Bad news. Now IB refuse wire transfer to new accounts

thepalatinezoom4 · Nov 2, 2020

This appears to be the first transfer of funds from your account to the selected bank. Please affirm that you have previously deposited funds from this bank to your account.

I affirm I have previously deposited funds from this bank to my account.
Yes or No ?

We're sorry but we can only accept withdrawal instructions to accounts from which you received a deposit.

VEGASDESERT · Nov 2, 2020

anti money laundering compliance? idk

Scataphagos · Nov 2, 2020

VEGASDESERT said:
anti money laundering compliance? idk

That plus anti-fraud.

If the broker sends money to unauthorized place, they can be brought into the mix as "accountable". Trying to avoid that possibility.

thepalatinezoom4 · Nov 2, 2020

Scataphagos said:
That plus anti-fraud.

If the broker sends money to unauthorized place, they can be brought into the mix as "accountable". Trying to avoid that possibility.

Maybe. The new rule does not apply to ach transfer (yet)

thepalatinezoom4 · Nov 2, 2020

VEGASDESERT said:
anti money laundering compliance? idk

In the past Ib allowed to send to any account under the same name

Scataphagos · Nov 2, 2020

thepalatinezoom4 said:
In the past Ib allowed to send to any account under the same name

New accounts are always a source of potential risk for institutions.... trying to protect against the things fraudsters might do. Can't blame them, can you?

Perhaps you should deposit some money into the account you wish to "receive to" and ACH it to your brokerage account.... then request distribution. That helps to confirm the legit nature of your new account, but you'd want to ask if that's "enough".

TimMykes · Nov 2, 2020

If your acct is hacked, do you want the scum to be able to sent your money to Farkscammerstan?

ElectricSavant · Nov 2, 2020

What if you change/close accounts?

thepalatinezoom4 said:
This appears to be the first transfer of funds from your account to the selected bank. Please affirm that you have previously deposited funds from this bank to your account.

I affirm I have previously deposited funds from this bank to my account.
Yes or No ?

We're sorry but we can only accept withdrawal instructions to accounts from which you received a deposit.

virtusa · Nov 2, 2020

ElectricSavant said:
What if you change/close accounts?

You can ask your new bank to confirm your identity to IB.

Ayn Rand · Nov 2, 2020

How much money are we talking about? Are you in the US?