TD Ameritrade to Schwab transition
Someone asked about how to transition from TD Ameritrade to Schwab in Moneydance a few months ago. Now the transition is completed. How do I do the actual transition in Moneydance?
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1 Posted by wuhl756 on 05 Sep, 2023 02:11 PM
I have the same question. I tried creating a new Schwab investment account, then connected to online services using MD+/Plaid. Connection was confirmed, account recognized, and account added to MD+.
Then I tried to download the transactions. MD said that it was downloading 70-something new transactions after eliminating duplicates, and "You have unconfirmed downloaded transactions," but they didn't appear in the register. (I( assume most of these were the transactions formerly in the Ameritrade account, but I wouldn't mind if they all were now in the new account.)
Restarted MD and tried again. This time MD said it was downloading 3 new transactions and that "You have unconfirmed downloaded transactions" but they still don't appear (yes, I have it set to view all transactions).
2 Posted by ScottA on 05 Sep, 2023 04:02 PM
I'm seeing the same behavior. I also tried just adding the existing TD Ameritrade accounts, and they do the same.
3 Posted by ScottA on 07 Sep, 2023 10:07 PM
I'm now able to download transactions via MD+. Some hiccups and manual adjustments to make (hopefully those will smooth out over time), but it does seem to be working now for me.
4 Posted by Neo on 08 Sep, 2023 12:00 AM
This sounds promising. Thanks for sharing. But how do you transit from TD to Schwab?Do you just download from Schwab? What will happen to the TD account? I shouldn't delete it, right? But if the TD account still sits there, it will make my account value doubled, which certainly makes me feels good :-)
5 Posted by ScottA on 08 Sep, 2023 12:27 AM
You can't just download from Schwab if you don't subscribe MoneyDance+. Unlike TDA, Schwab doesn't support Direct Connect (or even manual OFX downloads :().
With MD+, I see two approaches. Neither is ideal because Schwab's approach seems to be a combination of a transfer and a continuous account.
On the one hand, they have years of transactions in your Schwab history, and 3-4 years of that can be downloaded.
On the other hand, they have "transfer" transactions for every security and (for me at least) they liquidated TDA money market sweep funds into cash (FDIC bank account).
So looking at it one way, it made sense to create new accounts in MD for Schwab and tweak those transfer transactions to move assets from TDA to Schwab accounts.
Looking at it another way, it made sense to just keep it all in the existing account(s).
Schwab doesn't support Direct Connect, so I set it up in MoneyDance+/Plaid and that (now) works. It downloaded 3-4 years of duplicate transactions into my TDA accounts, plus the few new ones from the last week. I just deleted the duplicates, though I might have been able to merge them instead (didn't try).
Took me a while but it seems ok now, all in the same accounts I already had (just renamed them). Hoping I won't regret doing it this way...
6 Posted by dtd on 08 Sep, 2023 02:39 AM
@ScottA - your last message is "right on", I specifically agree with renaming the TD accounts maybe (for clarity) something like Schwab TD (whatever) account.... If account numbers changed or login/password, those would also need adjustment.
Thus, all the transition "oddities" from Schwab would flow into the older TD account once you connect it to MD+/Schwab. Yes, duplicate transactions, security transfers, etc. - normally I would merge, but a lot of this stuff is Schwab oddities, and I'd do what you did - figure the dang things out, delete what you must, merge what you can, etc.
And it will take a while, as you say. But I've looked over a couple of accounts in this situation (I didn't use TD myself) and I consider this "less hard" (would never say easier) than creating two accounts with two histories.
I don't think you will regret what you did.
7 Posted by wuhl756 on 08 Sep, 2023 10:33 AM
Working for me now too. Followed @ScottA and @dtd's advice and deleted the new Schwab account I had created, renamed and reconnected my form TDA account as a Schwab account. Among other things It downloaded share transfers from TDA thus doubling the number of shares in the account. Instead of deleting them, I duplicated them as SellXfr transactions. Not a big deal because this is an HSA account (not taxable) so did not mess up cost basis. All seems good now, thanks for your advice. I need to be more patient next time.
8 Posted by Neo on 08 Sep, 2023 01:56 PM
I'm slowly catching up. I just found out that Moneydance+ requires subscription fee of $4/month or $40/yearly. This beats my purpose of switching to Moneydance from Quicken in the first place - to avoid continuous subscription fee. My Moneydance is version 2021, and I need to first upgrade to 2023 before I can even subscribe to Moneydance+. So now I'm really debating if I should just go back to Quicken.
I have to admit that my choices of financial software and financial institutions are very bad. For software, I first used Microsoft Money, and Money discontinued, I then switched to Quicken, and Quicken started to charge annual fees, I then switched to Moneydance, and Moneydance does not support Schwab without subscription fee. For institution, I started with Scottrade, which was sold to TD Ameritrade, and is now Schwab, which does not support Direct Connect or OFX download, quite unbelievable in this era
9 Posted by LJA on 10 Nov, 2023 02:19 AM
I solved the problem by moving my TD Ameritrade/Schwab account to E Trade, which still supports QFX direct connect
10 Posted by dwg on 10 Nov, 2023 02:54 AM
No vendor can support automatic downloads from Schwab without using an aggregator, they dropped support for Direct Connect, they also do not provide manual downloads, so this is all Schwab's doing, and the way the institution wants it.
Using an aggregator costs money so no matter what software you use to get data from Schwab you will have to pay for it. Not having customer facing systems for this reduces Schwab costs and they no longer have to deal directly with customers having download problems, at worst they *may* interact with aggregators.
System closed this discussion on 09 Feb, 2024 03:00 AM.