Content of the material
- Scottrade is Now TD Ameritrade
- Trading Fees
- How Do TD Ameritrade Fees Compare to Other Brokers?
- A Welcome Change of Pace
- Choosing the Best Type of Business Bank Account
- Benefits of Opening a Business Bank Account
- Research Tools
- What Happened to Scottrade? FAQs
- Did Scottrade Become TD Ameritrade?
- Why Was Scottrade Sold to TD Ameritrade?
- When Did TD Ameritrade Take Over Scottrade?
- Scottrade or Ameritrade, Which One Is Better?
- I Sold Shares on Scottrade, Now How Do I Get My Money?
- How Can I Access My Scottrade Account?
Scottrade is Now TD Ameritrade
In October 2016, TD Ameritrade announced it would acquire Scottrade Financial Services for $4 billion. This represented a tragic turn of fortunes. In 1975, financial regulators banned the practice of fixed brokerage commission. Invariably, this restriction gave rise to a new breed of competitors that offered discounted commissions on stock transactions.
Later, the dot-com era saw an explosive rise of discount brokers as individual investors rushed to the markets. Following the internet bubble burst, many people continued to bid up the markets through popular brokerage services like Scottrade.
However, the 2008 financial meltdown, combined with the lingering impact of the Great Recession, soured sentiment toward individual stocks. Instead retail investors sought the relative safety of index funds and exchange-traded funds (ETFs), which offer exposure to a basket of companies rather than to just 1 organization.
The brokerage likely had the right idea to enter the ETF game in 2011, but by the time TD Ameritrade decided to acquire Scottrade, retail investment had slipped sharply. TD Ameritrade’s buyout of Scottrade left many questions for clients, primarily how to access their funds.
Below are the steps to follow to access your old account and more details about investing through TD Ameritrade.
Best For Options Tradingsecurely through TD Ameritrade’s website
TD Ameritrade charges a $0 flat fee for any online equity trade, regardless of account balance or trading frequency.
How Do TD Ameritrade Fees Compare to Other Brokers?
Scottrade members who are now TD Ameritrade members can assess whether a different brokerage might offer more competitive commission fees or trading options that suit their investing preferences. Take a look at how TD Ameritrade fees compare to fees at other brokerages:
|TD Ameritrade Fees vs. Other Brokerage Fees|
|TD Ameritrade||Ally||Charles Schwab||Fidelity||Merrill Edge|
|Commission (Online Trading)||$0 for stocks and ETFs that are not commission-free||$4.95 for stocks and ETFs; $3.95 with 30+ trades per quarter or daily balance of $100,000 or more||$0 for stocks and ETFs not included on Schwab ETF OneSource List||$0 for stocks and ETFs that are not commission-free||$2.95 for stocks and ETFs|
|Account Minimum||None||None||$1,000 for customers who have not opened a linked Schwab Bank High Yield Investor Checking account or established a monthly transfer of at least $100||None||None|
A Welcome Change of Pace
Dealing with change is not always the most pleasant circumstance, particularly when it involves your money and when you didn’t request the adjustment. But if you’re a former Scottrade user, you should find TD Ameritrade an excellent platform to help build your wealth. Thanks to familiar offerings and a myriad of investing and trading tools, TD Ameritrade can pick up where your old account left off.
Choosing the Best Type of Business Bank Account
How you select a business bank will depend on your company’s size, net income, number of employees, and many other factors.
Many people open business accounts at banks where they’re already a customer. If you’re a Bank of America user, for example, you have an existing relationship with the staff and understand what to expect from their financial products and services. The best banking experiences should be seamless in all aspects.
Start by selecting a bank that offers all the services you need, whether in-branch or online. Core in-branch services include making deposits and speaking face-to-face with customer service representatives. Online banking lets you view your balance, initiate transfers and wires, and pay your bills.
