IB's "Amount Available for Withdrawal"

Discussion in 'Retail Brokers' started by simpleisbetter, Jun 27, 2007.

  1. When I log into my IB's "Account Management" menu, then "Funds Management", then "Withdrawals", it always says: "Funds Available For Withdrawal: USD, 0.00", even though I have cash sitting in my account. Does anyone else have the same problem? I'm thinking of transferring some assets to IB, but it bothers me to see that IB can't even display the correct amount of money available for withdrawal. I really think IB ought to fix this problem as I am sure this is preventing many from transferring their assets to IB. Giving a sense of security and reliability to its customers is the most important thing a broker should do.
     
  2. What you seem to be implying here is that there is something wrong with IB's accounting. Doubtful. What's more likely is that you don't know the rules, and haven't told us everything.

    One possibility is that you have simply used all your funds in some manner in the account, and have no withdrawable funds.

    Have you recently changed your banking instructions and/or email address? If so, they put a temporary hold on fund withdrawal for security purposes.

    Have you recently made a deposit? If so, there is a 4 day hold on the funds.

    Read the rules concerning deposits and withdrawals. My guess is the answer is there, you simply have not read it.

    OldTrader
     
  3. OldTrader: What you described is not the case. The cash has been sitting in my account for over 45 days. Plus I don't have any positions in my account, it's pure cash.
     
  4. rayl

    rayl

    Have you made an ACH deposit recently?

    As I recall, I was informed by customer service that an ACH deposit causes that value to reset due to a limitation in their system (it isn't coded to enforce the can only withdraw to originating source until a long time constraint so the value is set artificially low and someone reviews the request, OKs it if it's going back to the source). At least that's what I was told.

    I do note that the avail for withdrawal for me never matches anything close to excess liquidity, even when the aforementioned is not the cause.....
     
  5. rcj

    rcj

    Simple ... Ive been with IB just over two yrs now and i have never had a problem like this. However, sometimes in the past i have noticed the " 0 available funds" situation showing up on the weekend - as i recall.

    What does IB say when you call them??

    Do you have more than one Acct with IB??

    Are you a US resident??

    In what currency are your funds denominated??

    Did you transfer in funds from multiple sources??

    Were any of the transfer sources outside the US??

    State or Fed tax lien maybe .... :(

    Someone executing Summary Judgemnt against ya ... :eek:

    Suspected AQ member ... ?? :eek:

    Good Luck!!! :)
     
  6. Yes, the money was ACHed in. I did call them awhile back about this problem, and the customer rep acknowledged the problem and told me they would fix it soon. Apparently they haven't done so and that's why I am bringing this issue up on ET. Every other major broker is able to display the withdrawal availability of customer funds. I don't understand why IB can't do the same, especially considering the fact that technology is supposed to be IB's strong point.