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How to Fund your Account - Fund Transfers
Deposits
Ready to add money to your account?
When you add funds to your existing online trading account, our clearing firm requires that you provide a deposit notification (you may think of a deposit slip) along with the funds that you add to your account. Deposit notifications make it easier to match your funds with your account and help to insure that your funds are routed to your account as efficiently as possible.
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It is important to note that there are two types of deposit methods being discussed:
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Deposit Notifications
Similar to a deposit slip that you fill out when you deposit money at your bank; deposit notifications allow us to efficiently identify your incoming funds for proper credit to your account and to ensure that funds retain their originating currency of denomination.1 Please understand that we have countless deposits coming in from all over the world and we use several different international financial institutions in order to best expedite the funds transfer processes to best meet the needs of our clients. We know that you want to see your money in your account as quickly as possible so we appreciate your assistance with this process!
Please Note:
- Explicit instructions on where and how to send the funds will be provided after you complete the deposit notification. The instructions will vary according to your location and type of funds.
- Checks or wires sent to Place Trade without completed deposit notifications will be held until we can contact you to complete one. Please call us immediately if you have sent a deposit without a proper deposit notification.
- A deposit notification does not move your funds. You must contact your bank or broker to complete the transfer.
- Cancellation of the deposit notification will not stop Place Trade from presenting the check for payment.
To notify us of a deposit of funds, complete a deposit notification on the Fund Transfers page in Account Management or during your initial application process.
How can I deposit money in my account?
Deposit Types ~ View the following easy ways to deposit funds to your account:
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Description
Same day electronic movement of funds through the fed wire system. You must contact your bank to initiate a wire and to include your Place Trade account name and number on the wire. Specific wire instructions and addresses will be displayed during the deposit notification process.
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Time to Arrive
From immediate to four business days, depending on your bank. Non-U.S. banks are generally at the longer end of the range. Credit to account is immediate upon arrival.
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Limitations
The Withdrawal Hold Period is three business days (you may withdraw funds after three business days). A wire cannot be internally transferred during the three-day hold period.
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Get more info about sending wires:
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How much do you charge for wire fees?
Please note that we do not charge to receive wires into your account. We do not charge wire fees to send money out of your account unless you do more than one wire in a calendar month. That is right! We allow one free wire per month, every month and if you need one there is a small fee ($10) that we will charge for the second wire. (Compare that to your broker and see how much you are already saving on wires alone!)
I Need Wire Instructions - Where can I find them?
Specific, line-by-line, wire instructions are provided regarding where and how to wire/send the funds after you complete the deposit notification. Please Print these instructions as they will vary according to your location and type of funds that you are sending. We do not have a single set of wiring instructions to offer you so if you call we will have to direct you to the deposit notification. We are happy to help guide you through the process however we cannot do it for you. It really is easy and only takes a couple of minutes to complete. Learn How to Make a Deposit - Slip / Notification
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Description
Electronic notification that we will match to your transfer when it arrives. You must contact your bank to initiate the transfer. Only available for US currency deposits from a US bank.
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Time to Arrive
Same as ACH initiated at Place Trade.
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Limitations
Only available for US currency deposits from an account held in your name at a US bank that allows ACH deposits. Funds may be withdrawn after the four day credit hold.
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Description
Multi-day electronic movement of funds through the ACH system. Initiation of an ACH transfer enables you to automatically move funds from a US bank that is a member of the Automated Clearing House (ACH) to Place Trade. Place Trade limits ACH deposits to $100,000 over seven business days. You will be required to enter your bank's ABA number and your bank account number. If you do not know your bank's ABA number, you can enter the bank name and city and search for the correct ABA number. You will be required to complete two sets of verification with each new instruction. The first verification is through the use of a Registration Confirmation Number which will be sent to the user email address of record to confirm your email address. The second verification sends debit and credit amounts to your bank which appear on your bank statement and must be typed into your instruction as confirmation. This verification ensures that the person entering ACH bank information is the legitimate owner of the ACH bank account.
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Time to Arrive
ACH requests received by 14:00 ET will be credited to your account after four business days under normal circumstances.
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Limitations
Only available for US currency deposits from an account held in your name at a US bank that allows ACH deposits. Funds may be withdrawn after the four day credit hold.
If funds are withdrawn to a bank other than the originating bank, a 44-business-day withdrawal hold period will be applied.
Clients who do not have a security device from Place Trade are limited to a single ACH deposit of $20,000 or less.
Additional ACH deposits require a security device which can be obtained through the Secure Login System.
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Description
Paper and mail based deposit of funds. Write your account number on the check. Specific check instructions, including the printing of the deposit form, and addresses will be displayed during the deposit notification process. The Place Trade address for sending your check will be printed on the deposit form. Please take note that clients with Canadian bank accounts cannot fund their PT accounts with cheques or bank drafts.
