Trouble with IB account

[G-reg]

Hi All,

just opened a trading account through IB and sent through 2 lots of funds. They accepted one and allocated to my account - they accepted the other but won't allocate it to my account becuase it's from my company account - not my personal account (both deposits were from the same company account - they took one but not the other).

I am now have a great deal of difficulty getting either the money allocated to my account in IB or return from where it came.

Has anyone had this trouble with IB's funds allocations before and how do I overcome it when I keep getting a different call centre person everytime I ring - I'm starting to get worried that I am going to keep getting the run around, while they sit on my $10K ?

 

[tech/a]

Never had a problem.

I'd have thought they couldnt care less where the funds come from.
If they are cleared then they should be allocated.
They can be slow initially.

 

[Prospector]

Can you transfer the money from the company account into your personal account, and from there, into your trading account?

There are some accounts that we can only transfer money into another specified account, so you need to do the double transfer.

With online trading, only 1 account can be used to take money out of, or put money into, for a share transaction. We have 3 different share trading entities (SMSF, Company and Personal) and each of them has to have their own separate (and different) account name, all of which are in the name of each trading entity.

Just re-reading, it sounds like both transactions were made from the one account. Maybe you exceeded your transaction limit?

 

[G-reg]

Can you transfer the money from the company account into your personal account, and from there, into your trading account?

There are some accounts that we can only transfer money into another specified account, so you need to do the double transfer.
?

They are suggesting the exact system that you have outlined Prospector - trouble is my accountant advises the ATO seem to take a dim view of me drawing money from the company, through personal account into trading account, back through personal account and back into company - tends to look a little like laundering....

Anyway - comments on ASF make it sounds as though I will get the money back/allocated - it was just worrying me.... not having had any experience with IB before

 

[cutz]

Prospector is correct,

The name on the bank account needs to match up with the name on the IB account for smooth transfers, it's all part of the safety checks and balances.

Anyhow i've never had trouble with cash going in or out.

 

[Prospector]

They are suggesting the exact system that you have outlined Prospector - trouble is my accountant advises the ATO seem to take a dim view of me drawing money from the company, through personal account into trading account, back through personal account and back into company - tends to look a little like laundering....

Ummm, not sure where your Accountant is going with that, I have been doing this for years. As long as the money is back into the Business Account by 30th June, (otherwise it is a loan) then there is no ATO problem at all. I withdraw business funds to put into my mortgage loan offset account.

 

[G-reg]

Sounds like I need a new bank account - and possible a new accountant

Thanks everyone - I'll chase this up on Monday with bank