Barron's 4.5 Stars 2014 Open an Account Button Contact Us Login Log In Log into
 

How to Initiate ACH transfers - Original Setup Process

 

 

ACH Setup Process - How the ACH Setup Process works

 

How to enable ACH Transfers on your account:


Automated Clearing House (ACH) deposits/withdrawals may be made to your PT(IB) account from and to your bank (referred to as your "non-IB account" above) using one of two transfer methods. Under the first, referred to as ‘ACH Initiated By Us’, your transfer request will be automatically processed through a message sent to your bank by our clearing firm. Prior to using this method you will need to create a standing instruction through Funds Management which authorizes IB/our clearing firm and your bank to electronically transfer funds between the two accounts and then verify a series of test transactions issued to your bank account several days later which serve to establish the link. Once established, this transfer method can be used for future deposit and withdrawal requests.

Under the second, referred to as ‘ACH Initiated By Bank’, you provide us with a notification of the amount you wish to transfer via ACH and then you contact your bank and provide them with a print out of the notification form in order to initiate the transfer. Please note that your notification to us under this method only serves to match your deposit to your account upon arrival and does not result in the transfer of funds. The transfer of funds will only be initiated once you provide your bank with the IB destination account details included on the notification form.

To use the 'ACH Initiated At Us' transfer method, you will need to first set up instructions through your PT account as follows:

1. Log into the Account Management application;

2. Select the Funding and then Funds Transfers menu options;

3. From the Transaction drop-down list select Deposit or Withdraw;

4. From the Method drop-down list select ACH Initiated By Us;

5. You will be then be provided with a drop-down list titled Source from which you will see a list of any existing instructions you've created along with an option to Add New Instruction. Note that this screen will also provide information regarding credit holds and withdrawal restrictions relevant to this type of transfer request.

6. Once you have selected Add New Instruction you will be directed to the instruction input screen where you will be asked to provide the information about your bank account (i.e., bank account number and ABA routing number) which is necessary to establish a link. All of this information may be obtained from viewing your check;

7. You will be asked to confirm your request via electronic signature and security token authentication which authorizes both our clearing firm and your bank to act upon any transfer requests you provide through us;

8. Within 1-3 business days, two random credits (deposits) each less than one dollar and a corresponding debit (withdrawal) will be issued to your bank account.

9. You will need to monitor your bank account for these transactions as they will be needed to confirm this funding instruction. Note that these transactions may take place on different days.

10. Once you have these amounts, log back in Account Management and from the Pending Requests menu option select the Confirm Amount link adjacent to your instruction enter the credit amounts.

11. Once you have entered the correct amounts, you may use the ACH instruction for deposit and withdrawal transfers.

 

Please Note:

PT does not charge any fee for ACH deposits and accounts are afforded one free withdrawal request per 30 day period.

ACH deposits are subject to a 4 business day credit hold after arrival prior to being credited to your account. In addition, if funds are withdrawn from your account and sent to a bank other than the originating bank (a different bank than the one that you originally transferred your funds in from), a 40-business-day withdrawal hold period will be applied. These terms are set by our clearing firm.

 

Related Links:

Funding your Online Trading Account

How to Fund your Online Trading Account

How to Make a Deposit - Slip / Notification

How to check the status of funding transactions

 

 

 

 
     
 

 

Withdrawal Limits


Place Trade strongly encourages all clients to use a security device that is provided through our Secure Login System in addition to using continuous personal vigilance to protect your account. If you give away your password, either intentionally or unintentionally, Place Trade has no way of knowing that you are not the person who is logging into your account. It is extraordinarily important that you protect your password and keep your antivirus software up to date - and use it often. It may be a pain but it is much better than the alternative!

 

Accounts that do not participate in the Secure Login System are limited in the amount of money that can be withdrawn or transferred in one day and in any five day period. The table below lists the withdrawal limits for each available security device and for clients with no security device.

 

Withdrawal Limits for Place Trade Clients  

Security Device

Maximum Withdrawal per Day

Maximum Withdrawal in 5 Business Days

None 50K USD 100K USD
SMS 200K USD 600K USD
Handy Key 200K USD 600K USD
Security Code Card1 200K USD 600K USD
Digital Security Card1 1,000,000 USD 1,500,000 USD
Digital Security Card+ Unlimited Unlimited
Gold1 Unlimited Unlimited
Platinum1 Unlimited Unlimited

 Accounts that are not protected with a security device will be subject to specific withdrawal limits in effort to protect clients from having accounts emptied by hackers!

1 Represents a legacy device no longer being issued and in the process of being replaced with a version of the Digital Security Card. 

 

 

 

 

How to Request a Security Device

     
  PLEASE NOTE: Once you request the security device you will receive a temporary card (as a page full of numbers and letters that will pop up on your screen) that you will need to print out (or save as a pdf if that is easier/more secure for you) before moving forward so that you will be able to use it to log into your account until you receive your permanent card or device in the mail. We do not keep a copy of this card and will need to send you through a verification process before issuing a new card/access to your account.   
     
