Introduction

Clients who elect to close their account must first ensure that all balances (e.g., cash and positions) have been withdrawn or transferred before the account can be closed. Once closed, the account is then restricted from further transactions, however, there are situations where assets may be credited to the account despite it being closed. As disclosed at the point of account closing, cash balances credited to an account after it has been closed are automatically converted to the base currency, regardless of amount, since the trading platform is no longer available to facilitate conversions.

The following article provides background as to how such situations may occur and the steps clients can take to withdraw the assets.

Post-Closure Balances

While it is uncommon for credits to be applied to an account once closed, the events which cause this to happen generally arise from the following:

• The account was closed via disbursement issued in in the form of a check which the client does not present for payment for 90 days and is therefore cancelled by IBKR; or, where the client requests a stop payment due to loss, theft or non-delivery of the check.
• The account was closed via an electronic disbursement (e.g., wire, ACH, EFT) later returned to IBKR by the receiving bank. This can occur if the receiving bank decides to reject and return the funds because the client’s bank account is closed or if the title of the account at IBKR differs from the bank account to which it is being deposited (i.e., a 3rd party transfer).
• A credit adjustment is applied to the account after it has closed to correct an over-withholding of taxes on a prior period dividend.
• An applicant deposited funds prior to the account being opened and the application was never approved by IBKR or was abandoned by the applicant.
• The account was closed via transfer to another broker who later returns the assets after the account has closed.

Withdrawing Assets

To withdraw cash, log into the Client Portal, select the Transfer & Pay and then Transfer Funds menu options and you will be presented with the option to make a withdrawal and a list of available banking instructions which you created while the account was open.  Select an instruction that is active and applicable to the denomination of the currency to be withdrawn.

If your account has positions, please contact the broker who returned the positions to request that they be transferred back. Note that you will not be able to submit orders to close positions in a closed account.

FAQs

Q. What do I do if I don't recall my login credentials and am unable to log into the Client Portal?

A. If you require assistance logging into your account, you will need to contact your local Client Service Center via telephone. Such requests require verbal verification of your identity as a protection from unauthorized users. Contact information is available on our website.

Q. How do I determine the credit balance in my account?

A. The account balance and its composition can be found in your activity statement. Daily, monthly and annual statements are available online via the Client Portal through the Reports/Tax Reports menu option.

Q. Am I able to reopen an account that has been closed?

A. Accounts that have been closed for an extended period or are attempting to reopen solely for the purpose of withdrawing assets are generally not eligible to be reopened. If you intend to reopen the account to establish an ongoing brokerage relationship, please contact your local Client Service Center for assistance.

Q. What happens if I want to withdraw the funds via check and my address has changed?

A. If your account is eligible to withdraw funds via check (only available for US currency withdrawals by customers with a US mailing address) and your mailing address on record is no longer accurate, you will not be able to change your address online. In this instance, please contact Client Services to inform us of your new address and receive instructions on how to upload a copy of a driver's license or other acceptable document.

Q. What happens if I want to withdraw the funds electronically and my account does not already have a valid banking instruction on file?

A. If you currently do not have an active banking instruction on file, please log into the Client Portal and add a new instruction using the Transfer & Pay menu option. Note that IBKR reserves the right to verify new instructions via verbal confirmation and/or submission of qualifying documentation. This verification step is intended to protect against unauthorized transfers to a 3rd party.

Q. The entity which owned the account no longer has a bank account or is no longer in existence. How can the funds be withdrawn?

A. In the event the funds are unable to be withdrawn and distributed in the name of account holder at the point of account closure, IBKR will seek to distribute the funds to the entity owners based on their pro rata share of ownership. Note that this will generally require submission of documentation evidencing the owners and their ownership interests as well as a warranty and indemnification letter executed by the owners that the information they provide is accurate and there aren’t any other owners or creditors to whom the funds are owned. IBKR also reserves the right to request an independent opinion of counsel verifying the accuracy of the information provided.

Q. What happens if I do not act to withdraw assets in a closed account?

A. IBKR will attempt to notify closed accounts of a credit balance using the email address of record. Account holders who do not act to withdraw balances within 30 days after notice has been sent are subject to a monthly closed account fee of $20.  Also note that IBKR is subject to statutes which require that assets in accounts deemed "abandoned" be turned over to the state in which the client resides (or Connecticut if the client resides outside the U.S.). The period of inactivity by which an account is considered "inactive" varies by state, but can be as low as 3 years. See Knowledge Base Article 2599 for details regarding retrieving unclaimed property from the state.

