IB - Acct Transfer

C

cmk

Hi Folks,
I opened up an IB account the other day and am attempting to transfer over my assets from a harris direct account.

After 7 business days, the account transfer status has changed from "Acknowledged" to "Rejected". It says it was rejected because

"the account violates the credit policy of the receiving firm due to margin requirement. An additional equity of $107.28 is needed"

None of my positions in my harris account were anything that requires margins. All positions were long equity. I am already growing quite tired of waiting around for IB to transfer an account. Taking over a week to electronically transfer assets is borderline unacceptable.

Anyone know why this "margin error" has occurred and how many more weeks it will take to correct this? All telephone calls, online chat, and email to IB have resulted in someone telling me that another department needs to handle it and that they are currently closed.

My acct has been shut down by harris, the assets sent off, and now IB has "rejected" them. It looks like my assets are in outer space.

Any help would be appreciated, IB certainly has not given me a straight answer about anything. Thanks
 
I'm just guessing here without complete information. But every firm has their own margin requirements for securities held overnight. Some are more flexible than others.
 
I agree with this. I bet Harris has some hidden fees to try to keep people from transferring but I would think you didn't 100% of your money in securities.

Quote from TorontoTrader2:

My guesss, harris charged you a $100 + tax transfer out fee so the account it now negative that amount! LOL
More...
 
This acct I actually think it was pretty close to being all securities, maybe like $20 in cash or something like that from some recent dividend from something minimal.

Come to think of it, I recall some $100 promotion with Harris, maybe I did not stay long enough so they charged me back $100 and have it listed as a cash liability on the acct and transfered it over with that.

Why wouldnt IB just accept it and show it as a cash liabilty for me? Why would they make me wait for over a week and then deny the transfer and make a new customer wait another week to get it sorted out?

Maybe the assets should be taken elsewhere if their # 1 goal is to make life miserable for new account holders. So far not pleaesd at all with IB, mainly with the lack of communication and willingness to help.

Harris has a $75 fee for a full ACAT transfer.

Will IB allow me to have access to my assets if I cover the 100 odd bucks or will I have to start the whole transfer process over again and pay another $75?? What would be my quickest option to fund my account with the money?
 
Quote from cmk:

This acct I actually think it was pretty close to being all securities, maybe like $20 in cash or something like that from some recent dividend from something minimal.

Come to think of it, I recall some $100 promotion with Harris, maybe I did not stay long enough so they charged me back $100 and have it listed as a cash liability on the acct and transfered it over with that.

Why wouldnt IB just accept it and show it as a cash liabilty for me? Why would they make me wait for over a week and then deny the transfer and make a new customer wait another week to get it sorted out?

Maybe the assets should be taken elsewhere if their # 1 goal is to make life miserable for new account holders. So far not pleaesd at all with IB, mainly with the lack of communication and willingness to help.

Harris has a $75 fee for a full ACAT transfer.

Will IB allow me to have access to my assets if I cover the 100 odd bucks or will I have to start the whole transfer process over again and pay another $75?? What would be my quickest option to fund my account with the money?
More...

Look my friend, why don't you call the account transfer department first thing in the morning? Why bash IB over something that likely has nothing to do with them? If your account has a debit then obviously you need to do something regarding the debit. IB didn't cause the debit.

OldTrader
 
If you are not interested in reading this thread go elsewhere. No one wants or needs you here with some smart ass comment telling me to contact support. I was thrilled that a few useful members, unlike yourself, responded in a positive nature and kept the comments to themselves.

If you read a little bit in this thread you would have heard about my experience with IB support. It would be real great if you go ahead and keep yourself out of every thread that I participate in. You are not welcome. Thanks and have a good one.
 
Is this a cash account or margin account....

I'm assuming it's a cash account. You will need to probably add the additional 107.00 before the transfer is complete.

If it is a margin account and it does not meet margin requirements the system would automatically liquidate a portion of the account even if they did accept it .

Add additional money ...

Nick
 
Quote from cmk:

If you are not interested in reading this thread go elsewhere. No one wants or needs you here with some smart ass comment telling me to contact support. I was thrilled that a few useful members, unlike yourself, responded in a positive nature and kept the comments to themselves.

If you read a little bit in this thread you would have heard about my experience with IB support. It would be real great if you go ahead and keep yourself out of every thread that I participate in. You are not welcome. Thanks and have a good one.
More...

I've transferred various assets on different occasions over the years to IB with never a single problem. So when I read an idiotic post like yours bashing IB for something they clearly have no control over, and doing so in a public forum, I think it's important for someone to respond. Fortunately for you, a few folks on here recognized the source of the problem, or you might have gone on in ignorance for some significant period of time.

Nonetheless, I suspect anyone with some reasonable people skills (that doesn't appear to be you) ought to be able to straighten everything out with account transfer, get them their $100, and get things moving. Good luck with your challenge!:D

OldTrader
 
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