Online brokerage TD Ameritrade is buying Scottrade in a $4 billion cash-and-stock deal that would tie up two major players in the day trading industry during an era when an increasingly large number of investors are choosing index funds over stock picking.
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posted: Oct. 24, 2016 @ 7:05a
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posted: Oct. 24, 2016 @ 12:58p
Thank, OP for the heads up. I wonder if this will help me get rid of the dummy stocks (companies that were delisted) that are cluttering my scottrade accounts, if I move my accounts to another provider?
It's going to take a year at least, maybe two, for full intergration. That said, I'm sorry to see this being the end of Scottrade. They aren't the best broker out there, but they are decent, care about their customers, and have a lot of branches for when you need to see someone. TDA is not as high on my list these days, so I'm not looking forward to this.
FW10001 said: Thank, OP for the heads up. I wonder if this will help me get rid of the dummy stocks (companies that were delisted) that are cluttering my scottrade accounts, if I move my accounts to another provider?
You can ask ScottTrade to take these off your account. And once disposed, if in a taxable, account, take the tax loss.
Bummer. I've been Scottrading for several years and have been happy with their service and low costs for trades. I really hope they keep their FRIP (Flexible Re-Investment Plan) services, as it has been really cool to automatically pool dividends from multiple funds that pay dividends monthly and buy stock in another without any fees.
Time to close out Scottrade account, previously with great customer service in local physical offices. TD Ameritrade screwed me over; could not even keep accurate track of the number of shares bought and held for years despite requests for honesty. Cost almost $200 U.S. to leave that dishonest broker. As when it swallowed up Waterhouse Securities, do not expect same level of helpfulness provided by acquiree but the opposite.
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