U.S. financial institutions, including IBKR, are subject to state statutes which require that client accounts deemed "abandoned" be turned over to the state in which the client resides.  These statutes are intended to protect consumers who may have lost contact with the financial institution as funds which have been turned over or escheated are then held by the state who, in turn, attempts to contact the owner or their heirs and return the funds.

The definition of abandonment varies by state but generally refers to accounts which have had no activity or contact for an extended period, in some cases as little as 3 years. To minimize the likelihood of an account being classified as abandoned, IBKR will attempt to contact inactive clients and have them simply log into their account, at which point the account is considered active for purposes of these statutes.

If an account is determined to be abandoned, IBKR remit the balance to the state in which the client resides which may result in positions being liquidated.  In the case of clients who reside outside the U.S., the funds will be remitted to IBKR's state of incorporation, Connecticut.

Once funds have been escheated to a state, they cannot be retrieved by or through IBKR. Clients, however, may directly claim the assets from the state to which they were escheated.  Most states maintain a public website which allows one to search their unclaimed property database and initiate a claim for assets. In addition, the National Association of Unclaimed Property Administrators maintains a website containing links to each of the individual state's databases: www.unclaimed.org.

口座解約方法

口座解約をご希望のお客様は、以下の指示に従い口座解約のお手続きを開始してください。

IBLLC口座をお持ちのお客様で基準通貨をUSDに設定されているお客様は、口座解約時の出金方法として銀行送金だけでなく、米国銀行を利用したACHや小切手での出金もご利用いただけます。基準通貨がUSD以外のお客様につきましては、ご登録いただいている出金先銀行へ口座解約時の残高を送金いたします。IBSJ口座のお客様は、基準通貨がUSD以外のお客様と同様、銀行送金の扱いとなります。


ステップ１：ポジションを決済・移管
お口座内にあるポジションをすべて決済、または他の証券会社へ移管してください。


ステップ２：基準通貨以外の通貨を決済
口座解約時は、基準通貨でのご出金となりますため、基準通貨以外の通貨ポジションをお持ちの場合は、すべて基準通貨へと変換してください。基準通貨へ変換するための決済注文は、トレーダーワークステーションにて行ってください。発注方法等ご不明な点がございましたら、カスタマーサービスまでお問い合わせください。


ステップ３：ご登録の口座番号の確認
口座解約時の出金は基準通貨での出金となります。出金先の銀行情報をご登録頂いた上で、出金可能額を出金してください。基準通貨がUSD以外のお客様は、銀行送金での出金となります。出金方法につきましては、以下リンクをご参照ください。既に基準通貨での出金先をご登録いただいているお客様は、出金先情報に誤りがないことをアカウントマネジメントの資金管理ページにてご確認ください。

http://ibkb.interactivebrokers.com/node/1739

ステップ４：マーケットデータの解約
現在ご購読中のマーケットデータの解約を行ってください。解約手続きは、アカウントマネジメント内の「マーケットデータの購読」メニューより、解約するデータのチェックボックスよりチェックを外すことで行っていただけます。必ず最後の確認画面まで進んでください。

アカウントマネジメントのメニューが上部に表示されている場合：「トレーディングアクセス」→「マーケットデータの購読」

アカウントマネジメントのメニューが左側に表示されている場合：「取引」→「設定」→「マーケットデータの購読」


ステップ５：セキュリティ・ディバイスの返却
セキュアログイン・システムをお使いのお客様はディバイスの返却が必要となります。ディバイスの返却がされていない状態ですと、お口座の現金残高より150ドル分が返却されるまでの間ホールドの状態になります。詳細は、英語になりますが、以下リンクをご参照ください。　なお、セキュリティ・コードカードの返却は必要ございません。
http://www.interactivebrokers.com/en/accounts/secureTransactionProgram.php

ステップ６：出金ホールド期間に当たる資金があるか確認
ご入金を最近されたお客様は、ホールド期間（出金制限期間）に当たる資金がないことを確認してください。口座解約時においてもこの期間内の出金はできませんので、ご了承ください。詳細は、英語になりますが、以下リンクをご参照ください。
http://www.interactivebrokers.com/en/accounts/depositInstructions.php


ステップ７：必要なステートメントの出力・保存
口座解約後のアカウントマネジメントへのアクセスは限られておりますので、口座解約が完了するまでに必要なアクティビティ・ステートメント（取引報告書）を出力・保存してください。なお、口座解約より一定期間は現在のユーザ名・パスワードを使い、ステートメントへアクセスしていただくことができます。


