HSA Bank - TD Ameritrade charging commission.

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gilgamesh
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HSA Bank - TD Ameritrade charging commission.

Post by gilgamesh » Tue Jul 19, 2016 6:50 pm

I recently moved my HSA account into HSA bank so I can invest in Commision free Vanguard funds with TD Ameritrade. They have a list of 'Commision free' ETF's. I picked mine from the list. But, they have charged be $9.99 for each transaction. The office is currently closed. So, I thought Id ask the board whether this is normal. I thought this will truly be Commision free, I am not happy.

UPDATE: when I made the phone call, TD Ameritrade offered to refund the entire Commision even without me asking. In fact they'll update the account as if though the Commision was in the market from the day I made the transaction to date. It was a painless process. I am impressed.
Last edited by gilgamesh on Wed Jul 20, 2016 4:49 pm, edited 1 time in total.

student
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Re: HSA Bank - TD Ameritrade charging commission.

Post by student » Tue Jul 19, 2016 6:58 pm

gilgamesh wrote:I recently moved my HSA account into HSA bank so I can invest in Commision free Vanguard funds with TD Ameritrade. They have a list of 'Commision free' ETF's. I picked mine from the list. But, they have charged be $9.99 for each transaction. The office is currently closed. So, I thought Id ask the board whether this is normal. I thought this will truly be Commision free, I am not happy.
To use the TD Ameritrade commission free ETF, you need to activate it. It is not on by default. I have heard that if you call them, they will activate it for you and reimburse the $9.99.

nyblitz
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Re: HSA Bank - TD Ameritrade charging commission.

Post by nyblitz » Tue Jul 19, 2016 7:02 pm

On my reading of others' experiences, you need to search TD's website for a link about commission free trades to sign up for the free trades.

Otherwise they will charge you.

livesoft
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Re: HSA Bank - TD Ameritrade charging commission.

Post by livesoft » Tue Jul 19, 2016 9:04 pm

Yes, follow the rules clearly explained on the TDAmeritrade web site BEFORE you make trades.
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TimeRunner
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Re: HSA Bank - TD Ameritrade charging commission.

Post by TimeRunner » Tue Jul 19, 2016 9:18 pm

Take note of footnote #2: "To trade commission-free ETF's, you must be enrolled in the program. If you sell an eligible ETF within 30 days of it being purchased commission-free, a short-term trading fee will apply."

http://www.tdameritraderetirement.com/forms/ACS1009.pdf
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gilgamesh
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Re: HSA Bank - TD Ameritrade charging commission.

Post by gilgamesh » Wed Jul 20, 2016 4:13 am

Thank you. I saw the note about enrolled in the program, but searched for it and couldn't find out how to enroll. So, I assumed they meant enroll with TD Ameritrade. That was a mistake. Charles Scwab was so easy, I assumed it will be the same. My bad. Hopefully they'll reimburse it when I call them today.

Why make it so hard. Why not put a link up so I could enroll, where it says I need to enroll. Obviously a trap. :annoyed

Clay Sharp
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Re: HSA Bank - TD Ameritrade charging commission.

Post by Clay Sharp » Wed Jul 20, 2016 10:06 am

I had this exact same thing happen to me with TD Ameritrade for my HSA. It's super unclear that you have to enroll and makes no sense really. But I'm fairly certain that after you enroll and you follow the requirements you shouldn't be charged anymore fees.

Just curious, why are you doing an ETF over a mutual fund?

Bfwolf
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Re: HSA Bank - TD Ameritrade charging commission.

Post by Bfwolf » Wed Jul 20, 2016 11:17 am

TD Ameritrade does a very nifty job making it clear as mud and hiding the link from you. I called and was able to get some of the charges reversed.

nyblitz
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Re: HSA Bank - TD Ameritrade charging commission.

Post by nyblitz » Wed Jul 20, 2016 12:15 pm

My wife finally obtained her paperwork for her new HSA linked to TD Ameritrade and our welcome packet arrived in the mail today.

So for others - to enroll, type "commission-free ETF" in the symbol lockup box.

Three links appear and the top one reads "Commission-Free ETFs". Click on that.

It says "Commission Free ETFs are here" with a lot of other information, including a list of them.

There is a green button saying "Enroll in commission-free ETFs today!" Click.

There is an agreement to read and acknowledge and then a "Yes, please enroll me" green button. Click Click.

The resulting screen says "Congratulations! You are enrolled in commission-free ETFs" with other information.

Hope this helps.

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powermega
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Re: HSA Bank - TD Ameritrade charging commission.

Post by powermega » Wed Jul 20, 2016 12:23 pm

Clay Sharp wrote:I had this exact same thing happen to me with TD Ameritrade for my HSA. It's super unclear that you have to enroll and makes no sense really. But I'm fairly certain that after you enroll and you follow the requirements you shouldn't be charged anymore fees.

Just curious, why are you doing an ETF over a mutual fund?
I don't have a TD Ameritrade account, so I'm speculating about this, but I imagine that you have to enroll so that you can consent to some condition for the free trades (probably the 30-day frequent trading rule) that doesn't exist for their normal commissioned trades. The reason to use the Vanguard ETFs is because those are the investments that have no trading fee, but the Vanguard mutual funds would have a fee.

OP, like others have said, I bet you can get the $10 refunded to you if you ask, especially if you've held the ETF position for more than 30 days.
Even a stopped clock is right twice a day.

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whodidntante
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Re: HSA Bank - TD Ameritrade charging commission.

Post by whodidntante » Wed Jul 20, 2016 12:33 pm

powermega wrote:
Clay Sharp wrote:I had this exact same thing happen to me with TD Ameritrade for my HSA. It's super unclear that you have to enroll and makes no sense really. But I'm fairly certain that after you enroll and you follow the requirements you shouldn't be charged anymore fees.

