Bad news. Now IB refuse wire transfer to new accounts

Discussion in 'Retail Brokers' started by thepalatinezoom4, Nov 2, 2020.

  1. This appears to be the first transfer of funds from your account to the selected bank. Please affirm that you have previously deposited funds from this bank to your account.

    I affirm I have previously deposited funds from this bank to my account.
    Yes or No ?

    We're sorry but we can only accept withdrawal instructions to accounts from which you received a deposit.
     
    murray t turtle likes this.
  2. VEGASDESERT

    VEGASDESERT

    anti money laundering compliance? idk
     
    tomorton and cvds16 like this.
  3. That plus anti-fraud.

    If the broker sends money to unauthorized place, they can be brought into the mix as "accountable". Trying to avoid that possibility.
     
    murray t turtle likes this.
  4. Maybe. The new rule does not apply to ach transfer (yet)
     
  5. In the past Ib allowed to send to any account under the same name
     
  6. New accounts are always a source of potential risk for institutions.... trying to protect against the things fraudsters might do. Can't blame them, can you?

    Perhaps you should deposit some money into the account you wish to "receive to" and ACH it to your brokerage account.... then request distribution. That helps to confirm the legit nature of your new account, but you'd want to ask if that's "enough".
     
    murray t turtle and Ninja like this.
  7. TimMykes

    TimMykes

    If your acct is hacked, do you want the scum to be able to sent your money to Farkscammerstan?
     
    george_the_second and tomorton like this.
  8. What if you change/close accounts?

     
    murray t turtle likes this.
  9. virtusa

    virtusa

    You can ask your new bank to confirm your identity to IB.
     
  10. Ayn Rand

    Ayn Rand

    How much money are we talking about? Are you in the US?
     
    #10     Nov 2, 2020