What People Are Saying About TD Ameritrade on ConsumerAffairs.Com

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Some Reviews Below 

On September 30th, 2011, TD Ameritrade’s trading platform failed during regular trading hours. There was no possibility to enter new orders nor the existing orders were getting executed. Trading was unavailable. My attempts to close some of the positions in the morning on September 30th, 2011 were absolutely unsuccessful due to TD Ameritrade’s system failure. Due to sharp market moves, some of my stock and option positions significantly decreased in value by the end of the trading session on September 30th, 2011. This ultimately resulted in a margin call. On October 4th, 2011, TD Ameritrade decided to sell out most of my stock positions to cover the margin call. That sellout resulted in loss of $54,000.00, which is a direct result of TD Ameritrade’s system failure on September 30th, 2011. 

Yuriy of Bronx, NY

TD Ameritrade has the most screwed up, error-filled statements I have ever encountered. They are ripping people off. There is absolutely no way they can’t be. On one of my statements, it says I lost $5006.92. I owned 1.85 shares at $23.15, with market value of $42.83. That is the extent they had right. The statement says I had unrealized gain (loss) of $50006.92. When I called to inquire about this and other discrepancies, they made up some nonsense about cost basis being wrong, which clearly isn’t. Basically, I cannot account for over $10000 loss to my account and neither can they. I will not use them anymore. Don’t deposit money with them. You will lose it.

Marie of drepae, UT

The balance of an account on opening should be the same, as it was on the previous day closing. Ameritrade never informs you of the value of your account on closing, and unless you have made a note yourself, you would never know if the amount showing next day is correct. On several occasions, I found out discrepancies with numbers reported between market closings and openings. When I reported this to Ameritrade, their representatives came up with unbelievable excuses; such as they don’t have account details on previous closings, or the account were affected by after hours trading.

Ameritrade representatives will never give you the telephone number or email of their compliance officer. Instead, they will ask you to contact their president’s email. Sometimes, when they are cornered, they pretend to put you on hold,and they never come back. They are also very unprofessional when it comes to legal matters, such as disposition of trusts or joint accounts. In many cases, I have experienced that they are have their agents calling parties involved, asking them to dump their partners in favor of Ameritrade consultants. If you have friends in joint accounts, expect a great deal of gossip and interference from these expert investment “sharks”.

Demetrius of Valencia, PA