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Time to Arrive
Depends on the speed of the mail. Under normal circumstances we deposit funds to your account on the same business day of check arrival. Funds are credited to the account after a seven business day credit hold, with the exception of Bank Checks which are credited immediately.
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Limitations
Only Bank, Bill Payment and Personal checks for US Dollars are accepted. What types of Checks do you accept? View a list of acceptable and unacceptable check types via this link.
Funds can be withdrawn as soon as the funds are credited with the exception of Bank Checks which may be withdrawn three business days after arrival.
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Description
A check or electronic fund transfer that originates from an online payment service provided by your financial institution. For US checks, you add Interactive Brokers to your personal payee list and your bank mails a check for you. For electronic fund transfers, you select Place Trade from your bank's list of merchants and your bank sends an electronic payment.
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Time to Arrive
Electronic fund transfers are credited to your account immediately. US checks will be credited to your account after seven business days.
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Limitations
Electronic fund transfers: you may withdraw your funds after three business days. US checks: you may withdraw your funds after seven business days.
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Description
You may transfer assets from an existing 401K or other retirement plan into a Direct Rollover Account only. During the transaction process, you will be prompted to complete the information about your existing retirement plan which you must print, sign and send back to Place Trade. Place Trade will sign this form and forward it to your existing retirement plan to initiate the Direct Rollover.
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Time to Arrive
Depends on third-party administrator.
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Limitations
Only available in the US for IRAs.
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Description
You may transfer assets from an IRA account held with another trustee/custodian to an Place Trade IRA account. The assets are transferred directly trustee/custodian to trustee/custodian, with no distribution of assets to you. During the transaction process, you will be presented with an IRA Transfer In Authorization form, which you must print out, complete and return to Place Trade. You can also download the PDF form here.
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Time to Arrive
Depends on third-party administrator.
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Limitations
Only available in the US for IRAs.
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Recurring Transactions
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You can schedule any deposit transaction except Direct Rollovers and Trustee-to-Trustee deposits to recur at monthly, quarterly or yearly intervals. During the deposit notification process, you will be given the opportunity to save your transaction as a recurring transaction. The bank information you enter for the transaction can be used for both recurring and non-recurring transactions. You set up recurring transactions on the Fund Transfers page in Account Management. |
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Account Type Specifics
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IRA Accounts |
Contributions may be made by wire, check, or EFT. Please note that there is a limitation on yearly IRA contributions as described in the Contributions Limits table. Transfers from another IRA plan may be made through ACATS. Use Direct Rollover for transfers from a 401k or retirement plan. In addition you may take possession of your funds from another plan and send a wire, check or EFT to Place Trade, but a tax penalty may apply if the funds do not arrive within 60 days of the payout.
When transferring from another IRA account, you may only deposit the cash or positions into an Place Trade account that has the same IRA type. Place Trade Direct Rollover accounts may receive funds from any type of IRA, 401k or retirement plan accounts. Once funds are transferred from a 401k or retirement plan account to an Place Trade Direct Rollover account, they may not be transferred back to a 401k or retirement plan account. Please consult your tax advisor for guidance on IRA accounts.
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Advisor Accounts
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Advisor clients may complete a deposit notification in Account Management if they have a username and password. If they don't, the advisor can also complete a deposit notification for the client. |
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Proprietary Trading Group / Separate Trading Limit (STL)
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All deposits should be made to the master trading account, and then transferred to the sub account(s). |
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Fully Disclosed Broker Accounts
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Clients deposit funds directly into their accounts. Brokers may also use Account Management to deposit funds to the master account. Fully Disclosed Brokers can also enter wire and check deposit notifications for their client accounts. |
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Non-Disclosed Broker Accounts
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All deposits should be made to the master account, and then transferred to the client accounts. |
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Omnibus Broker Accounts
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All deposits should be made to the master account or the proprietary trading account. |
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Acceptable / Unacceptable Check Types
Acceptable Check Payment Types
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For your PT brokerage account:*
If you are unable to send a wire transfer, we will accept bank checks made payable to Interactive Brokers LLC (denominated in US dollars only) or personal checks made payable to Interactive Brokers LLC (denominated in US dollars and from a US bank account). Checks will not be accepted unless they include your account name and account number.
Please Note:
If you fund your account with a bank check, the check must state one of the following descriptions for us to properly identify the check as a bank check:
- Treasurer's Check
- Cashier's Check
- Teller's Check
- Banker's Check
- Official Check
If your bank check does not have one of the above titles stated on the check, or if your check is issued by a credit union or bill payment service, Place Trade will book the funds according to our personal check policy.
Please Note:
Place Trade's (our clearing firm sets this) policy is to apply a 7 business day credit hold period on funds from personal checks.
