What does the 'Pending Advisor' status mean next to my withdrawal request?
Overview:
In the Transaction History section of Client Portal, client accounts who are logged in and have requested a withdrawal, may see the status as 'Pending Advisor'.
Information:
In the advisor structure, client accounts can request withdrawals by logging in to Client Portal just as any individual account would. Once a withdrawal request is made by a client account, the advisor must consent to the request. If the Advisor does not consent to the request, the withdrawal will still be processed, but there will up to be a three business day delay.
Advisor Steps to Confirm:
Once a withdrawal request has been submitted by a client account, the advisor will receive an email notification, stating that a client has requested a withdrawal. In order to consent, the advisor must log in to Advisor Portal and navigate to Manage Clients then Dashboard and the Pending Items tab. The advisor would then click the 'Consent' button in order to expedite the processing of the pending withdrawal.
Note about hold periods:
In order to ensure the timely processing of client initiated withdrawal requests, the hold period for withdrawals where the amount of the request is greater than 80% of the amount available for withdrawal, will be held until consented to by the advisor or 3 calendar days, whichever comes first. For amounts representing less than 80% will be held until consented to by the advisor or the next business day.
These holds are in place to ensure that your advisor is aware of your withdrawal request and is afforded time to make funds available if necessary.
How do I transfer US Securities to IB from another broker?
Overview:
Broker to broker transfers for US securities are conducted via a process known as the Automated Customer Account Transfer Service (ACATS). This process generally takes between 4 to 8 business days to complete in order to accommodate the verification of the transferring account and positions. The request is always initiated by the receiving broker. Please note that brokers generally freeze the account during this period to ensure an accurate snapshot of assets to transfer and may restrict the transfer of option positions during the week prior to expiration.
FAQS
What does the ACATS system enable my broker to do?
The NSCC's ACATS system enables your broker to enter, review, and settle account transfers in a fully automated system.
The NSCC's ACATS system enables your broker to enter, review, and settle account transfers in a fully automated system.
How long does an ACATS usually take?
Under normal circumstances, an ACATS should take between four to eight business days. With some circumstances, such as an attempt to transfer unsettled funds, positions that are not paid in full, or restricted stock shares, this process could take longer.
Under normal circumstances, an ACATS should take between four to eight business days. With some circumstances, such as an attempt to transfer unsettled funds, positions that are not paid in full, or restricted stock shares, this process could take longer.
Should I wait for my IB account to be approved before electing to fund it via ACATS?
No. In order for your application to be considered for approval, you must specify a funding election. Note, however, that IB will not initiate your ACATS reqquest until such time as your account has been approved.
No. In order for your application to be considered for approval, you must specify a funding election. Note, however, that IB will not initiate your ACATS reqquest until such time as your account has been approved.
How do I initiate an account transfer that IB will receive?
The ACATS feature is available under Account Management. Choose the Funds Management and then Position Transfers menu options. After selecting the ACATS - US Broker Transfer method, you will be prompted to specify whether the transfer is full or partial, the delvering broker and, if partial, the positions to be transferred.
The ACATS feature is available under Account Management. Choose the Funds Management and then Position Transfers menu options. After selecting the ACATS - US Broker Transfer method, you will be prompted to specify whether the transfer is full or partial, the delvering broker and, if partial, the positions to be transferred.
What if my current brokerage firm is not listed on the delivering firm dropdown menu?
The dropdown menu is a listing of Clearing Firms that are participants in the ACATS program. Not all firms are self-clearing. If you do not find your firm on the list, please contact one of their representatives to identify their clearing firm.
The dropdown menu is a listing of Clearing Firms that are participants in the ACATS program. Not all firms are self-clearing. If you do not find your firm on the list, please contact one of their representatives to identify their clearing firm.
What products can I transfer?
Interactive Brokers accepts only products that are available for trading. Certain Fixed Income issues, Mutual Funds and Limited Partnership units are not eligible to be held in your Interactive Brokers account.
Interactive Brokers accepts only products that are available for trading. Certain Fixed Income issues, Mutual Funds and Limited Partnership units are not eligible to be held in your Interactive Brokers account.
Can I transfer a Traditional IRA to a Roth IRA?
No. IRAs may only be transferred to the same type of IRA (i.e. Traditional to Traditional, Roth to Roth, etc.). Also note that IRAs cannot contain any margin loans, short positions, or equity option positions.
Links:
Why does the system not recognize my SWIFT code?
Overview:
S.W.I.F.T stands for Society for Worldwide Interbank Financial Telecommunication. It is a non-profit organization comprised of member financial institutions.
Only SWIFT codes which are part of the SWIFT network are recognized as SWIFT codes.
Why do certain cash deposit and withdrawal requests require that an instruction be created while others do not?
Overview:
Whether or not an instruction is required is a function of both the transaction type (i.e., deposit or withdrawal) and its underlying method (i.,e. check, ACH initiated at IBKR or wire). In general, if the deposit method dictates that IBKR pull funds directly from the client’s account or if the withdrawal method dictates that IBKR push funds directly to the client’s account, an instruction will be required in order to obtain the necessary account specific information and authorization to act. Outlined in the chart below are the possible scenarios.
|
INSTRUCTION REQUIREMENTS BY TRANSACTION TYPE & METHOD (Yes/No) |
|||||
|
|
Check |
ACH – at Bank |
ACH – at IBKR |
EFT |
Wire |
|
Deposit |
No |
No |
Yes |
Yes |
No |
|
Withdrawal |
No |
N/A |
Yes, if instruction is created as Debit/Credit, no if Credit only |
Yes |
Yes |
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