Account Withdrawl Process at IB is Frustrating

Discussion in 'Retail Brokers' started by HotTip, May 2, 2006.

  1. HotTip


    Has the following happened to any other IB users out there? --

    I put in a withdrawl request at night. Because I also daytrade my overnight positions are not large, and the funds available for withdrawl is more than enough to cover my request, so IB allows it on the website. Unfortunately, the withdrawl isn't actually processed until 2pm EST the next day. So, the following day I begin my daytrading. By 2pm EST I'm in a number of intraday positions, changing my available funds calculation used by IB's funds & banking department. As a result, my withdrawl request is REJECTED.

    Don't get me wrong. I love IB, and the fact they allow ACH withdrawls is fantastic. However, how difficult is it for IB to adjust my buying power calculations as soon as I make the withdrawl request? I would try to manually calculate my modified buying power myself, but even IB can't explain the calculation to me, especially since I go both long and short.

    So here's a request for IB -- Please modify your withdrawl request program so that the available funds and, more importantly, intraday buying power are recalculated at the time the request is made. That way there is no chance that the request can be subsequently rejected when it's processed at 2pm due to my intraday trading.

  2. If you think IB is bad...

    try and withdraw money from Tradestation.. good luck with that one
  3. ib is fast at with withdrawels
  4. JORGE


    One way to avoid the problem is to check your funds status through the account management page at 1:50 EST, and adjust your positions accordingly.
  5. mktman


    ACH transfer with TS very good
  6. HotTip


    I suppose, but I don't think it's that simple. If the funds available says -10k, I don't think it's just a matter of getting out of 10k worth of positions because of the complex way that intraday margin is calculated.
  7. KK70


    Hi EqtTrdr,
    What problems did you have while withdrawing funds from Tradestation?
  8. no ACH available on their website

    have to call in to request a check imo
  9. mktman


    ACH is now available.
    Been there for a few months.
    Cant you find it on the website?

    Equity account services
    Deposits withdrawls
    ach transfer
  10. Sanjuro


    You need to fill out some form in order to make online withrdrawls possible. Never had to do that to use the Funds Request on IB. Tell me that isn't frustrating...

    " must first submit an Online Transfer Authorization Agreement. Once that form has been approved by TradeStation Securities, you will be able to submit the following Online Transfer Requests through our Web site:

    Outgoing Wire Transfer
    Check Requests
    Wire Transfers between Asset Classes
    ACH Transfers

    #10     May 2, 2006