Wire Transfer Only Brokers

Discussion in 'Retail Brokers' started by larrybf, Oct 27, 2008.

  1. should I be leery of a futures broker who will only allow the account to be funded by electronic wire transfer.... that is no funding by mail with a check????........thanks in advance
  2. What is the problem? If you have the money then just wire it.

    The broker doesn't want to deal with check fraud.
  3. rwk


    My bank requires that I visit a branch and pay $20 to initiate a wire transfer. So I used to use checks, as I am both a lazy pig and a cheapskate. Then I realized how inconvenient it would be to have a check misplaced, so now I use wire transfers for deposit and ACH for withdrawal. This is quick and simple.
  4. Some banks let you wiretransfer online, pretty convenient. Citibank for example.
  5. cstfx


    Checks can (and I can personally attest have had) bounce more than a month after funds supposedly cleared the other bank. Of course, rare exception. But even tho they say funds are held for 10 days to be sure that they will pass muster, sh-t like this can happen. To prevent fraud, this is probably why they limit deposits thru electronic means only.
  6. Wamu gives free wire transfers, at least they did before they were bought out. I'd double check now as I haven't wired anything in a few months.