TD Ameritrade Outage -- A Brief Update
It’s been tough to drag additional information out of my contacts at TD Ameritrade this week. I’ve asked the same question at least ten times now—How many customers were affected by the outage?—and cannot get a response.
They’re telling me that they’ll deal with each affected customer individually; what I’m hearing is that the company is offering free trades to those who step up and say they couldn’t log in. When E*Trade flamed out during the Harrisdirect conversion, they made a blanket offer of five free trades to every account converted because the mess hit them all.
But TD Ameritrade is not giving free trades to all 2.2 million accounts acquired from TD Waterhouse. Overworked corporate communications rep Kim Hillyer says that “a subset” of customers was affected, but can’t seem to tell me how many accounts are in that subset.
Mark Lichtenfeld, senior columnist at TheStreet.com, holds one of the affected accounts. He wrote a column about it, “The Real Story: TD Ameritrade Goes On the Defensive,” but most of the two-page story discusses TD Ameritrade’s stock valuation rather than the technical glitch.