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Here you can read a sampling of comments from fellow Dogs of the Dow investors regarding TD Waterhouse. For our list of the best low commission online brokers, take a look at our Top Dog Brokers page. And, as always, if you have experience with a deep discount broker, simply fill out our Top Dog Brokers Form and let us all know what you think.
TD Waterhouse - "The 'maintenance fee' is $25 per quarter and its avoided by trading (we are a brokerage company after all) 3 times in 6 months, or by having a min account (combined) equity, or by enrolling in the periodic investment program for mutual funds, which I might mention is a benefit for the customer. Also, the w-8Ben forms to be filled out for tax withholding was a decision of the IRS to have everyone fill one out even if they had submitted one in the past 3 yrs. This form could be printed off the IRS website if there is trouble receiving it."
TD Waterhouse - "TD Waterhouse is a brokerage to avoid. They made a currency conversion without my authorization. They claimed to have a recorded tape, and I have challenged them to play this tape to me and a third party. They have not agreed, and have not compensated for the loss. Be careful, when dealing with TD Waterhouse now TD Ameritrade. There are lot better brokerage houses, with whom I have far better experience. I place TD at the bottom of the list of brokerages."
TD Waterhouse - "All the complaints about TD Waterhouse are, I am sure valid, concerning slow web site and rude customer service. But one thing that is left out of the equation, is the interest brokers pay for cash sitting on the sidelines. My Brown account, which everybody says is number 1, only pays 1% interest. The money I am saving on commissions are being lost on the interest. My Waterhouse account is swept into a portfolio sweep account that pays 4 times that. There are times when the market is lousy and you want to be in cash for awhile and that is when this company pays off. I am thousands of dollars ahead in interest with my Waterhouse account versus my Brown account and that is the only thing that keeps me with them."
TD Waterhouse - "Most firms charge around $50. to transfer out. Some as high as $75. Waterhouse only charges an inactivity fee on accounts less than 25k. Their inactivity fee's and IRA maintenance fee's are going away with the Ameritrade merger."
TD Waterhouse - "How do I avoid the $50 closeout fee at TD Waterhouse?"
TD Waterhouse - "I worked with TD Waterhouse for 10 years and always had some level of difficulty with small issues. After 7 attempts to change an address on an account (one of seven held with them) I moved 4 accounts to Bank of America and the service has been great. I am now closing and transferring the last three to Bank of America as well."
TD Waterhouse - "On Feb.9, 2006, a transfer agent accessed my Waterhouse account, took my Cable & Wireless stock, put $6.1189 per share, less a transfer fee of $25. Talked to 3 different Waterhouse reps who had no idea what happened, accused me of selling CW. Sent a letter to customer service in Canada ($11), asking who bought my stock, where the money came from and how they accessed my so called 'secure' account without my knowledge or notification. Rep called on 3/2/06 (after letter) and said my account was self directed and I was responsible for keeping up with company news. Still refused to tell me who transfer agent was, where stock went, where money came from and why they allowed unauthorized activity in my account. Insisted account was 'secure' while refusing to divulge any information on transaction. Cable & Wireless stock has since Feb. 12 had a sharp increase in share price. Imagine my surprise when I went online to my account to sell CW on 2/12/06 and find someone had stolen it."
TD Waterhouse - "American Express is closing their on-line dealing in the UK after a number of years providing excellent service. They are transferring the business, including customer holdings to TD Waterhouse in what was supposed to be 'a seamless transition'. Months after agreeing to have my holdings transferred, I have no details of the TD Waterhouse account and no log in information. I've had to sell all my holdings with AE to avoid being caught with open positions and no means of selling. What a crap company."
TD Waterhouse & Scottrade - "I'm surprised at all the negatives about TD Waterhouse. I have been with them for almost a decade and have had a good experience. They made a mistake once very recently but that's it. And they have periodic investing for mutual funds for free, unlike Scottrade and others who charge for that. I virtually never pay commissions due to this."
TD Waterhouse - "As someone that works for TD Waterhouse, I'll let you know that the Canadian call center was opened well before any talks about the merger with Ameritrade. Also, I may mention that they are in fact closing the Canadian center... but it is to open one in the USA, Fort Worth, TX to be exact.. not India!. India is a test for TD Bank (Canada) small market which is totally separate from TD Waterhouse USA. Also, I find that the customers are ignorant about things like fees and transfer times... etc... and don't realize that these are industry wide rules (ir restrictions, SEC rules) or market rules. Do you research b4 you start complaining to the person that answers the phone."
