Hello, maybe someone from IB can help me out here. I have an account at etrade right now, and I am trying to transfer it to IB. Its valued at around 40,000 and is about 75 percent invested. Can i transfer the account without liquidating all of my positions? How long will it take for the account to transfer before I can begin trading it again? (I am looking to avoild a wait time during the transfer). Thanks for your help, I am looking foward to switiching my account.
I'm not from ib but theres something called ACATS which is a system that automates and standardizes procedures for the transfer of assets in a customer account from one brokerage firm and/or bank to another. You'll get your stock positions + cash moved to the new account at IB but it might take a few weeks. Another much faster option perhaps is to liquidate all positions and make a wire transfer. Talk to your current broker! http://acats.nscc.com/
As I recall: Yes. You can transfer the account as is. However, IB will reject the transfer if: 1) There are any unsettled trades (trades done within three days of the ACATS request). Submit the ACATSrequest at the close of business on the settlement date, You can try to finesse this by doing it one day earlier and hoping that the other firm does not react instantly to IB's request. 2) You have any penny stocks in your account which IB does not trade in. These are normally "Pink Sheet" stocks. The transfer time is advertised as not exceeding 10 business days. It will probably be done in 5. You will not be able to trade for about 8 - 10 days. I would not have anything in the account that you would be nervous about for 10 trading days. One other thing - IB has, in the past, not done ACATS stuff over an option expiration weekend as their staff is busy handling assignments and executions. I'd initiate the ACATS request to avoid that weekend. They may have fixed things by now but one never knows. Jack
If you have holding about to make an announcement with the next 2 weeks, it's best to liquidate it. During transfer, you can't open or close any position.