MB Trading: 12 day hold on check deposits

E

ethos

I just run into weird problem with MB Trading. I sent them a check to deposit into my new account and it was cleared few days later. The deposit still didn't show up in my account.

I asked them what happens with my money AFTER the check is cleared. Here is the reply:

"If funds verification is not provided the check remains on hold for 12 business days. Once the 12 business days are up, the funds will be posted to your account. The funds remain at Penson Financial Service."

I sent them cleared check image, hope it speeds it up.

Do any other brokers do that? I've newer ran into such things before. I opened IRA account with them to see how it goes before transferring my larger trading account. I don't want to make my decision based on that issue only.

Any feedback from MB Trading customers? Are you happy with MB Trading service?
 
Quote from ethos:

Any feedback from MB Trading customers? Are you happy with MB Trading service?
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MBT has fantastic customer service. I suspect if you gave MBT a call and asked, they would patch in a three way call to your bank, so fund verification could quickly occur.

- Spydertrader
 
This is pretty standard. Some brokers are much longer. In this day and age of paper fraud, I don't much blame the brokers. That's why I always wire funds, not worth the hassle of waiting.
 
Quote from rateesquad:

Hey I was wondering how is that broker how are commissions and how about their software any good?
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I have MBT's trading software integrated with QCharts, and use the MBT Smart Router (MBTX) for close to 100% of my trades. Everything integrates quite smoothly with only one glitch in over six months (quickly fixed with a phone call). I routinely receive price improvement on the vast majority of my limit orders (using the MBTX order routing). It has become so common, I don't bother keeping track anymore.

- Spydertrader
 
Well how much do you spend on software monthly becouse tradestation is only $100 and if you meet their requirement you can get the software for free.
 
<i> -- MBT doesn't supply you with software???????</i>

The software is very basic but they provide API which is great for automated trading. Or you can use 3rd party soft.
 
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