IB and cashier's checks

Discussion in 'Retail Brokers' started by richtrader, Nov 21, 2002.

  1. I am sending funding to my new IB account today. I remember reading on here somewhere that cashiers checks from a bank will be treated similarly to wire transfers in that there will not be the 10 day holding period. Can anyone confirm that they actually do this? And also, when creating a deposit notification, do you choose check? (This may sound like a silly question, but the screen says check deposits will be held for 10 days, so I want to make sure to do everything right).

    Thanks very much.
     
  2. funds and banking by phone ... they are good people
    and will give you a truthful answer on when funds
    will be available for you at IB
     
  3. They hold checks for 10 days. What changed is that you have to submit a deposit notification for checks as well as for wire transfers.
     
  4. Sanjuro

    Sanjuro

    Just play it safe.
    I would just wire the money if I were you.

    Last time I sent a check, they held it for 15 days
    before releasing it.
    I don't know about cashiers check though
     
  5. I opened my account about a year ago with cashiers check. It actually took over 30 days from mailing date. Later, I wired money. About 3 hours later, it was in my account. For the small cost, I'd wire it.
     
  6. Thanks all... I just went to the bank. $6 for a cashiers check or $16 for a wire. The $10 difference was well worth it in light of the holding times on checks.