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TD Ameritrade / terrible experience

1 United States Review updated:
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I opened a individual cash account with TD Ameritrade on September 5th, 2008. I agreed to have TD Ameritrade withdraw $10, 000 out of my savings account. I completed everything in the TD Ameritrade account and made a transaction to purchase stock the same day. The order was filled on September 5th.

On September 10, 2008 I received a phone call stating that TD Ameritrade had take it upon themselves to sell my stock. I was told it was due to insufficient funds. The account number that I gave them was correct however the money was in my money market account instead of my savings. My bank made a mistake and deposited my money from the transaction I made over the phone, into the money market instead of my savings account as I requested. I explained to three different people at TD Ameritrade this could have all been avoided if they had called me the first day that they had received a notice that there was insufficient funds. I explained to them that I could provide proof that the funds were the account. I was not lying. I understand they don't know me but the money was there. All I expect from them is that they would have given me the courtesy of a simple phone call to inform me of what happened. I would have resolved it right away. Instead, they waited until after their deadline and then they call me up and explain to me that they sold my stock at a loss and now they are saying I owe them $167.42. A simple phone call even the day of the deadline saying we need the funds in by noon would have been acceptable to me. But not for them. There policy is make the transaction and sell the stock without any authorization or notice of any kind and then after they do this, call the customer up and tell them what took place.

I came home today (Thursday Sept 11th) to have a phone call on my answering machine from Ameritrade to return her phone call. I did return her phone call and she Informed me again that I have an unsecured debt and asking me when I was going to send them their money. I informed her that I was not going to. She proceeded to tell me that she noticed I have other accounts with them and that they would take money from those accounts to repay the debt. Not sure here but I think there is some unethical practices going on here.

It is not my intent to blame them for the funds being in the wrong account. As a professional business I would think that they would call there customer to inform them if there were any issues so they can resolve the situation before they take action. Obviously not.

Va
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Comments

  • Ra
      5th of Nov, 2008
    -1 Votes

    The freaking Ameritrade sold my stocks without my approval, and I try to request the fees that was charge when the TD acquired Ameritrade [TD Ameritrade refused, and when I close the account- They charged me a $75 closing transfer fee- was not on my original contract when I signed-up in Ameritrade]
    I want to complain and sue their ###. Ameritrade contract still applies, and not TDAmeritrade.
    http://www.tdameritrade.com/ratesfees.html

  • Ki
      3rd of Feb, 2009
    +2 Votes

    Alfred -

    Your "problem" is with your bank not td ameritrade. your bank messed up your transaction from the start, and as you well know your "mummy" and "daddy" are no long responsible for your money so it's up to you to keep up with your financial affairs. there are thousands of people who would be screaming if that stock went up (you most certainly included) if td ameritrade didn't place that requested trade (which, i'll remind you, was requested by you).

    td ameritrade did exactly as you requested (and floated you a loan to boot and your bank completely screwed up the transaction - not td ameritrade. place blame where it belongs... with you for not following up on where your 10, 000 was exactly, and with your bank for not executing it correctly.

    Your only recourse is to try and hold your bank responsible for the $167.42 that you owe ameritade but... good luck with that one.

  • Ll
      8th of Sep, 2009
    -1 Votes

    I had a similar circumstance where it took a couple months and 3 attempts to get money wired from the #1 rated Italian bank to TDA in 2006. It got misrouted from their intermediary US bank twice despite my verifying the information I had for routing. It amazed me that European banks could get it right but TDA couldn't.

    They finally got the money to me but only after hours of my work and much aggravation when they couldn't find the missing money. During this whole time, they refused to talk directly with the Italian bank and made me work as an intermediary. That amazed me also.

    TDA has truly horrible customer service.

  • Ll
      27th of Feb, 2010
    -1 Votes

    Usually they don't allow trades until the account has buying power. Shame on them.

    Their phoning is poor. See my complaint.

    I'm sure they can move money from another of your accounts, however.

  • Sk
      28th of Jun, 2010
    -1 Votes

    I completely agree with your comment. TD ameritrade has started employing crooks now. I will soon be closing my account with them but currently they have people like Daniel Pilmaier, Senior Research Analyst, Office of the President who think they know everything but they don't even have clue on how some of their software works. In month of June there was issues with their quotes and quotes shown was wrong in trading software like Command center and I complained about it, I got reply from Office of President (person name: Daniel) that there was some error for which my suggestion was to bring down the software immd. as soon as you come to know about error rather letting people trade on the basis of wrong quotes, his reply to this was though we know there is error in quotes we can not take away functionality from customer for trading...what the hell is he talking about. He is making statement on the behalf of TD (have emails) that its OK to show wrong quotes and let customer trade on the basis of wrong quotes and make losses ...is he out of his mind and when I asked to get this matter reviewed by his supervisor, there was no result.

    TD ameritrade in my views have lost value now, soon this will be one of the companies who just disappears from market as this kind of errors are becoming quite common with TD and people like Daniel Pilmaier are supporting these error, either TD need to close or person like Daniel Need to be out of TD...

    Sandeep

  • Kb
      20th of Oct, 2010
    -1 Votes

    I have several millions of dollars invested thru td ameritrade and had an issue where I believe they made a mistake that cost me $5, 000 dollars. When I tried to get to the bottom of it they said it was my mistake which I believe is a lie but asked ok then show me the proof and i will go away and got the run around and never got the proof and was told several conflicting stories. When I asked to talk to the compliance department so i can resolve it I was not given the # so i am now going to make a formal complaint to the sec. These people are not interested in customer service and when you need them for that you will be disappointed. They can make a mistake, tell you its your fault, but never prove it and you just get screwed. Bad company.

  • Ds
      26th of Sep, 2012
    -1 Votes

    First, TD Ameritrade refused a wire transfer to an overseas account. They told me that I had to change my address to reflect my overseas destination. After I changed my address they wired the money but then restricted my account to "liquidate only" status. Now, I cannot "trade" through TD Ameritrade. I can't do anything but withdraw all my money and go to another bank. When I asked they would not produce any written law. They only said this was current "policy." I would like to find a lawyer to sue TD Ameritrade for discrimination against my constitutional rights to invest and my pursuit of happiness. Anybody know of a good lawyer? Contact dspirek@netzero.com

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