TD Ameritrade merger with Schwab
I am no longer able to download from TD Ameritrade now that Schwab bought them. How do I get the new Schwab account to download into my current TD Ameritrade accounts?
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Hello @Arthur Sterbcow,
Thank you for reaching out to the Quicken Community with this question.
I advise looking at our latest alert which you can access by following this link. As stated, you will need Charles Schwab credentials now to access your account(s).
I hope this helps!
-Quicken Jasmine
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Please see this FAQ and post back if you have further questions
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My connection with the Schwab site yesterday helped me set up my new Schwab accounts from TDAmeritrade, but the positions have no cost basis. Which has a history of happening with Schwab?
Also the new Schwab accounts have past transactions for two months which currently reside in the TDA accounts so do I delete that history from the Schwab accounts?
Would like some guidance in handling this transition - what to do with old TDA accounts?
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You know, I'd expect that since Schwab took over TD Ameritrade and transferred TD Amertrade's data to their own servers that the initial download WOULD have cost basis information. You might want to give Schwab a call and ask about that.
If, for whatever reason, the cost basis information was left behind at TD Ameritrade on purpose (i don't think that's the case), then the thing to do here is delete all the "opening balance" information that was downloaded at that first connection, go back to the TD Ameritrade Account, and do a "Shares Transferred Between Accounts" for all the securities. That will result in a Remove action for all securities in TD Ameritrade and multiple Add action in the Schwab Account, one for each lot of each security. They will all have the same basis as they did in the old Account.
But before doing that I'd say call Schwab and see if they intended to not transfer cost basis. Somehow I just don't see that as being possible.
I elected to continue to use my TD Ameritrade Accounts and simply connected them with Schwab, so all transactions are still there in the Account.
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How did you connect them with Schwab?
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Saw this on Schwab web site…. may be of some help……
Windows 11 (2 separate computers)..... Quicken Premier.. HAVE USED QUICKEN CONTINUOUSLY SINCE 1985.
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If you've already created your User ID and Password at Schwab, then you have two ways of going here to get connected to Schwab. One way simply changes the financial information in your current TD Ameritrade file, the other way creates a new Quicken Account with the holdings that were transferred from the old Account.
This will tell you how to take either approach:
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Contacted Schwab and they said delete the Schwab accounts, wait a few days and try again, which to me is a dubious approach.
Your last sentence "simply connected them with Schwab" sounds good, through the Tool/Account list approach?
BTW, thanks for your help. You're a gem
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Glad I find I am not alone with this issue, cost basis not downloading from Schwab into new Quicken accounts. Having numerous accounts with many holdings in each, either option proposed here are pretty daunting.
Being that my accounts are managed by a financial advisor, think I will l contract them first to speak with someone at Schwab.
The cost basis when I look at my accounts online at Schwab are there… so the question is why aren't they accessible to Quicken with all the other data?
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It is not uncommon for Quicken's detailed cost basis information to not transfer when you rely on downloaded transactions to move holdings between accounts.
I suspect that if you look at your new Schwab accounts, you will see one Added transaction for each security you held in the corresponding TDA account. If you edit the Added transaction, you will see that the Total cost and Date Acquired fields are blank. That is where Quicken would get the cost basis. If you held multiple lots of the security in the TDA account, such as by reinvesting dividends, at best the cost basis of those lots will be lumped together.
In order to preserve the cost basis, you must generally use one of the methods described in the FAQ referenced above.
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The original transfer from Ameritrade to Schwab worked correctly in Quicken. I executed the setup in Quicken as instructed and everything was fine for one day. Now, three days later, the downloads from Schwab do not occur. I have reset the account and still no downloads. And I cannot link the new Schwab accounts to the existing Quicken accounts. There seems to be a major issue here. Is no one else having this issue?
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To keep your cost basis, use the method that deactivates the TDA account, create a new schwab account, and link the Schwab account to the TDA account(s).
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A quick filtered (9/1/230-09/9/23) search in here brought up one other post ("not downloading") that's similar to yours.
You can see that a Quicken moderator suggested an approach, one that didn't work for the original poster, and then suggested direct contact with Official Quicken Support. You might see if the moderator's 1st reply to the original poster works for you and if it doesn't the see if Official Quicken Support can shed some light.
This may be a "local to you" problem that could be fixed by Validate and Repair, and it doesn't hurt to try,
The approach suggested by @PulinVA 's post involves continuing to use the old TD Ameritrade Quicken Account, but changing the connection to the new accounts at Schwab. This is more clearly explained as one of the options in this situation by this post:
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I just noticed the same! The cost basis for each holding is shown on the Schwab site, but as you said, all lumped in AND the date is 9/5/23. I went through this before when I inherited holdings from parents and had to go through and manually enter the cost and purchase date for each individual holding. Was a time consuming process.
