Scottrade Bank
Scottrade Transition Hub
Scottrade Transition Hub

Important information for Scottrade Bank clients

As you know, TD Ameritrade acquired Scottrade and TD Bank, N.A. acquired Scottrade Bank. Since then, we’ve been working together to ensure a smooth and easy transition for you, while keeping you informed and up-to-date on any changes that impact your Scottrade Bank account(s).

Right now, we want to let you know that your Scottrade Bank account will be closed on February 17, 2018. When your Scottrade® brokerage account becomes a TD Ameritrade brokerage account in early 2018, your new account may be eligible for convenient cash management services, like check writing and debit card use.

Key dates and action you may need to take

As of January 16, 2018

  • Scottrade checks and debit cards can no longer be reordered
  • Bill payments, even payments that you have pre-authorized, will no longer proceed. ACTION REQUIRED: you'll need to make other payment arrangements for your bill payments.

As of February 9, 2018

The following won't be available:

  • Mobile check deposits
  • Funds transfers from another financial institution to a Scottrade Bank account
  • Debit card transactions made in person and online. However, your debit card will continue to work at an ATM until February 16, 2018.
  • Use of Apple Pay, Samsung Pay® or Android Pay®
  • Any checks mailed in for deposit will not be processed, but will be returned to you

As of February 16, 2018

  • Any checks, direct deposits, ACH payments or transfers will no longer be processed. ACTION REQUIRED: You'll need to make other arrangements. If eligible, these transactions can be set up on your new TD Ameritrade brokerage account once it is opened.
  • ATM transactions will no longer be available.
  • Online Account Access will be limited to viewing of Account statement until February 23, 2018.

You may have some questions.
Here are some answers.

Why did Scottrade sell my brokerage account(s) to TD Ameritrade and my bank account(s) to TD Bank, N.A., rather than sell both accounts to TD Ameritrade?

TD Ameritrade is an industry leading brokerage firm and doesn’t offer bank accounts. This means they couldn’t purchase Scottrade Bank. TD Bank, N.A. is a retail bank. Together, TD Ameritrade and TD Bank are working together to offer similar services, where possible.

Why have I received a communication about my bank account(s) but no communication about my brokerage account(s)?

Communications are being provided by Scottrade Bank regarding your bank accounts. You’ll receive communication directly from TD Ameritrade about the conversion of your Scottrade® brokerage account(s).

Does the closing of my bank account impact my brokerage account(s)?

If you use your bank account to move money into your brokerage account, you can continue to move money into your brokerage account until February 16, 2018. However, you may be eligible to receive cash management services with your new TD Ameritrade brokerage account for writing checks, bill pay, transferring funds to any bank, and accessing your cash balance with a debit card linked to your account.

What happens to the money in my account?

When your bank account is closed, your bank balance will either be transferred to your Scottrade® brokerage account or you will be sent a check. You should have already received a communication about this.

Can I still use my debit card?

Yes, you can use your debit card for in person and online transactions until February 9, 2018. You will still be able to access your bank balance at ATMs until February 16, 2018, using your debit card.

Will my debit card still work for Wallet apps?

Yes, until February 9, 2018, you can use Apple Pay, Samsung Pay® or Android Pay®.

Can I still use my checks?

Checks mailed in for deposit will be accepted until February 9, 2018. All other checks if received by February 16, 2018 will be processed, after this date we will return any checks that we receive.

I have pre-authorized payments set up for my bills. Will my bills continue to be paid?

These pre-authorized bill payments will continue to be available until January 16, 2018. Please change your automated payment arrangements well in advance of this date.

I have a TD Ameritrade account. Can I move my bank balance into this account?

Yes, you can move any of your bank funds at any time through an ACH or wire transfer. In addition, your TD Ameritrade account may offer cash management services. Call 800-454-9272 to ask about these management services, if you wish.

Will there be any change to how I receive my statements?

Yes. Your January 2018 account statement will be mailed to you on or about February 2, 2018. On or about February 28, 2018, you will be mailed your February 2018 final account statement. You’ll also be mailed an Account Transaction Summary, detailing all your transactions for January 2017 – February 2018. Please note that these statements will be mailed to you – even if you currently receive statements electronically.

When will I receive my Form 1099-INT Record of Interest Income?

On January 31, 2018, Scottrade Bank will mail your Form 1099-INT for interest income of at least $10 from your Scottrade Bank account. You may receive a Form 1099-INT from TD Bank if you have bank accounts at both Scottrade Bank and TD Bank that together have earned interest income of at least $10.

How do I know if my new TD Ameritrade brokerage account is eligible for cash management services?

All individual and joint TD Ameritrade brokerage accounts are eligible for cash management services. However, some specific account types are ineligible, including but not limited to some retirement and foreign accounts.

Can I still use my bank account?

Currently, you can still use your bank account as you do today. However, we want to make you aware of some important dates in the email sent on December 7, 2017 and provided above. Beginning January 16, 2018, certain services will not be available for your Scottrade Bank account.

I have my IRA distributions automatically transferred into my bank account. Do I need to change this set up?

Yes, you will need to make alternative arrangements for IRA distributions. Once your Scottrade Bank account is closed, any automatic IRA distributions will not go through.

Will my recurring transfer from my brokerage account to my bank account still work?

Up until February 16, 2018 your recurring transfers from your Scottrade brokerage account to your Bank will go through; after this date they will not go through.

Ask us.

Contact Scottrade Bank support at 855-265-2265

Check the background of TD Ameritrade on FINRA's BrokerCheck