Is this allowed?

R

R33C0

Wednesday I withdrew a $2000 fund (which I never used) from a popular brokerage, and just noticed in my bank account they had returned $1936 plus charged a $15 wire fee costing me $79.

It’s early Saturday morning and I thought I’d ask here first before I call them, possibly making an ass out of myself, but is this allowed?
 
If you had the monies wired, the bank would charge you a fee. Now, if you have a linked account with your broker account, maybe, there would be no charge since, you are transferring the monies yourself. Of course, that could take a few days to occur. You have to set up your accounts to link with each other that way, you can transfer funds much easier.
 
If it s an international you probably have been charged an intermediary bank fee, as well as possibly a receiving fee from your bank. Upsetting as hard to know in advance how much those will amount to, also it s high for a USD transaction. It s often expensive to wire small amounts internationally because of the intermediary bank fee btw
If from US to US, that looks dodgy but US based traders will be abke to give u more info.
 
More info needed.

  • Which broker and what are the terms for withdrawing money?
  • They probably have a penalty for withdrawing within a few months or too often.
  • Or there could have been an inactivity fee if you never used the account and closed it.
 
R33C0 said:
Wednesday I withdrew a $2000 fund (which I never used) from a popular brokerage, and just noticed in my bank account they had returned $1936 plus charged a $15 wire fee costing me $79.

It’s early Saturday morning and I thought I’d ask here first before I call them, possibly making an ass out of myself, but is this allowed?
More...


I think your math is a bit off...

2000 - 1936 = 64

The mentioned $15 outgoing wire fee is very likely included in that 64 difference. For as far back as I remember, outgoing wire fees are deducted from the amount you request: It's caveat emptor.

That leaves an unknown $49 difference. Remember, there are 2 sides to the transaction, outgoing and incoming... Fees can be charged independently on either or both sides (or neither). Plus, as mentioned by LuisHK, an intermediary may have been necessary which could incur intermediary fees.

To me, it looks like YOUR BANK has ridiculous incoming wire fees and costs, $49!... or there is intermediary/3rd-party involvement or some other details that you have not mentioned.

Caveat emptor. If you want 2000, you must account for outgoing and incoming wiring fees as well as fees/penalties associated with the cash source such as a time deposit, BEFORE you make a wire request.

Please post your followup findings.
 
tiddlywinks said:
I think your math is a bit off...

2000 - 1936 = 64

The mentioned $15 outgoing wire fee is very likely included in that 64 difference. For as far back as I remember, outgoing wire fees are deducted from the amount you request: It's caveat emptor.

That leaves an unknown $49 difference. Remember, there are 2 sides to the transaction, outgoing and incoming... Fees can be charged independently on either or both sides (or neither). Plus, as mentioned by LuisHK, an intermediary may have been necessary which could incur intermediary fees.

To me, it looks like YOUR BANK has ridiculous incoming wire fees and costs, $49!... or there is intermediary/3rd-party involvement or some other details that you have not mentioned.

Caveat emptor. If you want 2000, you must account for outgoing and incoming wiring fees as well as fees/penalties associated with the cash source such as a time deposit, BEFORE you make a wire request.

Please post your followup findings.
More...

64 + 15 = 79

Many banks charge an incoming wire fee.
 
Check their website for withdrawal fees via different methods. Wires will often be higher than other methods, if they provide others. Banks often charge large fees for wire transfers, so your broker also have to pay them and couldn’t make it free for you.
But, they don’t have access to your bank account to take out your money (who does?) and wouldn’t have a reason to make an additional withdrawal, so it’s very unlikely they’d charge you the $15. This is often an incoming wire fee charged by your own bank.
 
R33C0 said:
Wednesday I withdrew a $2000 fund (which I never used) from a popular brokerage, and just noticed in my bank account they had returned $1936 plus charged a $15 wire fee costing me $79.

It’s early Saturday morning and I thought I’d ask here first before I call them, possibly making an ass out of myself, but is this allowed?
More...
Well, doesn't your broker offer ACH?
 
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