IB Fedwire not received on same day
- Thread starter GoogTgt
- Start date
Ask bank for the Fed Fund confirm #. If they indeed sent it they'll have it. If I had to guess, and only a guess, the prob is on bank side. Sorry bankers.
Another possibilty....wire was rejected on IB side , that may be why you are showing the debit on the bank side now, and returned to bank (you would see in AM). Wire instructions have to be EXACTLY entered or risk being rejected by receiving party.
IB are absolute sticklers about this stuff, and in actual detail, it is an amazingly primitive transaction. (Not IB's fault.) Once everyone gets happy, it is pretty painless, but......
Anyway, Good Luck.
Exact opposite experience. I have used multiple wires. They were all sent out by JPM before 2PM PST and I received a text alert from IB within 30 minutes saying the funds were available.
It was probably something wrong on your bank end or your end. Did you create a "deposit notification" in your brokerage account prior to the transfer?
Fund Transfers->Deposit from drop down->wire
(if not already set-up, click add banking info: [Bk acct #, routing #, ...]) -> Non-recurring
-> enter amount
Just in case: the instructions might have been a bit murky. It says to use their Citibank acct # followed by your bank acct#; however, this does not always work for all banks.
This is why the deposit notification is necessary. You should instruct your bank to deposit it directly into IB's bank account and put "for the benefit of + [your name]" in a separate field and IB will transfer the funds from theirs to yours.
Check your bank account tomorrow. It was likely spit back by IB. You will most likely have to do it again.
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Did you "initiate" a wire in IB as well? You have to tell them all the details of an inbound wire so they can match it. If you don't they'll usually let you know they have a wire they think is yours and prompt you to do the inbound wire form, but it might take a couple days.
IB has lots of huge issues, but in my experience their wire department always sent and received wires promptly.
I have forgotten to put in the IB notification on their end and still had the wire post as expected. No guarantees however (may depend on your situation if they can match it), so it's best to include that as well.
I got it the same day. It took a little longer. IB credited the account at 6:50PM EST. It was a huge amount, so that got me worried. So there was a delay of 4 hours between debit from bank and showing up in IB. Thanks for the replies.
And just so you know, just because your BA was debited, that doesn't mean that IB has received it. It could easily be that the cash got electronically "slow-walked" over to the wire desk. (Happens all the time; people go to lunch, the transmit sheet slips behind the desk, the toner needed replacement.....) Glad you're all set.