Some clients of the new
For the past three days, as the company merges the TD Waterhouse login page with the Ameritrade online login page, a number of former Waterhouse account holders have been unable to log on to their brokerage accounts. While the company concedes to a technical snafu, Waterhouse customers are getting antsy, and threatening to change their accounts.
Daniel Croker, who has been with either Ameritrade or TD Waterhouse since 1997, is also planning on moving his funds out of TD Ameritrade.
"Earlier this week, they had some kind of change and admitted that they have a problem, but it shut me out for one whole day and part of another day," Croker said. "So I'm pulling most of my funds out and putting them in Scottrade."
A spokeswoman for the company said that, in migrating to the new system, some Web pages stopped automatically storing the clients' passwords, so some people are unable to access their account. The company said it was taking a number of steps to fix the problem, including implementing software overnight Wednesday that should eliminate the issue. It has also listed troubleshooting information on the Web site for those who cannot log on, and is trying to contact those who are affected.
The company does plan on making reparations for those who have been unable to log on to their account. In fact, Croker was granted 10 free trades on his TD Ameritrade account for the hassle. But the reimbursements will vary, the spokeswoman for the company said.
"We are working with clients on an individual basis," the spokeswoman said. "We are taking into account the individual situation and helping them the best we can."
Ameritrade agreed to buy TD Waterhouse for $2.9 billion about a year ago and the firm has gradually been merging the two Web sites. It has not yet merged the two trading platforms, according to the spokeswoman. This mix up was only due to the combination of the login pages on the Web site.