What has become of Scottrade?
TD Ameritrade, a leading brokerage firm, finalized its acquisition of Scottrade on Sept. 18, 2017. This move marked a significant development in the financial services industry.
Scottrade, an esteemed online brokerage firm, catered to more than 3 million accounts in the U.S. and boasted consolidated assets totaling around $24.4 billion.
Established in 1980 by Rodger O. Riney, Scottrade had an extensive network of approximately 500 branch offices across the United States, offering personalized support and educational seminars.
What Happened to Scottrade Accounts?
Following the acquisition’s completion, Scottrade Bank accounts were closed by Feb. 17, 2018. Balances were smoothly transitioned to customers’ Scottrade brokerage accounts or issued as checks to finalize the accounts. Brokerage balances were seamlessly transferred to TD Ameritrade brokerage accounts.
To ensure a seamless transition for Scottrade customers, they could access their new TD Ameritrade accounts using their existing Scottrade account numbers as user IDs, along with their previous passwords. Additionally, they retained access to their past statements and tax documents via TD Ameritrade.
What Did Scottrade Reviews Say?
Scottrade garnered high praise for its exceptional customer service, with multiple reviews highlighting its strong rapport with clients, stemming from its extensive branch network and long-standing presence since its inception in 1980.
While Scottrade had a history of offering online trading, reviews often pointed out its online platform’s limitations in comparison to industry trends.
What Did the TD Ameritrade-Scottrade Deal Mean for Customers?
Following the acquisition, Scottrade brokerage accounts seamlessly moved to TD Ameritrade, enhancing the latter’s range of services and accessibility for clients.
Customers transitioning to TD Ameritrade gained access to various platforms and products, expanded educational resources, and an extensive branch network across the U.S., enhancing their investing experience.
The Bottom Line
Scottrade, founded in 1980 by Rodger O. Riney, was a prominent online brokerage firm that played a pivotal role in shaping the industry. Its acquisition by TD Ameritrade in 2017 marked a significant milestone, followed by TD Ameritrade’s subsequent acquisition by Schwab in 2020.
