Ok, then they wouldn't have access to your credit history, like you said earlier. The banks run off something called Cheqsystems or something along those lines. You open an account at BAC and then overdraft the crap out of your account and never repay it then go and try and open an account at Citibank they will see your defaulted account from BAC in Cheqsystems. This is a lot different from accessing your credit history.
I hope you are not considering using BAIS. Their system is completely unsuitable for active traders: 1. The order system is dangerously obsolete and balky, worse than older similar trading interfaces 10 years ago (more warning and menu pages to finish an order). e.g. Change orders may not transmit at all for an intraday trade - really nasty if you have 5 seconds to catch a peak on a system that multiple screens take a minute or more. (turned out you need to "cancel" and start the order over again for a day trade.) 2. Their afterhours, premarket ECN availability is very limited with a short premarket separated by 15 minutes to opening and a 10 minute gap 4pm to 410pm. Whereas IB (for example) trades US equity seamlessly, 4 am to 8 pm on one order. 3. Each afterhours session requires a separate entry, during session hours, literally three times the work *and* more screen time at odd hours. No "just sell it if it touches this price overnight" and I'm done at 401 pm. 4. BAIS uses relatively ineffective market maker(s), I believe paid order flow. 5. Their IRA account is a cash only IRA, which means you can only full cycle the account once every 3 days. 6. They have extra cumbersome paperwork and some asinine policies that protect *them*, not you. Paperwork that they themselves miss until a real time crisis occurs. 7. Their order and accounting system is generally unfriendly to day trades If you are reaching for the 30 free trades per month, rest assured the blown trades missed by 4 cents difference, or more, by seconds (or even hours) with BAIS, you are fooling yourself and can cost thousands at a clip. Plus overpriced margin interest. After the BAIS experience, I could even value 1 cent per share executions, 5000 sh at a shot. Run! don't walk, away from this TARP powdered organization. It is the product of two mangey dogs (ML and BA). I had to do some financial oversight for my parents recently, and despite experience with about a dozen discount brokers over the last ten+ years (Brown, ML, Freeman Weldwood, Wang, Schwab, SureTrade, Scott, etc) this was #1, my WORST trade experience despite all the "premiere" live "help". I think a brokerage like this can be extremely dangerous to the health and wealth of an active trader. After some of the other brokers, I never have harsh thoughts about IB or ToS (recent addition), although I am in the market for an additional broker(s) for my family's finances (several baskets wanted). I would like to know more about the capital structure and safety of outfits like Lightspeed, Protrade, may be Assent or others without relying on SIPC, Lloyds, AIG etc insurance. However, that extra insurance in adequate amounts (ML's total policy cover was a fraction of the potential need, perhaps 1/20th) is a personal requirement for holding over $100,000 cash. I definitely value good execution and easy to use, real time software features more these days.
what a f* up bank...3K daily limit on all transfers regardless..on top of that-3-5 days take to "process" the transfer..wait -there is more-for ACH there is charges may apply. what a f* is wrong with those people? ACH from IB to one of our small local bank take 1(one) day. never heard of any limits on ACH over there. . send 10K from BAC to another institution would take half a month! man...this is just ridiculous.
i check every other bank in our area..they all pretty much same...limits left and right..zero interest on savings,close to zero interest on any other product and wait a minute...and most of them will charge you, if you put your money in their bank. 3-5 days processing time? we are in 2009 man..not 1809..i hope that US banks will be out of business soon, just like auto industry..
Actually, they are doing the credit check - you just don't know it. I was a victim of identity theft a few years ago (2nd time). After they clear things up, they offer a free 7 year fraud protection Sadly, you have to be a victim first. The point of this is that every time I open a new account or credit card, etc. they either outright reject me (too lazy to contact me) or they contact me and it gets worked out and opened.
Most bank to bank ACH's take 3-5 days. Whenever I have used IB, I have wondered how they do it overnight without a fee. A lot of banks don't want customers who are going to be ACH transfer active. Some ask about intended frequency when you open the account. Some charge fees and/or limit the daily/monthly amounts in order to discourage it. My guess is that BAC is using the word "experience" instead of freqeuncy. BAC is also notorious for instituting all kinds of fees for things that are usually free. Recently there were complaints about fees for requesting your account balance via their automated phone system! The best thing is to get the hell out of Dodge and put your money where you get ignored instead of abused
All of my ACH's from my broker (not IB) are there the next morning so long as the request is put in before 2pm eastern time.