Re: TD Ameritrade to Schwab Transition

On 2/23/2024 12:34 PM, Arthur Conan Doyle wrote:
> Received notification that my TDA accounts are finally going to be transitioned
> to Schwab next month. Mildly curious how seamless the transition will be with
> Quicken One Step downloads. Anyone been through this?
> 
> --
> Usenet: The world's first (and best) social network.

During the first month, there will be a lot of "TDA to CS&CO" transfers 
for income, followed by shares added/bought if you reinvest dividends. 
The details will show up on the Schwab website in 0-3 days, sometimes 
sooner in Thinkorswim.

Sometimes I would get a $30 transfer that would turn into $10, $10, and 
$5 dividends, followed by Add/Buy transactions for the reinvestments.

There will also be TDA interest and margin in the middle of the month 
for the first month or two, then Schwab interest and margin at the end 
of the month.

Rather than create new accounts and transfer the positions as others may 
recommend, I opted to turn off TDA Direct Connect on the Friday evening 
of the transition, clear the FI details from the account details, then 
turn on Schwab EWC on the Monday morning after the transition.

This ended up creating a bunch of "Shares Transferred" transactions from 
Schwab EWC, which I ended up deleting.  If you trade options, Schwab 
will send new "Buy/Sell to Open/Close" transactions that will match up 
with the previously-accepted TDA transactions.

Particularly in the first month, I would get separate "Dividend" and 
"Buy" transactions, rather than the "Dividend Reinvest" transactions I 
got from TDA. Now that I'm 2+ months past the transition, I'm more 
likely to get "Dividend Reinvest" transactions, but not always.

Good luck.  :)

-Scotty