Charles Schwab

[Rastus]

Charles Schwab has bought out TDAmeritrade.  So, my 93 year old mother had me to setup the Charles Schwab account.  It should have been an easy passthrough BUT, oh no....you gotta jump through hoops. 

So we got 100% of the authentication in for the account and then it wanted to send a text, or email or call in for a 6 digit code.  So the text had to go to her landline so that did not work she has no cell phone....the emailed code didn't work when I input it, she didn't want to talk directly to them, etc., etc., etc.

So just so you guys know...'cause I know some of you have some stock stuff, it's easier to transfer assets to Fidelity then to get the Charles Schwab account to work for a TDAmeritrade customer.  Why is it the people who make the trading company's money have to work to hold onto and access their own stuff by jumping through hoops?  Schwab company didn't buy TDAmeritrade to lose money...yet you can't just do a passthrough of your information to the Schwab account.  I didn't sign up for a hassle...

So if you guys are experiencing the same hassle then know that it was easier to create an account on Fidelity and move all the assets from Schwab/TDAmeritrade then it is to move from an old TDAmeritrade account to a forced new Schwab account because of the buyout.  Just go to Fidelity and open an account...then when it gets to funding click on the move account from another company option.  Easey peasey....I moved her account for her and then I moved my accounts to Fidelity.  The longest part was taking a picture of her last statement and naming it to upload to Fidelity.....

And, BTW, it appears that Charlie boy is woke...so there is another reason for them not to make a buck on us.

[Pathfinder]

And, BTW, it appears that Charlie boy is woke...so there is another reason for them not to make a buck on us.

Most companies are today, even Chick-Fil-A. And there appears to be one reason - the whole DEI/ESG movement. It appears that there is an index which rates each company on how far left they are how much they subscribe to the DEI/ESG checkpoints. If you get a low (bad) DEI/ESG score, then the big trading companies (think Blackrock) will not invest in you, and your stock price (capitalization) goes down. Bad for business, bad for CEO's bonuses, therefore we get on the checklist.

Some of this came out when it was made public this year that Chick-Fil-A had a VP of DEI for over a year. That's why you see predominately high-melanin folk in commercials when high-melanin folk represent 16% of the American public. It's why if you're a white male, you do not exist on TV or in commercials - except in a service role or sick old people.

Or, from another perspective, it's just pagans doing what pagans do.

[alfsauve]

In years I could, I put money in an IRA with a friend who was a CFA.  He did well with it and it grew quite considerably.  When I got ready to retire his company moved it all over to a Charles Schwab.  And while their web site is user friendly and does give me a fair amount of info, setting up the monthly withdrawals proved to be rather painful.   As long as I don't change anything it's going okay, but I would have chosen Fidelity.   We combined my wife's IRA and one other retirement fund into a Fidelity IRA and is is super easy to manage and setup withdrawals.

[Big Frank]

I don't have stock anymore, and never had an IRA, but Fidelity is who sends my pension payments every month. Fidelity NetBenefits.

[Rastus]

I get my $232 a month from 10 years at Chevron from Netbenefits...whoopee.  At least it pays the electric bill...sort of.

None of my business...but,...Alf, switch that sucker to Fidelity. 

[Sponsor]

[alfsauve]

Rasta’s, if you’re talking about the Schwab IRA, I’m keeping it there because of the great earnings.  There are investments not available to individuals and Schwab has mine in some that earn more than the MRD each year now for 5 years. 

I worked for Wang Labs for 10 Years until they went bankrupt.  Court ordered settlement netted me only $209/mo fixed annuity for life.  Should have been closer to $2,900 but then again I should have seen it coming and pulled out before they went under.

Of course that beats the MCI/Worldcom debacle.  10 years and I got a court awarded $33 dollars.  Total, one time $33.  Oh wait, the law firm representing me also got awarded $25 for helping me out.  So I netted $8, and change.  I didn’t roll it over and I didn’t report it to the IRS.  I think I bought a beer with it.

[Rastus]

Sounds like the right thing to do with the money. 

The same pension with Gulf Oil that was acquired by Chevron would have been in excess of $3k a month.  I feel your pain.  In fact, Chevron took the "overfunded" portion of the pension fund and put it towards the Gulf Oil Corporation purchase....which is sort of like rubbing your nose in it...I do feel your pain.  All the "protections" that the government provides for us and all of the people who have a really good government paycheck, benefits and retirement who are making sure the government provides for us is somewhat a spectacular failure...and sort of like rubbing our noses in it.  Sort of like Congress expanding out healthcare......NOT.

And "they" wonder why the unwashed masses like Trump.