Yes, Charles Schwab acquired TD Ameritrade in 2020, and the merger was completed in September 2023
Charles Schwab announced the purchase of TD Ameritrade in November 2019 for approximately $26 billion. The deal closed on September 1, 2023, meaning TD Ameritrade no longer operates as a separate brokerage. If you held an account with TD Ameritrade, it has been moved into the Schwab platform.
The merger was one of the largest financial services acquisitions in history. Schwab kept the deal moving slowly on purpose — the company spent years integrating TD Ameritrade's systems, customer base, and operations into its own infrastructure before forcing any account transfers.
Key Takeaways
- TD Ameritrade accounts were automatically transferred to Charles Schwab on September 1, 2023, with no action required from account holders.
- Your account login, holdings, and positions moved to Schwab's platform, though the login process and interface changed.
- Schwab honored existing TD Ameritrade pricing and features during the transition, including commission-free trades and fractional shares.
- If you had a TD Ameritrade account before the merger closed, you now access it through Schwab's website or mobile app using your existing credentials.
What happened to your TD Ameritrade account after the merger
Your account was not closed. Instead, Schwab transferred all your holdings, cash balances, and account settings directly into a Charles Schwab account. You kept the same account number, and your positions remained unchanged. No stocks were sold, no cash was moved to a different institution, and no fees were charged for the transfer.
The main change was how you access your account. TD Ameritrade's thinkorswim platform and the TD Ameritrade website no longer work for login. You now use Charles Schwab's website (schwab.com) or the Schwab mobile app to manage your investments. Your username and password from TD Ameritrade were migrated, though Schwab may have asked you to update your login credentials during the transition period.
If you had multiple TD Ameritrade accounts — such as a brokerage account and an IRA — each one transferred separately into Schwab's system. The account structure and tax treatment remained the same.
How Schwab handled TD Ameritrade's trading features and pricing
Schwab kept the pricing you had with TD Ameritrade. Commission-free stock and ETF trades continued without interruption. Options trading commissions, if you had them, stayed the same. Fractional share trading, which TD Ameritrade offered, is also available through Schwab.
The thinkorswim platform, which many TD Ameritrade customers used for advanced charting and analysis, is now available to Schwab customers as well. You can still access the same tools and data you used before, though you log in through Schwab's system rather than TD Ameritrade's.
Schwab did not raise fees or remove features as part of the merger. The company's strategy was to move customers onto its platform while preserving the service level that kept them with TD Ameritrade in the first place.
The timeline of the merger and what changed when
Schwab announced the acquisition in November 2019 but did not rush the integration. The company spent years building the technical infrastructure to move millions of accounts. In 2022, Schwab began migrating smaller groups of TD Ameritrade customers to test the process.
The final migration happened on September 1, 2023. On that date, all remaining TD Ameritrade accounts moved to Schwab simultaneously. The company shut down TD Ameritrade's website and trading platforms that day. If you tried to log into TD Ameritrade after September 1, 2023, you were redirected to Schwab.
Schwab kept TD Ameritrade's customer service phone lines active for several months after the merger to help people transition. Those lines have since been consolidated into Schwab's main customer service number.
Why Schwab bought TD Ameritrade
Schwab and TD Ameritrade were already competitors in the retail brokerage market, each serving millions of individual investors. Schwab's purchase eliminated a major rival and combined two large customer bases into one platform. The deal also gave Schwab access to TD Ameritrade's technology, including the thinkorswim platform, which Schwab now offers to all its customers.
The merger reduced costs for Schwab by eliminating duplicate systems, support teams, and marketing expenses. Those savings did not translate into lower fees for customers — instead, Schwab maintained its existing pricing structure and used the efficiency gains to improve profitability.
What to do if you still have questions about your account
If your account transferred and you need help navigating Schwab's platform, contact Schwab's customer service directly. You can reach them by phone, through the Schwab website, or through the mobile app. Have your account number ready when you call.
If you believe your account did not transfer correctly — for example, if you're missing positions or cash — contact Schwab immediately. The company has a dedicated team to handle merger-related account issues. Schwab can pull up your old TD Ameritrade records and verify that everything moved correctly.
Frequently Asked Questions
Can I still use thinkorswim after the merger?
Yes. Thinkorswim is now part of Charles Schwab's platform and is available to all Schwab customers at no extra cost. You log in through Schwab's system rather than TD Ameritrade's, but the charting tools, analysis features, and data are the same.
Did my account number change when it transferred to Schwab?
No. Your account number stayed the same. Schwab kept your existing account number to make the transition simpler and to avoid confusion with tax documents, statements, and records tied to that number.
What if I had a TD Ameritrade IRA or retirement account?
Retirement accounts transferred the same way as regular brokerage accounts. Your IRA, Roth IRA, or other retirement account moved to Schwab with the same account number and tax treatment. No distributions were triggered, and no tax consequences resulted from the transfer.
Do I have to pay anything to move my account to Schwab?
No. The transfer was free. Schwab did not charge any fees to migrate your account or to access your holdings after the merger. You pay the same commissions and fees you paid with TD Ameritrade.
What happened to my TD Ameritrade debit card?
If you had a TD Ameritrade debit card, Schwab issued you a new Schwab debit card. The old card stopped working after the merger closed. Schwab mailed the new card to the address on file, and you could activate it through the Schwab app or website.