ステップ８：口座解約リクエストをオンライン上で登録
上記ステップすべて完了しましたら、アカウントマネジメント内の「口座解約」より口座解約リクエストをご登録ください。口座解約リクエストの中で解約理由をご記入いただく欄がございますので、必ずご記入いただけますようお願い申し上げます。必要事項の記入が完了しましたら「送信」ボタンをクリックし、リクエストを送信してください。

アカウントマネジメントのメニューが上部に表示されている場合：「口座管理」→「設定」→「口座解約」

アカウントマネジメントのメニューが左側に表示されている場合：「口座管理」→「口座解約」

配当、金利、その他コーポレとアクションに関連した支払いが発生する場合、口座解約のリクエストを受けてから３か月間、口座は開いたままの状態になります。全て処理・支払が完了いたしましたら、完全に閉設されます。口座の解約状況につきましては、「口座解約」ページにてご確認ください。

※上記ステップを完了された後にお客様の口座解約プロセスが開始されます。月々の最低手数料は、上記ステップを完了するまで対象となります。また、セキュリティディバイスの返却が完了するまで、ホールドされている資金の出金はできませんのでご了承ください。

1099 Reporting

Year End Reports

Account Transfers

1099 Reporting 

Statement and Year End Reporting for US persons and entities comprises the following:

1.  Cost Basis:  While the required reporting schedule was staggered, the primary cost basis that will be reported to the IRS includes equities bought and sold after December 31, 2010.  This includes the adjusted cost basis resulting from wash sales and corporate actions.

The future phase-in period for broker reporting includes the assets sold on or after the following dates:

--- Mutual Funds and  ETFS - 1/1/2012

--- Simple debt instruments (i.e. treasuries, fixed-rate bonds & municipal bonds) and options,  - 1/1/2014

--- Other debt instruments - 1/1/2016

2.  Tax Basis Method:  Brokers are required to use the method first in, first out (FIFO), unless given other instructions by an investor.  Changes to your tax basis method may be submitted through the Tax Optimizer.  The Tax Optimizer is launched from within Account Management and is available for stock, option, bond, warrant and single-stock future trades.  

IB offers multiple  tax basis methods, including three basic options:

●        First In, First Out (FIFO) - This is the default option.  FIFO assumes that the oldest security in inventory is matched to the most recently sold security.

●         Last In, First Out (LIFO) - LIFO assumes that the newest security acquired is sold first.

●         Specific Lot - Lets you see all of your tax lots and closing trades, then manually match lots to trades. Specific Lot is not available as the Account Default Match Method.

Tax Optimizer also lets you select the following additional derivatives of the specific identification method.

●        Highest Cost (HC), Maximize Long-Term Gain (MLTG), Maximize Long-Term Loss (MLTG), Maximize Short-Term Gain (MSTG), and Maximize Short-Term Loss(MSTL).

For complete instructions on using the Tax Optimizer and details on the lot-matching algorithms for each method, see the Tax Optimizer Users Guide.

Note:  Changing your tax basis is effective immediately.  The basis selected will be applied to all subsequent trades on the account statements and tax reports.  Updates will not affect previously closed trades nor the TWS profit and loss data displayed.

3.  Gain & Loss Categories:  An additional requirement to the cost basis reporting is the capital gain or loss category.  The gain or loss category of equities is determined by the length of time in which the security was held, known as the "holding period." 

●         Short-Term - Holding periods of one year or less are categorized as "short-term."

●         Long-Term  - Holding periods over one year are categorized as "long-term."

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Year End Reports

The following statements and reports display cost basis information that will be reported on Form 1099-B for eligible accounts.

• Monthly Account Statements
• Annual Account Statements 
• Worksheet for Form 8949

For a complete review of the tax information and year end reporting available, click here.

Note:  Unlike the Account Statements, the Gain & Loss Worksheet for Form 8949 may consolidate sell trades.  The cost basis will be adjusted, as required for 1099-B reporting.

Asset Transfers

U.S. legislation from 2008 included new guidelines for tax reporting by U.S. financial institutions.  Effective January 2011, U.S.  Brokers are required to report cost basis on sold assets, whether or not a gain/loss is short-term (held one year or less) or long-term (held more than one year).   U.S. brokerage firms, Interactive Brokers LLC (IB) included, implemented changes to comply with the legislation.

For more information on cost basis with asset transfers, see Cost Basis & Asset Transfers.

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Disclaimer:  IB does not provide tax advice. These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any international, federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor. We recommend that you consult a qualified tax adviser or refer to the U.S. Internal Revenue Service.