(x-posted from Armchair...)
Charles Schwab announces TD Ameritrade data breach
Charles Schwab Corp., the parent company of TD Ameritrade, Inc., has disclosed that it is just the latest company to suffer a data breach resulting from vulnerabilities found in MOVEit file transfer software. While the company claims that the computer systems of both companies remains unharmed, customer data stored on Ameritrade’s MOVEit server was compromised.
The incident is currently under investigation by both Schwab and Ameritrade, with a thorough analysis expected to be completed soon. Upon conclusion, Schwab says, affected customers will be notified.
This data breach holds significant implications, as it contributes to one of the largest breaches of 2023, affecting millions of Americans. The compromised information puts individuals at an increased risk of identity theft and other fraudulent activities. It is crucial for customers who receive a data breach notification from TD Ameritrade or Charles Schwab to understand the potential risks and take appropriate measures.
The cause of the breach stems from vulnerabilities discovered in the MOVEit software, which TD Ameritrade used on a limited basis. The incident came to light after the software’s developers detected a zero-day vulnerability.
Promptly responding to the potential security breach, TD Ameritrade ceased using MOVEit and promptly informed law enforcement. Simultaneously, an investigation was initiated to determine the scope of the breach and the specific client data that may have been exposed. Although this investigation remains ongoing, Schwab estimates that approximately 0.5% of Ameritrade’s clients may have been affected. That could mean up to 55,000 clients have been affected.
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www.investmentnews.com/charles-schwab-announces-td-ameritrade-data-breach-239887
(I have TD and Schwab accounts and heard nothing - it would be nice of them to inform all account holders!)
Comments
Those TD accounts that have already migrated to Schwab, do you guys have access to TOS on all your Schwab accounts, incl legacy Schwab accounts?
They DID suggest that you set up Schwab account/login prior; that way there will be no issue with your login. Had the advantage of allowing me the 'new account' bonus! And, grandfathered the TOS $15 purchase fee in lieu of their $49.95 fee. So far, no problems, but I DID change my password just now...
I wonder if the legacy TD fees schedule is automatically applied to the legacy Schwab accounts or if we need to do something like may be ask Schwab for it or even transfer assets from the legacy Schwab account positions to the newly migrated accounts. I know Schwab is not required to match the legacy TD fees for the legacy Schwab accounts and they may make me jump mini hoops like ask for it or transfer assets.
@rforno, I would check your Schwab accounts now to see if you had been given the $15 OEF fees. If not given, I would ask Schwab to code your Schwab accounts for it. If Schwab does not agree, then you may have to follow the process I mentioned above. Even after the migration, every time you create a new account at Schwab, you not only have to ask them to code the new account to have the same privileges as the other accounts but also make sure the Rep actually does it; otherwise, default fees schedules could apply to the new account.
After the merger was announced I moved my TD account to Schwab the next week to avoid going thru another mass customer migration ... equities/funds moved over no problem, and the large cash position was moved over fairly quickly, too. Wasn't a big deal or problem for me at all.
That said, Schwab's cash sweep options (er, lack of) is pathetic and remain extremely anti-customer. I use t-bills or ETFs to park cash there just to avoid paying the .34 ER on their MMF fund and so they can't use my idle cash for their overnight purposes.
I used ACAT back and forth Schwab-Fidelity and usually it takes 2--3 days. You can wire the money too. I only wired money from Schwab and it took a couple of hours, and it was free.
BTW, you can also buy a fund, maybe RPHIX, at TD and then do the a ACAT.
If you do not understand, seek to understand.
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BTW, I was not looking for help, rather I was sharing information I gathered, just in case it is useful to others and saves them time. I occasionally forget that the safest participation (without being trolled) in this forum is to just seek information and not share.
The stage is yours. Enjoy.
The stage is yours. Enjoy.
See the chart(https://schrts.co/THIuHrrz)