Few notes on AMP Global

Thing is my PNC account will not allow me to setup AMP for a funds transfer much less actually send some test funds.

 

So is sierrafutures I mentioned above an IB or FcM? On their website it says they clear with Dorman. What do you think? It say funds are segregated.

 

I never heard of Sierrafutures before, but it seems like it is a division from Stage 5 and Stage 5 is an IB.

The IB does not hold your funds, the funds are with the FCM that the IB clears through depending on your needs and it looks like Stage 5 either clears through Gain, Dorman or Iron Beam.

 

So does that make the funds safe? I wonder why timtheenchanter warned about using an IB?

 

Hello all....current questions is about the ACH deposits process at AMP.

Thank you @Overnight for providing initial response.

Here is additional details;

1) Correct, AMP does not have an agreement or access to your bank account to initiate funds withdraws from your bank account. There are services out there that other firms are using like "Plaid" but after researching, we found that the amount of Customer Information that would be available to us...was TOO MUCH for our comfort, so we did not move forward with enabling this service.

2) We have many customers funding via ACH everyday, so this is available and works. This funds transfer type is something that is either available at your bank or not. For example, bank of america accounts gives you the option to select same day wire for $25 fee or ACH 3- day transfer for $10 or free depending on your account member status.

From what you are saying, PNC bank seems not to make this funds transfer option available.

3) Yes, if you need to send test deposits, we get these all the time...we will post the test deposits to your AMP account (even the test pennies....the bank sends).

ACH deposits and withdrawals are highly used by our customers. Which is cool...we like saving our customers $$$. We will continue to search and add any acceptable banking options that will save our customers on banking fees. If any new services come online, we will send out notice to all customers.

 

Yes, funds are safe since they are held at the FCM, not the IB.

Not all IB's sell platforms either, like Stage 5 or Optimus.

https://www.thebalance.com/what-is-an-introducing-broker-809121#:~:text=An introducing broker is a,a relationship with an FCM.



https://community.optimusfutures.co...-between-a-futures-broker-ib-and-a-fcm/1683/2

 

Same experience with the same guy.

V: The funds will be returned – no fee.
Me: Today I received 15€ less than I initially transferred to AMP.
V: Return fee of 15

great sense of humor! Further mails to him and to the "customer satisfaction team" were ignored.

 

Then please tell us a list of banks that will do what you say. That would be nice. I have yet to find one that will push an ach initiated by a bank customer out from their personal account to AMP as a business. Since you claim to have many customers that do this and you get test deposits all the time you should be aware of the “many” banks that will do this. you should be able to at least tell us what banks your requirements will work with. I have not found “ a single bank. I am not near a Bank of America.

 

@Monaco - Good Idea!

We will compile a list of received ACH banks this week and publish a list.

 

So what are the pros and cons of Using and IB as opposed to an FCM. Can anyone on ET tell me? I will watch the video posted...least some of it.