Charles Schwab completed its acquisition of TD Ameritrade in September 2023

Charles Schwab announced the deal in November 2019 and finished integrating TD Ameritrade on September 8, 2023. That date marked the end of TD Ameritrade as a separate brokerage — all customer accounts moved to the Schwab platform, and the TD Ameritrade brand stopped accepting new customers.

The acquisition took nearly four years to complete because regulators had to review whether combining two major brokerages would harm competition or customers. The Federal Trade Commission and Securities and Exchange Commission both examined the deal before approving it.

If you held a TD Ameritrade account before the merger closed, your account automatically transferred to Schwab. You did not have to do anything, and your positions, cash, and account history moved with you.

Key Takeaways

  • TD Ameritrade accounts became Schwab accounts on September 8, 2023, with no action required from customers.
  • Your positions, cash balances, and trading history transferred automatically to your new Schwab account.
  • Schwab kept most TD Ameritrade features and platforms running during the transition to minimize disruption.
  • If you had multiple TD Ameritrade accounts, they consolidated into a single Schwab account structure.
  • Schwab has continued to operate thinkorswim, the trading platform TD Ameritrade customers used, as part of its service.

What happened to your account during the transition

Schwab did not close or liquidate TD Ameritrade accounts. Instead, each account transferred with its existing positions intact. If you owned stocks, ETFs, mutual funds, or options contracts, they remained in your account under the same ticker symbols and quantities. Cash balances transferred as well.

Your account number changed to a Schwab account number, but your Social Security number, tax identification, and account registration (individual, joint, IRA, etc.) stayed the same. This meant your tax reporting and beneficiary designations carried over without interruption.

Schwab consolidated multiple TD Ameritrade accounts held by the same person into a single Schwab account structure. If you had a taxable brokerage account and a separate IRA at TD Ameritrade, both moved to Schwab but remained separate accounts for tax and withdrawal purposes.

How the merger affected trading platforms and tools

Schwab kept thinkorswim, the advanced trading platform that TD Ameritrade customers relied on, running as part of its service. The platform continued to function with the same features, charting tools, and options analysis that users were familiar with. Schwab also maintained the TD Ameritrade mobile app during a transition period before fully migrating users to Schwab's own apps.

Over time, Schwab has been moving features from the TD Ameritrade platform into its own ecosystem. This means some tools and workflows changed, but Schwab designed the transition to preserve the core functionality customers needed. If you used specific TD Ameritrade features, Schwab either kept them available or provided equivalent tools within its platform.

Schwab did not charge customers for moving accounts or for using the new platform. There were no transfer fees, account closure fees, or hidden costs associated with the merger.

Why Schwab wanted to buy TD Ameritrade

Schwab acquired TD Ameritrade to become the largest retail brokerage in the United States by customer assets. The deal combined Schwab's 12 million customers with TD Ameritrade's 11 million customers, creating a single firm with roughly $7 trillion in customer assets under management or administration at the time of closing.

The merger also allowed Schwab to eliminate redundant operations — two separate technology teams, two separate customer service departments, and two separate back-office systems. Consolidating these functions reduced costs, which Schwab said would allow it to invest more in product development and customer experience.

From a competitive standpoint, the combined firm could offer a wider range of services and compete more effectively with larger financial institutions. Schwab already owned StreetSmart Edge and thinkorswim, and the merger added more customers who could use those platforms.

What changed about fees and account minimums

Schwab did not raise fees on transferred TD Ameritrade accounts as a result of the merger. Stock and ETF trades remained commission-free, just as they had been at TD Ameritrade. Options trades, which carried a per-contract fee at TD Ameritrade, continued at the same rate under Schwab.

Account minimums for certain services may have shifted depending on which Schwab product you used. TD Ameritrade had different minimums for its advisory services than Schwab did, and accounts that moved to Schwab's advisory platform were subject to Schwab's minimums going forward. However, Schwab generally did not impose new minimums on existing customers who were not using advisory services.

Margin rates, wire transfer fees, and other account-related costs were harmonized over time, but Schwab worked to avoid sudden increases that would penalize customers for the merger.

How the merger affected customer service

TD Ameritrade customers could continue calling the same phone numbers and accessing the same support channels for several months after the merger closed. Schwab gradually migrated customer service operations to its own centers, but it maintained service levels and did not immediately consolidate support teams.

Some TD Ameritrade-specific features, like the thinkorswim support line, remained available for customers who needed help with that platform. Schwab also kept TD Ameritrade's educational resources and research tools available during the transition.

Over time, all customer service requests were routed through Schwab's support infrastructure. If you called with a question about your account, you reached a Schwab representative rather than a TD Ameritrade representative, but the account information and history were fully accessible to them.

What happened to TD Ameritrade's brand and offices

The TD Ameritrade brand was retired after the merger closed. The company stopped using the name in marketing and customer communications, and the website redirected to Schwab. However, Schwab did not immediately close all TD Ameritrade physical offices — some locations remained open for a transition period to help customers in person.

Schwab consolidated office locations over time, closing redundant branches and consolidating operations in major markets. If you had a local TD Ameritrade branch you visited, it may have closed or merged with a nearby Schwab office.

The TD Ameritrade Holding Corporation, which was owned by Toronto-Dominion Bank (a Canadian bank), ceased to exist as a separate entity. Schwab became the sole owner of all customer accounts and assets that had been held at TD Ameritrade.

Frequently Asked Questions

Do I still have access to my TD Ameritrade account after the merger?

No — your account is now a Schwab account. You log in with your Schwab credentials, and your account number is a Schwab number. However, all your positions, cash, and account history transferred automatically, so you have access to everything you owned at TD Ameritrade.

Can I still use thinkorswim after the merger?

Yes. Schwab kept thinkorswim running as part of its platform. You can continue using the same login and access the same tools, charting features, and options analysis you used before the merger.

Did my stocks and ETFs get sold during the merger?

No. Your positions transferred to Schwab intact. Nothing was liquidated, and you did not have to do anything to keep your holdings. They remain in your account under the same ticker symbols.

Will I pay more in fees now that I'm on Schwab?

Schwab did not raise commissions on stock and ETF trades or per-contract options fees as a result of the merger. However, if you used TD Ameritrade's advisory services, your fees may have changed when your account moved to Schwab's advisory platform, since the two firms had different pricing structures.

What if I want to move my account to a different brokerage?

You can transfer your account to another brokerage at any time. Schwab does not charge transfer fees, and the receiving brokerage typically handles the transfer process. You would initiate the transfer through the new brokerage's website or by calling their customer service line.