Anyone use TD Ameritrade?

[George Soros]

Thank you. U transferred to IBKR from TD recently?

Yes………….

 

[revhappy]

It will correct after 1 week

There is no way for IBKR to know what is the price you bought the securities at TDA. So I don't think it will correct by itself.

But you can go and update the cost price using IBKR desktop application. It is the same way as the virtual FX position we can go and edit the position's price or quantity to 0 so that it stops tracking it.

I stopped using trading accounts since ages, but I have experimented enough, that I know everything about them.

 

[crystalnox]

There is no way for IBKR to know what is the price you bought the securities at TDA. So I don't think it will correct by itself.

But you can go and update the cost price using IBKR desktop application. It is the same way as the virtual FX position we can go and edit the position's price or quantity to 0 so that it stops tracking it.

I stopped using trading accounts since ages, but I have experimented enough, that I know everything about them.

What are you using now then?

 

[revhappy]

What are you using now then?

Index funds. Trading accounts entice me to go long short, futures options, leverage. I am a very experimental person. I tried everything. Sometimes it is better to not have all these tools which are dangerous for a person like me as I cannot control my emotions.

 

[BBCWatcher]

There is no way for IBKR to know what is the price you bought the securities at TDA.

Yes there is. The U.S. Internal Revenue Service has required cost basis reporting for most U.S. securities purchased since January 1, 2011. When you transfer these U.S. securities from one broker to another the cost basis data fields are transmitted as well. These securities are known as covered securities.

 

[George Soros]

There is no way for IBKR to know what is the price you bought the securities at TDA. So I don't think it will correct by itself.

But you can go and update the cost price using IBKR desktop application. It is the same way as the virtual FX position we can go and edit the position's price or quantity to 0 so that it stops tracking it.

I stopped using trading accounts since ages, but I have experimented enough, that I know everything about them.

Ok nvm
I know my IBKR aldy updated to what I bought price from tda

 

[Proximus]

There is no way for IBKR to know what is the price you bought the securities at TDA. So I don't think it will correct by itself.

But you can go and update the cost price using IBKR desktop application. It is the same way as the virtual FX position we can go and edit the position's price or quantity to 0 so that it stops tracking it.

I stopped using trading accounts since ages, but I have experimented enough, that I know everything about them.

I received an email from IBKR, the avg price will be updated

 

[jinsatkilife]

I believe you now have a new Charles Schwab account, and it will have an 8 digit account number that looks something like this:

9876-5432

It's very easy to deposit new funds into a Charles Schwab account. To do so you would use the bank details provided here. But I'll provide the basic summary. Using your choice of standard electronic fund transfer systems — FAST works — you can transfer Singapore dollars to Charles Schwab's custodial account at Citibank N.A. Note carefully that's "Citibank NA" (Singapore), not "Citibank Singapore."

Transfer the Singapore dollars to....

Bank: Citibank NA
Account name: Charles Schwab & Co., Inc.
Account number: 0850486018

In the comment/additional text field put your Schwab account number and your name, for example:

98765432 Chang Sarah

If space is too limited for your full name at least make sure your account number and surname appear. If your bank asks for a "reason" for the fund transfer then choose "Investment & Securities" (assuming that's true, which it usually is when you're transferring to a Schwab account).

And that's it! Test this with, say, S$50. What'll happen is that Schwab will automatically convert the Singapore dollars to U.S. dollars and credit your Schwab account. The conversion rate is typically spot rate plus about 0.3%, so it's pretty good. There's no minimum transaction fee. If it's a regular business day the transfer is pretty quick, within a few hours typically. If it's a weekend or public holiday (in either country) then it may take longer. Funds may need time to settle before they're available for trading.

To withdraw funds from Schwab they'll be U.S. dollar proceeds of securities, so you have these basic choices:

1. Ask Schwab to wire the U.S. dollars to your bank account in Singapore. You should be able to lodge this request online. Schwab may charge a wire transfer fee, and your bank may charge an incoming telegraphic transfer fee. If the destination account is a Singapore dollar account, not a U.S. dollar account, then the funds will be converted to Singapore dollars most likely at an unfavorable rate. Of course you still have the "happy problem" what to do with U.S. dollars landed in Singapore if that's what you do.

2. You might be able to obtain a Schwab Visa debit/ATM card linked to your Schwab brokerage account. It doesn't hurt to try, but no guarantees. (Debit cards are only available to residents of certain countries, including the U.S. I'm not sure if Singapore has been tested yet using these new Schwab AI accounts.) Use this application form if you want to try. This Visa debit card is fantastic if you can get it. It allows you to withdraw cash from any ATM that accepts Visa cards, and if the ATM operator charges a local fee Schwab will rebate that fee back to your account. It also uses the pure Visa network exchange rate with no Schwab markup, and that's a rather good rate. You can also use the card at any merchants that accept Visa, and it should be possible to add the card to your mobile payment system (for example Apple Pay).

3. You can transfer U.S. dollars to any U.S. bank or U.S. credit union account you may have. This could include a Wise account, for example.

4. You can transfer any cash position along with securities using an ACATS account transfer process to another broker. Schwab might charge an "ACATS out" fee for the transfer, although the fee could vary depending on whether you perform a partial or full account transfer.

5. You can probably get a paper U.S. dollar check. You probably don’t want a paper U.S. dollar check.

Apparently you didn't read the form carefully enough. As the form indicates you can upload a scanned copy of the completed form to Schwab using online secure messaging after you log into your account. Schwab needs to capture your real signature at least the first time, so that's why they're asking for an electronic or paper copy. You can also fax the form if you're "old school." Postal mail is not a requirement, although that's an option.

