Wiring out funds from IB

Discussion in 'Retail Brokers' started by leapfrog, Aug 10, 2006.

  1. Apparently if you set up more than one payee to wire money to on the same day IB automatically locks your account for sending out money and it is subject to review by compliane. What they don't tell you is that you have to then call them to have compliance actually look at it to approve your payees. They say it is for security reasons???

    To avoid, set up payees one day at a time in advance, then you can send out as many wires as you want. Who knew?

    Good luck.
  2. Some inconveniences are well worth having to deal with.
  3. Would you prefer the reverse where they wire money out at the drop of a hat? I can just see the posts now "IB let someone steal all my funds". I went through the same thing and it was a pain, but I prefer that to having my account robbed. I do agree they could do a much better job notifying you though -- I had a client account locked (apparently for more than 3 months) and didn't realize it until I tried to move funds into it.

  4. lol leapfrogs complaining about something good. how many people send 2 wires to 2 different places in 1 day? 1 out 10k? a non issue
  5. I agree, most of these IB rules are very smart.
  6. ddunbar

    ddunbar Guest

    And then he leaves a negative review of IB based on the incovenience of this security measure.

  7. zdreg


    the security measure is smart but not informing the client that he has to contact compliance is an error.
  8. zdreg


    the purpose of threads to get other people's opinion and more insight. before posting a negative review it would have been better to start a thread.
  9. here's the bottom line. i've been full time trading 17 years been with at least 20 brokers in that time and been with ib 5 years and they're one of the best out there. i can't remember 1 time i had to argue a fill with them and i've maybe called them 5 times in 5 years. everythings always run smooth for me
  10. maybe this multiple payee thing has something to do with the Patriot Act?

    I know that banks are required to have safeguards against "smurfing", where you send multiple wires/checks under the reporting limit. I think the reporting limit used to be like $10,000.
    #10     Aug 10, 2006