TD Waterhouse - "Charged me $25 per month for inactivity. I have tried to close my account and understood from TDW that I had succeeded only to find that my W8-BEN is missing and they have now deducted 28% of my account money to the IRS. TDW tell me they cannot refund this. The catch 22 outcome is that I cannot close my account until it is back in credit. It's no longer in credit because TDW unilaterally decided to both lose my W8-BEN and therefore deduct money to the IRS. I am going round in circles and yes the 24 minute wait when calling from the UK doesn't help. Most unhelpful difficult company I've ever dealt with. Customer service should be an embarrassment to anyone concerned. Never again with this lot."
TD Waterhouse - "On a scale of 1-10 TD Waterhouse is a negative infinity. I have decades of active trading and investing experience (individual and institutional). When I needed help from TDW, none was to be found. I talked to many managers and complained by phone, email and snail mail; everybody was unresponsive and unhelpful. I do not believe a human being works at TD Waterhouse; they're all robots spouting legalese."
TD Waterhouse - "TD Waterhouse is a scumbag thief with a self absorbed attitude and a cut throat lying attitude and hidden fictitious fees. I opened an account in 2000 and ever since they have milked it like a cow in a drought. I was never notified of any fees, nor were they a part of my original account contract."
TD Waterhouse - "My experience with this company was ridiculous. I was able to setup an online account but could not electronically fund it because I skipped Step 7! After sending a money order to a nearby office, it took them over a week to deposit the money into my account. Then, when I leave them for Scottrade they charge me a final $50 to boot! I guess it was a small price to pay for getting out of a fee hungry monster like TD Waterhouse!"
TD Waterhouse - "TD Waterhouse continues to employ the worst business model available in the financial sector: Take the phones out of the branches (where they beg you to come in and open an account), and route you to a call center that lines you up like cattle and continually offers delays over 5 minutes. The staff at the presidents office in New York (212-806-3500) is staffed with a bunch of self-absorbed useless douche bags. They get paid not to work apparently. F*** Waterhouse - they don't perform well and they offer shit for service. And they're fine with it. Use someone else."
TD Waterhouse - "How TD Waterhouse manages to stay in business is way beyond me. I have never seen a website so user-unfriendly. It's impossible to find info or forms on their site, and when you do, they normally ask you to mail in a request to get the forms, whereas most other companies publish the forms online and are submittable online. In addition, they have a great customer disservice department. This is honestly the worst corporation from top to bottom that I've ever done business with. I would desire to discontinue doing business with them, but they are so uncooperative, and so inept, that I can't get my own money out of this companies maze of red tape."
TD Waterhouse - "This company has merged with Ameritrade--1st they close a call center in San Diego to move it to Canada (lots of people lost their jobs) now they are closing the Canadian call center and moving to India? Time to get out!"
TD Waterhouse - "A warning about TD Waterhouse: I call Toronto Dominion Bank of Canada the 'sticky fingers' company. My experience dates back to the early 1960's when I discovered as a naive 9 year old that certain banks have a propensity to grab your money by creating various rules that rely on legalisms to justify their actions. Toronto-Dominion had my first savings account and after several years of learning the hard way about this problem, I resolved, by age 20, to avoid this company in the future. Unfortunately, I erred in opening a brokerage account with TD Waterhouse in 1999, having convinced myself that surely the organization had changed after all these years. Plus, I got caught up in the stock market frenzy that peaked in 2000. So I should not have been surprised when TD Waterhouse imposed a bunch of new account fees on small investors after the market tanked in 2001, ostensibly because commissions were producing inadequate profits. Typical behavior for a subsidiary of the Toronto Dominion Bank of Canada. I was an idiot for dealing with them again after all these years. My advice to anyone is to stay clear of this Canadian owned company. A leopard doesn't change its spots!"
TD Waterhouse & Scottrade - "I have been with this broker since before the merger with Trust Dominion. It has been an excellent brokerage to do business with. Research, execution, fees, error free reporting, in every area, this organization is way out in front. Read between the lines and read carefully about the $4/trade bait."