Personally, I don't rely on Quicken reports when I do my taxes and give my accountant the 1099s to prepare them.
The other thing lost is the daily value changes for my holdings, making the graphs useless. At least for some accounts. What is odd about this is I have two managed accounts with the same portfolio structure and investment approach, the same holdings in both accounts. One is a brokerage account, the other an IRA. The daily values/graph is there in the IRA, but not the normal account.0 -
IF TD Ameritrade securities came into new Quicken Schwab Accounts without bases but all lots of all securities do show basis information at Schwab THEN that would seem to be on Intuit (Aggegator)/Quicken problem. Clearly the information was in the TD Ameritrade files, so I'd expect that it would be sent to new Quicken Schwab Accounts.
One approach here would be to
- Make a backup
- Delete the "Add" actions that came into the new Schwab Accounts. If it's only one Add per security than that's not onerous.
- In the old Schwab TD Ameritrade Account do a "Shares Transferred Between Accounts" action as of last Saturday, specifying "all securities."
- Check to see that your initial holdings in the new Schwab TD Ameritrade Account agree to to Friday's holdings in the old Accounts
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I did the "delete the original Schwab setup". Redid the connection to Schwab and used the "LINK to existing TDA accounts" in the setup phase with Schwab and everything is good.
I guess I was having a bad day on the first try - it was so simple.
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So "beazer512", did you use the "Keeping the same account" approach by deleting the online service from TDAmeritrade and then activate your existing accounts with Schwab? Is that where the "LINK to existing TDA accounts" appeared? Thanks for the help.
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Well, that worked for me! Deactivated my TDA IRA and Roth IRA accounts and then went to "Tools">Add Account and selected Schwab from the financial sites. It had me log on to Schwab using the login information I had previously set up. I then had to authorize Quicken as a third-party. I went pack to Quicken and used the "Link to existing" to attach Schwab to my existing TDA accounts. It all went pretty smoothly, except that I wound up with a slew of "Matched" transactions from 6/16 to 8/22 and another bunch of "Tda Tran" items listed as "Deposits" (Ordinary and Qualified Div's as well as some other cats and dogs that I'm going to have to go through) to figure out how to record them. I guess it could be worse. I haven't done much digging, but it appears that all my historical data is there (Cost Basis and individual lots). Hope this helps.
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I had an Ameritrade brokerage account that was taken over by Schwab. I already have a Schwab account as a retirement 401k account. Now my Ameritrade holdings sit in a Schwab account under a separate account number. I would like to know what actions I need to take for Quicken to record the Ameritrade to Schwab transaction accurately. Right now the sync is failing for Ameritrade because Schwab bought them. My Schwab account now has a new login that shows all of my Schwab accounts. Currently, Quicken does not know enough to record my current holdings correctly. I'm looking for guidance in taking the next steps to have Quiken record the changes correctly.
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Make a backup. Disconnect the old Ameritrade Account from downloading. With the Account no longer connected you should be able to delete the information in the "Financial Institution" and "Account Number" fields. Then click on the "Set up Now" button under the Online Services tab and connect to Schwab.
Make sure you "Link" to the correct Account, not "Add" a new Account.
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Make sense . I'm try it! Thank you!
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After several days trying to merge 6 accounts I concluded I was wasting my time and just stopped using Quicken. Following the recommendations I could merge some but not all. And even then the updates were seriously flawed. To further complicate the matter it seems that Quicken identifies the Schwab accounts based on the last 3 digits of the account number. 2 of my 6 accounts have identical last 3 digits. Go figure.
After many years of flawless performance I can no longer trust what I’m seeing.0 -
I have the same problem with 9 accounts at SCHWAB that were at TD .. I tried the link to existing accounts and that just confuses the issue..Linking deletes any cost basis.. Setting up new Schwab accounts only Downloads 3 months of history which does me little good since I track ROI for more than 6 years on securities. ( which is the main reason for having Quicken ) It is now useless….
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I had existing TD Ameritrade and Schwab accounts before Schwab purchase. After TDA account no longer synced, I removed the connection. After TDA account appeared on my Schwab site, I reconnected old TDA Q account to Schwab, which worked perfectly, however, after One-Step Update, I got OL-362-A errors on all other investment accounts, until I fixed it per the following post:
As always, Chris, thanks for your helpful advice. I posted my log files as well.
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For those of you having cost basis issues with Schwab, I noticed this flag on Schwab account today:
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If you are receiving an "N/A" error for your cost basis, the issue should be resolved shortly. No action is needed on your part."Hope this helps.
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