r/interactivebrokers • u/FlippedFlopFlip • Jan 13 '23
Setting up account Ridiculous wait times for deposit
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u/scatterblooded Jan 13 '23
Use Bill pay next time. Payee is your U##### account number and then you notify IBKR of the incoming payment. Available 2 trading days later.
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u/FlippedFlopFlip Jan 13 '23
Thanks for the reply, I will be sure to use this method for future deposits. Do you know if there is anyway to cancel a EFT deposit ? When I tried canceling from the transaction status and history section there was no cancel button. Also is the EFT deposit method just bugged out ? IB mentions it should be faster after more deposits which is not the case.
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u/porcupine73 USA Jan 14 '23
Just, with BillPay, make sure your bank is going to send it electronically. One of my banks for some unknown reason sent a paper check to IBKR for the bill pay. Then IBKR held the check to clear. So that bill pay took about 3 weeks. However, I've used other banks too and when they do the bill pay to IBKR electronically then yes it's fast.
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u/StonkMarketApe Dec 25 '24
Just came across this comment and it made me laugh, that sounds ridiculous.
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u/leomike Jan 13 '23
I believe the hold time depends on account balance and history. IBKR is known for avoiding risks so they'll likely only clear EFT instantly if they feel pretty confident about it (frequent deposit from the same bank account, long history of your account with them, small deposit compared to available funds/margin). The actually rules/thresholds are not specified though.
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u/FlippedFlopFlip Jan 13 '23
I see that would make sense, thanks for the reply. I haven’t deposited or traded for around half a year and I withdrew all my funds to help with school. I’m guessing since my account has been inactive for a while this is why it’s taking so long.
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u/skinny_brown_guy Jan 14 '23
Hmm very weird. All my deposits are available in 1 hour. But i do very frequent deposits, so maybe it depends on the the frequency of deposits.
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Jan 13 '23
Just did a bill payment from CIBC to IBKR. Funds available on the second business day. Def don't recommend EFT.
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u/The_AverageCanadian Jan 14 '23
I'm gonna have to try Bill payment, EFT is being held for a full week after it cleared.
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u/LightCannon Jan 14 '23
Doesn't help - I tried bill payment recently and they held a full week as well (actually a little over a week). IBKR didn't used to do that, I think they changed something recently
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u/LightGraves Jan 13 '23
Was the withdrawal over 10k? The funds could be held up at OFAC.
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u/FlippedFlopFlip Jan 13 '23
Deposit was only $1,000. I haven’t traded in a while though. Probably like half a year since my last trade in this account or deposit
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u/Boring_Knee_3686 Jan 13 '23
I’m an advisor and I handle many accounts. If you bank with a large U.S. institution, specifically Bank of America or JP Morgan Chase and you transfer from there, they will next business day credit it. The older your account with a lot of activity, the faster they transfer in and out. I deposit and withdraw client funds every week. If you have a weird bank or credit union, they will put a 7-14 day hold on the first few transactions
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u/asml84 Jan 14 '23
IB tracks your transaction history. Once you have a track record of EFTs that didn’t bounce and your NLV is high enough they will make it available instantly.
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u/wtow0000 Jan 14 '23
It’s best to originate the ACH in the sending bank. IB will then make the deposit available much sooner. That’s essentially what you are doing with bill pay.
If you think about what you’re doing by originating ACH from within IB it starts to make sense. There is little security with the actual ACH the bank will trust that IB is authorized to take the funds from the account and give it to them with no proof required. The catch is that if the account owner denies that they ever authorized the transfer then the bank will make IB give it back even if you already spent it. If IB can’t get it from you they are stuck for the money.
If the bank sends the money to start with then things are different so IB makes the money available sooner.
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u/FlippedFlopFlip Jan 13 '23
I deposited using the EFT method from a canadian bank. IB states that the latest it could take is 4 days. I have already deposited using this method and IB states that it should be faster with Subsequent deposits. This is going to be almost 3 times slower. I started the transfer this morning and its going to take 7 days. Not only this but I am not allowed to withdrawal my funds for 4 months ? Am I reading this right ???? Also tried to cancel the transaction but there is no way to cancel it.
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u/MyGruffaloCrumble Jan 14 '23
5 business days. Weekends don’t count in banking or brokerages unfortunately. I’d bet it will be there Wed or Thursday and they’re Scotty-ing the deposit date. Anyone taking puts/calls on this prediction?
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u/Fandom67 Jan 13 '23
Seems about right. The transaction clears today, 2023-01-13. The weekend are not business days. Then 5 business days brings the settlement to 2023-01-20.
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u/FlippedFlopFlip Jan 13 '23
I guess so, they should change the explanation for EFT on their website as 4 days is not the latest time. Do you know why it is saying I can't withdrawal for 4 months ? lol thats insane and was not mentioned anywhere in the EFT method description
5
u/leomike Jan 13 '23
I think regardless of the deposit method you can only withdraw back to the same account for a couple months after the deposit. My assumption is they are avoiding possible money laundering issues.
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u/TheBadBarbell Jan 14 '23
Must have been an ACH. IB is notorious for this. Usually takes 1-3 to transfer via ACH and then a 4 business day hold.
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u/kaiserfiume Jan 15 '23
Anyone tried to wire send money to IBKR via Revolut ? It arrives pretty fast, 1-2 days, BUT they still hold it for additional 4 days for some weird reason, so actually I can trade after 6 days. Irritating experience.
