Do futures brokers offer ACH transfer?

Discussion in 'Retail Brokers' started by redshirt, Aug 5, 2008.

  1. redshirt


    I was told by a futures broker that they do not offer ACH transfer due to exchange regulations. He said all futures brokers do not offer this service. Is this correct?
  2. Surdo


    I wire money out of my futures account all the time... It goes from my broker to my checking account in an hour if I get the request in early. It's a FED WIRE, not an ACH, if there is a difference, I do not know or care.

    Whoever told you it was illegal is full of cheet.

    PS: Lose the name, RED is bad luck on a trading desk bro.
  3. balda


    IB - Yes
  4. Your broker is lying. No such regulation. I get an ACH every month from my broker (IB).
  5. JackR


    There is a big difference between a wire and an ACH.

    However, I don't know the answer to the original question but remember that IB always sweeps all unneeded cash from your commodity account to your stock account. Thus, IB is doing an ACH from your equity account, not your commodity account.

  6. cstfx


    But ACH, wires, checks, etc do not come from a client's "futures account" at IB. Here, funds from your trading are swept into their equity/cash account which is has that old SIPC protection. Funds are never left in the "futures" part of your trading account. Semantics, but that is how they operate.

    FWIW, tho, OptionsExpress says they do ACH on their futures accounts as does Zecco, but MB says equity only and firms like Velocity and Stone don't.

    Thing about ACH xfers is that they take a few days longer than wires, but the automation is there.
  7. Daal


    my ib achs tend to take 1 day at the most, plus they are much cheaper
  8. correct. an ACH should be faster than a wire. it all depends on the firm sending it however. If they are both sent at the same time, the ACH is nearly instantaneous, or so my bank tells me. its just dependent on when it is keyed into the system, and how the bank on the other end figures current balance (do they recognize it instantly, or wait til end of day). My IB ACH's take one day.

    A wire needs human interaction on both sides. I believe this is why it is much more expensive.
  9. balda


    If I submit an ACH withdrawal request before noon I usually have a credit posted to my checking account next morning.
  10. When i did an ACH in my tdamer account It showed up the next day that mean i could buy stock which are marginiable but i canot trade option till the account clear,s from my account which take 3 business days
    While a wire reaches the next hour or 2 and it,s like the money is physcial there
    #10     Aug 6, 2008