Scottrade/TD Ameritrade merger - Yuck!

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Trader/Investor
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Scottrade/TD Ameritrade merger - Yuck!

Post by Trader/Investor » Thu Mar 01, 2018 12:59 pm

My worst nightmare has been realized. My accumulated bond dividends from when my positions were at Scottrade are lost in space. In other words, they were not credited to my account this morning. I spoke with several reps at both Scottrade and TD Ameritrade about this possible situation before the merger and was told to relax, no problem, it will be a seamless transition with the dividends. Now I am told they are working on it. Once this is hopefully resolved will be moving my account to Fidelity.

SlowMovingInvestor
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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by SlowMovingInvestor » Thu Mar 01, 2018 1:03 pm

Trader/Investor wrote:
Thu Mar 01, 2018 12:59 pm
My worst nightmare has been realized. My accumulated bond dividends from when my positions were at Scottrade are lost in space. In other words, they were not credited to my account this morning. I spoke with several reps at both Scottrade and TD Ameritrade about this possible situation before the merger and was told to relax, no problem, it will be a seamless transition with the dividends. Now I am told they are working on it. Once this is hopefully resolved will be moving my account to Fidelity.
I'm a little confused. Are you talking about individual bonds or bond funds ? What exactly was not credited ?

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by Trader/Investor » Thu Mar 01, 2018 1:12 pm

SlowMovingInvestor wrote:
Thu Mar 01, 2018 1:03 pm
Trader/Investor wrote:
Thu Mar 01, 2018 12:59 pm
My worst nightmare has been realized. My accumulated bond dividends from when my positions were at Scottrade are lost in space. In other words, they were not credited to my account this morning. I spoke with several reps at both Scottrade and TD Ameritrade about this possible situation before the merger and was told to relax, no problem, it will be a seamless transition with the dividends. Now I am told they are working on it. Once this is hopefully resolved will be moving my account to Fidelity.
I'm a little confused. Are you talking about individual bonds or bond funds ? What exactly was not credited ?
Bond funds, more specifically the bond funds where the dividends accumulate daily and posted to your account end of month. My accumulated dividends from Scottrade from February 1 through the time of the merger on February 26 are missing. As I mentioned, I saw this as a potential problem and now it is. I am not a patient person so hopefully this will be worked out today or the coming days. My aggravation is I was repeatedly told prior to the merger this problem would not occur

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by LadyGeek » Thu Mar 01, 2018 7:45 pm

I removed an off-topic comment and reply. As a reminder, see: General Etiquette
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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by bcowan12 » Mon Mar 12, 2018 8:29 pm

Trader/Investor wrote:
Thu Mar 01, 2018 12:59 pm
My worst nightmare has been realized. My accumulated bond dividends from when my positions were at Scottrade are lost in space.
Did your dividends finally arrive? We're now 12 days into the month, and mine are STILL missing. TDA seems unable to explain what has gone wrong, and has now asked me to phone them. This makes me wonder how many other people have been victimized by this mess, and haven't noticed. It looks like if you don't call them out on this, they don't bother with the investigation to find out where your money went.

I was very happy with Scottrade, but TDA is looking to be a nightmare. For now on I'll have to check my statements carefully every month to make sure crap like this doesn't happen again. They're just not to be trusted.

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by kawac14 » Tue Mar 13, 2018 6:21 pm

I'm missing dividends on several mutual funds on 2 accounts. I've called TD twice. Each time they said that they are aware of the problem and were working on it. The last representative said that it may take a couple of weeks.

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by bcowan12 » Tue Mar 13, 2018 8:40 pm

kawac14 wrote:
Tue Mar 13, 2018 6:21 pm
I'm missing dividends on several mutual funds on 2 accounts. I've called TD twice. Each time they said that they are aware of the problem and were working on it. The last representative said that it may take a couple of weeks.
This seems like a major customer service fail to me. Instead of quietly waiting for their customers to notice the missing dividends, the right thing to do would have been to be proactive -- warn them and explain the situation. I received a number of emails from them about what to expect during the transfer, and even the possibility of this was never mentioned.

The way they've handled it feels sneaky and unworthy of the trust their customers have placed in them. They screwed up, and have decided they'd rather try to hide it than own up to it. They should be apologizing!

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by kawac14 » Wed Mar 14, 2018 7:52 pm

I seem to remember either a Scottrade representative telling me, or some other communication saying that I would get a personal introductory call from a TDAmeritrade representative within a few weeks of the transfer, as a "get acquainted" welcome call.