TD Waterhouse - "TD Waterhouse are without a doubt the most inept, criminally incompetent bunch of amateurs I have ever encountered. It took 3 months for these clowns to open an account for me. I filled in their application forms no less than 4 times and they kept 'misplacing' them? By the time they finally got an account open for me the stocks I wanted to invest in had risen 100%. Since then I have stayed with them, mostly because its just too much hassle to move, and also because it seems to me that all the big mainstream brokerages are just as hopeless, and during the last 2 years the same appalling service has continued. I transfer money in - it goes missing. I place a trade - it doesn't get executed. I try and place a trade online - their website does not work. I phone them instead - I'm sitting there listening to elevator music for 15 mins while my trade goes to hell. In my opinion their operation is so poor it is criminal and they should be severely prosecuted."
TD Waterhouse & Scottrade - "High fees. Better service, no fees, and reasonable @ Scottrade!"
TD Waterhouse - "I moved and called TD Waterhouse to change my address, a simple procedure I thought. Well I called and talked to a rep gave him the new address and as far as I knew that was it. Well the address wasn't changed my new credit card never appeared. Called TD Waterhouse again and again and again trying to get a new card and an address change. Became like a bad joke, you can just tell when the rep doesn't know what he's doing and doesn't care despite taking your information. It doesn't fill you with confidence to know all your money is located in a place that cant do an address change. As far as the company itself, they don't ream you on market orders, everything's fast. The escalating fees are annoying. I probably should have left the company but truth be told I'm too scared to lest I have to go through the same customer service nightmare I have already experienced."
TD Waterhouse - "I was totally surprised by TD Waterhouse, I set up an account in 2001. Could never
log on, made no trades, and 3 years later, out of the blue, they are charging me for
inactivity fees."
TD Waterhouse - "I just recently closed my account at Waterhouse. I found them to be patently dishonest in their dealings. They made commitments to me which they then refused to honor."
TD Waterhouse - "Delighted to hear I can avoid the $50 transfer fee. How can I do that with IRA accounts?"
TD Waterhouse - "Waterhouse ripped me off! After being with them for years, during the past bear, I sat out, knowing that my stocks were at least safe. They stole my little amount of dividends for a for a maint. fee."
TD Waterhouse - "I had 300 shares of QQQ sitting there for over a year. Market was in toilet, and I let it ride. I knew my stocks were safe. They were billing me every quarter 25 bucks totaling over 125. I am now ready to go back into the market, and all they will credit me back is 25 dollars. They stole this from me, and don't care about getting my business. I say ---- them!"
TD Waterhouse - "Was very glad I left TD Waterhouse. Used to be a great firm to work for. What a great story told very badly."
TD Waterhouse & E*Trade - "This merger is disturbing. A horrible broker (TD) merging with a terrible broker. Two wrongs does not make a right."
TD Waterhouse - "Have traded through TD for about 6 years and except for some minor problems, have been very pleased with all aspects of the company. Have made over 130 trades so far this year with no problems. The cost for each trade is $9.95. See no reason to change brokers, except maybe one that offers free live quotes. I use a service that charges $110.00 per year."
TD Waterhouse - "What? $50 for transfers out to other brokerage firm. When did it start to charge the fee? Why?"
TD Waterhouse & Scottrade - "I am leaving TD Waterhouse because of several reasons. First, their trades are far too expensive. Scottrade's are only $7 each, while TDW charges me about $10 more. Second, TDW charges an IRA maintenance fee of $25, which further reduces my principal. Finally, I wrote an email complaint letter and the response addressed me as Ms. and did not answer my question. My chief reason for leaving is price. My portfolio is not large and $17.95 trades are simply too much..."
TD Waterhouse - "Just to let you know that's untrue because I tried and because in the agreement you sign for arbitration in the agreement. After looking around All the firms started charging this same fee and TDW is really the better spot."
TD Waterhouse - "I am writing to share some information about unfairly assessed inactivity fees. My belief is that since I set up my account at TD Waterhouse initially as a no fee account, it is unfair for them to later change that fee structure without my consent. A judge in San Francisco Superior Court agreed with me last month. All I did was fill out a one page form describing my claim, served that document on TD Waterhouse's agent, showed up in court and explained my case to the judge. I recovered the full amount that I asked for."
TD Waterhouse - "The reason why TD associates are rude is because they are grossly underpaid, under appreciated, demoralized, and stressed to the max."
TD Waterhouse - "They just charged me a hefty $25.00 quarterly maintenance fee. And to transfer my assets out of this lousy brokerage firm, they want to charge me a $50.00 transfer out fee."
TD Waterhouse - "I have been with this discount broker for seven years and have found them to be very helpful and have not any errors in my account. There charges are very reasonable."
