Scottrade was formerly a go-to platform for beginners, students and even retirees. You might remember its commercials which almost always featured male actors, bringing a sort of “Scott Trade” vibe.
The company boasts more than 500 branches and excellent customer service, but consolidation of brokerages caused the platform to close up shop and merge with TD Ameritrade.
Need to access your old Scottrade account now? Learn more about TD Ameritrade and how you can access your account within the new platform.
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.
Step 1: Go to TD Ameritrade
If you still haven’t attempted to migrate your Scottrade account to TD Ameritrade, don’t fret! Even if you search for “Scott Trade” because you’re returning to an old account, you’ll be directed to the right place. TD Ameritrade has outlined all the information you need to convert your account.
Step 2: Log in to Your Account
Because TD Ameritrade has already completed the migration process for legacy accounts, you don’t have to do much as a former account holder. To gain access, simply follow these steps below.
- Go to the login page
- Enter your old Scottrade account number in the field entitled User ID
- Input your old password
And that should be it. You will see a Welcome Center guide, which will walk you through all the new features you have available now as a TD Ameritrade member.
For any other questions regarding your legacy Scottrade account, you can reach out to a TD Ameritrade customer service representative at 800-669-3900.
Step 3: Browse TD Ameritrade User Website Options
Although a transition to a new platform may be a bit unsettling, your new home offers plenty of options with a similar interface. For instance, Scottrade established a reputation for branch access. With TD Ameritrade, you can choose from over 175 locations nationwide.
TD Ameritrade offers a convenient, easy-to-use online trading platform. For greater flexibility, you have the option of downloading the new brokerage’s mobile app – simply take your trading wherever you go.
In addition, with TD Ameritrade, you’ll enjoy commission-free online trading with 0 hidden fees or trade minimums. For options trades, the broker only charges a nominal 65 cent per contract fee.
One major benefit TD Ameritrade offers is its robust library of investing and trading platforms, along with multiple educational literature. For instance, the company has invested heavily in its thinkorswim suite of trading tools, which offer cutting-edge analytics to make the most profitable transactions.
You can also access experienced, licensed professionals that understand the ebb and flow of the markets and can guide you through whatever circumstances you find yourself in.
Previous Scottrade Users
Some Scottrade users took longer to adapt than others. You might’ve forgotten that it’s not spelled “Scott Trade” in the interim. Even so, TD Ameritrade was the most natural choice for leading the merger and transition. While so many other brokerages have shifted to web-and-mobile-only platforms with a generally hands-free approach, TD Ameritrade still maintains the human element which many clients loved.
Legacy users will appreciate that TD Ameritrade implemented several innovations, keeping pace with the latest investing trends. Whatever you enjoyed about Scottrade, you should find similar functionalities with TD Ameritrade.
TD Ameritrade Commissions and Fees
What initially drew people into Scottrade during its glory years was its combined offering of relatively low-cost fees and excellent customer service via phone or email. Today TD Ameritrade goes a step further, delivering a human interface when you want it and 0 commissions for most investment vehicles.
The fee structure is below:
- $0 commission on online stock trades
- $0 commission on online exchange-traded fund (ETF) trades
- $0 commission on online option trades
- 65 cents on contract fees (no assignment or exercise fees)
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.
Frequently Asked Questions
How is TD Ameritrade positioned to help ensure my investments are well protected?
TD Ameritrade utilizes the latest firewall technology to keep out unauthorized parties from gaining access to your account. In addition, the brokerage deploys artificial intelligence-based cybersecurity protocols that monitor anomalies and unusual behavior in client accounts.
In the event that a data breach does occur, TD Ameritrade has an asset protection guarantee. If you lost cash or securities due to unauthorized activity, the company will reimburse you for the money or shares lost.
How can I learn to trade on TD Ameritrade or enhance my knowledge?
Unlike other online trading platforms, many of which are largely hands-free, TD Ameritrade can be as lean or as comprehensive of a solution as you want. For instance, the company provides an immersive curriculum built around your needs. This series of course provides everything you need to know, from basic retirement planning strategies to using technical analysis to better time your trades.