     
 

New Customers - New customers have the option to register for a security device during the application process. You will receive the appropriate device based on the amount with which you fund your account.

Existing Customers - Non-participating customers can request a device from within Account Management. Please see below for simple instructions.

How to request a security device:

(From the Manage Account menu select) 
> Security
> Secure Login System
> Security Device.
> You will then have the opportunity to indicate that you would like to participate in the program and follow the directions to complete your registration.

 
     
 
 

Funding > Position Transfers > ACATS Transfers > Full ACATS Transfers

 

 

How to Transfer Your Account to Place Trade:

 

 

How to request a full ACATS transfer 

It's super easy to switch your account to Place Trade! Transfer requests are made electronically so no trees are harmed in the process!

 

Log into Account Management to get started.

  1. Click Funding (on the main menu) then > Position Transfers.
  2. If you have multiple accounts, you may use the Account Selector to search for and select the account that you wish to request a full (or partial if that is the case) account transfer.
  3. In the Transfer Method list, select ACATS.
  4. In the Type list, select Full.

    Transfer Method Full ACATs
    Please note that the Check Eligibility button now appears.

     
  5. Optionally, check the eligibility of your positions by clicking the Check Eligibility button. For details, see Checking Position Eligibility for a Full ACATS of ATON Transfer.
  6. In the Source list, select your third-party broker. You can type the first two or three letters of the broker’s name to quickly jump to that broker in the list.

    Position Transfers ACATs Select Third Party Broker - Find Your Old Broker on the List

    Please note that the ACATS Request page appears here now.



    Position Transfers ACATs Enter Third Party Broker - Info from Your Old Account
  7. In the Account Information section, verify that your Account Title, Account Number, Tax ID Number and Customer Type exactly matches the information in your third-party broker account
  8. In the Account Number field, type the account number for your third-party broker account exactly as it appears on your statement from your delivering firm.
  9. In the Assets To Be Transferred section, click the appropriate radio button to answer Yes or No to the three questions.
  10. Click Continue.
  11. On the page that appears, type your signature in the Signature field, and then click Continue.
  12. On the Confirmation page, enter the confirmation number that you received via email in the Confirmation Number field, then click Confirm. If you do not receive a Confirmation Number by email, please check your junk email folder as sometimes email filters block messages. Or click Resend Confirmation Number to receive another confirmation email. Or click Cancel to cancel the transfer request.

      For more information please view our Funding Reference.

 

 

 

 

Withdrawals

 

Get your money when you want it without paying ridiculous fees to get it!  

Whether you want to wire funds, get a check, send money via ACH or SEPA, our clients may take one free withdrawal every month. Yes, that does mean that we will send one wire for free every month (or via any of the other methods).1  

 

After the first free withdrawal (of any kind) in a 30 day period, the following fees will apply for any subsequent withdrawal in that 30 day period: 

North America 
 
Europe
Base Currency Wires Checks ACH/EFT SEPA
CHF 11.00 N/A N/A N/A
CZK 300.00 N/A N/A N/A
DKK 30.00 N/A N/A N/A
EUR 8.00 N/A N/A 1.00
GBP 7.00 N/A N/A N/A
HUF 6,000.00 N/A N/A N/A
NOK 50.00 N/A N/A N/A
RUB 330.00 N/A N/A N/A
SEK 50.00 N/A N/A N/A
Asia-Pacific
Base Currency Wires Checks ACH/EFT SEPA
AUD 15.00 N/A N/A N/A
CNH 60.00 N/A N/A N/A
HKD 95.00 N/A N/A N/A
JPY 1,600.00 N/A N/A N/A
NZD 15.00 N/A N/A N/A
SGD 15.00 N/A N/A N/A

1Special circumstances requiring manual wires may incur additional fees however this is rare.

Withdrawal fees do not cover third-party fees. The account holder will be solely responsible for any fees assessed by a beneficiary or correspondent bank. In addition, processing fees charged by your bank or its correspondent bank, which are not included in our withdrawal fees, may be deducted from wire proceeds.

When considering fees please consider the overall low cost of trading, ultra low margin rates, access to experienced financial consultants and great customer service that you enjoy at Place Trade.  We believe that we offer the lowest overall trading cost of any full service broker.  

 

For information regarding fees please call us at 1-919-719-7200.

Pricing > Interest and Financing > Calculations

 

Overview

 

Interest Schedule

 

Calculations

 

Lowest Margin Rates

 

Compare Rates

 

Debit & Credit Balance Calculations

 

Short Sale Proceeds Calculations

 

Calculations 

 

Accruals 

 

Final Posting

 

 

How to Calculate Interest on: Credit & Debit (Cash and Margin) Balances

 

Learn how to calculate interest that may be paid to you or charged to you depending on the type of credit (positive) or debit (negative) cash balance that you plan to hold in your account. 