TD Waterhouse & Scottrade - "I transferred my account from TD Waterhouse due to poor (and rude) customer service. I now enjoy excellent and competent customer service. Trading is a breeze with the streaming display provided. Trades are almost instantaneous. Margin interest rates are considerably lower. Am totally satisfied."
TD Waterhouse - "I have been with Waterhouse since 1997, and I find their service to be super. As a frequent trader i enjoy rates as low as $9.95 for up to 2500 shares. I have an account specialist to talk to when I want and i even have check writing privileges against my margin. I recommend them highly.'"
TD Waterhouse - "These guys keep increasing the inactivity fees. From 2003, the minimum has jumped up $25000 and the fee to $25 from $20.I read somewhere that TDW says the charge this fee to cover costs like mailing statements. So if I switched to a electronic statement option, why do they still charge me? Is there some way we could fight and stop this atrocity? There must be some provision where the investors interests are protected or does the law support these big companies so much so that they do as they please to protect their own interests? And what would stop them from saying 'a minimum of a million or $500 penalty a month' or something outrageous like 'pay us a fee to close your account or all u have is our fee!'"
TD Waterhouse - "I've lost more with TD Waterhouse than any other broker! I started an account with them so I wouldn't lose a lot in commissions as well. They continually raised their fees, so I will read the feedback here from others to chose a replacement."
TD Waterhouse - "Sorry, I'm too late to save you the expense of transferring your account, but for others who read this, you can request a check for the cash balance and do a DTC transfer of the stocks. This should allow you to transfer the account without paying any fees."
TD Waterhouse - "Extremely dissatisfied with this broker!"
TD Waterhouse - "TD just charged me $50 to transfer my account to another on-line broker. Adding insult to injury..."
TD Waterhouse - "I have just found this out also. I already have money in several mutual funds, which I cannot withdraw without penalty for 3 more years. So now I am faced with paying the $20 fee? The whole idea of the mutual funds was to let the money sit there. Now I have to buy and sell stocks to avoid the fee? I think they should not implement this on those who have money "tied up" in mutuals -- is this legal to implement a fee after the fact? I am not happy!"
TD Waterhouse - "I completely agree with Malik's comments regarding TDW who took over a professional firm Dealwise and made a mess of it. I was with Dealwise for four years and no major problems. My account was transfered to TDW, and all I have had is problems."
TD Waterhouse - "They never admit that they made any mistakes. Will fill an order that was cancelled 2 hours after your cancellation. Will not listen or try and help and give b.s. answers to any complaints."
TD Waterhouse - "This brokerage firm will screw you at every opportunity. I am considering filing suit against them."
TD Waterhouse - "TD Waterhouse now has a minimum $10,000 balance (or 2 trades per quarter) or you get charged a $20 inactivity fee, quarterly."
TD Waterhouse - "Wow! Don't forget that they charge you triple if you trade over 2000 shares... once you go over 2000 shares they charge you a flat 1 cent per share... so yesterday I sold 6,000 shares and got charged $60 ... I forgot this hidden trick of Waterhouse! May 2002 be the year of the Dogs!"
TD Waterhouse - "Too often their web site is slow or unresponsive. Research tools are adequate. Not for the inexperienced."
TD Waterhouse - "Definitely do not use TD Waterhouse if you need any customer service at all. It's impossible to get a straight answer, they have "lost" account applications and most times do not return calls at all, merely pass the buck to someone else. I do not recommend this broker to anyone for any reason."
TD Waterhouse - "This has got to be the worst treated customer of all time! In a matter of months TD Waterhouse have managed to take a firm like Dealwise buy it and then turn a professional outfit into a mess."
TD Waterhouse - "I've put up with there poor phone system for 3 years now they have raised rates twice in 6 months, plus will not send you confirmation by mail, unless you pay 2.50. Stupid, well, if you trade 2500 shares they charge regular commission, plus 1 cent per share. To avoid this I trade 2400 shares, and they the rest on two orders. There commission rate are no longer appealing."
TD Waterhouse - "They are definitely not the best broker for inexperienced investors. I've paid them to watch my value dwindle away."
TD Waterhouse - "I recently signed up with TD Waterhouse through an online ad they placed, promising $100 for opening an account online with a minimum balance. Good deal, and worth trying out their online services at TD Waterhouse.com, I thought. So, I follow the link, go through the process of filling out the form, and at the end it asks me to print it out. I thought it rather funny, called up their customer support, and asked if there was anything amiss. They said they couldn't tell until after the account was opened - so I went ahead and opened it. Of course, you know what happens next - I didn't qualify for their offer because I printed out the filled-out form and mailed it in. And customer support was rather helpful: "You shouldn't have printed out the form on the site, you should have filled out the online form." (Which I did, unless they have a variety of online forms.) Completely unhelpful customer support, no concept of customers coming first. Definitely not the brokerage to go with."
