Why IB put a limit on my IRA rollover deposit?

Discussion in 'Retail Brokers' started by not4kids, Feb 22, 2010.

  1. I am a happy customer of IB (please do not bash me). I am trying to convert my traditional IRA account into Roth (I have both accounts at IB). As some of us know, IB does not allow internal conversion of IRAs so far. I had to withdraw from my traditional IRA and started to deposit into my Roth IRA account using my bank account as the third party. I just found out that I could not deposit more than $100,000 in my Roth IRA account. I have to wait 7 business days to deposit another $100k (unfortunately, my traditional IRA account is more than 400k). What a shame! I understand that brokers do not like withdrawal and they like to put a limit on our withdrawal. But I just don't understand why brokers put a limit on our deposit. Anyone can provide a reasonable explanation?
  2. huge red flag.

    you most likely are a money launderer or associated with terrorism.. thank you Dick Cheney/ Larry Silverstein
  3. drbtk


    It may be a limit on ACH transfers. You could see if a wire transfer might work.
  4. You are correct, the original poster should prepare to be waterboarded and/or have a body cavity search. Or both at the same time.