I am eagerly awaiting this call, as I have been saving up my complaints! :)

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by btenny » Wed Mar 14, 2018 9:23 pm

Well guys I bet the dividends are there but included in your cash account. Go check the cash balance shown by TD at Feb end of month vs Scottrade at Jan month end. I just got through checking three account statements and all my dividends are there. BUT the TD statement does not show the dividends as transactions. They are just there in the account cash totals. The TD statement is missing a list of transactions that occurred in February while the money was still at Scottrade. And since there is no Scottrade statement for February lots of transactions are not shown. BUT the totals are correct.

Good Luck.

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by btenny » Thu Mar 15, 2018 8:08 pm

I got more information today on the TD accounts. I called and logged on to my accounts. I found that TD has now posted three (yes 3 ) account statements for the month of February, one for TD Ameritrade for February 26-28, one for Scottrade for Feb 1 to 26 and one for Scottrade for the end of February with a zero balance. They seem to have all the have transactions accounted for. I will be balancing them soon but the data looks OK to me.

Good Luck

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by alter » Thu Mar 15, 2018 8:49 pm

Haha funny topic. Back in the day I had a Datek stock account, then Ameritrade bought them out and I was like...yuck...so I quit my account and then joined TD Waterhouse...then the same thing happened, Ameritrade bought them out and I was thinking they were out to get me. Luckily they kept most of TD Waterhouse format intact and I just stayed with it, convinced that if I switched again, they would just buy out whoever I used.

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by Trader/Investor » Thu Mar 15, 2018 9:46 pm

bcowan12 wrote:
Mon Mar 12, 2018 8:29 pm
Trader/Investor wrote:
Thu Mar 01, 2018 12:59 pm
My worst nightmare has been realized. My accumulated bond dividends from when my positions were at Scottrade are lost in space.
Did your dividends finally arrive? We're now 12 days into the month, and mine are STILL missing. TDA seems unable to explain what has gone wrong, and has now asked me to phone them. This makes me wonder how many other people have been victimized by this mess, and haven't noticed. It looks like if you don't call them out on this, they don't bother with the investigation to find out where your money went.

I was very happy with Scottrade, but TDA is looking to be a nightmare. For now on I'll have to check my statements carefully every month to make sure crap like this doesn't happen again. They're just not to be trusted.
Sorry, my bad. Yes my dividends arrived late the next day on Friday afternoon March 2. However, my dividends which were accumulated dividends on closed out positions did not come to my cash account as they should have, but appeared as new positions in the closed out funds. So TD had to sell the positions for me transaction free to get them to my cash account. Since then a smooth ride and they seem to be charging me $17 (as promised) on transaction fee funds but also $17 on the sale of such funds (instead of the $49.99) I was expecting.

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by kawac14 » Mon Mar 19, 2018 7:20 pm

bcowan12 wrote:
Mon Mar 12, 2018 8:29 pm
Trader/Investor wrote:
Thu Mar 01, 2018 12:59 pm
My worst nightmare has been realized. My accumulated bond dividends from when my positions were at Scottrade are lost in space.
Did your dividends finally arrive? We're now 12 days into the month, and mine are STILL missing. TDA seems unable to explain what has gone wrong, and has now asked me to phone them. This makes me wonder how many other people have been victimized by this mess, and haven't noticed. It looks like if you don't call them out on this, they don't bother with the investigation to find out where your money went.

I was very happy with Scottrade, but TDA is looking to be a nightmare. For now on I'll have to check my statements carefully every month to make sure crap like this doesn't happen again. They're just not to be trusted.
Have you found your dividends yet? I just wasted 55 minutes with a TDA customer representative who was trying to convince me to call Pimco and American Century to find out if they paid my dividends. I reminded him that HE's the broker and represents both TDA and Scottrade and that he should call the funds, not me. There seems to be dividends missing for 3/4 month on each fund. I've checked my account online and can't find any "loose change" that would account for money paid to a cash account. Since these were mutual funds that were automatically reinvested, and not part of the FRIP program, it could be that they were quietly reinvested and didn't make it to the monthly statement, but how would I know? I am tired of looking for my funds, and all TDA is willing to do at this point is give me more free trades--not what I want.

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by livesoft » Mon Mar 19, 2018 7:37 pm

^ Why do you think you are missing 3/4 of month of dividends?

If you are writing about bond funds, then you must be aware that many bond funds do not pro-rate monthly dividends by the fraction of the month that one owns them. For instance, the Vanguard bond fund VSCSX does not. And I am unaware of any stock fund that pro-rates dividends.