The credit hold policy does not apply for checks with the following titles: Cashier's Check, Teller's Check, Banker's Check, Official Check, and Treasurer's Check.
If your bank check does not have one of the above titles stated on the check, or if your check is issued by a credit union or bill payment service, or if you deposit a foreign check payable through a US Bank, Place Trade will book the funds according to our personal check policy, which will result in a 7 business day credit hold period.
*For your non-PT brokerage account:
Please contact contact client services by phone at 1-919-719-7200 or via email service @ placetrade . com for specific instructions regarding checks or wire transfers that are made to specific investment companies or outside of your PT brokerage account.
Please do not ever send funds made out to or endorsed over to a specific individual or to any company that is not included in our investment company list without calling our client services department first! Regardless of what you may be instructed to do by any other person or method (e.g., via email).
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Unacceptable Deposits
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- Cash (coin or currency)
- Domestic drafts
- Starter Checks
- Checks from minors
- Stale-dated checks over three months old
- Post-dated checks
- Credit card checks
- Money orders
- Travelers checks
- Foreign checks or other instruments
- Home Equity Line of Credit Checks
- Check referring to more than one Place Trade account (PT does not split the proceeds from one check into multiple accounts)
- Checks that appear altered in any way
- Wire transfers referring to more than one Place Trade account (PT does not split the proceeds from one wire into multiple accounts)
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- Third party checks defined as checks with a payee other than to our clearing firm or to the individual investment company in which you are investing (including checks made payable by special endorsement) or checks for a deposit to a PT account, where the check is from someone other than a named account holder.
- Please contact us before sending any checks that are not made out exactly as directed on your deposit notification slip. Otherwise it is likely that your check will be returned and you will not be able to trade on these funds until an acceptable deposit is received.
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Exceptions to the 3rd Party Check Policy include:
- Checks from anyone with the same last name and address as the account holder (i.e. husbands, wives, children)
- For organization accounts, checks from any named person affiliated with the account (i.e. officers, traders, owners, etc.)
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Simple Tips to Fund Your Account:
Simply login to “Account Management”
Click on “Fund Transfers”
Select an option (Check, ACH, or Wire Transfer)
More Details about Funding your Account
Deposits
Funding your account is made simple with Place Trade. To deposit funds in your Place Trade 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
- Credit Period is the number of days before funds are posted to the client's account and available for trading. Credit is posted after the close-of-business of the relevant day (e.g., 4 business days means credit is posted close-of-business on the 4th day). Please see the knowledgebase article for more details.
- The Withdrawal Hold Period is the number of days before the client may withdraw the funds deposited. The Withdrawal Hold Period begins on the Entry Date and ends after the close of business of the relevant day. For example, seven business days means withdrawal can be submitted on the eighth business day).
- Interest is not paid during the hold period for checks. If this is a concern, we encourage clients to send a wire or ACH where interest is paid from the settlement date of the deposit.
- Please be aware that it is against Place Trade policy to accept physical currency (cash) deposits. Please make all deposits to your Place Trade account by wire transfer, check, direct bank transfer (ACH), or via one of the other methods described above. Place Trade will charge a special handling fee of 1% of the deposit amount (minimum $50 fee) for any physical currency deposits.
- US T-Bills may be deposited as collateral, but we require a minimum of $1,000,000 in US T-Bills for a transfer. To initiate a US T-Bill transfer, contact Customer Service.
- Place Trade does not accept physical stock certificates.
- Third-Party Deposits - Place Trade strongly discourages and in most cases, rejects third-party deposits, which have historically been viewed by the financial services industry and its regulators as being highly susceptible to acts of fraud and money laundering. For more information, see our Knowledgebase article on the subject.
- Interest paid to you varies with market conditions. For information regarding the amount of interest currently paid on credit balances see Interest Paid to You.
- Place Trade is not responsible for any fees charged by your or any other financial institution involved during the process of wiring funds to your Place Trade account. Before wiring funds to your Place Trade account, ask your financial institution if they or their correspondent bank charge for that service.
- In the case of wire deposits, please note that routing instructions vary by currency type and the particular instructions which you will need to supply to your bank are made available upon creation of a deposit notification through Account Management. Deposits improperly routed by clients to a bank account not designated to accommodate deposits in the source currency are subject to rejection or automatic conversion into the local currency based on the policies of that bank. As Place Trade is unable to assume the risk of such errors, clients are advised to provide their bank with correct routing instructions for the specific currency through the use of deposit notifications.
- In the case of deposits made by check, Place Trade will not accept any checks which require endorsement to Place Trade and will only accept check deposits having Place Trade 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.; officer, trader or owners).
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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.
With the exception of the minimum investment to open an account, Place Trade Financial does not require a minimum balance to be maintained and does not charge maintenance fees for inactive accounts.
For more information on funding your account, please click here.
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