Settlements entered between TD Ameritrade Inc. (“TDA”) and various state regulators require TDA to reimburse certain former customers of TDA who were charged a commission in excess of 5% on a small principal (under $2,500) equity transaction placed through a TDA representative between June 30, 2018, and June 30, 2023. J.S. Held LLC (“J.S. Held”) is assisting TDA in making the reimbursement payments required by the settlements. The FAQs below were prepared to address questions from former TDA customers who have received a letter about the settlements and reimbursements.
Several state securities regulators led by Alabama, Iowa, Massachusetts, Missouri, Montana, Texas, and Washington investigated commissions charged to retail customers by various broker-dealers on certain small dollar (under $2,500) transactions. TDA was one of the broker-dealers investigated.
TDA has agreed to resolve these matters by entering into settlements with various states. These other firms have also entered into similar agreements with the states: Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. (“Raymond James”) in 2023 and Edward D. Jones & Co., L.P. (“Edward Jones”), LPL Financial LLC (“LPL”), RBC Capital Markets, LLC (“RBC”), and Stifel, Nicolaus & Company, Inc. (“Stifel”) in 2025.
As part of the settlements between TDA and various states, TDA has agreed to reimburse certain customers who were charged a commission in excess of 5% on small principal (under $2,500) equity transactions between the period of June 30, 2018, and June 30, 2023.
TDA fully cooperated with the investigation and chose to resolve these matters with the states rather than engage in protracted legal proceedings. TDA does not admit or deny the findings in the settlements with the state regulators.
As of September 19, 2025, TDA has reached settlement with these states: Arkansas, Idaho, Indiana, Massachusetts, Minnesota, Nebraska, New Mexico, Oregon, Pennsylvania, South Dakota, Utah, Washington, and West Virginia. This list will be updated as other settlements are completed.
TDA, with the assistance of J.S. Held, has determined you are eligible for reimbursement under the terms of one of the settlements and is sending letters and checks to known addresses for those individuals.
TDA customers who resided in one of the states that have settled with TDA and were charged a commission in excess of 5% on a small principal (under $2,500) exchange-listed equity transaction placed through a TDA representative between June 30, 2018, and June 30, 2023, may be eligible for reimbursement as part of the settlement. If you have received a letter, it has been determined you are eligible for reimbursement in the amount of the check you received.
TDA will pay a maximum of $913,223, plus 6% interest from the date of the transaction(s) to June 3, 2025. The exact amount paid will depend on which and how many states choose to join the settlement.
The physical check which accompanied your letter represents the amount calculated and due to you. If you had more than one account with an eligible transaction(s), you will receive a separate letter and check for each account. If any one of your accounts had more than one eligible transaction, those transactions were aggregated in each account.
Please Note: Your check has a 120 day check cashing deadline. It is encouraged that you to deposit this check timely to avoid funds being unavailable.
The amount paid will be based on the commission(s) charged in excess of 5% on certain small principal equity transactions between June 30, 2018, and June 30, 2023, aggregated within your account, plus 6% interest included from the date of the transaction(s) to June 3, 2025. If you have more than one account with an eligible transaction(s), you will receive a separate letter and check for each account. If any one of your accounts had more than one eligible transaction, those transactions were aggregated in each account.
If it is determined that you were an affected customer, a check for the reimbursement will be included with a letter from JS Held. If you have received a letter, you should have already received the check. Please contact the number in the letter if you did not receive the accompanying check.
If you are an eligible customer, JS Held, on behalf of TDA, will mail you a letter notifying you are eligible for reimbursement and a check for the reimbursement will be included. If you do not cash the check, the reimbursement amount may be sent to your state of residency after a certain period of time according to that state’s escheatment laws. It is important that you deposit your check timely before the void date.
Please Note: Your check has a 120 day check cashing deadline. It is encouraged that you to deposit this check timely to avoid funds being unavailable.
Please consult with your tax professional for guidance on any potential tax implications associated with the reimbursement.
For additional information, view the North American Securities Administrators Association (“NASAA”) press release available at www.nasaa.org/76033/nasaa-announces-multimillion-settlement-with-five-firms.
The Consent Orders for the various states are available at:
If you have any questions regarding the administration of the TD Ameritrade, Inc. Retail Commissions Settlement, you may contact the Settlement Administrator at info@JSHeldTA.com or by calling (844) 496-1184.