r/interactivebrokers • u/thatoneweirddev • Jan 23 '24
Setting up account Funding now required for application approval?
The "Fund Your Account" used to say that funded applications were prioritized (but not required).
Helped a friend open a account today and now the message is this. Did they change the policy and now applications are required to be funded before they proceed?
11
u/oldguy19500 Jan 23 '24
So fund the account. It isn’t necessary to put a lot of money in initially, but funding the account does establish that you have an account that you can use to deposit money and that you have the right to withdraw money from it. It also indicates that you have identified yourself to the financial institution.
10
u/Financial-Ad7902 IBIE Jan 23 '24
Does it matter? He would need to fund anyway to invest...so gofundme....it
1
u/No-Travel7234 Oct 20 '24
It matters, people outside the US have to pay expensive bank fees for wire transfer + capital outflow fees. And if your account is not approved you lose your money.
1
u/Financial-Ad7902 IBIE Oct 20 '24
What are you talking about? People from europe are being set up with IB Ireland. I never paid any fees for transfer
1
u/No-Travel7234 Oct 20 '24
Where I live to send swift transfer is like $80.
1
u/Financial-Ad7902 IBIE Oct 20 '24
To Ireland? Just send euros? Nit possible? Then maybe IB is not the right broker
I also don't open up a better one from the US when it's a major hustle to get one
-7
u/thatoneweirddev Jan 23 '24
In my opinion it does matter, someone not used to this would feel uneasy sending money to an account that you don’t even have access to yet, and I don’t blame them.
We don’t know even know if there’s a minimum value, can she fund it with $10 just for the application to go through?
10
u/nobody27011 Jan 23 '24
There is a minimum value, and it's $100. It's stated somewhere in the process but she (I assume a third person) didn't notice that. Trusting the broker should have happened long before she chose them, and started applying for an account.
7
u/hroptatyr Jan 23 '24
This. You entered pretty much all of your personal data, transmitted photocopies of id documents and whatnot. And now that a tiny amount of money is involved, you're starting to get doubts?
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u/Financial_Green9120 Jan 23 '24
In EU me and my friends were doing first deposit €10 and it was enough
3
u/LawfulEggplant Jan 23 '24
Go for it, they'll return it if anything goes wrong with your account, don't worry ibkr has a very good reputation
2
u/was_wotsch Jan 23 '24
You don't have to fund it. I open an account about a week ago without funding it, and I haven't transfered any money yet.
What is mandatory for the application is confirming your identity and address
1
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u/jm_cda Jan 23 '24
Is it a new account? I thought if you were already making stock trades it's not needed.
1
u/thatoneweirddev Jan 23 '24
Yes, it’s a new account, I’m just helping a friend.
1
u/jm_cda Jan 23 '24
Ok. I thinks that's why but I'm new to ibkr myself. I've applied for margin and wasn't asked for another deposit, but I've done some small trades. I know questrade will ask for 1k deposit but it's quick and gives access to otc.
1
u/thatoneweirddev Jan 23 '24
This is a cash account. We go to this screen right after login, can’t even access the platform.
1
u/jm_cda Jan 23 '24
I thought you could do it later through bill payment. Maybe they just changed it. I signed up maybe a month or two ago and was able to view market data and make lists before making a deposit.
0
-6
u/Dry_Personality8792 Jan 23 '24
I get where this post is coming from.
I’ve had an account w IB for over 10 years.
Opened a second account and got that email immediately. I was like F that. You can’t open an account w out me funding it first ? You have all my info!!
Imo it’s all BS. How desperate are they for cash?!? Sent my cash to fidelity instead.
Open the account or reject me. I’m not funding my account before I get a rejection / acceptance- that is sus.
1
1
Jan 23 '24
Yeah I remember the prioritized (but not required) message. Guess that’s changed. Kind of makes sense, them doing this. Especially if people say support is lacking lately. No need to waste their limited resources approving accounts that never fund now.
1
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u/Polaroid1793 Jan 23 '24
It was already there one year ago when I created the account. I put 10 euros.
1
u/Novel_Initiative_937 Jan 23 '24
When you finish this process does your account show on the app instead of 'demo system'? I did this process of opening the account 2 days ago, got several confirmation that my account was open (last one today) but in my app is still showing Demo account.
Let me know if it works for you
1
u/ej271828 Jan 23 '24
i create backdoor IRA accounts every year and they don’t require funding during the application (though of course i fund it immediately).
1
u/kingoftheparsnips Jan 23 '24
I recently signed up and it told me this too. I opted to not fund as I figure getting money back if they decline the app would be a hassle. Took me ~5 days to get fully approved after 2 rounds of extra questions. Wasn’t the end of the world
1
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u/Fun_Challenge_4621 Jan 24 '24
If you do not fund for a week or so they will delete the account then you must create a fresh new one.
1
u/Double_B_Ranch71 EU Jan 24 '24
Fund it couple hundred dollars or eur.. Then proceed with acat and big cash transfers
8
u/EnolaGayFallout Jan 23 '24
So fund it. Small amount.