Scottrade to TDA

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Oak&Elm
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Scottrade to TDA

Post by Oak&Elm » Thu Nov 16, 2017 2:07 pm

Just curious if TDA would give out their new account bonus for Scottrade accounts being absorbed? I kinda doubt it but you never know.

bgf
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Re: Scottrade to TDA

Post by bgf » Thu Nov 16, 2017 2:15 pm

i doubt it as well. i am considering sending everything to Schwab. I've had Scottrade for years, but depending on how things turn out with TDA, unless they are incredible, I'll probably consolidate with Schwab (and i think they are giving our really good incentives, free trades for example).

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Oak&Elm
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Re: Scottrade to TDA

Post by Oak&Elm » Thu Nov 16, 2017 2:35 pm

I'm actually agonizing over this, Lots to consider. I live in MN so there are local Schwab, Fidelity and TDA offices nearby. On the other hand I may just move it all to Vanguard and be done. I really don't need a physical building but I'm thinking if I tip over my wife would need help. In the meantime I will wait and see how this TDA buyout of Scottrade works out.

btenny
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Re: Scottrade to TDA

Post by btenny » Thu Nov 16, 2017 2:45 pm

Yes I am in a similar boat. I have been at Scottrade for a long time. But recently I have not been happy with how things are going at Scottrade. Especially in the last two years. But I am not sure I want to consolidate to one brokerage. Right now I have multiple accounts at two different brokers. And nothing at Vanguard but almost all Vanguard funds/etfs. I am taking the wait and see approach. If TDA make a smooth transition and adds some better security I might stay. Otherwise I am gone.

We will see.

Nicolas
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Re: Scottrade to TDA

Post by Nicolas » Thu Nov 16, 2017 3:02 pm

My local Scottrade office will be closed at the end of the year, and its employees laid off :(

You can still get a bonus of $200 for a $50K cash deposit of new funds or the equivalent amount in securities into Scottrade but only until December 1st. Ameritrade also offers a bonus but it's not as generous. It's only $100 for a $25K to $99K cash deposit, plus 60 days of free trades. I suppose if you trade a lot it could be worth it. https://www.tdameritrade.com/specialoffer.page

Schwab is offering a pretty fantastic deal right now for current Scottrade account holders: If you transfer your account(s) to Schwab they'll give you free trades for the same amount of time you've been with Scottrade. For me that would be 13 1/2 years! But they will not reimburse you the $75 account transfer fee that Scottrade assesses. This deal is only good until the merger is complete which is either 12/1/2017 or 1/1/2018. http://www.schwab.com/public/schwab/nn/tradeoffer.html

Bear in mind also that if you transfer your account(s) from Scottrade they will claw back any bonuses they've given you that are less than a year old. For me that would be $1K on top of the transfer fee. That's enough to dissuade me as I don't trade enough to counter the $1,075 loss.

My current plan is to wait until my bonuses hit their one-year anniversaries and then transfer my accounts to Merrill Edge. My research shows you'll get free trades if your accounts total $250K or more [edit: it's only 50K] and if you ask they'll even reimburse you the transfer fee(s). Plus they offer a cash bonus, unlike Schwab.
Last edited by Nicolas on Sun Nov 19, 2017 9:29 am, edited 1 time in total.

JMRetire55
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Re: Scottrade to TDA

Post by JMRetire55 » Thu Nov 16, 2017 3:11 pm

Greetings All,

We went through the same process... "What to do about the Scottrade merger...". This week we moved all of our Scottrade accounts to Schwab because they were offering "Tenure Trade Offer" which provides commission free Schwab stock/etf trades for as many years as you were a client of Scottrade. It was a very simple process, but we confirmed everything via a quick customer service call. We're not indexers (yet) so this was an amazing offer, given the fact we'll be retired years before we ever have to think about paying a commission.

Hope this helps.

Atilla
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Re: Scottrade to TDA

Post by Atilla » Thu Nov 16, 2017 3:45 pm

I'm waiting to see keep or rid of the flexible reinvestment program. I really love that feature about Scottrade.
The Village Idiot - here for your entertainment.