TD Waterhouse - "An appalling experience. Management is inept and incompetent. They do not understand customer service. Nice people at the branches have been cut off from speaking to clients - you must go through their 800 number switchboard. They took the phones out of the branches! Promised improvements to accounts never occurred despite promises to the contrary. Instituted fees with little notice, and raised fees arbitrarily. Mistakes were very difficult to correct and took a lot of time. On-line IPO's were a fiasco, and thoughtless. They seem to take customers for granted. Our accounts (four) are walking after 3 years of failure due to the NYC Management stupidity. And we are Toronto-Dominion Bank stockholders (their parent company). Go elsewhere until they put phones back into the branches, and get a new President of the brokerage."
TD Waterhouse - "All services all just excellent!"
TD Waterhouse - "Have been with TDWaterhouse for over two years... Looking to change brokerages due to slow execution, very poor customer service and noncurrent information on your balances. If you are a day trader find another site."
TD Waterhouse - "They have the best statements in the business."
TD Waterhouse - "Very low cost broker with a great website and loads of free research information - SP sheets, Zacks research, etc."
TD Waterhouse - "Low commission rates and mostly good order execution."
TD Waterhouse - "Waterhouse, as a prerequisite to allowing a trade, requires that I agree to the NASDAQ rules. Some of them are onerous and unacceptable, such as agreeing that my premises and hard drive may be entered and examined at the whim of NASDAQ. Is this something all on line brokers insist on?"
TD Waterhouse - "This is the poorest excuse for a brokerage firm that I have seen. What Customer Service? They don't have that at Waterhouse?"
TD Waterhouse - "No problems. Very satisfied."
TD Waterhouse - "My problems with TD Waterhouse: 1. Couldn't get in the website to trade when the timing is crucial to execute a limit order in the recent lows, When the order was allowed to be in, the stock was already up, I am using a T1 connection, there was no excuse on my ISP connection of being slow. Frustration and anger, you bet. 2. Failed to mail my 1099 tax form in a timely manner (missed the 4/17 dead line) after repeated requests, Waited for half an hour to talk to customer service, the standard answer is 'I don't know'. Visited the local branch, the standard answer is 'I don't know'. Sounds like the whole company is in denial with the customer's problems, they can't solve or respond to the problems. it is a big flat 'I don't know'."
TD Waterhouse - "I was a customer of Jack White (JW) when TD Waterhouse (TDW) purchased JW. Order execution is much worse with TDW than with JW. Customer service line wait for technical help is usually 15-20 minutes. When I wrote a letter to Larry Waterhouse he had a professional handler call me to encourage me to stick with them for another 30 days while they iron things out. Their live brokers don't even have level 2 NASDAQ. Requests for written forms are lost. Service continues to go downhill and Larry Waterhouse does not seem to take any real action to improve things. Trading policies are changed without warning with no notice to account holders. I am going to try webstreet.com as soon as a move is practical."
TD Waterhouse - "Their site is horribly slow, trades are executed horribly slow, and their customer service is beyond horrible. I am getting out as soon as I can!!"
TD Waterhouse - "The site is verrry sloow. Can't process trades. Extended hours is a joke. They can't process trades day or night."
TD Waterhouse - "When I could use "Personal Access For Windows" with the former Waterhouse, I loved it! Now, with the new TDWaterhouse, I am forced to use their Webbroker page and it is way too slow. Plus, you can't even call directly to your local office anymore. The 800 number will only link you to the next available national office. Have more than 10 stocks to track? Their performance portfolio won't accept more than that to track your returns! I'm moving everything after I roll my Dogs in March."
TD Waterhouse - "I'm disgusted with Waterhouse. One agent told me they would remove a stock restriction. I sent the stock certificates to them after insuring and registering and they sent it right back. Said the agent had no right to say what he did. Recently I asked that proceeds from a sale be sent immediately and NOT be swept into my MM account. After 10 days I called to ask why my funds were not sent and was told it was swept into my MM account. But they promised to send it overnight via FedEx. It's been 4 days and has not arrived yet. I'm looking for a more reliable broker to move my four accounts to."| Insightful stock market charts at | Links to all the best websites at | Make any long URL short at | Defining the world of investing | |||
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