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Asleep at the Wheel?
Originally Posted by Toukshare
I have now completed my full ACAT transfer from TD Ameritrade to Firstrade.
Bear in mind that during an ACAT transfer, your TDA website access will be blocked, and so you spend a few days not knowing what your positions are.
I've also finished setting up IB and all transfers are complete.
The TDA account was viewable the whole time the transfer was happening. mine took longer because the two accounts are named slightly differently.
but both companies worked together and got everything transferred with a minimum of fuss.
I've bought one thing already and it was no hassle at any level. A small commission fee which we all know about, but nothing that is an issue.
BUT
Wow, getting money to and from NZ is easy, free and fast. and the Fx rates are the best I've seen in ages (ASB is not great and Paypal is really poor).
also, the stock lending programme looks like it will give me a small amount each month that will be more than the commissions I'll be paying. so I'm better off than TDA on that thought.
Add to that the ability to buy in a lot of extra countries and it seems I am better off overall.
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Asleep at the Wheel?
Originally Posted by SBQ
So this means to pick ultra long term positions. Say Vanguard's VOO, BRKB, or long term ETFs where you can slowly sell over the years and transfer to your bank account in a retirement situation.
I looked at VOO (and others) but the dividend would breach the no deposit TDA rule I think. I went with BRK-B where they will be unlikely to ever pay a dividend
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Member
Originally Posted by Relaxed
I've also finished setting up IB and all transfers are complete.
The TDA account was viewable the whole time the transfer was happening. mine took longer because the two accounts are named slightly differently.
but both companies worked together and got everything transferred with a minimum of fuss.
Well, that's interesting. When I got blocked from accessing my TDA account, I contacted TDA and this is what they emailed me: "Your transfer is an Automated Customer Account Transfer Service (ACATS) request. This is an automated process between firms that generally takes five to eight business days to complete.
If You Have Requested a Total Transfer Out to Another Firm:
Your account will be closed and online access to it will be blocked. This is to prevent any trading of assets that are in the process of being transferred out. etc etc."
My online access was indeed closed, as described in the email. It is interesting that yours was not.
Not a biggie in the grand scheme of things, but I wonder why we were treated differently. Possibly a not particularly robust process on TDA side, that's dependent on the manual intervention of staff.
My experience of Firstrade so far is good, as yours seems to be. It does what I need.
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Junior Member
Did anyone else get a letter from TDA today - what did the letter say?
Unfortunately mine got thrown away by mistake
Was it a list of current positions/balances or just a note about closing down in NZ?
Thank in advance....Steve
Last edited by steve9; 04-10-2021 at 10:13 PM.
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Asleep at the Wheel?
Originally Posted by Toukshare
My experience of Firstrade so far is good, as yours seems to be. It does what I need.
I'm glad it is working out for everyone.
bit of a pain with TDA closing us down, but such is life and nothing lost in the end except a bit of time.
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Asleep at the Wheel?
Originally Posted by steve9
Did anyone else get a letter from TDA today - what did the letter say?
Unfortunately mine got thrown away by mistake
Was it a list of current positions/balances or just a note about closing down in NZ?
Thank in advance....Steve
No, my letter was just the exact same message as the emails we have been getting. SBQ has noted the You may continue to hold any current positions and the account may remain at TD Ameritrade. which my letter repeated as well
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Seeing that we are past the Nov 1st date, has anyone been able to make BUY trades on their TDA account? In a 'closing position' I assume this means you 'can't ?
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Last edited by TeslaGod; 03-11-2021 at 11:04 AM.
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I was using TDAmeritrade for the thinkorswim platform to learn the US stocks but ended up shifting to Interactive Brokers IBKR because it's a lot easier to use and there were whispers a year ago that NZ accounts would be removed.
IBKR is great. At first I found it confusing but once I got used to it it's very easy to buy shares or options. I like the app and the desktop. I mainly use the desktop portal on the browser as it's easier to follow.
Commission fees are low. Money transfers are very fast in and out of IBKR to my ASB account.
You do have to convert your NZD to buy. I just assumed that my US stock purchases would come out of my deposits but each currency is separate so I had negative USD and +NZD for a while until I realised you have to convert the money first but it's been pretty smooth.
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