IB: Tender offers -- when payment received

Discussion in 'Retail Brokers' started by rayl, Oct 12, 2007.

  1. rayl


    An IB specific question:

    Anyone know how long after a tender offer is paid before the funds show up? I thought it'd be same day but see that my tendered Accredited Home Lenders (LEND) shares have not been credited as cash yet (it was paid yesterday).

    I will open a ticket to ask but alas right now, Murphy's Law is affecting me:

    The "Client Inquiry Mgmt System" is currently down for maintenance. Thank you for your patience
  2. rayl


    The ticket ssytem came back.... and I am amazed again at the improved CS repsonse times.... apparently:

    "Please know that IB has not received the cash allocation from the depository for this tender. Upon allocation IB will post the funds to accounts. At this point IB does not have an ETA on when this cash will be allocated."

    So I guess I'll have to see.... but feels like I will lose the wkend's interest. (it's not that much.) I will report back for others' info when the issue is resolved.
  3. There's no issue, IB has been prompt in paying tenders. Once in a while they show up a day later than other brokers.
  4. Once IB get's paid, you will get paid.
  5. rayl


    And to close the loop, it looks like I was credited after the close. One biz day after I thought. It could've been the depository -- it's plausible. Just that the extra biz day falling ove a wkend is a bit less economically pleasing from an interest perspective. Thansk for the reassurances.