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How to Transfer Your Account to Place Trade

 

Transfer my Account to Place Trade

Full Transfer

Partial Transfer

Rejected Transfers

Funding Reference

 

 

Overview How to Transfer Your Account to Place Trade:

How to deposit funds via a Full ACATS/ATON Transfer

Get Step-by-step Instructions here: How to Request a Full ACATS/ATON Account Transfer

View Process Flow - FULL ACATS TRANSFER (Overview Account Transfer Process)

 

Simple Tips to Transfer an account (from another firm) to an existing account Place Trade®:
 

 

For New Clients:

  

 

For Existing Clients:

  
 

To transfer an existing account or funds from an existing account (held at another firm) to a new Place Trade account (full or partial):  

  

Simply log in to Account Management and follow the instructions to Request a Full or Partial ACATS Transfer

 

 

  

How do I transfer my US securities positions from my current broker to Place Trade?

 
 
Overview:
  
 

Click here to Get Step-by-step Instructions

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 (Place Trade [PT] in this case) and can be prompted by following the steps below.

1. Log into Account Management and select the Funding and then Position Transfers menu options.

2. From the Transfer Method drop-down list select ACATS - US Broker Transfer.

3. From the Type drop-down list select either Full or Partial.

a. Please note that the Full 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 PT and others, while transferable, may be subject to a house margin requirement higher than that of the delivering broker. In the event PT 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, PT 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 Engine prior to initiating the transfer.

b. Note that the symbol for the Partial transfer election will require that you specify the positions you wish to transfer on step 5.

Please be sure that you verify that you have chosen the correct security when you enter your positions in the partial transfer process. Often times the same ticker symbol is used on different exchanges for different securities.  If you enter the right symbol but choose the wrong exchange the system will populate the name of the security that matches the security that is held on the exchange that you entered causing the wrong security to be entered into the account transfer request.  If the security is incorrect it will cause the account transfer to be rejected.  (You do not have to enter the individual securities when you are transferring your entire account.)  Please feel free to call us at 1-800-50-PLACE (1-800-507-5223) or directly at 1-919-719-7200 if you have any questions or would like us to help you with any part of the transfer process.

4. From the Type drop-down list select the delivering broker. 

Please note that certain brokers maintain multiple Participant account numbers with DTCC and account holders are encouraged to confirm with their delivering broker the account number to be associated with the transfer request.

5. On the Deposit & Transfers/ACATS Request form: Please enter the account number as reflected on your delivering broker account statement (the number of the account that you are transferring to PT) and respond to questions regarding the existence of a margin loan, short positions and option positions. Note that certain short stock positions may not be transferable if PT is unable to locate and borrow. In the event of a ‘Partial’ election, you will need to provide additional detail (product identification, number of shares/contracts, long/short designation) as to the stock, option, mutual fund, bond or cash position you wish to transfer.

6. Provide electronic signature authorizing the transfer.

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 PT 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/equity positions and/or cash via the ACATS system.

 

Helpful Links:

          
 

How to:

 

Deposit funds to your Place Trade via a full ACATS/ATON Transfer (View this page.)

Initiate a partial ACATS/ATON transfer

 

View products that you can trade in your Place Trade brokerage account via our Contract Search Engine

 

View a list of the most common causes for ACATS/ATON rejects/Why your account may have been rejected during the transfer process. (Don't worry, if this ever happens it is usually due to a simple matter that we can easily resolve for you. Please give us a call at 1-800-50-PLACE or 1-919-719-7200 for assistance.  

 

For a detailed description of the Full ACATS/ATON process flow please see the chart below:

 

PROCESS FLOW - FULL ACATS TRANSFER

Overview:

An ACATS transfer request typically takes 4 business days to complete and may take as long as 7 business days depending upon the circumstances involved in the transfer. Outlined in the table below is a process flow of the transfer process, including typical time frames for each stage of the process.

 

PROCESS FLOW - FULL ACATS TRANSFER

Step Stage Description Result Time Frame
1
_
 Customer submits transfer instructions to Place Trade via Account Management. Begins transfer process. Day 1.
2 Request Receiving broker PT) electronically transmits request via ACATS. NSCC generates reports confirming transfer request to both IB and delivering broker. Day 1 if Step 1 completed prior to 11:30 PM ET, else Day 2.
3 Request Delivering broker has up to 1 day to review transfer request for accuracy of account details and accept or reject.
If validated, delivering broker submits asset list;
 
If rejected, delivering broker enters applicable rejection code.
 Day 1 to Day 3, depending upon timing of customer submission, each brokers input relative to the ACATS multi-batch processing cycles and the ability of the two brokers to corroborate the customer’s account details.
4 Review
If transfer request was accepted by delivering broker, the receiving broker (PT) has up to 1 day to review asset list;
 
If transfer request was rejected by delivering broker, depending upon the nature of the rejection the receiving broker may have up to 1 day to resubmit request.
If asset list was received, receiving broker (PT) can either accept the account, request adjustments (e.g., where asset lists include securities not eligible at receiving broker), or reject the account (e.g., where account is not in margin compliance);
 
If transfer request was rejected by delivering broker, receiving broker may correct and resubmit request or take no action and let request reject.
 Day 2 to Day 4, depending upon events as noted above as well as decision of receiving broker to accept the account or request adjustments.
5 Settlement Prep If receiving broker (PT) accepts the account the assets are staged and ‘locked’ for transfer. Neither the delivering nor receiving firm can adjust or delete the ACATS transfer. Settlement will take place next business day. Day 3 to day 6.
6 Settlement Close Assets begin to transfer.   Day 4 to day 7.

Should you have further questions, please contact our Client Service Center at 919-719-7200. Additionally, you may contact us via live chat or secure message (by logging in to Account Management) for assistance.

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More Details about Funding your Account:

 

 

 

Deposits

Funding your account is made simple with Place Trade and Interactive Brokers. To deposit funds in your PT account, you must first complete a deposit notification. This will allow the clearing firm to properly identify incoming funds and will ensure your funds retain their originating currency of denomination.

 

  • To complete a deposit notification, visit the Funds Transfer page in Account Management/Funds Management.
  • You must contact your bank or Place Trade Financial to complete funds transfers after the completion of a deposit notification.
  • Detailed instructions on where or how to send funds will be provided after a deposit notification is completed and received. Instructions may vary.
  • Checks or wire transfers absent of the proper deposit instructions will be held by the clearing firm until you are contacted.

  

Internal Funds Transfers

 

To make an internal fund transfer, you must complete an Internal Funds Transfer request. You can do this in the Account Management/Funds Management page. Funds that are on hold cannot be internally transferred.

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Account processing will occur within one (1) business day after receipt. Once your account has been approved, cleared funds are required to begin trading. All checks including certified and cashier's checks require a minimum of 5 business days before becoming available for investing. For options trading, a minimum of 7 business days is required.

Please visit our "Fund your Account" page for more information about the account funding process at Place Trade Financial. Thank you!

 

 

 

  

 

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