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Broker Wiring Fees
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Broker Wiring Fees

  #1 (permalink)
Elite Member
Houston,Tx
 
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Broker Wiring Fees

While evaluating Brokers I saw that with Deep Discount Futures when you withdraw funds, there is an option to have the funds sent by ACH at no charge.

Does any other broker offer this?

Do any of the futures.io (formerly BMT) members who have accounts with Deep Discount use this option?

Is paying a wiring fee to get your money a major issue?

Thank you for your time and consideration!

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #2 (permalink)
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  #3 (permalink)
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ThatManFromTexas View Post
While evaluating Brokers I saw that with Deep Discount Futures when you withdraw funds, there is an option to have the funds sent by ACH at no charge.

Does any other broker offer this?

Do any of the futures.io (formerly BMT) members who have accounts with Deep Discount use this option?

Is paying a wiring fee to get your money a major issue?

Thank you for your time and consideration!

Many of the stock brokerages like TOS have this option. I have not seen to many pure futures brokerages with this option. Although it would be nice. From my experience it is slower 2 to 3 days. But is great if speed is not needed. If you move money around often wire fees can add up so it would be beneficial if more had it.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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  #4 (permalink)
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TMFT,

I almost always ask this question first when evaluating brokers because it saves $25 - $50 anytime money changes hands. Most don't have it two ways (for example you can deposit to AMP via ACH but not withdraw, you cannot deposit to Optimus via ACH but can withdraw via ACH, and Mirus you can't do it either way last time I checked).

Most almost force you to use wire and the charges that come with it since checks take 10 business days to clear, so if you are in a "hurry" wire is the only option.

My stock account with Optionsxpress allows deposit and withdraw via ACH and it has saved me hundreds of dollars.

Not sure why other brokerages don't offer it at least one-way and preferably two way, but it's my first choice of money transfer in all cases.

TTBH

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  #5 (permalink)
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liquidcci View Post
Many of the stock brokerages like TOS have this option. I have not seen to many pure futures brokerages with this option. Although it would be nice. From my experience it is slower 2 to 3 days. But is great if speed is not needed. If you move money around often wire fees can add up so it would be beneficial if more had it.

The other choices seems to be ...

Overnight Wire ... $30

Check .... Free but takes 2 weeks.

One of the things everyone is talking about since PFG ... is taking excess money from your account. In that case it would seem to me that there will be a lot more money transfers than in the past.

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #6 (permalink)
Identify Evaluate Execute
Mercer Island WA
 
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ThatManFromTexas View Post
While evaluating Brokers I saw that with Deep Discount Futures when you withdraw funds, there is an option to have the funds sent by ACH at no charge.

Does any other broker offer this?

Do any of the futures.io (formerly BMT) members who have accounts with Deep Discount use this option?

Is paying a wiring fee to get your money a major issue?

Thank you for your time and consideration!

@ThatManFromTexas

This is where the "keep as little money at your FCM" idea could be flawed. My broker AMP charges $30 for a wire so paying $25 wiring money in and then $30 to get money out is $55 round trip! Do this 20 times and you are over $1000. You can however do a check which is free.

You also have to mess around with wires which can be painful. From what I can see all FCMs except Deep discount use wires which is another reason I'm considering doing away with FCMs completely. I'm not sure why their payment/money transfer systems are so antiquated. I thought it may be in the regulations whereby they have to use wires only and not ACH. Mind you look at how antiquated the regulator is mailing out pieces of paper to banks etc for the balances. Even 20 years ago I could get balances electronically from the bank!

The other problem for me is I need enough $ in the AMP account to cover overnight margin for holding 2 FDAX contracts which is quite a bit of $. To get around this, I'm considering just using the AMP account for index future day trades which will allow a significant reduction in the account balance.

With IB the funds are automatically taken out of the SIPC insured account and swept back after sale so one does not need to think about these logistical issues. Furthermore IB does ACH which costs $1.

Cheers
DJ

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  #7 (permalink)
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Personally I just use company check option, it may take 7 days but who cares, it's free

Mike

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  #8 (permalink)
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Not sure specifically about ACH, but in Canada we have EFT (electronic funds transfer) and I believe it's the equivalent. I use it through interactive brokers.

It is fast for both deposits & withdrawals, and cheap. I make a withdrawal request by 9:30am and its available in my bank account by 6pm the same day. IB claims that it will be usually be available the next business day, but I have never seen it take that long. And they allows one free transaction a month, but after that it's only $1 per transaction (less than my own bank charges!).

For ACH withdrawals, IB states the same expected eta as with EFT, so I would it expect it is next day or sooner as well. From what I've seen, IB funds management is one of the better one out there.


ThatManFromTexas View Post
While evaluating Brokers I saw that with Deep Discount Futures when you withdraw funds, there is an option to have the funds sent by ACH at no charge.

Does any other broker offer this?

Do any of the futures.io (formerly BMT) members who have accounts with Deep Discount use this option?

Is paying a wiring fee to get your money a major issue?

Thank you for your time and consideration!


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  #9 (permalink)
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Big Mike View Post
Personally I just use company check option, it may take 7 days but who cares, it's free

Mike

@Big Mike

Soooo ... if PFG had mailed you a paper check 6 days before they went under....

On Velocity website it says Checks take 2 weeks, is that correct?

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #10 (permalink)
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My experience with multiple firms is that they all say 2-3 weeks, but I get them within 1.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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