Other things to consider when choosing a business bank account include:
- Proximity of branches and ATMs
- Website and mobile app quality
- Bookkeeping integration
- Annual percentage yields
- Other financial products and services, such as loans and credit cards
Most business bank accounts are similar, so don’t overthink it. What separates one bank from another is the people. Knowledgeable and friendly staff will make all the difference when it comes to using your bank account.
Make sure your financial institution can grow with you. A sage choice will make operating your company’s finances easier and give you more time to focus on running your business.
Related: Best Banks for Small Business
Benefits of Opening a Business Bank Account
If you want to run a successful company, you have to act the part. A business bank account gives you a look of professionalism. Vendors and investors will perceive your organization as more credible, thanks to small gestures like company credit cards and checks printed with your logo.
A business bank account helps centralize your financial information. It keeps you organized, which comes in handy in the absence of in-house accountants. The bank separates business and personal transactions automatically while keeping track of overall profitability.
The bank’s organization saves you time come tax season. The clear and detailed paper trail makes filing tax returns more straightforward and minimizes your chances of IRS penalties. You can also use the business bank account to deduct business expenses from your personal returns.
If you maintain your business bank account long enough, credit bureaus will take notice. The credit monitoring agencies will raise your company’s credit score after you demonstrate a reliable pattern of borrowing money and paying off debts. Some of the other benefits of high credit scores include:
- Lower interest rates
- Improved reputation
- More favorable lending terms
- Increased negotiating power
- Approval for higher spending limits
- Avoidance of certain penalty fees
Your customers will also benefit from your business bank account. Companies can use the platform to accept payments from merchant accounts, which means clients can use credit cards. Most financial institutions handle banking and merchant finances together for added ease.
One of E-Trade’s selling points is the great research and analysis tools offered by the site. In addition to real-time stocks, charts and news, users have access to in-depth company comparisons and analyses offered through Credit Suisse, Thomson Reuters, S&P and others. Investors also have access to current market commentary, educational videos and web seminars. E-Trade also offers industry-specific suggestions for investing opportunities based on a user’s desired strategy. Stocks and funds can be searched for using an advanced screening and filter settings.
Scottrade’s research tools can be summarized as more basic and easy to use. Highlights include virtual Trading (ScottradeELITE), exclusive content from S&P and Dow Jones, a market calendar identifying important upcoming financial events such as IPOs, earning, and dividends, and sector and industry comparisons. The basic interface is powerful and streamlined: users simply type in a stock symbol and are shown all of the relevant data on that stock, including news, analyst reports, financials, and ratings from third parties.
What Happened to Scottrade? FAQs
Did Scottrade Become TD Ameritrade?
After the acquisition formally closed in September 2017, all Scottrade accounts were officially moved to TD Ameritrade by February 2018.
Why Was Scottrade Sold to TD Ameritrade?
Scottrade was sold to TD Ameritrade for several reasons including concerns over rising regulatory pressure in the brokerage industry, as well health issues of founder and CEO Rodger Riney.
When Did TD Ameritrade Take Over Scottrade?
TD Ameritrade officially completed its acquisition of Scottrade on Sept. 18, 2017.
Scottrade or Ameritrade, Which One Is Better?
On Feb. 18, 2018, TD Ameritrade fully completed the conversion of Scottrade brokerage accounts to TD Ameritrade, essentially becoming a single platform.
Today, TD Ameritrade is well known for its extensive research capabilities, wide education offerings, numerous support channels, and zero-commission trades.
I Sold Shares on Scottrade, Now How Do I Get My Money?
All Scottrade accounts became fully integrated with TD Ameritrade in early 2018. In order to access any funds in your Scottrade account, simply enter your legacy Scottrade account number and legacy Scottrade password on TD Ameritrade’s log-in page.
How Can I Access My Scottrade Account?
As mentioned above, in order to access your Scottrade account, enter your legacy Scottrade account number in the UserID field and your legacy Scottrade password on TD Ameritrade's log-in page.