oooo......................ok thanks so I should just keep my software but use them as a broker........thanks.:eek: :eek: :eek:
Well, my bank (Wells Fargo) has rules of it's own: I have to be present at the branch if someone calls for funds verification. Not very convinient. I'll do wire next time.
What I don't get here is where is the money during that hold? If my bank cleared the check the funds must be with the broker. So what is the point of holding funds for 12 days after they received them?
Your funds are with Pension Financial. Why not drive up to your bank with your mobile phone. Dial up MBT, then hand the mobile phone to the branch manager. - Spydertrader
I had a similar problem with another broker (Kitco) that only accepted personal checks and imposed a long hold. Their explanation was that they only processed incoming funds to their bank every few weeks (which I find suspicious, since they'd be foregoing interest). The solution was simple: I faxed them a copy of the back of the cancelled check, which my bank provides online. They processed my order that day.
LOL Spyder! Hope all is well with you. To answer the question above, you've got to understand a few things about banking. First and foremost, even though the check has cleared, it can still bounce. Don't tell me it can't happen, I have two friends who own banks. After they clear, under the right circumstances, a check can be returned, up to a certain point. Second, not all checks clear in the same time, so I imagine most companies set up there systems to make darned sure everything will be ok. What's the big deal about 12 days? Like I said before, wire the $$$ and it's instant.
Bundlemaker (Good to see you again, and I trust things remain fine with you as well) nailed it. He's exactly right. That hold time is necessary and imposed by Penson due to a wave of bounced and fraudulent checks written to clearing firms. As posted in this thread by others, many brokerage firms do this now. - Spydertrader