Feedback From Think or Swim on TD Account Migration

I was contacted by a member of the Think or Swim team working on the account migration problems. He saw my earlier blog post, and then sent me the following feedback on my points, also giving me permission to share. My original comments are in italics, and his answers are in bold font:

So it looks like TD is having all kinds of problems with this merging of accounts with ToS. I had new username problems yesterday. That’s an annoyance, but a one time pain.

I am still getting used to my username as well. I believe e-mails were sent to the address on file on Thursday but unfortunately there were cases where we received some bounces and/or were caught in SPAM folders. In cases where we were unable to deliver an e-mail a letter was mailed. Please note that you can change your username if you do not particularly like the characters that were added. That’s what I did.

Then I find they haven’t unified futures and equities into one account, so you have to manually segregate funds between two accounts. That is unacceptable. But their FAQ says they are working on the integration of the two and expect it to get worked out. When? Who knows.

I completely agree. The plan is to deliver this functionality using our new clearing firm inside of a month. We need to thoroughly test the functionality given we are using a new clearing firm but we are getting close.

Now as of this morning my account shows zero cash, but a single position in an FDIC insured account. I assume that this is the overnight sweep into an interest-bearing (LOL) deposit account. ToS did this as well, but still credited you with cash and buying power. So basically now you can’t trade pre-market. I have no idea if this is permanent or just a temporary glitch. If permanent then you’ll have to tell them you don’t want cash sweeping overnight.

This was a temporary glitch. We feel we have addressed it today and will be monitoring very closely overnight and tomorrow.

So these are pretty heinous issues. Before I get out the torches and pitchforks, I’m going to give them a bit of time to see if they can sort it out. After all, this is only trading day #2 post-integration. However, they need to resolve this very soon or a lot of traders are going to bail on them as they miss opportunities in the markets.

You are 100% right. I assure you we are working tirelessly to iron out the issues you have mentioned. I personally only left the office for 3 hours yesterday and 4 hours the day before. Not looking for points here – just want you to know that we are on it.

So a little patience is in order here. It seems that the same people who gave us great support under the old management are still working the issues now. Here’s hoping the wrinkles get worked out soon. Until then, as The Fly says, go eat a sandwich.

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5 Responses to “Feedback From Think or Swim on TD Account Migration”

  1. Christofer J Garner Says:

    I’m surprised they would contact you directly like that. Impressive.

  2. Gregory P Says:

    As TD Ameritrade buy up every broker I ever like, I will have to keep migrating to new brokers as they continue to screw up everything they ever touch.

    You did not mention that the new futures account (which is actually the old account number but a new underlying account which none of us asked for) is with a different clearing house (penson) so you have to reapply for the futures permissions all over again, and that the links on the website for you to transfer money from the new TDA account (where they so inconveniently put the money) over to the thinkorswim/penson account is non-existent, so you have to ring them and annoying them for days to get it enabled or to get the money transferred.

    These two companies are just shocking with their customer experiments. They do not deserve customers.

  3. Prospectus Says:

    I share your frustrations. I’m told that it will be put back the way it was before, but that it may take a few more weeks. I’m waiting, but with ever diminishing hope of a good outcome.

  4. Lawrence Says:

    i have been with them since 200. i just switched to another platform.

    i am disgusted with what they have become — a corporate abortion with “bottom-line” above customer support….experimenting on customers instead of off-line….ignoring customer feedback and complaints…and doing their owm “tda” thing. i agree with the person above who said they dont deserve customers. i have acted on that. they should spend less money advertising on cnbc and more money giving loyal customers what they really want.

  5. Prospectus Says:

    I agree that TD is doing awful here. I’ve had some good feedback and interaction with the old Think or Swim team during this recent period. My read is that where the old ToS team still exists, they are doing their best to keep it going. However, they are doing it with the new parent corporate headwinds of an indifferent discount retail broker that is more concerned with sales than customers. I hope that TD wakes up and realizes what they have in ToS quickly. I was very encouraged with the recent release of Think Desktop and the new capabilities. I think it’s turning a corner, so I’m waiting to see.

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