Funds availability for deposited checks. Is anyone worse than IB?

Discussion in 'Interactive Brokers' started by ymalmsteen, Sep 12, 2017.

  1. I recently deposited a 6-figure amount to a Fideltiy trading account. Was reflected in my account "next day". Not sure what went on overnight to verify funds...

    "Overnight clearing" of funds between banks is most common these days. Requiring "10 days to clear" benefits someone, but not you.
     
    Last edited: Sep 12, 2017
    #11     Sep 12, 2017
    d08 likes this.
  2. Robert Morse

    Robert Morse Sponsor

    I have. Line of credit of $25k for overdrafts, hence the imediate availability
     
    #12     Sep 12, 2017
  3. Brokers don't have that, right?
     
    #13     Sep 12, 2017
  4. d08

    d08

    That sweet interest ticking away from someone else's funds...
     
    #14     Sep 12, 2017
  5. Robert Morse

    Robert Morse Sponsor

    no, that is my bank account.
     
    #15     Sep 12, 2017
  6. ajacobson

    ajacobson

    Is IB a FDIC bank or are they banking with someone? If they are a bank they are subject to FDIC rule CC - otherwise their bank is.
    A 10 day waiting period is unreasonable and probably indicates some poor experience.
     
    #16     Sep 12, 2017
  7. Sig

    Sig

    Try to get money back out you deposited by ACH. It's a forty-four business day (that's right, 44) hold! Of course you can just trade opposite soon to expire options positions in your IB and another account until the IB position ends up at zero and you've effectively circumvented their "security" feature, so it's a worthless policy to stop true scammers. But it can make it pretty damn difficult for normal people who might not expect such an insanely long hold time and have finally decided to give IB the boot only to have them get one last f-you in on you.
     
    #17     Sep 12, 2017
  8. #18     Sep 13, 2017
  9. newwurldmn

    newwurldmn

    #19     Sep 13, 2017
  10. Sig

    Sig

    Military commissaries are the worst for that! It's funny because I think most of them use checks because they think debit cards aren't "secure", but don't realize that their bank account number and routing number are printed in plain sight on the front of every check!
     
    #20     Sep 13, 2017