Charles Schwab & Co., Inc. has announced TD Ameritrade transition planned for Labor Day weekend 2023.
In 2019, The Charles Schwab Corporation acquired TD Ameritrade and its related businesses. Since that time, TD Ameritrade has been working with Charles Schwab & Co., Inc. (“Schwab”) to move TD Ameritrade accounts to Schwab. This communication provides important details about the transition of your brokerage account.
Key Takeaways
1) No action is necessary — your TD Ameritrade Institutional brokerage account will automatically and securely transition to Schwab at no cost to you, on or about Tuesday, September 5, 2023. We strongly encourage that you pay close attention to all communications from Schwab.
2) You’ll be able to access and withdraw cash from your TD Ameritrade Institutional account through Friday, September 1, 2023, at 8:30 p.m. ET. After that, access to your TD Ameritrade Institutional account will no longer be available. During this time, if you log on to AdvisorClient.com, you will not be able to see your account. Your assets (cash and securities positions) will be moved to Schwab over your transition weekend. Starting Tuesday, September 5, 2023, you can log on to Schwab Alliance to view, access, and transact in your account.
Communication Timeline:
May, June, July
Even if you have already set up online access to your TD Ameritrade account, you will still receive emails encouraging you to create AdvisorClient.com credentials, reinstate their paperless preferences, and get information on the transition and Schwab Alliance. (Click here to access more details about updating your communication preferences.)
June
Account transition notices will be sent to all clients (via email or mail) beginning June 28th. This notification is required by regulators to make you aware of the transition, deliver applicable disclosures and cash feature information, and provide opt-out details.
The letter provides details about the transition, including timing, what to expect, how to opt out of transferring to Schwab, disclosures, and information about what the Schwab cash sweep feature will be once the account transitions. You do not need to take any action regarding this information.
August
Key account information packets will be sent by mail to all clients on or about August 1st.
This communication from Schwab includes your new Schwab account number, outlines important details about the transition, and will prompt you to create a Schwab Allianz Login ID and password, which you will need to access your account information after the transition.
September
An Account Verification letter or email will be sent to all clients on September 5th.
This communication from Schwab will confirm that your account has been successfully moved from TD to Schwab. Please make sure to review & confirm the account information at this time.
Questions?
For more details about this transition, please visit the “Welcome to Schwab” website (Click here to access this page).
And as always, if you have any questions about this process, please contact our team (Click here for contact information).
Blog by Lynn Prust – Client Relations Manager
Learn more about Lynn and the rest of the Storen Financial team here.
“These materials have been independently produced by Storen Financial. Storen Financial is independent of, and has no affiliation with, Charles Schwab & Co., Inc. or any of its affiliates (“Schwab”). Schwab is a registered broker-dealer and member SIPC. Schwab has not created, supplied, licensed, endorsed, or otherwise sanctioned these materials nor has Schwab independently verified any of the information in them. Storen Financial provides you with investment advice, while Schwab maintains custody of your assets in a brokerage account and will effect transactions for your account on our instruction.”