When to fund new IB account?

[davidc123]

Hi,

According to the application steps I need to make my initial deposit into my IB account in order for the application to be reviewed properly. I phoned IB today and was told that I need to wait until my account has been approved before making the deposit. My application status doesn't seem to be changing though....

So I'm wondering what other people have done? Do I wait or make the deposit now?

Thanks.

 

[Aok]

Hi David.

I think I waited 3 days but that was a long time ago.

One thing I can tell you for sure...

DO NOT SEND a cashiers check. Almost certainly this will cause even more delay.

WIRE the $ to your account.

Read up on IB's electronic process. Ach etc. They are very good about that process. Even that however requires extra time the first time you withdraw funds. So learn the details.

First rule: Know the rules and conditions of terms.

 

[Grandeur]

Quote from traderNik:

Not sure where you read this but it's not correct. You must first submit your application. Then you receive email notification that your account has been opened and is ready for funding (in Canada this involves the completion of the online application as well as a physical mailout of certain signed forms). Only then do you fund it. I used EFT to fund the account and I found it very easy. In Canada it takes a few days to set this up as you need to receive a micro-deposit into your B/A and then confirm it. It does take a day or two for the funds to show up in yoru account.

I had the same situation. So I must have read it incorrect as well.

 

[davidc123]

Thanks for the replies. I got this from http://www.interactivebrokers.com/en/accounts/individuals/individualSteps.php?ib_entity=uk, the Fund your Account step comes before the application review and results steps.

I've already read up, and I'm going to just do a bank transfer which gives me 3 days before I can withdraw (if i remember correctly...)

David.

 

[crgarcia]

Wait until your account has been approved.

I don't use IB, but most brokers will either send you an Email, or will display a message when you login.

Wiring funds may cause them to be tranfered to the general IB account, and not your subaccount. More hassles and delays.

 

[dajuicer]

I had to wait 4 or 5 days rom the point of singing up until I wired funds in. It was pretty easy. i don't know about a check though. That may slow things down like the other poster said

 

[donnap]

I funded my account with a personal check in 2001. It took well over 10 days perhaps 15 days for the funds to show up in my account.

The check cleared my bank after 6 or 7 days. It should be faster now, I imagine. That was a long couple of weeks with no trading or interest.

 

[davidc123]

Accepted! Beautiful.

 

[Bickz]

so, were you accepted before funding, or after?

 

[davidc123]

before