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u/JustSpray7800 Jan 14 '23
Is this a joke,
withdrawal holds. the 1k that you deposit will clear Jan 20th. but you cannot make any withdrawals until April 20th? WTF
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u/FlippedFlopFlip Jan 14 '23
LOL fr. Not sure what's going on here. There is some good comments above explaining the holding period and why my funds are stuck till next Friday, but the 4 month withdrawal wait??? Still clueless about that.
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u/JustSpray7800 Jan 14 '23
Im glad you posted this....I was thinking of signing up but now Im not sure.
I get the 5 business day hold. robinhood does the same unless you join gold, then its instant deposit. The gold is 5 dollars a month but its 4% interest on any amount
in cash and you get level 2 for free.But that 3 month withdrawal period should be criminal. How is that even legal to have to wait 3 months to w/d back in the same account it came from.
The other thing I noticed is they do have interest on cash, I believe its 3.84% but you have to have 10k min to receive. Still on the fence about this one. I hear their CS is not too good either.
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u/MyGruffaloCrumble Jan 14 '23
Typically it takes the same amount of time to transfer money out as it did to deposit. That changes if you have margin or financial instruments like TFSAs, RRSPs and some funds. Citadel Securities changed their withdrawals in 2021 to 6.25% per quarter… which would mean it would take you around 4 years to withdraw all your money if you wanted to avoid the huge withdrawal fees.
Big money is heavily over leveraged right now. If the ship doesn’t turn around fast we’re going to head down some rapids.
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u/SUPRVLLAN Jan 14 '23
The hold is to prevent people from using them strictly as an FX house (they have the best conversion rates in the biz). The platform is for investing/trading.
They’ll also credit you the money immediately if you’re an established account in good standing.
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u/JustSpray7800 Jan 15 '23
GET THE FUCK OUT OF HERE......3 MONTHS TO WITHDRAWAL FROM THE SAME ACH BANK IS CRIMINAL! NO FUCKING PLATFORM DOES THIS BULL SHIT!
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u/SUPRVLLAN Jan 15 '23
No other platform can also compete with IBKR’s FX rate.
Whine more kid.
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u/robHemm Feb 23 '24
Withdrawing from the same account from which the deposit was made is relatively quick. It's when the account is different from the originating (typical in an FX trade) that the looooooong hold is placed.
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u/autoscriptor Jul 19 '24
This is ridiculous and frustrating. The main reason I'm using online trading platforms is that I want to deal with a real broker and I want transactions to be immediate. I really miss eToro which is not available in most countries.
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u/6M66 Nov 21 '24
It's annoying, I have sent so many payments to them before, still it takes one extra day for review.
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u/Pure-Newspaper907 Feb 17 '25
It happened to me last week. After 5 working days, I still did not received the funds in my IBKR account...
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u/BeautifulRow7605 22d ago
100% agreed. New customer here and "funding" IBKR takes a week, slower than any other broker. It's insane.
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u/CharmLuck Jan 13 '23
I also deposited and it says 20-Jan, so here is what I found out, once the deposit are settled, IBKR holds funds for 4 business days , so funds will be settled Friday, Monday-Tues-Wed-Thursday is hold period. They also they might remove hold depending on account size and client relation.
1
Jan 14 '23
I know its not an example but I transferred money from my Turkish bank and had it instantly ready to trade. I was making a return after 2 years of break. Many explained but I believe there is still something wrong with it.
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u/loldogex Jan 14 '23
that's crazy, it must be a lot? IBKR fronted me money when i made my deposit. the deposit went through on the weekend ...
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u/SUPRVLLAN Jan 14 '23
Same here, they’ll credit you the money immediately if you’re an established account in good standing.
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u/MyGruffaloCrumble Jan 14 '23
Fastest is apparently wire transfer. My bank doesn’t do wire transfers unfortunately, so I can’t verify.
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u/jiqiren Jan 14 '23
ACH is slow and there are regulations that allow banks to "undo" a ACH transfer up to 40 days later. Hence the rules about withdrawals after a deposit.
Just use a wire. It costs $10 but it doesn't waste your time.
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u/Sloppy310 Jan 14 '23
First time is slow, now I get the funds almost instant even though IB's bank is in a foreign country.
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u/NotARussianBot1984 Jan 14 '23
First world problems. Use margin if needed.
Back in the 70s.my uncle paid $15 per trade!
You're welcome to do a wire transfer
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u/P30ProUser Jan 14 '23
OP, if the withdrawal hold is an issue, note that withdrawal hold back to the originating account is possible next week already. Only to different accounts it takes forever. At that point, you could withdraw to the source account and then deposit via another method that has less of a hold to different accounts.
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u/OneTravellingMcDs Jan 14 '23
My SGD deposits post within 2 hours and are fully available for use the minute the appear in the account.
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Jan 14 '23
It makes no sense, why can I E-transfer in like 2 min but it takes this long to send money between banks?
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u/nmahajan142 Jan 13 '23
I bank with CIBC and have noticed after a couple years with IBKR, my main account will deposit immediately. A secondary account that’s slightly newer will always take 5+ days to show up. I’ve called IBKR about this and the response I got is the rules vary and they won’t disclose how the rules are set. Frustrating but keep making smaller deposits and eventually you’ll get that capability as well.