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  • ACH Setup Process

     

    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

     

     

     

     
         
  • Funding & Transfers

  • How does the ACATs PROCESS FLOW Work?

    Transfer my Account to Place Trade

    Full Transfer

    Partial Transfer

    Why was my account transfer rejected?

    Funding Reference

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

     

    What happens once I submit a request to transfer my account (ACAT)?  How does the ACATs process work? 

     


    Learn what happens during the account transfer process!

    View the steps from the time that you submit the account transfer request through how US securities positions are moved from your current brokerage account to Place Trade.

    How long does it usually take to transfer my account?  

    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 PT 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.

    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.

     
     
     
     
     
     
     
         
       

    Why was my account transfer rejected?

    View a list of the most common causes for ACATS/ATON rejects / Reasons 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 or the rejection is caused by your current broker.  Either way, please give us a call at 1-800-50-PLACE or 1-919-719-7200 and we will help you find our and resolve the issue as quickly as possible.  

     

     
          
     For a detailed description of the Full ACATS/ATON process flow please view Process Flow - FULL ACATS TRANSFER (Overview Account Transfer Process)

     

     

     

    Please contact one of our Customer Service Centers at the numbers provided below for further assistance:

     

     
     
     

     

     

     
     

    Between 8:30 am - 5:30 pm EST please call: 

    For all countries:  1-919-719-7200 

    Outside of these hours please call the following: 

    Australia: +61-2-9240-5143

    Hong Kong: 852-2156-7907

    US:  direct 312-542-6901; toll free at 877-442-2757

    Europe: direct 41-41-726-9500; toll-free at 00800-42-276537

    Canada: 1-877-745-4222

     
     

     

     

     
     
         

    Back to the top 

    _______________________________________________________________________

    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!

     

     

  • How to transfer my account to Place Trade - Step by Step Detailed Directions

    Transfer my Account to Place Trade

    Full Transfer

    Partial Transfer

    Why was my account transfer rejected?

    Funding Reference

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

     

    Transferring your account is easy with these simple instructions! 

    Learn how to move US securities positions over from your current brokerage account to Place Trade

         
     

    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.

     
     
     
    Simple Steps to Transfer your Account:
     
     
     

     

    1. Log into Account Management and select the Funds Management 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.

     
     
     
     
     
     
     
         
       

    Why was my account transfer rejected?

    View a list of the most common causes for ACATS/ATON rejects / Reasons 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 or the rejection is caused by your current broker. Either way, please give us a call at 1-800-50-PLACE or 1-919-719-7200 and we will help you find out and resolve the issue as quickly as possible.  

     

     
          
     For a detailed description of the Full ACATS/ATON process flow please view Process Flow - FULL ACATS TRANSFER (Overview Account Transfer Process)

     

     

    Please contact one of our Customer Service Centers at the numbers provided below for further assistance:

     

     
     
     

     

     

     
     

    Between 8:30 am - 5:30 pm EST please call: 

    For all countries:  1-919-719-7200 

    Outside of these hours please call the following: 

    Australia: +61-2-9240-5143

    Hong Kong: 852-2156-7907

    US:  direct 312-542-6901; toll-free at 877-442-2757

    Europe: direct 41-41-726-9500; toll-free at 00800-42-276537

    Canada: 1-877-745-4222

     
     

     

     

     
     
         

    Back to the top 

    _______________________________________________________________________

    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!

     

     

  • How to Transfer my Account to Place Trade - US Securities - ACATS, DTC, DWAC, DRS & More

     

    Account Management > Funding > Position Transfers > ACATS Transfers > Full ACATS Transfers

     

    Transfer my Account to Place Trade

    Full Transfer

    Partial Transfer

    Rejected Transfers

    Funding Reference

     

     

    How to Transfer Your Account to Place Trade:

     

    You can transfer your entire account all at once or choose to transfer positions individually. The transfer method used depends on the type of account or securities that you wish to transfer. Log into Account Management to get started using the Position Transfers menu to transfer positions to and from your account. Feel free to call us at 919-719-7200 for assistance today. 

     

    What types of position and account transfers does Place Trade support? 

    Through your Place Trade brokerage account, we support the following types of position transfers

    • Automated Customer Account Transfer Service (ACATS): ACATs are the most common way to transfer US brokerage accounts!
    • Account Transfer on Notification (ATON) for Canadian securities
    • DRS - Direct Registration System
    • DWAC - Deposit/Withdraw at Custodian
    • Transfer Assets to an Advisor-Managed Account
    • Transfer International Assets
    • Free of Payment (FOP) for US stocks
    • US futures (Beginning mid-2018)
    • Internal Transfer Positions
    • Position Transfer Between Master and Sub Accounts

    Log into Account Management to get started today.

    Please note that when you request an ACATS, ATON or FOP position transfer, you have the option of creating and/or using a Position Instruction.

    Separately from your brokerage account, Place Trade supports trustee to trustee transfers and asset transfers involving multiple investment companies. Please call us at 919-719-7200 for assistance today.

     

     

    How to Transfer my Account to Place Trade - US Securities

         
     

    For New Clients who wish to transfer an existing account (held at another firm) to a new Place Trade account (full or partial)

    You mayinitiate the account transfer from directly within the new account application (under Fund Your Account). The equity in the account that you are transferring in (to your new Place Trade account) may be used to offsetnew account minimum equity requirements. Transferring your account to Place Trade is super fast and easy however we are happy to help you if would like to have someone help you!  Just give us a call at 1-919-719-7200 for assistance.  

     
         

     

    Why spend another day being unhappy?  Switch to Place Trade today!

    Award Winning Service * Great Pricing * Lowest Margin Rates * Verified Best Execution * Multiple Trading Platforms * Advanced Trading Tools

     

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

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

     

     

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

     
     
    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 (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.

    How to:

     

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

    Initiate a partial ACATS/ATON transfer

    View Place Trade's tradable products 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.
    Day1 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 the 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 Customer Service Center at 919-19-7200. Or contact us via live chat or secure message by logging in to Account Management

     

    Back to the top 

     

      

     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.

    ________________________________________________________________________

    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!

     

     

     

     

     

          For more information please view our Funding Reference.

     

     

     

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