2 stock margin accounts with IB?

What evidence do you have that supports the idea that IB will not apply the PDT rule to ALL accounts linked to the same Social Security #?

In fact, a representitive from IB commented here just a few days ago that if one stock margin account was tagged with PDT, the individual would not be allowed to open a new account at IB just to get around the PDT rules which are: "Get your account over 25K or wait 90 days."

So, there's just absolutely no evidence that IB will actually allow a person to daytrade in one PDT account and internally transfer funds to another non-PDT stock account for swingtrading.
 
I would be shocked if IB declined to respond to me inquiry. These are exactly the sort of questions that need to be answered before a person should feel comfortable commiting funds to a brokerage account.
 
Quote from newestmember:

I would be shocked if IB declined to respond to me inquiry. These are exactly the sort of questions that need to be answered before a person should feel comfortable commiting funds to a brokerage account.
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Frankly, it would shock me if a margin expert employed by IB happened to be reading this board, so they could answer your question. But it never ceases to amaze me what expectation people have out of IB.

OldTrader
 
Maybe you weren't here when IB suddenly changed their policy from a 5 day account freeze to a 90 day account freeze, RETROACTIVELY, causing mass hysteria among traders here. The fact is that IB isn't even clear on their own margin rules. Last week I spent the better part of friday having a debate between their email support and their chat support about whether their system calculated daytrades based on entry or close. I got totally different answers from each one.

Since IB doesn't feel like it's necessary to detail their exact PDT policies on their website, I'm left to scrounging around EliteTrader and IB's message board to find out exactly what those policies are, and I want them IN WRITING somewhere because they tend to change them without notice and without warning.
 
I did finally get an answer from Aimee, in writing, about the PDT question:

"Our system is programmed on how you initiate the position, not
how you close it."

So you can buy 1000 shares and sell them all day long in different orders, for one trade .... but if you buy 100 shares again and again in different orders, but sell those in one lump-sum, the system will count it as multiple daytrades....
 
Quote from newestmember:

What evidence do you have that supports the idea that IB will not apply the PDT rule to ALL accounts linked to the same Social Security #?

In fact, a representitive from IB commented here just a few days ago that if one stock margin account was tagged with PDT, the individual would not be allowed to open a new account at IB just to get around the PDT rules which are: "Get your account over 25K or wait 90 days."

So, there's just absolutely no evidence that IB will actually allow a person to daytrade in one PDT account and internally transfer funds to another non-PDT stock account for swingtrading.
More...
i do have such evidence right now. one account was blocked, another(under 25K on same name and SS )work just fine.
i also have approval already to open new account.(since one of them been blocked). i also got email from IB, which says that account may be unlocked, if you write explanation and request it from IB. comments of CS are useless, unless you have email, but even if you do-they will never agree that one of them can be wrong.
----------------In fact, a representitive from IB commented here just a few days ago that if one stock margin account was tagged with PDT, the individual would not be allowed to open a new account at IB just to get around the PDT rules which are: "Get your account over 25K or wait 90 days."
--------------

i have just opposite answer from CS-when i ask them about solution or way around situation that i have (mentioned in another tread)-he did not say anything, but when i ask him:"What about open another one and transfer money from blocked account? Can it be a solution?" He say-yes, that one of the way to get around this problem. here we go again-2 totally opposite answers.
BTW-when i call to NASD and tell them that my money was freezed for 90 days they are very surprised by such rules. "wow! never heard about blocked money for such long time!" that one of NASD reps answer.
 
Quote from Bob111:
BTW-when i call to NASD and tell them that my money was freezed for 90 days they are very surprised by such rules. "wow! never heard about blocked money for such long time!" that one of NASD reps answer.

That's because it is not true that your "money is freezed for 90 days". You're free to withdraw the money* - you just can't trade. They should not be surprised that a broker enforces the 90-day freeze policy on an account that violated the PDT rules. The rules require this.

Whether you actually violated the PDT rules is unclear, and is a separate issue - one which IB seems willing to work with you to resolve by allowing you to write them a letter of explanation, right?

It's in their best interest to let you trade. Understand, though, that they have to be covered or they may have to pay fines that are many thousands of times their profit on commissions you pay.


*Assuming it's "older" than the new 10-day AML window
 
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