IB is holding my deposit for 4 frigging days even as they have the funds there. I refuse to trade one contract, next week (maybe Friday) I will take the money! How crazy, like I could call my bank and cancel the ACH transfer (I wish)! NOTE; AMP is still mulling over my application because I was stupid and told them I was a futures broker 30+ years ago.
Do a google search on ACH fraud and look at the IB site where they fully disclose the hold. You did not do your homework here. An ACH, while electronic, is similar to a check in that the funds are not guaranteed. As a result, they are subject to a hold period of 4 business days after arrival. The ACH deposit credit hold period is released at the time of U.S. regular market open on the 4th business day. IBKR, as the originator of the transfer request, imposes this hold as it is obligated to return the funds to your bank, without recourse, should your bank later determine the transfer request to be unauthorized or in error. While your bank generally has the right to validate and request a return of funds well beyond IBKR's hold period, past experience has proven a 4 business day hold sufficient in most instances. Note that ACH deposits are eligible for credit interest from the date the deposit arrives and through the hold period. Clients who require immediate use of deposited funds are encouraged to use bank or broker wire transfers which are irrevocable and are therefore credited to your account and available for trading purposes immediately upon arrival.