withdraw money from td ameritrade

How To Withdraw Money From TD Ameritrade

April 12, 2022

TD Ameritrade is a broker that gives its customers an electronic trading platform. It gives you financial assets such as preferred stocks, common stocks, futures contracts, exchange-traded funds, forex, options, mutual funds, fixed-income investments, cryptocurrency, margin lending, and cash management services. The company’s headquarters are in Omaha, Nebraska, in the United States. We shall see how to withdraw money from TD Ameritrade later on.  

There is a need to withdraw your money to a bank account. Since the platform is not a bank but a trading service, there are things that you cannot do with the platform. Maybe you prefer paying bills with your bank account to earn cash backs and other rewards, low transaction fees, or high-interest rates for your savings account. All brokerage accounts allow you to withdraw funds to your account when the need arises. 

TD Ameritrade operates online, and that means you can open your account online using various devices such as smartphones, computers, or tablets. Whichever device you use, the platform gives you a lot of conveniences as you do not have to travel to a branch for your transactions. You can also download the mobile application and operate your account anywhere with your mobile phone. Mobile applications are secure as they are not easy to access by hackers. 

How to open a TD Ameritrade account?

To begin trading on the platform, you must open an account with the platform. Depending on what you want to trade on, you can open various accounts today. Stocks, options, exchange-traded funds (ETFs), mutual funds, bonds, and CDs are available in most accounts, although subject to approval if you want an investment option that may be limited to trusts and pension plans.

For your understanding, online trade commissions are $0.00 for ETFs, U.S. exchange-listed stocks, and options. A $0.65 per contract fee applies to options trades without minimum balances on most account types, although promotional offers are excluded. There are no platform charges or trade minimums. 

Various accounts you can open include Individual, Joint tenants WROS (with rights of survivorship), Traditional IRA, Roth IRA, Rollover IRA, UTMA/UGMA, Joint/Minor, Retirement, Education Savings, Business/Trust, and others.

Once you choose the proper account, you can proceed to fill out the necessary details. As per the federal government’s efforts to fight terrorism and money laundering activities, federal law requires all financial companies to obtain, verify, and record details that identify every person who opens an account for financial purposes. You will need to give the date of birth, your name, address, and other particulars that identify you. 

TD Ameritrade may utilize third-party details for verification purposes whereby they may ask for a copy of your driver’s license or any other identifying documents. Once your account is up and about, you will be able to carry out various transactions. You may do a TD Bank wire transfer online to your bank, as we shall see later. 

How to withdraw money from TD Ameritrade?

withdraw money from td ameritrade

You can begin withdrawing money as soon as you accumulate enough profits from your trading business. Whether you have an account with an online broker for short-term trading or longer-term investments, you should enjoy the fruits of your trading activity after making profitable transactions or when you need money for any reason. You first need to withdraw money from your broker account to proceed.

The process may appear complicated, but that is not the case with TD Ameritrade, which offers convenient withdrawals for its members. Again, withdrawals may be free or involve some fees. You will always get an overview showing you the fees you have to pay. Let us see how the TD Americaid fairs in this and how you can withdraw funds from TD Ameritrade. 

Withdrawing money from your TD Ameritrade account to your bank account is the most common option you can utilize today. Apart from using your bank account, you can also withdraw money to your credit, debit cards, or electronic wallets.

The options are convenient, too, as you can access the funds in various ways. It can take one business day or even several days for the funds to reflect in the account of interest. Usually, TD Ameritrade withdrawals take two business days to complete, which is quite okay.

The steps below can help you withdraw money from your TD Ameritrade account. 

  • Log in to your account
  • Tap on ‘Withdrawal’ or ‘Withdraw funds’ from the menu
  • Select your most preferred withdrawal method and the account to withdraw to if there are various options. 
  • Enter the amount of money to withdraw, and write a memo if prompted. 
  • Submit your request

The above process requires you to transfer money using your bank’s routing number and account number. One thing you must have in your mind is that you should withdraw money to accounts with your name. That means you cannot transfer the funds to other people’s accounts no matter how close you are to them. The measures are mainly to protect you from fraud.  

What fees does TD Ameritrade charge for withdrawals? 

Depositing money to a brokerage account is usually accessible in most cases. However, that is not the case for withdrawals for most brokerage companies. The good news is that the essential withdrawals at TD Ameritrade are free. You can check the table below to see where you are likely to pay fees. 

Banks TD Ameritrade E-TRADE Charles Schwab
Domestic withdrawals to banks Free ACH withdrawals. The wire transfers fee is $25 Free ACH withdrawals. The wire transfers fee is $25 Free ACH withdrawals. The Wire transfers fee is $25
International bank withdrawal $25 for every withdrawal $25 for every withdrawal $25 for every withdrawal
Credit/debit withdrawal N/A N/A N/A
Electronic wallets withdrawal N/A N/A N/A

Is TD Bank the same as TD Ameritrade?

The simple answer to this query is no. TD Ameritrade and TD Bank are two separate companies. On October 6, 2020, Charles Schwab acquired TD Ameritrade. You should know various things concerning TD Bank Customers with TD Ameritrade accounts. They include the following.

Banking with TD will not change and therefore, the acquisition will not affect your relationship with TD Bank. Even though the two companies share TD’s name, the acquisition will not affect TD bank. TD Bank allows you to enjoy various banking services and wealth management.

The bank operates online, whereby you can do various kinds of transactions from the comfort of your house. You can do a TD bank transfer to another bank, pay bills, and withdraw money conveniently, among other transaction types. 

How to open TD bank?

You can open an account online with any available internet-compatible devices such as smartphones, computers, or tablets. If you open the Everyday perks, you will be able to earn a sweet bonus of $200 with your new TD savings account and qualifying activities. Like any other financial company, you require various items such as your Social security Number, identification document, email address, and physical address.

You can open a checking, savings, or TD account. To open your account, you can visit the TD enrollment page, then choose the account you want to open. You should choose between Personal accounts, Small Business Accounts, and Small Business Accounts and confirm that you are the account owner. 

You will need to input your first and last names, email addresses, account type, and other information on the enrollment page. You will also need to create a strong password and reenter it to confirm. 

Is it secure to use TD Ameritrade for your trading activities?

It is safe to use TD Ameritrade for your trading business since the platform is entirely secure. You do not have to worry about account hacking that may lead to loss of money or any other issue with account insecurity.

The company utilizes advanced firewalls to keep unauthorized parties from accessing your details. The systems also detect intrusion to alert the management of any unusual behavior in your account.

The firewalls keep our public web servers separate from the servers of your account and associated personal data to ensure that they are not directly accessible directly via the internet. 

Moreover, the TD Ameritrade website uses 128-bit encryption when transmitting all data between their website and your computer. Furthermore, all account holders should always create PINs or passwords for their accounts.

The company requires account holders to create unique userIDs and alphanumeric passwords to secure their accounts. Also, you should always set your security questions to help you when recovering your passwords. 

When it comes to security issues, you also have a role. You should never use your account with public WiFis since you can easily expose your details to hackers. 

Bottom line

TD Ameritrade is a brokerage company that offers a trading platform to trade financial assets. They offer stocks, futures contracts, exchange-traded funds, common stocks, forex, options, mutual funds, fixed-income investments, margin lending, cryptocurrency, and cash management services.

You can withdraw money to your bank account for various uses since you will not need online funds in your brokerage account all the time. TD Ameritrade is secure due to the various security layers that the company has put in place.

Posted by Spencer Tierney
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Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.