IB cash withdrawals via ACH?

Anyone get their cash this way? I have always used wires in the past, but I think the ACH method is free, or at least cheap.

Do they mean Paypal when they say ACH? I'm just wondering how this works, and can you automate the process to withdraw a set amt each month?

Thanks,

Jay

 

I have been using ACH withdrawals and have been pleased with the result. The money is transferred to my bank account and is available for use within two banking days.

I don't think there is any way to set up automatic transaction.

 

Yes, I've received cash from IB via ACH. It's not PayPal...it goes straight into my checking acct. Takes a few days, but it's free! I like free.

 

I always use ach. works perfect

 

i use ACH all the time. i only use wires for initially funding an account

ACH is free

wire is not

i have noticed that IB ACH takes longer to clear than my other brokerage. i *suspect* they use that as a free way to get interest short term, since they are dealing with many millions being ACH'd every day. but that's speculation. their ACH does take longer than my other brokerage.

one really cool thing is the instant transfers that are available internally. what i do (to manage risk and filter profits out of my futures account) is that I periodically (at least once a week, but often once a day) internally transfer profits from my futures account into my master advisor account (I have a master advisor account that i use as a master account to trade my client's accounts). this instantly takes my profits out of my futures account. then, I can ACH from my master advisor account into a bank.

this works great

 

Do you have to setup the whole ach thing with your bank, or do you just fill out the info via the IB form, giving bank info like you would for a wire?

Thanks for saving me the time to research this.

Jay

 

I have used ACH and it works well. But I have yet to use ACH with IB. Seems to work better than wire transfers once you have it set up.

Is there an actual limit to how much cash can be transfered via ACH in the US? does IB have a limit?

 

I think all you need to do is set it up in IB

 

ACH is the same thing as "direct deposit" used for many paychecks.

See:

http://www.nacha.org/About/what_is_ach_.htm

http://en.wikipedia.org/wiki/Automated_Clearing_House

I don't think IB is sitting on your money -- ACH is a slow thing in general (I could be wrong -- but I've seen ACH between other banks and it's just as slow). It's possible the ACH corp may be sitting on your money

 

but my other brokerage is ALWAYS much faster than IB is for ACH's

with the same bank

so, either IB is sitting on my money (which they may do for risk management as much as anything... or interest) or the other brokerage is crediting my account BEFORE the ACH goes thru.

that's kind of unlikely (the latter)