unlimited ATM fee rebates worldwide1
No foreign transaction fees2
No minimum balances or account service fees3
Digital wallets for Apple Pay®, Google Pay, Samsung Pay, and Microsoft Wallet4

Ah, gotcha... the checking account and margin are what gets the HP.

 

If I understand correctly having the checking account makes the brokerage account fee-free with no minimum balance? 

 

I'm actually more inerested in the checking than the brokerage at this point (and of course the entire point is to be eligible for the Schwab Platinum).  My MR balance is a pittance compared to many on here so there's certainly no urgency, I'm just trying to make sure I've explored every angle in advance. Smiley Happy

 

My Chex should be completely clean... the last time I opened a deposit account was when I joined NFCU in 2015 and opened the savings account they require for membership.  I should probably take a look at it anyway just to make sure, though.


Brokerage account is fee free regardless i have a whopping 25 sitting with them atm.. Deciding whether to use them or Merrill edge as just transferred my 403b from old company to IRA to get the **bleep** PR card and also be preferred rewards client.  Sent the check monday to them being Merrill for rollover IRA.  I can care less who has my rollover IRA money if all fees are basically the same.

 

You are good with opening Schwab account i believe with min 10 dollars?  Might of been $25, but ill move more to their when i bonus to do so "fun" trading. 

Message 14 of 16
Moderator

Re: Schwab to buy TD Ameritrade


@CreditCuriosity wrote:


Brokerage account is fee free regardless i have a whopping 25 sitting with them atm.. Deciding whether to use them or Merrill edge as just transferred my 403b from old company to IRA to get the **bleep** PR card and also be preferred rewards client.  Sent the check monday to them being Merrill for rollover IRA.  I can care less who has my rollover IRA money if all fees are basically the same.

 

You are good with opening Schwab account i believe with min 10 dollars?  Might of been $25, but ill move more to their when i bonus to do so "fun" trading. 


Oh, this is welcome news, indeed!  Smiley Happy  Just goes to show that things can change quickly in the credit/financial world! Smiley Surprised

 

I did 'fun' trading back in the 90s, and by 'fun' I mean no serious money involved - I'm fairly sure I never had much more than $1k invested in stock at any given time.  I generally chose well; my stock nearly always increased in value, yet due to the tiny amounts the fees likely made it a wash.  The point at the time was entertainment, education, and to see how I would do if I had "real" money to invest. 

 

IIRC I started with Sharebuilder (buying fractional shares) and I eventually transferred to (I think?) Ameritrade.  I was mostly 'buy and hold' but even not being an active trader any gains went to fees due to the small amounts I was working with. 

 

I might get back into it at some point, but for now I value having liquid cash in a local deposit account.  Keeping a minimum balance in a bank also gets some minor perks (I qualify for no monthly fee on the account that has freebies like MOs and cashier's checks) but once I reach my savings goal I plan to expand my horizons a bit.

Message 15 of 16
Super Contributor

Re: Schwab to buy TD Ameritrade


@CreditCuriosity wrote:

@UncleB wrote:

@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. 


@UncleB  I opened one a month or two ago and no HP.. Just a brokerage account no HP.. I didnt open a margin account of a high yield checking account though as margin account will certainly get you a HP along with I believe the checking account.  Weird thing is today they solicated me for a checking account by email the main reason i didnt want a checking account with them is a few reasons already have a cash management account with fidelity which is the exact same thing and second they are VERY chexs sensitive...Also have schwab investors Amex card (don't think i ever did a post about it at 10k) and left door open for schwab amex if i ever need to cash out mr's at 1.25 cents

 

Email today about Checking account:

 

Thank you for choosing Schwab and opening your Schwab One® brokerage account. Complement your investing experience by linking your new brokerage account to a Schwab Bank High Yield Investor Checking® account so you can take advantage of the account benefits it offers
 
Quick and easy access and transfer of funds
Unlimited ATM fee rebates worldwide1
No foreign transaction fees2
No minimum balances or account service fees3
Digital wallets for Apple Pay®, Google Pay, Samsung Pay, and Microsoft Wallet4

Just a DP if anyone needs it? .. I just opened a High Yield Checking Account, as I had always used My brokerage account,

with checking and debit card features. No HP . but keep in mind I have almost 10 accounts,

LLC, Inherited IRA, Roth IRA, 401K Rollover, Brokerage Acct. Joint Account, and 3 custodial accts. and now high yield acct.

 

I just linked a Penfed Premium Online Savings acct. to Schwab. Penfed Premium Savings is currently paying 1.70% (No Minimum)

yes I know there are 2% accounts out there. Penfed seems to do immediate ACH transfers. with some of my Other Bank/CU accounts.

 

 

 

Message 16 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.