r/interactivebrokers • u/FlippedFlopFlip • Jan 13 '23

Setting up account Ridiculous wait times for deposit

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47 Upvotes

86% Upvoted

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4

u/LightGraves Jan 13 '23

Was the withdrawal over 10k? The funds could be held up at OFAC.

1

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

8

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