Just curious, why are you doing an ETF over a mutual fund?
I don't have a TD Ameritrade account, so I'm speculating about this, but I imagine that you have to enroll so that you can consent to some condition for the free trades (probably the 30-day frequent trading rule) that doesn't exist for their normal commissioned trades. The reason to use the Vanguard ETFs is because those are the investments that have no trading fee, but the Vanguard mutual funds would have a fee.

OP, like others have said, I bet you can get the $10 refunded to you if you ask, especially if you've held the ETF position for more than 30 days.
Fidelity does not require you to ask for free ishares trades. They have a similar short term trading fee.

gilgamesh
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Re: HSA Bank - TD Ameritrade charging commission.

Post by gilgamesh » Wed Jul 20, 2016 12:53 pm

Clay Sharp wrote:I had this exact same thing happen to me with TD Ameritrade for my HSA. It's super unclear that you have to enroll and makes no sense really. But I'm fairly certain that after you enroll and you follow the requirements you shouldn't be charged anymore fees.

Just curious, why are you doing an ETF over a mutual fund?
I didn't really care whether it was ETF or mutual fund. I just wanted funds with low cost. Wanted one for US stock, US bonds and world stock (developed). I got all three as ETF's, so I chose those.

I did the same with my retirement plans in Charles Schwab. Which ever is available for my needs. I could be wrong, but I don't care whether it's mutual fund or ETF. Should I?

gilgamesh
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Re: HSA Bank - TD Ameritrade charging commission.

Post by gilgamesh » Wed Jul 20, 2016 12:56 pm

powermega wrote:
Clay Sharp wrote:I had this exact same thing happen to me with TD Ameritrade for my HSA. It's super unclear that you have to enroll and makes no sense really. But I'm fairly certain that after you enroll and you follow the requirements you shouldn't be charged anymore fees.

Just curious, why are you doing an ETF over a mutual fund?
I don't have a TD Ameritrade account, so I'm speculating about this, but I imagine that you have to enroll so that you can consent to some condition for the free trades (probably the 30-day frequent trading rule) that doesn't exist for their normal commissioned trades. The reason to use the Vanguard ETFs is because those are the investments that have no trading fee, but the Vanguard mutual funds would have a fee.

OP, like others have said, I bet you can get the $10 refunded to you if you ask, especially if you've held the ETF position for more than 30 days.
This is my first transaction with TD Ameritrade ever. So, I'm fine with the 30 day rule.

Schwab has the 30 day rule, which pops up each time I do a transaction. Never had to sign for free trades.

gilgamesh
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Re: HSA Bank - TD Ameritrade charging commission.

Post by gilgamesh » Wed Jul 20, 2016 12:57 pm

nyblitz wrote:My wife finally obtained her paperwork for her new HSA linked to TD Ameritrade and our welcome packet arrived in the mail today.

So for others - to enroll, type "commission-free ETF" in the symbol lockup box.

Three links appear and the top one reads "Commission-Free ETFs". Click on that.

It says "Commission Free ETFs are here" with a lot of other information, including a list of them.

There is a green button saying "Enroll in commission-free ETFs today!" Click.

There is an agreement to read and acknowledge and then a "Yes, please enroll me" green button. Click Click.

The resulting screen says "Congratulations! You are enrolled in commission-free ETFs" with other information.

Hope this helps.
Great Info. However, I need to get reversal of charges, so I'll be calling them after work.

Clay Sharp
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Re: HSA Bank - TD Ameritrade charging commission.

Post by Clay Sharp » Wed Jul 20, 2016 2:25 pm

I didn't really care whether it was ETF or mutual fund. I just wanted funds with low cost. Wanted one for US stock, US bonds and world stock (developed). I got all three as ETF's, so I chose those.

I did the same with my retirement plans in Charles Schwab. Which ever is available for my needs. I could be wrong, but I don't care whether it's mutual fund or ETF. Should I?
No I was just curious because I'm also trying to pick funds/ETF's for my account, and was just wondering if there was something I was missing other than the ETF's having slightly lower fees.

Now that I've sorted out the $10 fee, I will probably just keep it simple and go with VTI - Vanguard Total Stock Market Index - 0.05% ER

Thanks for the help!

gilgamesh
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Re: HSA Bank - TD Ameritrade charging commission.

Post by gilgamesh » Wed Jul 20, 2016 3:04 pm

Clay Sharp wrote:
I didn't really care whether it was ETF or mutual fund. I just wanted funds with low cost. Wanted one for US stock, US bonds and world stock (developed). I got all three as ETF's, so I chose those.

I did the same with my retirement plans in Charles Schwab. Which ever is available for my needs. I could be wrong, but I don't care whether it's mutual fund or ETF. Should I?
No I was just curious because I'm also trying to pick funds/ETF's for my account, and was just wondering if there was something I was missing other than the ETF's having slightly lower fees.

Now that I've sorted out the $10 fee, I will probably just keep it simple and go with VTI - Vanguard Total Stock Market Index - 0.05% ER

Thanks for the help!
That was one of the three I picked.

gilgamesh
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Re: HSA Bank - TD Ameritrade charging commission.

Post by gilgamesh » Wed Jul 20, 2016 4:45 pm

I called them even before I asked they offered to refund the whole Commision. Enrolling took a few seconds. The whole process was painless.

nyblitz
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Re: HSA Bank - TD Ameritrade charging commission.

Post by nyblitz » Wed Jul 20, 2016 6:33 pm

Glad it all worked out!

Good decision to call.

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