And I imagine that you were sent a prospectus or a link to a prospectus for each of your investments, so you should know the answer to the pro-rated issue which I doubt the TDAmeritrade rep would have any reason to know.
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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by nisiprius » Mon Mar 19, 2018 7:44 pm

As a side thought, since we get postings by people asking "what if my brokerage went bankrupt?" I am thinking that, very likely, the customer experience would be very similar to what you are saying is going on with Scottrade.
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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by SlowMovingInvestor » Mon Mar 19, 2018 8:05 pm

I got a bonus from Scottrade about 7-8 months back. That had a 12 month retention period. But the Scottrade broker who authorized it is gone, and I've been transferred to a TDAM office.

I am considering shifting this account out -- just not sure if TDAM will try and reclaim the bonus. I'm not sure if the computer flags they might have set for a bonus retention were carried over when the account transferred to TDAM. Certainly the humans at Scottrade weren't transferred !

I used to like TDAM, but I dislike their dropping Vanguard and many iShares ETFs. And their commissions for auction Treasuries is $25 (Fido, ME, Etade are free).

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by investor997 » Mon Mar 19, 2018 8:39 pm

SlowMovingInvestor wrote:
Mon Mar 19, 2018 8:05 pm
I got a bonus from Scottrade about 7-8 months back. That had a 12 month retention period. But the Scottrade broker who authorized it is gone, and I've been transferred to a TDAM office.

I am considering shifting this account out -- just not sure if TDAM will try and reclaim the bonus. I'm not sure if the computer flags they might have set for a bonus retention were carried over when the account transferred to TDAM. Certainly the humans at Scottrade weren't transferred !

I used to like TDAM, but I dislike their dropping Vanguard and many iShares ETFs. And their commissions for auction Treasuries is $25 (Fido, ME, Etade are free).
I was in the same boat. I contacted TDA customer service and they told me the terms of the original Scottrade agreement were still in place. I waited until exactly 366 days since Scottrade credited the bonus to my account and initiated the transfer to ME.

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by SlowMovingInvestor » Tue Mar 20, 2018 4:30 pm

investor997 wrote:
Mon Mar 19, 2018 8:39 pm
SlowMovingInvestor wrote:
Mon Mar 19, 2018 8:05 pm
I got a bonus from Scottrade about 7-8 months back. That had a 12 month retention period. But the Scottrade broker who authorized it is gone, and I've been transferred to a TDAM office.

I am considering shifting this account out -- just not sure if TDAM will try and reclaim the bonus. I'm not sure if the computer flags they might have set for a bonus retention were carried over when the account transferred to TDAM. Certainly the humans at Scottrade weren't transferred !

I used to like TDAM, but I dislike their dropping Vanguard and many iShares ETFs. And their commissions for auction Treasuries is $25 (Fido, ME, Etade are free).
I was in the same boat. I contacted TDA customer service and they told me the terms of the original Scottrade agreement were still in place. I waited until exactly 366 days since Scottrade credited the bonus to my account and initiated the transfer to ME.
Thanks ! I'm sure they would say the original agreement is still active, but I wonder if their back end systems are setup to track Scottrade bonuses. TDAM has it's own bonuses, so they might have mapped Scottrade bonuses to TDAM's back end, but maybe this is one of the IT things they didnt get around to doing.

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by anonsdca » Tue Mar 20, 2018 5:52 pm

I have experienced a similar dividend experience. It has been horrible dealing with Ameritrade's customer service. I think I finally received a response that makes sense to what I am seeing.

1) the dividends are sometimes combined and not named--very frustrating.

2) the dividends are not named, and labeled "money movement"

The rep said that if the security went X-dividend prior to the merger, then they will show on the Scottrade statement. This is true and I received the Feb statement. The problem is accounting for the combined dividends. I think I have now managed to account for them all, so I think they all made it into the account but wow, what a frustrating experience.

Dividends are now posting and displaying the name. Still, some accounting to do here, but once, I am done, I am moving to Schwab.

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Re: Scottrade/TD Ameritrade merger - Yuck!

Post by investor997 » Tue Mar 20, 2018 11:08 pm

SlowMovingInvestor wrote:
Tue Mar 20, 2018 4:30 pm
Thanks ! I'm sure they would say the original agreement is still active, but I wonder if their back end systems are setup to track Scottrade bonuses. TDAM has it's own bonuses, so they might have mapped Scottrade bonuses to TDAM's back end, but maybe this is one of the IT things they didnt get around to doing.
The only way to know for sure is to initiate a transfer and hope for the best.... Do you feel lucky? :)

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