Skip to main content
No. of Recommendations: 0
Anyone checked the balances in their new TDA accounts yet?

There are some strange entries in mine. Fortunately, the amounts in question are very small (less than a dollar) but they don't make any sense.

Since Scottrade always paid interest on the cash balances on the last day of the month, I checked my accounts at TDA to see if anything had showed up. There wasn't anything on 2/28 but there was any entry dated 3/1. Using just one of the accounts as an example, it showed an entry of 60 cents (didn't actually say what is was for). But then it also showed an entry of -31 cents (didn't say what that was for either).

That was all yesterday. So, today I looked at things again. The 31 cent deduction had disappeared. The 60 cents addition was still there. But, the total cash balance showed an increase of 99 cents! How did they get that??

I have 5 accounts that were moved from Scottrade to TDA. All five of them show similar behavior. The amounts are different due to the accounts having different cash balances.

Anyone here seeing anything like this?
Print the post Back To Top
No. of Recommendations: 1
Yes, I have noticed the odd cents at various places.

More importantly to me; none of the entries indicate what they are for. I get a lot of dividend payments and the entries just seem to show up as 'money market' deposit. No explanation and the Transactions report does not give any detail either. In fact, looking at transactions and selecting 'dividends' shows an empty screen - nothing found.

I am not going to want to wait till a monthly statement to keep my records in Quicken up to date.

So far my experience with their user-interface is less than satisfactory. Lots of extraneous, could-care-less info filling the screen.

Hopefully it gets better,

JimA
Print the post Back To Top
No. of Recommendations: 0
DoLoop,

You wrote, There are some strange entries in mine. Fortunately, the amounts in question are very small (less than a dollar) but they don't make any sense.

Since Scottrade always paid interest on the cash balances on the last day of the month, I checked my accounts at TDA to see if anything had showed up. There wasn't anything on 2/28 but there was any entry dated 3/1. Using just one of the accounts as an example, it showed an entry of 60 cents (didn't actually say what is was for). But then it also showed an entry of -31 cents (didn't say what that was for either).


I can't explain the negative number ... unless you have something margined. But TD Ameritrade does a kind of FDIC sweep program. Your cash balances are farmed out to different insured banks. I suspect they do this through some kind of bidding process, so the bank holding today's new deposits can be different from yesterday's.

Quite a few banks can be involved in paying on your cash balance in any given account. TD Ameritrade credits your account whenever each bank pays out interest. My last statement from TD Ameritrade on my taxable account (before I moved to Merrill Edge) shows 5 separate interest deposits in that month. And I only received 14 cents in total.

BTW, TD Ameritrade makes money off of your cash deposits too. It's well reported in the financial press that TD Ameritrade's cash management system is one of their biggest profit centers. The more of your cash they hold, the more they make. While they don't make a lot as a percentage, they are basically splitting the earnings from the banks with you and it hardly costs them anything to do it. Of course most brokers earn money off your cash balances too - they just don't usually pay out like this.

- Joel
Print the post Back To Top
No. of Recommendations: 0
Well, it seems the weird balance changes continue to occur each day. I'm guessing that they are showing an amount that the cash balance would change if the interest earned for each day was figured in. But, of course the interest is not actually paid each day. Guess I'll have to wait until the end of the month and see if the numbers balance out.

I asked someone in the local retail office today what this was all about but he didn't know - said I'd have to call the 1-800 support number.

Now, I just noticed another strange value shown in one of my accounts. I have 1000 shares of an ETF that had a closing price today of $50.58. So, I would expect the value of that holding to be $50,580 right? Well, the value shown is only $49,790. No explanation whatsoever for the difference. I'll check this over the next few days and see if ever shows up correctly.

:(
Print the post Back To Top
No. of Recommendations: 0
So, this morning I checked the balance on that ETF and it shows the correct amount of $50,580.

Go figure...
Print the post Back To Top
No. of Recommendations: 1
I have also had odd changes in my cash balance. And the transactions register only shows my dividends as cash flowing in to the Money Market fund they use. They don't show as dividends, just a cash transfer. Not very useful.

I went in to my local office (with new reps from other closed Scottrade offices) and they didn't really receive a lot of training on the new systems. So they are learning their way around as well. Though it does turn out that my dividends are still going in to Scottrade and are then swept in to the TD money market accounts - hence they only show as cash. The rep indicated this was temporary and in a month or so my dividends will show correctly.

So I guess patience will be rewarded?

JimA
Print the post Back To Top