ACAT out of Interactive Brokers

S

SideShowBob

Earlier this year I tried to open a second IRA account and transfer some of my IRA funds from IB to another broker via a partial ACAT (for only about 20% of the account). IB refused to send the funds via ACAT and I eventually just withdrew the funds and deposited them in the new IRA.

However, now I would like to move more money but can't use the withdrawal method as it has not been 365 days since I last did it.

Has anyone had any success using ACAT to withdraw funds from IB successfully? Aren't there laws or rules about this?
 
I've never done it with IB , but in general I don't think a firm can refuse a transfer UNLESS the client owes custodial fees in a retirement account. Also, the new firm must have the new IRA account open and be acting as custodian in order for the transfer to take place.
Best thing to do is get in contact with IB and ask why the ACAT was refused.

The exchanges oversee ACAT system so that would be the next step if you don't get anywhere with IB.

Good luck.
Let us know how it turns out.
 
Via chat IB said there's no problem, the woman from IB even looked up the new trustee's ACAT number to verify they can work together. So now it has me wondering if the problem was at IB or at the trustee.

Consider how badly the trustee f**cked up my other account opening it will be interesting. Don't want to name names here but it took me filling out four different direction of investment forms and a phone call to tell them I'd filled out EVERY possible form to get them to process it and stop telling me to fill out a different form.
 
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