Wire Transfer Only Brokers

L

larrybf

should I be leery of a futures broker who will only allow the account to be funded by electronic wire transfer.... that is no funding by mail with a check????........thanks in advance
 
My bank requires that I visit a branch and pay $20 to initiate a wire transfer. So I used to use checks, as I am both a lazy pig and a cheapskate. Then I realized how inconvenient it would be to have a check misplaced, so now I use wire transfers for deposit and ACH for withdrawal. This is quick and simple.
 
Quote from rwk:

My bank requires that I visit a branch and pay $20 to initiate a wire transfer. So I used to use checks, as I am both a lazy pig and a cheapskate. Then I realized how inconvenient it would be to have a check misplaced, so now I use wire transfers for deposit and ACH for withdrawal. This is quick and simple.
More...
Some banks let you wiretransfer online, pretty convenient. Citibank for example.
 
Quote from larrybf:

should I be leery of a futures broker who will only allow the account to be funded by electronic wire transfer.... that is no funding by mail with a check????........thanks in advance
More...

Checks can (and I can personally attest have had) bounce more than a month after funds supposedly cleared the other bank. Of course, rare exception. But even tho they say funds are held for 10 days to be sure that they will pass muster, sh-t like this can happen. To prevent fraud, this is probably why they limit deposits thru electronic means only.
 
Wamu gives free wire transfers, at least they did before they were bought out. I'd double check now as I haven't wired anything in a few months.
 
You must log in or register to reply here.
Back
Top