Below is the timeline of my latest deposit. IB notes that the money won't be available till March 12th, that's 6 business days from when I put in the deposit request. The money has already been withdrawn from my bank account as of today (March 8th) so I got 4 more business days to wait. I don't remember it taking this long last year. Oh well, the whole process is quicker than the change of address which took over a week. I would feel worse about the whole thing if I'm missing out on IB interest, but IB is paying out 0.00% so can't feel too bad about that. I only have to wait 2 months to get unrestricted access to my own money though. Woo Hoo! Deposit Notification 3/5/2010 Deposit Arrival 3/5/2010 Credited To Equity 3/11/2010 Available For Withdrawal - Restricted 3/17/2010 Available For Withdrawal - Unrestricted 5/13/2010
I think there are security measures for depositing that go beyond that of others....one week for an address change seems awhile but I wouldn't want any of those hacking douche bags getting my dough either. I've been looking around at other brokers lately and I.B is one of the better ones in regards to data fees , commissions and so on- keeping costs down and passing it on to the customer. But yah it is slower than before and compared to brokers that accept credit card deposits.
I tried doing an ACH transfer into my account, and my bank couldn't process it. So I did a wire transfer instead. The money cleared within two hours. The only negative was that I had to visit the bank. ACH transfer out always goes smoothly.
US Automated Clearing House (ACH) Transfer Initiated at IB Multi-day electronic movement of funds through the ACH system. Initiation of an ACH transfer enables you to automatically move funds from a US bank that is a member of the Automated Clearing House (ACH) to IB. Instructions to initiate an ACH transfer to IB are under Account Management. You will be asked to complete a Bank Instruction during the deposit process if you do not have one on file or if you would like to add a new one. IB limits ACH deposits to $100,000 over 7 business days. You can specify debit (in), credit (out), or both ACH instructions, and will be required to enter your bank's ABA number and your bank account number. You will be required to complete two sets of verification with each new instruction. The first verification is through the use of a Registration Confirmation Number which will be sent to the user email address of record to confirm your email address. The second verification sends debit and credit amounts to your bank which appear on your bank statement and must be typed into your instruction as confirmation. This verification ensures that the person entering an ACH instruction is the legitimate owner of the ACH instruction bank account. ACH requests received by 14:00 ET will be credited to your account after 4 business days under normal circumstances. Only available for US currency deposits from an account held in your name at a US bank that allows ACH deposits. Funds may be withdrawn after the 4-day credit hold. If funds are withdrawn to a bank other than the originating bank, a 40-business-day withdrawal hold period will be applied. Customers who do not have a security device from IB are limited to a single ACH deposit of $20,000 or less. Additional ACH deposits require a security device which can be obtained through the Secure Login System.
Tomorrow you can return the funds to the bank they were sent from and send them anywhere you'd like. They are no stuck at IB for 2 months.
The funds were available today before opening bell so they were able to get it in in four business days, less than what they forecasted in the Funds Management section.
We create these policies to protect your cash. Imagine someone gains access to your IB account. PULLS money out of your bank account (unique ability specific to ACHs), and then sends it to another bank account. Our policies are logical. If you find one you think does not make sense, I would suggest contacting customer service and voicing your concern. they will provide the information I did and explain the logic behind the rule. The 40 day hold is only for sending to a different bank. You can return the funds to the origin bank today.
i appreciate the security mesures taken by IB. other brokers dont care that much. (IP restrictions for Trading Platform) (security device) (whitdraw protections...) sending money back to my original account i had no problems