Faster ACH is coming to the US. In the UK it takes about two hours. Software owned by Mastercard responsible for the two recent gaps in the chart. http://stockcharts.com/h-sc/ui?s=ma
@DeltaRisk IB is the prime broker for the fund. I'm looking at using a separate IB account for the NAV consulting banking purpose if possible. Like an IB linked account or IB small business account owned by the hedge entity. I'm not sure which IB account type would be preferable yet.
Thanks all for mentioning a second IB account as a potential option for a cash management account for an IB hedge fund. Even though IB accounts are not technically a bank account (it's a brokerage account), it turns out that distinction does not matter much. I'm working on setting up an IB account for cash management now. I'll see if it succeeds soon. Details for anyone who tries this in the future: The criteria for allowing internal transfers between two IB accounts (IB to IB) are pretty narrowly defined. The IB knowlegebase says the two accounts must be owned by the same entity(s), AND be the same account type (for example in my case another 'single hedge fund' account). And, they must have the same Tax ID and Legal ID. Even though the second account will be a 'hedge fund' account (in name only), if you don't place trades in it, it will behave just like a bank account. NAV consulting said they can implement dual cash control on any account (brokerage or bank) with the correct infrastructure for requiring multiple authorizations for cash transfers. IB does have this feature and it's called "A/B control". The IB account will have an advantage of fast money transfers internal or external, and obviously wires won't require any branch visits like some banks. Overall fees are lower than most banks.
Update: It turns out that a separate IB account will probably not work as a cash management account for a hedge fund. The problem is that IB requires that the destination of outgoing wire transfers must be to accounts owned by the same company who owns the IB account. This would prevent an administrator like NAV Consulting from sending redemptions from an IB account to investors. Other banks might be better options, including potentially BMO, US Bank, or Fidelity.