IB Is VERY Slow Cashing Checks...
- Thread starter version77
- Start date
the 1 thing i miss about datek is that they had a "fundsnow" thing. i could enter my bank account number and router number, and datek would send money to my bank in a day or so for free.
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yeah true, it took about 3 weeks for my check to clear when I first opened the account..
now it's worth the $25 wire fee to transfer funds if necessary.
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I had the same experience with IB: very, incredibly, extemely slow with check deposits. Can't figure it out - isn't money money? Why would they care whether you write a check or wire? And, above all, why would they penalize the little guy (like myself)? That's 25 trades to wire by the previous example!
yeah true, it took about 3 weeks for my check to clear when I first opened the account..
now it's worth the $25 wire fee to transfer funds if necessary.
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I had the same experience with IB: very, incredibly, extemely slow with check deposits. Can't figure it out - isn't money money? Why would they care whether you write a check or wire? And, above all, why would they penalize the little guy (like myself)? That's 25 trades to wire by the previous example!
def
Sponsor
You guys fail to get the point. A bounced check puts the company at risk. There has been fraud in the past (luckily caught and documented in the press) and this policy was implemented shortly thereafter. The firm will not credit an account until 10 business days after it receives a check. If you want funds to be immediately available - and yes, often as fast as one hour after receipt, then send a wire. If you don't want to pay wire fees, send a bank check. They will be credited immediately. The alternative is to price in bad debt into the fee structure.
You should check into the fraud that def points out. A guy wrote two checks for two accounts a few years back and arb'ed them against each other. He only had enough funds to cover one of the checks in his acct. Sure "money is money", but you should try to understand the way in which checks are processed by banks before lashing out at IB. It doesn't matter how big or small your check is...if you were in IBs shoes and had any understanding of the risk they are taking - you would do the same thing.
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You should check into the fraud that def points out. A guy wrote two checks for two accounts a few years back and arb'ed them against each other. He only had enough funds to cover one of the checks in his acct. Sure "money is money", but you should try to understand the way in which checks are processed by banks before lashing out at IB. It doesn't matter how big or small your check is...if you were in IBs shoes and had any understanding of the risk they are taking - you would do the same thing.
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I love IB in general, but that was just a pet peeve. I don't doubt that they have been burned, but I guess I still find it hard to believe it takes 10 business days to clear a check. If it really takes that long, fine. But I guess I'm saying why not five business days to make sure it cleared? Or why not clear it once they truly receive their funds?
You should check into the fraud that def points out. A guy wrote two checks for two accounts a few years back and arb'ed them against each other. He only had enough funds to cover one of the checks in his acct. Sure "money is money", but you should try to understand the way in which checks are processed by banks before lashing out at IB. It doesn't matter how big or small your check is...if you were in IBs shoes and had any understanding of the risk they are taking - you would do the same thing.
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I love IB in general, but that was just a pet peeve. I don't doubt that they have been burned, but I guess I still find it hard to believe it takes 10 business days to clear a check. If it really takes that long, fine. But I guess I'm saying why not five business days to make sure it cleared? Or why not clear it once they truly receive their funds?
After all, five or ten business days is an eternity in our world...