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IB - cash withdrawal - CHECK? WHERE?
- Thread starter pistolpt
- Start date
wow. lotta haters on here.
The account holder is a family member in a "friends and family" account. Old gentleman who doesn't want to do wires or ACH.
Obviously I contacted customer service multiple times - they said "it went out on the 1st according to our systems". That's all they could do. IB can't overnight or have checks sent via registered mail. I thought that was pretty weak.
I put a stop order on the check and had a new one issued on the 18th. We'll see what happens.
The account holder is a family member in a "friends and family" account. Old gentleman who doesn't want to do wires or ACH.
Obviously I contacted customer service multiple times - they said "it went out on the 1st according to our systems". That's all they could do. IB can't overnight or have checks sent via registered mail. I thought that was pretty weak.
I put a stop order on the check and had a new one issued on the 18th. We'll see what happens.
---Anyone else deal with the same crap from them with regard to cash withdrawals - by check?---
you got what you are asking for.
if your OP is like your last one-the answers might be a bit different.
but still-
it's most likely in their agreement between you and Ib(which you accepted). if you don't like it-you can go some place else. it's a discount broker,not some full service with USPS mail room on the spot.
you got what you are asking for.
if your OP is like your last one-the answers might be a bit different.
but still-
IB can't overnight or have checks sent via registered mail. I thought that was pretty weak.
it's most likely in their agreement between you and Ib(which you accepted). if you don't like it-you can go some place else. it's a discount broker,not some full service with USPS mail room on the spot.
Quote from pistolpt:
wow. lotta haters on here.
The account holder is a family member in a "friends and family" account. Old gentleman who doesn't want to do wires or ACH.
haha - don't worry about the haters. if you had said the family member was old and didn't want wire/ach that would've prevented a lot of questions about why it was done this way.
no kidding, good point. Those of us that are elderly need special consideration, I can ACH, but if you asked me to twitter or facebook I would be solQuote from FrankSlaughtery:
haha - don't worry about the haters. if you had said the family member was old and didn't want wire/ach that would've prevented a lot of questions about why it was done this way.
In my own case, I just ACH to my father (who can't even turn on a computer) and call him on the phone and tell him the money was deposited to his checking account.
too bad, because he really likes going out and getting the mail, and then driving to the bank
as if you had ever withdrawn money from a trading account. You gotta be joking...
Quote from oldtime:
If you are dealing with snail mail, it is going to take forever, whether you are depositing or withdrawing
ib is paperless your banker knows how deal works and will help you, two small deposits of less than $1 will be deposited in your account and you need to verify the amounts. It will be like 94 cents and 24 cents.
Once you get that set up, it goes like clockwork.
The problem is all on your part, and has nothing to do with ib.
You just don't know what you are doing
I told you, I withdraw 50% each month over the round number I am comfortable tradingQuote from hftvol:
as if you had ever withdrawn money from a trading account. You gotta be joking...
so far in 2013, the checks keep getting smaller and smaller
when I was young and had a wife and kids, there was no plan, either about how much to commit to a trade, or how much to withdraw from the account
I thought I was on your "ignore" list
like the man said, "90% is just money management, 10% is reading the market."
in about July 2012, my fist year trading forex exclusively, I hit a high and had to decide how to pay taxes, and also, it was enough to pay my small monthly bills
I just picked a round number that I wanted in my account, and decided on the last trading day of each month to request a withdrawal of 50% over and above that month.
good decision, because that was the all time high in 2012, and since then, I have had some profitable months and some losing months.
Yet, each month, even into my horrible losing new year of 2013 (lost 25% of total account in just two weeks in Feb 2013), I still get a check each month
I'd have to do pretty piss poor in 2013 to lose all I made in 2012. But it will take all of 2013 just to take out the high of 2012 (or at this point, just BE.)
hey man, I don't do this for a living anymore. I can just click a box on my my mutual funds and they will start paying me dividends (or in the case of my bond funds also capital gains, since I am too old to start buying any new bonds.)
not sure why you think it is so hard to get a check from ib each month. Just don't get in the habit of sending them one each month (and at one time, in a low point in my life that is exactly what I did, and all that money is gone, and never should have been committed. Back then you couldn't ACH, it all had to be wired, and my ex girlfriend who was the Bank Manager would always ask me, "Are you sure?")
I just picked a round number that I wanted in my account, and decided on the last trading day of each month to request a withdrawal of 50% over and above that month.
good decision, because that was the all time high in 2012, and since then, I have had some profitable months and some losing months.
Yet, each month, even into my horrible losing new year of 2013 (lost 25% of total account in just two weeks in Feb 2013), I still get a check each month
I'd have to do pretty piss poor in 2013 to lose all I made in 2012. But it will take all of 2013 just to take out the high of 2012 (or at this point, just BE.)
hey man, I don't do this for a living anymore. I can just click a box on my my mutual funds and they will start paying me dividends (or in the case of my bond funds also capital gains, since I am too old to start buying any new bonds.)
not sure why you think it is so hard to get a check from ib each month. Just don't get in the habit of sending them one each month (and at one time, in a low point in my life that is exactly what I did, and all that money is gone, and never should have been committed. Back then you couldn't ACH, it all had to be wired, and my ex girlfriend who was the Bank Manager would always ask me, "Are you sure?")
Check arrived.
Looks like the main issue was that if you try to send the check from the advisor login it will not work (even though it SAYS that it works and the check is supposedly sent and the account is debited).
I did it from the client's login last week and the check arrived today. If customer service had told me this when I called I would not have posted here.
Just a lesson learned - you can't order a check for your clients - they have to do it themselves.
Looks like the main issue was that if you try to send the check from the advisor login it will not work (even though it SAYS that it works and the check is supposedly sent and the account is debited).
I did it from the client's login last week and the check arrived today. If customer service had told me this when I called I would not have posted here.
Just a lesson learned - you can't order a check for your clients - they have to do it themselves.
yeah, that's usually the way it goes. You can't imagine how much trouble I had getting my first ACH. I thought I was losing my mind. Now I understand it and it goes just like clockwork.Quote from pistolpt:
Check arrived.
Looks like the main issue was that if you try to send the check from the advisor login it will not work (even though it SAYS that it works and the check is supposedly sent and the account is debited).
I did it from the client's login last week and the check arrived today. If customer service had told me this when I called I would not have posted here.
Just a lesson learned - you can't order a check for your clients - they have to do it themselves.
ib is not really good telling you, "You did something wrong."
the one that messed me up was I was using a "period" after the clients middle initial