Apple, TD Ameritrade score first instant brokerage payment
System will enable investors fund their accounts in real time through the use of debit cards
Omaha — Brokerage firm TD Ameritrade is tapping Apple to help solve a problem that has lingered for decades: how to get money into a brokerage account and make it available to trade with on the same day. The Omaha, Nebraska-based financial firm said on Tuesday it was allowing customers to fund their accounts with a debit card in their Apple Pay digital wallets. Using the wallet and a system called Apple Business Chat, TD Ameritrade customers with Apple devices can transfer up to $10,000 a day to their accounts and have access to it immediately, a feature the brokerage says is a first in its industry. Apple confirmed the arrangement. Previously, customers had to either use a wire transfer, which can be complex, or wait for several days before being able to access transferred funds. Sunayna Tuteja, head of strategic partnerships and emerging technologies at TD Ameritrade, said the wait was one of the top-five drivers of customer service calls. "When a customer wants to put money into ...
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