Investing

bill payment to Interactive Brokers

  • Last Updated:
  • Feb 25th, 2021 8:20 pm
[OP]
Newbie
Jun 4, 2018
28 posts
11 upvotes

bill payment to Interactive Brokers

I make fairly liberal use of margin in our Interactive Broker account, given the great rates (currently 1% to 1.5%).
Like many others, though, I am concerned about the possibility of large corrections, given how frothy the stock market is. I would like to be able to quickly move cash into my IB account, to avoid margin calls/automatic liquidations.

ETFs are too slow for this purpose, it takes about a full business week before deposits are credited my account.

Does anyone have experience with the "bill payment" deposit method to IB accounts? What is your experience with how long it actually takes "bill payment" deposits to show up in your IB account? What bank are you using for this? Does time of day that the bill payment is made matter?
10 replies
Deal Addict
User avatar
Jan 28, 2012
1582 posts
425 upvotes
Thats how I usually transfers to IB. Usually makes it there on the 2nd business day. Time of day shouldnt matter though if you do it after 4pm EST it probably takes a day longer.
Deal Addict
May 18, 2015
1563 posts
550 upvotes
Ottawa,Ont
kevvyd wrote: I make fairly liberal use of margin in our Interactive Broker account, given the great rates (currently 1% to 1.5%).
Like many others, though, I am concerned about the possibility of large corrections, given how frothy the stock market is. I would like to be able to quickly move cash into my IB account, to avoid margin calls/automatic liquidations.

ETFs are too slow for this purpose, it takes about a full business week before deposits are credited my account.

Does anyone have experience with the "bill payment" deposit method to IB accounts? What is your experience with how long it actually takes "bill payment" deposits to show up in your IB account? What bank are you using for this? Does time of day that the bill payment is made matter?
Mine shows up next day normally if I do it before 3pm from tangerine
Deal Fanatic
Jul 4, 2004
8680 posts
1624 upvotes
For reference, from Simplii to Questrade - next day.
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Jr. Member
Jun 6, 2017
140 posts
223 upvotes
2 business days from BMO to IB. Was only 1 with Questrade is the only downside I've found from switching.
Member
User avatar
Nov 3, 2008
275 posts
201 upvotes
National Capital Reg…
Keep in mind though, IB's liquidation is really that, instant. If you get into negative margin at 3:59PM, almost certain they will sell something from your holdings right there and then. So you always would need to be at the very least 1-day ahead of any margin call to keep adding cash into your account.
Member
May 5, 2016
499 posts
497 upvotes
kevvyd wrote: I make fairly liberal use of margin in our Interactive Broker account, given the great rates (currently 1% to 1.5%).
Like many others, though, I am concerned about the possibility of large corrections, given how frothy the stock market is. I would like to be able to quickly move cash into my IB account, to avoid margin calls/automatic liquidations.

ETFs are too slow for this purpose, it takes about a full business week before deposits are credited my account.

Does anyone have experience with the "bill payment" deposit method to IB accounts? What is your experience with how long it actually takes "bill payment" deposits to show up in your IB account? What bank are you using for this? Does time of day that the bill payment is made matter?

You basically can't, atleast not with EFT's or Bill Payments. I haven't been able to find any method which would guarantee that my money would be cleared instantly or almost instantly.
Sr. Member
Jun 28, 2018
857 posts
595 upvotes
Toronto
That's one thing about IBKR Canada their system isn't really good for this. Pain point is needing to first register the amount and account/method of deposit so their reconciliation system can recognize the amount you are depositing.

EFTs they are likely pushing withdraw requests from your bank with a specific amount, but also depends if they send their EFT request immediately or batch it. Plus it might depend on their bank taking time to post payments vs Bill Payment you push from your bank.

Obviously, the best thing to do is to manage margin from getting to such a point, but when things seem volatile I pre-enter deposit requests to help speed up some deposits when I need to in the future. Though these pending deposits expire after a few weeks.
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Deal Addict
Jan 3, 2013
2188 posts
461 upvotes
Sidney
Not IB, but that's how I deposit into my Questrade account. If I do it early enough, it's there the next day. If I do it after 11 or 12,it's there the day after that.
Newbie
Aug 4, 2018
78 posts
33 upvotes
I opened my IB account last week and funded last Friday, February 19th. The funds is now available for trading today, February 25th. I already used it to buy stocks. After 2 hours, I got an email that the EFT will be reversed due to technical issue from my bank.

I already used it to buy stocks, what do you think is gonna happen at the end of today?

I will update about this issue later this week.
Newbie
Aug 4, 2018
78 posts
33 upvotes
Justlikeyou wrote: I opened my IB account last week and funded last Friday, February 19th. The funds is now available for trading today, February 25th. I already used it to buy stocks. After 2 hours, I got an email that the EFT will be reversed due to technical issue from my bank.

I already used it to buy stocks, what do you think is gonna happen at the end of today?

I will update about this issue later this week.
I had to initiate another EFT transfer today. My positions wasn't closed.
I called them what happened and they advised me if I initiate an EFT transfer today which hopefully will clear next week without issues, my current stock positions will not be closed.

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