Withdrawals from IB
- Thread starter Realist
- Start date
I just did a withdraw request my email token came in about 10 seconds. I then canceled the request, just wanted to test it.
here's the problem my friend. i withdrew a large chunk today after that story on money market problem as i want no more than 150k anywere now. i wasn't getting my token and i resent 5 times ,nothing for an hr. i called them and was on hold for 30 minutes. finally got somebody. THE PROBLEM IS YOUR EMAIL THINKS ITS JUNK AND HOLDS IT. PUT THE IB FUNDS WEB ADDRESS WHICH I THINK WAS HELP@INTERACTIVEBROKERS.COM IN YOUR CONTACTS AND BAMM IT COMES IN SECONDS
I have been making withdrawals from IB on almost a weekly basis for over a year now. I just started having these email issues last week and I have used the same email address with IB ever since I opened the account. I have always had IB in my allowed contacts as well. With all of the BS thats going around now, it just seems odd that when I requested a withdrawal, the tokens failed to show up in my inbox for more than 2 hours after my initial request was made. Before last week, I normally received the email token within seconds.
Nonetheless, I do not have a significant amount of cash deposited with any broker so I am not completely paranoid about this. I think the issue has been resolved as I made the request early enough today to make the cutoff. However I certainly wish IB would look into this if other customers begin to experience the same issue....
Nonetheless, I do not have a significant amount of cash deposited with any broker so I am not completely paranoid about this. I think the issue has been resolved as I made the request early enough today to make the cutoff. However I certainly wish IB would look into this if other customers begin to experience the same issue....
One note on the money market scare thought: SIPC insures up to 100k in cash in your IB account.
Same limit as FDIC at a bank.
Though in modern history the Fed has protected 100% of bank deposits assuming it's a major bank.
I guess Treasurys in your name would be better than the 100k limit.
Same limit as FDIC at a bank.
Though in modern history the Fed has protected 100% of bank deposits assuming it's a major bank.
I guess Treasurys in your name would be better than the 100k limit.
I know this thread is read by many existing IB & would be customers!
Iam a international customer at IB for the past 15 months.originally I opened the a/c thro web & wired in $2500 & did a big ACH transfer from another US broker in to IB. no problem at all.I do average 10-15 trades a day.
Last January I with drew a small amount thro wire.It showed up next day early morning at my (East Asian) bank a/c.
Due to the recent market turmoil & my inablity to take too much advantage, I wanted to take a 2-3 month break from trading.
So Today-while creating the wire out instructions,I forgot about about the already existing wire instructions format (no change in bank or a/c no) & created a second instruction.
I got my email token but it did not proceed further as there is delay up to 72 hours if you change the already existing wire instructions.
I log in to Banking/Funds CHAT & CSR- Mr Ray says it is better to call IB-US directly even though I can cancel the new instruction & re use the old one. So I make an international call to IB-US (only 7 minutes hold) & cancel the new withdrawl reuest.
Back in to a/c management & using the original withdrawl instruction,I tried to wire out more than $100k. Error!!!!! Because I did not apply for secured transaction token. ( Iam using similar token for many of my East Asian bank a/cs) Then I reduced my withdrawl just below 100K & the system accepted & showed pending . I dont know whether it has been sent out yet.
It is going to cost me $10 more for a second wire. Or I might wait till 1st Sep for the next wire out.
Never had the need to talk to IB over phone from a/c opening -till today.
Learnt a few things on how IB works. I'll recommend IB any day for a active trader.
Iam a international customer at IB for the past 15 months.originally I opened the a/c thro web & wired in $2500 & did a big ACH transfer from another US broker in to IB. no problem at all.I do average 10-15 trades a day.
Last January I with drew a small amount thro wire.It showed up next day early morning at my (East Asian) bank a/c.
Due to the recent market turmoil & my inablity to take too much advantage, I wanted to take a 2-3 month break from trading.
So Today-while creating the wire out instructions,I forgot about about the already existing wire instructions format (no change in bank or a/c no) & created a second instruction.
I got my email token but it did not proceed further as there is delay up to 72 hours if you change the already existing wire instructions.
I log in to Banking/Funds CHAT & CSR- Mr Ray says it is better to call IB-US directly even though I can cancel the new instruction & re use the old one. So I make an international call to IB-US (only 7 minutes hold) & cancel the new withdrawl reuest.
Back in to a/c management & using the original withdrawl instruction,I tried to wire out more than $100k. Error!!!!! Because I did not apply for secured transaction token. ( Iam using similar token for many of my East Asian bank a/cs) Then I reduced my withdrawl just below 100K & the system accepted & showed pending . I dont know whether it has been sent out yet.
It is going to cost me $10 more for a second wire. Or I might wait till 1st Sep for the next wire out.
Never had the need to talk to IB over phone from a/c opening -till today.
Learnt a few things on how IB works. I'll recommend IB any day for a active trader.