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Change over from TD Ameritrade to Charles Schwab

mswartz325

I do not know what to do to switch from TD Ameritrade over to Charles Schwab now that Schwab has taken over Ameritrade and changed all the account numbers. Can anyone help me with what I need to do to update my Quicken account with the new information without losing my historical data?

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Accepted answers

Mark1104

here is what I normally do when I change Financial Insitutions

go into the current investment account (in this case TD) and change the name (to Schwab), and then under Online Services 'deactivate" the account, then 'reactivate" it using the credentials from the new FI (in this case Schwab).
Do a one step update and download the new transactions. There will be a number of 'add' transactions to reflect the transfer of the shares of each account from the oold firm to the new one - DELETE THESE "ADD" TRANSACTIONS.
What you should be left with is the same holdings and historical data using the new FI (In this case Scwab)
Check your last statement from the old FI (in this case TD) and manually enter any transactions that didn't download prior to the switch over to the new firm. Do not enter any 'transfer out' transactions from this statement.

nzeda@

I had several TD Ameritrade accounts that were transferred early this week to Charles Schwab.

I initially added the new Schwab accounts (recently transferred from TD Ameritrade) but they did not show any historical stocks/mutual funds transactions. It was going to be too time consuming to transfer each individual share transactions from the old TD Ameritrade accounts to the newly created Schwab accounts. I reversed the process by deleting the newly created Schwab accounts.

Please use the steps below, which are more efficient, less time consuming and let's you keep all your old transactions.

I used the following steps to move the accounts to Schwab in Quicken.
1. I deactivated all my TD Ameritrade accounts. You can now change the account name to Schwab or do it at the end.
2. Used create new account feature in Quicken to create new Charles Schwab accounts (this was done online - not as offline accounts)
3. Quicken automatically sends you to Charles Schwab website, where you enter you credentials and approve your accounts data to be accessed by Quicken.
4. In Quicken, you need to link your newly accessed Schwab account(s) to the TD Ameritrade account(s). In case you have several accounts, you need to make sure that you link each new Schwab to the corresponding TD Ameritrade account.
5. You can now rename your TD Ameritrade account(s) to Schwab, in case you did not do it in the first step above.
6. Check you stock, cash and mutual funds transactions in your new Schwab account(s). Everything was fine with my stocks and mutual funds transactions. I only had to update the cash balance in Schwab account(s) created in Quicken.
7. I ran One Step Update in Quicken and everything works fine.

I hope the above helps other users.

All comments

Mark1104

here is what I normally do when I change Financial Insitutions

go into the current investment account (in this case TD) and change the name (to Schwab), and then under Online Services 'deactivate" the account, then 'reactivate" it using the credentials from the new FI (in this case Schwab).
Do a one step update and download the new transactions. There will be a number of 'add' transactions to reflect the transfer of the shares of each account from the oold firm to the new one - DELETE THESE "ADD" TRANSACTIONS.
What you should be left with is the same holdings and historical data using the new FI (In this case Scwab)
Check your last statement from the old FI (in this case TD) and manually enter any transactions that didn't download prior to the switch over to the new firm. Do not enter any 'transfer out' transactions from this statement.

q_lurker

Although it is not highly specific, this FAQ may get you started.

https://community.quicken.com/discussion/7930273/faq-changing-brokerages

mshiggins

Here is another recent discussion covering this same topic:

https://community.quicken.com/discussion/7934297/handling-schwabs-purchase-of-td-ameritrade-in-quicken

nzeda@

FrankK777

https://community.quicken.com/discussion/comment/20363989#Comment_20363989

I am using Quicken Online for Windows. Under "Online Services" there is no option to deactivate the account, only "Delete Account."

I did the following:

Backed up the data file!

On the General tab, I changed the account name, number, and institution

On the Online Services, chose Set up Now and chose Charles Schwab as the financial institution

Logged into Schwab account and authorized connection of this specific account. Clicked "Done" to go back to Quicken.

The Add Account screen appears, and I chose "Link to Existing".

Selected the correct account in Quicken to be linked by choosing "Link to Existing" under the "Action" and then select the correct account to be linked.

Click "Next" and Quicken indicates "Updating your accounts". When it was done, clicked "Finish"

Quicken then synced to the cloud and downloaded new transactions. I checked these transactions before accepting them.

Finally, I compared balances in Quicken vs balances online at Schwab.