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  • 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.

     
     
     
     

    Helpful Links:

     
     
    		  
         
     

    How to:

     

     

    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

    Or contact via live chat or secure message by logging in to Account Management any time!
    		  
     

     

     

    		  
    		 
         

    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!

     

     

  • Why was my account transfer rejected?

     

    What if I only want to move my account or transfer specific securities?

     

    Transfer my Account to Place Trade

    Full Transfer

    Partial Transfer

    Why was my account transfer rejected?

    Funding Reference

     

     

    Why was my account transfer rejected?

     

     

    View Account Transfer (ACATs) Rejections - Most Common Causes

    The rejection of an ACATS transfer request is typically initiated by action of the delivering broker once that broker has had an opportunity to review the request and confirm the details of the account to be transferred. In the case of certain rejection notices (i.e., categories 1-5 and 10 below), the ACATS process affords the receiving broker (PT) a 24-hour window within which revised information may be transmitted and after which time the transfer request will require resubmission by the client. During this 24-hour window, PT will attempt to contact the transferring client in an effort to reconcile any discrepancies causing the initial rejection notice. Rejections generally fall into the following categories:

     

    Rejections by the Delivering Broker: (Why your current broker (NOT Place Trade) might reject your account transfer request.)

    1. Social Security Number/Tax ID Mismatch - the client taxpayer identification number as provided by the receiving broker does not agree with that of the delivering broker’s records.
    1. Account Title Mismatch - the client account title as provided by the receiving broker does not agree with that of the delivering broker’s records.
    1. Documentation Needed – the delivering broker requires additional account documentation in order to process a transfer request (e.g., death or marriage legal documents).
    1. Account Flat – account holds no transferable assets.
    1. Invalid Account Number – the client account number as provided by the receiving broker is not on delivering member’s books.
    1. Duplicate – delivering broker is already in receipt of a transfer request involving the same receiving broker and client account..
    1. Account in Distribution or Transfer – another ACATS transfer or other distribution of account assets directly to client is already underway.
    1. Client Rescinded – client has submitted written request to cancel transfer request.
    1. Missing Authorization Signature – transfer request requires an additional client and/or custodian signature.

     

    Rejections by the Receiving Broker: (Why Place Trade would be forced to reject your account transfer request.)

    10. Credit Violation - the result of the transfer if affected would be to place the account in margin deficit and subject to forced liquidation.

     
     
    Glossary terms:
    DTCC
     
    Visit our Education Center to learn more about investing.

    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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