Mugged by Interactive Brokers!!!

[maxpi]

My Credit Union put a 10 day hold on a check I deposited because I was negative $44 in the checking account. I don't have overdraft because once, when I had a large sum of money in the savings account, I found that the entrire savings account could be overdrafted from the checking account by anybody with my debit card number so I cut off all forms of overdraft... if you are looking for intelligent life, do it outside a financial institution or be very disappointed...

I am open to suggestion as to places to do banking that are more business oriented. Personally, when it comes to IB, I like them, who else has so much third party support via an API?

 

[zwib]

Man, this same exact thing just happened to me!

I didn't feel like paying $20 for a wire and waiting in a long line at the bank so I just did the bill pay thing online.

I understand that they are protecting themselves...but if they already cashed the check....what is the point?

They aren't very clear on this policy. I thought it was just a hold on withdraws, but you could trade with it right away.

Oh well...I got 7 more days to wait now

 

[startraitor]

Ever hear of check kiteing?

Quote from zwib:

Man, this same exact thing just happened to me!

I didn't feel like paying $20 for a wire and waiting in a long line at the bank so I just did the bill pay thing online.

I understand that they are protecting themselves...but if they already cashed the check....what is the point?

They aren't very clear on this policy. I thought it was just a hold on withdraws, but you could trade with it right away.

Oh well...I got 7 more days to wait now

 

[SideShowBob]

I understand it's for their protection but I don't understand why they can't credit your account but put a hold on the money.

 

[maxross]

if they let you use partial funds and you put trades on and lost money and then the check didnt clear, they would be stuck with the trading losses.

 

[kinggyppo]

Quote from zwib:

Man, this same exact thing just happened to me!

I didn't feel like paying $20 for a wire and waiting in a long line at the bank so I just did the bill pay thing online.

I understand that they are protecting themselves...but if they already cashed the check....what is the point?

They aren't very clear on this policy. I thought it was just a hold on withdraws, but you could trade with it right away.

Oh well...I got 7 more days to wait now

Good luck with that, customer service at banks died years ago not to mention credit cards. I got a card from citi didn't use it so they call me concerned. Then a few months go by and I charge a measly couple hundred dollars, then they want to shut the card down as they thought it may be fraud, fuckin retards all!

 

[cstfx]

Quote from zwib:

Man, this same exact thing just happened to me!

I didn't feel like paying $20 for a wire and waiting in a long line at the bank so I just did the bill pay thing online.

I understand that they are protecting themselves...but if they already cashed the check....what is the point?

They aren't very clear on this policy. I thought it was just a hold on withdraws, but you could trade with it right away.

Oh well...I got 7 more days to wait now

They do it because checks bounce. I have had checks bounce back more than 2 weks after they supposedly cleared, and one of these checks was from BIG money center bank - JPM. They are just protecting themselves as I would (and will from now on).

 

[zwib]

ah, ok. I see. Well, they should at least make this policy clearer.

I would have paid $20 for a wire if I would have known it would save me a week of time.

 

[Trader KGB]

Wow, 7 days of 1.5% annual interest lost, good heavens...