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Earl Lemongrab
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Re: Scottrade to TDA

Post by Earl Lemongrab » Thu Nov 16, 2017 5:31 pm

I think there's zero chance that they will pay bonuses when the merger completes. Why would they? I can't say for sure about the other direction, but I know that Scottrade is not accepting transfers of TDA accounts at this time. So you can't get a Scottrade bonus for assets at TDA.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Oak&Elm
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Re: Scottrade to TDA

Post by Oak&Elm » Thu Nov 16, 2017 7:24 pm

+1 on that Scottrade FRIP feature, with a little planning you basically never need to pay fees. If they drop the FRIP it's an easy decision for me to leave, I'm still about 50/50 on moving to Schwab or Vanguard.

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CABob
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Re: Scottrade to TDA

Post by CABob » Thu Nov 16, 2017 8:01 pm

Nicolas wrote:
Thu Nov 16, 2017 3:02 pm
My local Scottrade office will be closed at the end of the year, and its employees laid off :(
How did you hear about this? Is there a TDA office near to you?
I also have been with Scottrade for a number of years and am taking a wait and see approach. I don't have a TDA office nearby so I was assuming that my local Scott office would be safe, but I may be wrong.
If I don't like what I see with the new TDA/Scott I will most likely move the account to Vanguard. My current VG account is one of the old fashioned mutual fund only accounts so I am somewhat reluctant to convert it to the new brokerage account, but we will see.
Bob

Nicolas
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Re: Scottrade to TDA

Post by Nicolas » Thu Nov 16, 2017 10:41 pm

CABob wrote:
Thu Nov 16, 2017 8:01 pm
Nicolas wrote:
Thu Nov 16, 2017 3:02 pm
My local Scottrade office will be closed at the end of the year, and its employees laid off :(
How did you hear about this? Is there a TDA office near to you?
I also have been with Scottrade for a number of years and am taking a wait and see approach. I don't have a TDA office nearby so I was assuming that my local Scott office would be safe, but I may be wrong.
If I don't like what I see with the new TDA/Scott I will most likely move the account to Vanguard. My current VG account is one of the old fashioned mutual fund only accounts so I am somewhat reluctant to convert it to the new brokerage account, but we will see.
My local Scottrade office called me to explain some things about the merger and the timing, etc. She mentioned the branch office will be closed by the end of the year and she will be "severed" after a 22-year career. Actually I don't know if the others there will lose their jobs too or be transferred to an Ameritrade branch. This saddens me as it is convenient to my home and the people there have always been so nice and helpful.

My nearest Ameritrade office is 14 miles or 21 minutes by car versus 5.5 miles or 11 minutes to my soon-to-be-closed Scottrade office, not much of a difference I suppose. It's almost three times farther away.

investor997
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Re: Scottrade to TDA

Post by investor997 » Fri Nov 17, 2017 1:10 am

Nicolas wrote:
Thu Nov 16, 2017 3:02 pm
My current plan is to wait until my bonuses hit their one-year anniversaries and then transfer my accounts to Merrill Edge. My research shows you'll get free trades if your accounts total $250K or more, and if you ask they'll even reimburse you the transfer fee(s). Plus they offer a cash bonus, unlike Schwab.
This is my plan as well. Note that you only need $50K in assets at Merrill to get free trades (30/mo). $100K gets you (100/mo). This is a different metric than the one they use for the transfer bonus ($600 for $200K in assets).

My local Scottrade guy floated me enough free trades to hold me over until the account converted to TDA and I could participate in the TDA commission-free ETF program. I was expecting to keep buying Vanguard ETFs at TDA but we all know how that turned out. For commish-free trading, my choices are:

1) Move account to Vanguard so I can buy Vanguard ETFs for free (VTI, VEA, VWO, etc).
2) Move account to Schwab so I can buy their ETFs for free (SCHB, SCHF, etc).
3) Move account to Fidelity so I can buy the Blackrock ETFs for free (ITOT, IXUS, etc).
4) Stay at TDA and buy the SPDR funds (SPTM, etc).
5) Move to Merrill, collect $600+ bonus and buy whatever the heck I want for free

Option 5) seems to be the best one.

