IB Is VERY Slow Cashing Checks...

Discussion in 'Retail Brokers' started by version77, May 27, 2003.

  1. It only took them 8 days to even aknowledge receiving my check.
    And it will only take 15 more days for my funds to be available.

    Total time: 23 days

    They must be the slowest broker on Planet Earth.... :D

    On a good note, it doesn't take many days at all to receive a check...
     
  2. range

    range

    I wired funds to them and the funds were available quickly, the next day if I remember correctly.
     
  3. chisel

    chisel

    I've wired funds to IB and had them available for trading within 1 hour after I returned from the bank!

    NO complaints here.
     
  4. BSAM

    BSAM

     
  5. Ah yes. Better slow check processing than slow executions... :)
     
  6. prox

    prox

    yeah true, it took about 3 weeks for my check to clear when I first opened the account..


    now it's worth the $25 wire fee to transfer funds if necessary.
     
  7. IB has always been a pain when it comes to either depositing checks or remitting checks. This is done, in my guess, to encourage all of their clients to use wire transfers exclusively. For future reference, never do anything by check with IB. Do not request checks, nor fund your account with checks. Use only wire transfers...
     
  8. gaj

    gaj

    i've gotten ALL my money out of IB with checks.

    i've had one (1) time that there was a problem, and one other time it took more than 3 days to arrive. most times, i get it 2 days later; sometimes, 1 day.
     
  9. I am pretty sure there is no hold time on bank checks. But I have never tried them. I stick with wiring the money for $16.
     
  10. def

    def Interactive Brokers

    The policy has to do with bad checks and reducing fraud. If you send a bank check (the types accepted are listed on the site), they will be credited within 1 day within input into the system. Any type of check that has a possibility of bouncing is subject to a delayed credit.
     
    #10     May 27, 2003