 

Interest Charged to You

 

Interest Charged to You on a Negative Cash Balance & Interest Paid to You on a Credit Balance

 

Interest Paid to You

 

Interest Paid to You on Positive Cash Balances

 

Interest Paid to You on Short Sales (Visit Examples Page)

 

Examples of Debit & Credit Balance Calculations

 

Examples: Short Sale Proceeds Calculations  

 

How to Calculate Interest on Short Sale Proceeds


 

 

 

Example: Interest Charged to You

 

When you borrow money, we'll charge you daily interest on your borrowed money as follows:

For all below examples please assume:  

     
Benchmark (BM) Rate    
US Dollar Fed Funds Effective 1.00%    
EONIA (Euro Overnight Index Average) 2.08%    
GBP LIBOR (Overnight Rate) 4.44%    
       
Statement      
USD Securities Commodities Total
Ending Settled Cash -500,000 0 -500,000
       
Tier Balance Cash Interest Calculation
100,000 -100,000 8.33 [100,000 x (1.00% + 2.00%)/360]
100,000 - 1,000,000 -400,000 27.78 [400,000 x (1.00% + 1.50%)/360]
1,000,000 0 0  
Debit interest charged $36.11  

 Interest Calculations Examples

 

 

 

Example:

Interest Charged to You on a Negative Cash Balance & Interest Paid to You on a Credit Balance

When you have a negative (debit) cash balance in your securities account and a positive (credit) balance in your commodities account, we'll charge you daily interest on the debit balance and pay you daily interest on the credit balance as follows:
 
For all below examples assume benchmark rates as follows:    
     
Benchmark (BM) Rate    
US Dollar Fed Funds Effective 1.00%    
EONIA (Euro Overnight Index Average) 2.08%    
GBP LIBOR (Overnight Rate) 4.44%    
       
Statement      
GBP Securities Commodities Total
Ending Settled Cash -70,000 10,000 -60,000
       
Calculate interest on security account balance -70,000
Tier Balance Cash Interest Calculation
< 70,000 70,000 12.35 [70,000 x (4.439%+2.00%)/365]
70,000 - 650,000 0 0  
> 650,000 0 0  
Debit interest charged £12.35  
       
Calculate interest on commodity account balance 10,000
Tier Balance Cash Interest Calculation
< 7,000 7,000 0 (7,000 x 0/365)
7,000 - 70,000 3,000 0.32 [3,000 x (4.439%-0.60%)/365]
> 70,000 0 0  
Credit interest received £0.32  
 

 Interest Calculations Examples

 

 

 

Example: Interest Paid to You

When you have an excess positive cash balance, we'll pay you daily interest on that balance as follows:
       
For all below examples assume benchmark rates as follows:    
       
Benchmark (BM) Rate    
US Dollar Fed Funds Effective 1.00%    
EONIA (Euro Overnight Index Average) 2.08%    
GBP LIBOR (Overnight Rate) 4.44%    
       
Statement      
USD Securities Commodities Total
Ending Settled Cash 50,000 0 50,000
       
       
Tier Balance Cash Interest Calculation
< 10,000 10,000 0 (10,000 x 0/360)
10,000 – 100,000 40,000 0.44 [40,000 x (1.00%-0.60%)/360]
> 100,000 0 0  
Credit interest received   $0.44  
 

 

Interest Calculations Examples

 

 

 

 

 

Example: Interest Paid to You on Positive Cash Balances

When you have a positive cash balance in your securities and commodities accounts, we'll pay you daily interest on those balances as follows:
       
For all below examples assume benchmark rates as follows:  
       
Benchmark (BM) Rate    
US Dollar Fed Funds Effective 1.00%    
EONIA (Euro Overnight Index Average) 2.08%    
GBP LIBOR (Overnight Rate) 4.44%    
       
Statement      
USD Securities Commodities Total
Ending Settled Cash 50,000 20,000 70,000
       
Calculate interest on security account balance 50,000
Tier Balance Cash Interest Calculation
< 10,000 10,000 0 (10,000 x 0/360)
10,000 - 100,000 40,000 0.44 [40,000 x (1.00%-0.60%)/360]
> 100,000 0 0  
Credit interest received $0.44  
       
Calculate interest on commodity account balance 20,000
Tier Balance Cash Interest Calculation
< 10,000 10,000 0 (10,000 x 0/360)
10,000 – 100,000 10,000 0.11 [10,000 x (1.00%-0.60%)/360]
> 100,000 0 0  
Credit interest received $0.11  

1Please note that this information is for educational purposes only.  At the present time, Place Trade Financial, Inc. does commodities' trading to its clients.

 

How to Calculate Interest on Short Sale Proceeds ~ View Examples

Learn about Interest Rates (Basic)

 

 

Interest Charged to You on a Negative Cash Balance & Interest Paid to You on a Credit Balance

Interest Paid to You on Short Sales (Visit Examples Page)

Learn about Interest Rates (Basic)

 

 

Interest Calculations Examples

 

s5box


Learn more about retirement planning by visiting some of the links below:

Roth IRA

SEP IRA

SIMPLE IRA

Traditional IRA

Qualified Plans

Rollover IRAs

Find out how Place Trade can help you get the most out of your college planning by visiting some of the links below:


Coverdell ESA

529 College Savings Plans

UGMA/UTMA Accounts