How do I transfer my US securities positions from my current broker to IB?
Overview:
Broker to broker transfers for US securities are conducted via a process known as the Automated Customer Account Transfer Service or 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 via the receiving broker (IB in this case) and can be prompted by following the steps below.
1. Log into Account Management and select the Transfer & Pay and then Transfer Positions menu options.
2. From the Transaction Type drop-down list select 'Inbound Position'
3. From the Method drop-down list select 'ACATS'.
4. Enter the sending Broker Information in the fields provided, and click CONTINUE
5. In the Transaction Information section, indicate whether or not you wish to transfer all assets and select Yes to the authorization option.
a. Note that a "transfer all assets" election does not require that you specify any assets as an attempt will be made to transfer your account in its entirety. Account holders should note, however, that certain positions may not be on the list of securities eligible to trade at IB and others, while transferable, may be subject to a house margin requirement higher than that of the delivering broker. In the event IB receives an asset list from the delivering broker which includes ineligible positions or the aggregate of the positions transferred are such that a margin deficit would exist were the transfer to occur, IB will attempt to contact you to remedy the situation within the allocated time frame after which an automatic reject of the full transfer would take effect. Account holders may wish to minimize potential delays or problems associated with a ‘Full’ transfer request by verifying security eligibility and margin requirements via the Contract Search link located at the upper right hand corner of the IB homepage prior to initiating the transfer.
b. If you elect to not "transfer all assets", the system will require that you specify the positions you wish to transfer. Click Add Asset to add the positions you wish to transfer. Fill out the Asset Search and Transaction Information sections and click Continue.
6. On the page that appears, type your signature in the Signature field, and then click CONTINUE.
Click BACK to modify the transfer request.
Please note that brokers generally freeze the account during the transfer period to ensure an accurate snapshot of assets to transfer and may restrict the transfer of option positions during the week prior to expiration. You may wish to check with the delivering broker to verify their policy in this regard. In addition, please note if your IB account is currently maintaining positions on margin, any cash withdrawals or adverse market moves could increase the likelihood that your account falls out of margin compliance during the transfer period which may delay or prevent completion of the transfer.
IMPORTANT NOTICE
Applicants may meet the initial account funding requirement through the transfer of securities positions and/or cash via the ACATS system.
Links:
Does IBKR accept third party deposits?
Overview:
Third party deposits are defined as those deposits which originate from or are drawn upon an account at a financial institution which is titled in a name other than that of the receiving IBKR account holder(s). Third party deposits also include check deposits made payable to the IBKR account holder and endorsed over to IBKR.
As third-party transfers have historically been viewed by the financial services industry and its regulators as being highly susceptible to acts of fraud and money laundering, they are strongly discouraged and, in most instances, rejected by IBKR.
In the case of deposits made by check, IBKR will not accept any checks which require endorsement to IBKR and will only accept check deposits having IBKR as the direct payee where the party who writes the check either:
- Has the same last name as the individual account holder (e.g.; spouse or, child); or
- In the case of organization/institution accounts, maintains an affiliation with the account (e.g.; owners).
In the case of electronic transfers (Wire, ACH or EFT) account holders should note that IBKR reserves the right to reject any third-party deposit. Large deposits or those that are frequent in nature are most susceptible to compliance inquiry and/or rejection.
In accordance with its regulatory obligations, IBKR may conduct additional due diligence on client deposits, particularly deposits from anyone other than the accountholder.
IMPORTANT NOTICE
Account holders who are uncertain as to whether a particular check qualifies for acceptance should contact IBKR’s Funds & Banking Department for clarification prior to remitting the check.
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Does a deposit subject to a "Credit Hold” accrue credit interest during the hold period?
Overview:
The answer depends upon the method of deposit. In the case of deposits made via ACH, any interest accrues from the date the deposit arrives through the four-business day credit hold period after which it is credited to the account. In the case of check deposits other than Bank Checks, no interest is accrued during the credit hold period. Bank Checks and wire transfers are credited to the account effective upon receipt and are therefore not subject to any credit hold.
Interest paid to you varies with market conditions. For information regarding the amount of interest currently paid on credit balances see www.interactivebrokers.com/interest
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