I dont have a charles schwab account

SGD deposits through our DBS Bank account are no longer accepted. Funding will be via wire transfer as follows –For new wire instructions, after logging in to the website, navigate to My Account > Deposits > Wire Transfer to retrieve the Incoming International Wire Instructions.

For the last point of withdrawing to SGD account, I don't see the option to send it electronically

I think those who got moved to charles schwab are US residents?

International clients: This website is for TD Ameritrade clients who are U.S. residents. For details about your account move to Schwab, visit our Client Information Hub for international clients.

Anyway, is there really no other AI who are singaporeans who got moved and have no problems with funds deposit and withdrawal?

 

[BBCWatcher]

I dont have a charles schwab account

OK, but you will.

International clients: This website is for TD Ameritrade clients who are U.S. residents. For details about your account move to Schwab, visit our Client Information Hub for international clients.

Yes, and that site says you're being moved to a Schwab international account. Once you have a Schwab account number the information I provided upthread applies.

 

[sohguanh]

Sorry to side track a bit from thread topic. This incident just remind me previously in various forum, readers say China (moomoo for e.g) brokers cannot be trusted but I guess it applies to US brokers too. In fact regardless of nationality, all foreign brokers have the same level of risk. Never all in is a good advice.

 

[BBCWatcher]

Sorry to side track a bit from thread topic. This incident just remind me previously in various forum, readers say China (moomoo for e.g) brokers cannot be trusted but I guess it applies to US brokers too. In fact regardless of nationality, all foreign brokers have the same level of risk. Never all in is a good advice.

What makes you think a broker that happens to be headquartered in Singapore is inherently more or less trustworthy than a broker headquartered in (random example: ) Belgium?

There have been multiple recent examples of brokers in Singapore that have wound up operations. Charles Schwab acquired TD Ameritrade, that's all. Those individuals who applied to stay with Schwab (as Accredited Investors) are free to do so, and they'll enjoy better fund transfer options once their Schwab accounts are activated with their Schwab account numbers.

 

[celtosaxon]

In my experience, AI approval for TD Ameritrade came within a few days. All that was used for proof of qualifying was the latest TD Ameritrade pdf statement. They assigned a new a/c number but login credentials remained unchanged. The TOS app died, but I was able to use the TD Ameritrade app.

A welcome package was received in the mail several weeks later with a whole bunch of materials and forms, and it’s all TD Ameritrade branded. The materials included confirmation that $0 trades would continue to apply. I just logged in now and everything appears to be in order.

When will they move this new TD account to Schwab? I have to believe that’s going to happen sometime next year. Hopefully without another account number change or other nonsense.

 

[BBCWatcher]

When will they move this new TD account to Schwab? I have to believe that’s going to happen sometime next year. Hopefully without another account number change or other nonsense.

If the account number is 8 characters long (or 9 with the last character a G) then it’s probably already a Schwab account number.

 

[celtosaxon]

If the account number is 8 characters long (or 9 with the last character a G) then it’s probably already a Schwab account number.

It is a new 9-digit number, no G. It follows the same pattern as before 000-00000-0.

My US-based TD Ameritrade accounts that were converted to Schwab now have 8 digit account numbers, and they follow a 0000-0000 pattern.

 

[Pgn1990]

Managed to transfer full account to IBKR using ACATS. IT seems the avg price for my stock positons are incorrect. How do I correct this?

May I know how long the process take to transfer?

 

[szeli]

May I know how long the process take to transfer?

ACATS is very fast. like 2 working days for me

 

[Proximus]

May I know how long the process take to transfer?

3 days for me. Did on a Tuesday and I can trade on the Friday same week.

 

[Pgn1990]

3 days for me. Did on a Tuesday and I can trade on the Friday same week.

ACATS is very fast. like 2 working days for me

Thanks both ! I just triggered ACAT on IBKR yesterday, hopefully can be done before deadline. Give up on sfyetrade, took more than 1 month and still told me they cannot guarantee when it can be completed.

 

[Proximus]

Thanks both ! I just triggered ACAT on IBKR yesterday, hopefully can be done before deadline. Give up on sfyetrade, took more than 1 month and still told me they cannot guarantee when it can be completed.

Should be ok before 27 Nov. unless you have outstanding issues with TD or your holdings have small caps….

 

[jinsatkilife]

In my experience, AI approval for TD Ameritrade came within a few days. All that was used for proof of qualifying was the latest TD Ameritrade pdf statement. They assigned a new a/c number but login credentials remained unchanged. The TOS app died, but I was able to use the TD Ameritrade app.

A welcome package was received in the mail several weeks later with a whole bunch of materials and forms, and it’s all TD Ameritrade branded. The materials included confirmation that $0 trades would continue to apply. I just logged in now and everything appears to be in order.

When will they move this new TD account to Schwab? I have to believe that’s going to happen sometime next year. Hopefully without another account number change or other nonsense.

how come ur TOS app died? are u referring to desktop or mobile? I'm still able to login to TOS desktop with my old credentials, nothing changed except for the account number.

I received the welcome package and it seems a bunch of useless documents that I don't need to fill in. Also received a business reply envelope for USA; dont have to send anything back to them right?

yeah, when will they move to Schwab? still having problem with deposit and withdrawal