When to fund new IB account?

Discussion in 'Retail Brokers' started by davidc123, Jan 25, 2008.

  1. Hi,

    According to the application steps I need to make my initial deposit into my IB account in order for the application to be reviewed properly. I phoned IB today and was told that I need to wait until my account has been approved before making the deposit. My application status doesn't seem to be changing though....

    So I'm wondering what other people have done? Do I wait or make the deposit now?

  2. Aok


    Hi David.

    I think I waited 3 days but that was a long time ago.

    One thing I can tell you for sure...

    DO NOT SEND a cashiers check. Almost certainly this will cause even more delay.

    WIRE the $ to your account.

    Read up on IB's electronic process. Ach etc. They are very good about that process. Even that however requires extra time the first time you withdraw funds. So learn the details.

    First rule: Know the rules and conditions of terms.
  3. I had the same situation. So I must have read it incorrect as well.
  4. Wait until your account has been approved.

    I don't use IB, but most brokers will either send you an Email, or will display a message when you login.

    Wiring funds may cause them to be tranfered to the general IB account, and not your subaccount. More hassles and delays.
  5. I had to wait 4 or 5 days rom the point of singing up until I wired funds in. It was pretty easy. i don't know about a check though. That may slow things down like the other poster said
  6. donnap


    I funded my account with a personal check in 2001. It took well over 10 days perhaps 15 days for the funds to show up in my account.

    The check cleared my bank after 6 or 7 days. It should be faster now, I imagine. That was a long couple of weeks with no trading or interest.
  7. Accepted! Beautiful.
  8. Bickz


    so, were you accepted before funding, or after?
  9. before
    #10     Jan 27, 2008