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Earl Lemongrab
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Re: Scottrade to TDA

Post by Earl Lemongrab » Fri Nov 17, 2017 1:41 am

Nicolas wrote:
Thu Nov 16, 2017 3:02 pm
My current plan is to wait until my bonuses hit their one-year anniversaries and then transfer my accounts to Merrill Edge. My research shows you'll get free trades if your accounts total $250K or more, and if you ask they'll even reimburse you the transfer fee(s). Plus they offer a cash bonus, unlike Schwab.
It's a lot lower than that. 50k in assets qualifies you for the Preferred Rewards level with 30 trades/month. 100k gets you Platinum Preferred with 100 trades/month.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

Nicolas
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Re: Scottrade to TDA

Post by Nicolas » Fri Nov 17, 2017 11:47 am

Earl Lemongrab wrote:
Fri Nov 17, 2017 1:41 am
Nicolas wrote:
Thu Nov 16, 2017 3:02 pm
My current plan is to wait until my bonuses hit their one-year anniversaries and then transfer my accounts to Merrill Edge. My research shows you'll get free trades if your accounts total $250K or more, and if you ask they'll even reimburse you the transfer fee(s). Plus they offer a cash bonus, unlike Schwab.
It's a lot lower than that. 50k in assets qualifies you for the Preferred Rewards level with 30 trades/month. 100k gets you Platinum Preferred with 100 trades/month.
That's it then. Unless Ameritrade gives me an offer I can't refuse I'm moving to Merrill Edge about this time next year.

bberris
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Re: Scottrade to TDA

Post by bberris » Fri Nov 17, 2017 3:49 pm

Oak&Elm wrote:
Thu Nov 16, 2017 2:07 pm
Just curious if TDA would give out their new account bonus for Scottrade accounts being absorbed? I kinda doubt it but you never know.
They give bonuses to get you to switch. This one you have no choice.
So: No. Way. Also doubt that you would get the bonus if you moved voluntarily prior to the absorption.
Now maybe if you did a double switch, scottrade to schwab to TDA ...

neilpilot
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Re: Scottrade to TDA

Post by neilpilot » Fri Nov 17, 2017 4:29 pm

bberris wrote:
Fri Nov 17, 2017 3:49 pm
Oak&Elm wrote:
Thu Nov 16, 2017 2:07 pm
Just curious if TDA would give out their new account bonus for Scottrade accounts being absorbed? I kinda doubt it but you never know.
They give bonuses to get you to switch. This one you have no choice.
So: No. Way. Also doubt that you would get the bonus if you moved voluntarily prior to the absorption.
Now maybe if you did a double switch, scottrade to schwab to TDA ...
At this point, probably not. However, in April this year I opened a new TDA account with plans to transfer a tIRA from Scottrade to TDA. When I visited the local Scottrade office and told them of my plan, Scottrade paid me $1k as a retention bonus, essentially matching what the TDA bonus would have been, months after the purchase was announced.

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msi
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Re: Scottrade to TDA

Post by msi » Sat Nov 18, 2017 2:09 am

Atilla wrote:
Thu Nov 16, 2017 3:45 pm
I'm waiting to see keep or rid of the flexible reinvestment program. I really love that feature about Scottrade.
They are getting rid of FRIP, sadly, as per their Facebook page.

StealthRabbit
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Re: Scottrade to TDA

Post by StealthRabbit » Sat Nov 18, 2017 2:36 pm

After TDA bought my 4th excellent broker.. :oops: . I now Am at Fidelity and Vanguard and tasty trade.... previously Thinkorswim.

coincollector
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Re: Scottrade to TDA

Post by coincollector » Sat Nov 18, 2017 4:32 pm

msi wrote:
Sat Nov 18, 2017 2:09 am
Atilla wrote:
Thu Nov 16, 2017 3:45 pm
I'm waiting to see keep or rid of the flexible reinvestment program. I really love that feature about Scottrade.
They are getting rid of FRIP, sadly, as per their Facebook page.
That is really disappointing. The FRIP program was an awesome invention. Also, I think TD Ameritrade is really hurting themselves by getting rid of this feature as well as radically changing their free ETF list. Their making their offerings worse, not better. Other brokers are trying to seize on their mistakes too through new or existing offers. For example the Schwab tenure offer and Preferred Rewards from Merrill Edge mentioned above. I think TD Ameritrade will be pretty disappointed when they see how many customers jumped shipped this year.

bgf
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Re: Scottrade to TDA

Post by bgf » Sat Nov 18, 2017 6:32 pm

investor997 wrote:
Fri Nov 17, 2017 1:10 am
Nicolas wrote:
Thu Nov 16, 2017 3:02 pm
My current plan is to wait until my bonuses hit their one-year anniversaries and then transfer my accounts to Merrill Edge. My research shows you'll get free trades if your accounts total $250K or more, and if you ask they'll even reimburse you the transfer fee(s). Plus they offer a cash bonus, unlike Schwab.
This is my plan as well. Note that you only need $50K in assets at Merrill to get free trades (30/mo). $100K gets you (100/mo). This is a different metric than the one they use for the transfer bonus ($600 for $200K in assets).

