How long for IB fund transfer?

Discussion in 'Retail Brokers' started by arzoo, Oct 28, 2002.

  1. arzoo

    arzoo

    I transferred funds from datek to IB yesterday morning. I just wanted to know how long it takes before IB registers it, and how I would know.

    I cant seem to find a place in the acct mgt area saying account balance or something like that.

    I'm just wondering because the datek account already shows the reduction. And in the meantime, its like Im in the dark of what's happening.

    Thanks.
     
  2. If your request is in by 4:00 PM EST I think you'll get your confirmation (e-mail) by the next day and sometimes the transfer is done by 4:00 PM the 2nd day. I know I have heard that it takes less time but this has been my experience. If you want it by the end of the week get it in by 4:00 PM Wednesday.

    ~EC
     
  3. def

    def Interactive Brokers

    Arzoo,
    electronic wires are actually updated automatically during the trading day. If funds arrive before 3 PM, they will get allocated to your account within a short period of arrival at IB's bank.

    However, since you are transferring from another brokers, it sounds as if you didn't do a wire but an ACAT. ACAT's can take anywhere from a few days to two weeks depending on how responsive the delivering broker is.

    On your TWS there is an account window. It will refresh live. You can check your balance there. For funds arriving after 3 PM, the credit may come after the system reset or early AM US time.
     
  4. arzoo

    arzoo

    I chose the wire transfer ($9.99) option in datek, which I believed was a wire transfer, right?

    How do you get into the TWS system? I'm a new user, all experience I have is with the demo, so I hope you pardon the naive questions.
     
  5. def

    def Interactive Brokers

  6. arzoo

    arzoo

    Which do most users use (which is faster/better) -- standalone or web based?

    By the way, with regards to the transfer, what should I be waiting for, an email or confirmation? Is there a way to check what has happened, and when should I start to be concerned?

    Thanks def for your help.
     
  7. def

    def Interactive Brokers

    Standalone takes less resources since your browser doesn't need to be running.


    your daily statement will show the xfer when it arrives. You can also check the account window on the TWS to see if funds arrive. If not there now, check in the AM as banks have a habit of holdiing up wires till days end to gain some float. If not in the account in another day, send a mail to the help desk attn: funds and banking
     
  8. arzoo

    arzoo

    Thanks def. Hope things work out without much trouble.
     
  9. alanm

    alanm

    Another advantage of the standalone version (as opposed to the browser version) is that the browser version will push a new version of TWS to you upon login when one is available. If you're on a dialup (56K even), this can take a minute or two, usually at exactly the wrong time :) With the standalone, you get to decide when to upgrade, study the new features, make sure you don't have problems, etc.

    Inbound wires rarely have trouble if you follow the instructions exactly. I remember going to my bank to send a wire to IB once, going to lunch on the way home, and the money was in my account when I arrived home. I think they process them every 15 minutes during the day.

    If, for some reason, the money doesn't show up, it's probably also worthwhile to call Datek first to make sure it was sent, and to have them give you the Fedwire transaction number to give to IB.
     
  10. arzoo

    arzoo

    This may sound silly, but in the deposti notification of IB, I filled out the amount and bank/broker only. Is this enough?

    And under bank/broker, I put Ameritrade, which is what I assume is the new entity. Should I have put Datek? Will this cause a problem?

    Thanks again for all the help.
     
    #10     Oct 29, 2002