My local Scottrade guy floated me enough free trades to hold me over until the account converted to TDA and I could participate in the TDA commission-free ETF program. I was expecting to keep buying Vanguard ETFs at TDA but we all know how that turned out. For commish-free trading, my choices are:

1) Move account to Vanguard so I can buy Vanguard ETFs for free (VTI, VEA, VWO, etc).
2) Move account to Schwab so I can buy their ETFs for free (SCHB, SCHF, etc).
3) Move account to Fidelity so I can buy the Blackrock ETFs for free (ITOT, IXUS, etc).
4) Stay at TDA and buy the SPDR funds (SPTM, etc).
5) Move to Merrill, collect $600+ bonus and buy whatever the heck I want for free

Option 5) seems to be the best one.
If I switch to Merrill, I would get only $100 each for 2 Roth IRAs. There doesn't appear to be any bonus for my taxable account. Then I guess $6.95 per trade after that. Does Merrill have any commission free ETFs?

If I switch to Schwab, I'll get almost 10 years of free trades, then I'll get free Schwab ETFs anyway. No bonus though...

Can anyone compare the experience of using Merrill Edge v. Schwab?

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Earl Lemongrab
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Re: Scottrade to TDA

Post by Earl Lemongrab » Sat Nov 18, 2017 7:45 pm

bgf wrote:
Sat Nov 18, 2017 6:32 pm
If I switch to Merrill, I would get only $100 each for 2 Roth IRAs. There doesn't appear to be any bonus for my taxable account. Then I guess $6.95 per trade after that. Does Merrill have any commission free ETFs?

If I switch to Schwab, I'll get almost 10 years of free trades, then I'll get free Schwab ETFs anyway. No bonus though...

Can anyone compare the experience of using Merrill Edge v. Schwab?
I'm not sure what you mean by no bonuses for taxable. Is the asset level too low? At any rate, with Merrill Edge you only need 50k in assets to qualify for 30 free equity trades per month, so you can get any ETFs.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

bgf
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Re: Scottrade to TDA

Post by bgf » Sat Nov 18, 2017 8:10 pm

Earl Lemongrab wrote:
Sat Nov 18, 2017 7:45 pm
bgf wrote:
Sat Nov 18, 2017 6:32 pm
If I switch to Merrill, I would get only $100 each for 2 Roth IRAs. There doesn't appear to be any bonus for my taxable account. Then I guess $6.95 per trade after that. Does Merrill have any commission free ETFs?

If I switch to Schwab, I'll get almost 10 years of free trades, then I'll get free Schwab ETFs anyway. No bonus though...

Can anyone compare the experience of using Merrill Edge v. Schwab?
I'm not sure what you mean by no bonuses for taxable. Is the asset level too low? At any rate, with Merrill Edge you only need 50k in assets to qualify for 30 free equity trades per month, so you can get any ETFs.
the merrill edge incentive page i was looking at said in the fine print that the up to $600 bonus is only for self directed retirement accounts and CMAs... i took that to mean that taxable brokerage wasn't included, but i'd be happy to learn i was wrong!

my taxable account already qualifies for the 30 free, and my roths would get there in a couple years. hmm... i was pretty sure Id swith to schwab but now im not sure.

gostars
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Re: Scottrade to TDA

Post by gostars » Sat Nov 18, 2017 11:13 pm

CMA is Merrill Edge's name for a taxable account.

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Earl Lemongrab
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Re: Scottrade to TDA

Post by Earl Lemongrab » Sun Nov 19, 2017 12:48 am

bgf wrote:
Sat Nov 18, 2017 8:10 pm
my taxable account already qualifies for the 30 free, and my roths would get there in a couple years.
You don't need to qualify in each account. It's the total assets.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

bgf
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Re: Scottrade to TDA

Post by bgf » Sun Nov 19, 2017 6:47 am

Ah thank you for explaining... Looks like Merrill Edge is offering a better deal.

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