30 day hold on assets after ACAT transfer

[grayparrot]

I transferred $300k to a new brokerage platform.

$250k was an ACAT transfer of securities from my existing brokerage platform.

$50k was a transfer from my checking account at my usual bank.

I like to test withdrawal experiences on cash, so a few days after the deposit of that $60k I attempted to withdraw it back to my bank. The request was refused. Customer service told me that there is a 30 day hold on assets after an ACAT transfer.

Thoughts? Should I expect to be able to access my $60k cash deposit?

thank you.

[toddthebod]

I transferred $300k to a new brokerage platform.

$250k was an ACAT transfer of securities from my existing brokerage platform.

$50k was a transfer from my checking account at my usual bank.

I like to test withdrawal experiences on cash, so a few days after the deposit of that $60k I attempted to withdraw it back to my bank. The request was refused. Customer service told me that there is a 30 day hold on assets after an ACAT transfer.

Thoughts? Should I expect to be able to access my $60k cash deposit?

thank you.

There sure have been a lot of these posts recently. "I opened a new account, transferred/deposited a very large sum of money, and immediately tried to withdraw it."

Let me ask you this: if someone created a fraudulent account and transferred your life savings out of your account, how long would you expect to have to report it to your bank or broker and still get your money back?

[Wiggums]

I transferred $300k to a new brokerage platform.

$250k was an ACAT transfer of securities from my existing brokerage platform.

$50k was a transfer from my checking account at my usual bank.

I like to test withdrawal experiences on cash, so a few days after the deposit of that $60k I attempted to withdraw it back to my bank. The request was refused. Customer service told me that there is a 30 day hold on assets after an ACAT transfer.

Thoughts? Should I expect to be able to access my $60k cash deposit?

thank you.

I would expect a waiting period on the withdrawal.

You EFT of $50k and tried to transfer back $60k ($50k + 10K ACAT) ?

[grayparrot]

sorry, typo…both numbers should be $50k. Sure, I expect a few days hold after cash transfer, but not a month on funds from my account-linked bank account. Are folks suggesting that every time I move money from a bank to a brokerage, there is no funds availability for 30 days?

[exodusNH]

sorry, typo…both numbers should be $50k. Sure, I expect a few days hold after cash transfer, but not a month on funds from my account-linked bank account. Are folks suggesting that every time I move money from a bank to a brokerage, there is no funds availability for 30 days?

ACH is reversible for quite some time. I would expect at least a 10 day hold. On a new account, I understand why it would be longer.

Whenever something is inconvenient, you can bet that some criminal scheme happened in the past with the behavior you're describing. You know this is legitimate, but a brokerage with millions of customers doesn't have the staff to investigate each situation.

[sycamore]

sorry, typo…both numbers should be $50k. Sure, I expect a few days hold after cash transfer, but not a month on funds from my account-linked bank account. Are folks suggesting that every time I move money from a bank to a brokerage, there is no funds availability for 30 days?

No, folks are not suggesting that. There's some nuance here.

Per your brokerage, the hold was placed because an ACATS was done. Do you only transfer money from bank to brokerage at the same time as an ACATS transfer? Maybe your answer is yes because you're chasing bonuses or something?

Give your new brokerage custodian some time to establish that your account meets whatever criteria they have. Then it's likely there'll be less hold time on bank transfers.

[grayparrot]

To me 30 days seems excessive...not for ACAT assets, but for a cash transfer from my linked bank account, separate from the ACAT. I don't see how much risk can be perceived regarding me moving cash back to the same verified, linked bank account from which it came.

My case aside, this limit certainly should have been clearly disclosed ("You will not have withdrawal access to ANY assets, including cash transfers from your linked bank account, for 30 days after an ACAT transfer is made to your new account")

Anyway, yes I like to test multiple platforms when a bonus is offered, and I often stay for years. But in this case the policy is unacceptable to me, so if they aren't able to make an exception at least, I will take their $3000 bonus after the 30 day lock and remove all my assets from the platform.

[sycamore]

To me 30 days seems excessive...not for ACAT assets, but for a cash transfer from my linked bank account, separate from the ACAT. I don't see how much risk can be perceived regarding me moving cash back to the same verified, linked bank account from which it came.

My case aside, this limit certainly should have been clearly disclosed ("You will not have withdrawal access to ANY assets, including cash transfers from your linked bank account, for 30 days after an ACAT transfer is made to your new account")

Anyway, yes I like to test multiple platforms when a bonus is offered, and I often stay for years. But in this case the policy is unacceptable to me, so if they aren't able to make an exception at least, I will take their $3000 bonus after the 30 day lock and remove all my assets from the platform.

I don't disagree and encourage you to "vote with your money". I don't run a brokerage that has to meet various regulatory, corporate, and liability concerns; there may be pressure to apply longer hold times for reasons I'm unaware of.

Have you voiced your opinion to your brokerage, and what did they say?

[inverter]

The expectations people have of these brokerages is insane.

[Nate79]

Not sure why you are leaving the brokerage unless it was just to get a bonus. You are going to be severely disappointed when your next brokerage does the exact same thing.

[grayparrot]

The expectations people have of these brokerages is insane.

aww...poor little brokerages, always being taken advantage of....

[grayparrot]

Not sure why you are leaving the brokerage unless it was just to get a bonus. You are going to be severely disappointed when your next brokerage does the exact same thing.

As I described above, I was not planning on leaving the brokerage. I transferred in some ACAT assets, then linked my bank account. Then a few days later, after the ACAT assets went in, I moved $50k from my linked bank to my account. Then, a few days after that, I attempted to move those assets back to my bank. The cash assets were not in any way associated with the ACAT assets or the brokerage from which they came. If a brokerage is going to encourage new clients to test the platform, without warning them of a ridiculous 30 day hold on ANY assets, including cash savings from a bank, yes, then I am going to take their $3000 bonus for my troubles and find a more flexible provider. My complaint is being reviewed, and I have hopes they will reconsider.

[RetiredAL]

To me 30 days seems excessive...not for ACAT assets, but for a cash transfer from my linked bank account, separate from the ACAT. I don't see how much risk can be perceived regarding me moving cash back to the same verified, linked bank account from which it came.

My case aside, this limit certainly should have been clearly disclosed ("You will not have withdrawal access to ANY assets, including cash transfers from your linked bank account, for 30 days after an ACAT transfer is made to your new account")

Anyway, yes I like to test multiple platforms when a bonus is offered, and I often stay for years. But in this case the policy is unacceptable to me, so if they aren't able to make an exception at least, I will take their $3000 bonus after the 30 day lock and remove all my assets from the platform.

And how happy would you be if your House A account was drained by ACATS to House B by a bad-guy and the next day House B received wire instructions send your money to the bad-guys' bank (foreign?) account?

I think in your case, House B is dutifully looking after all of their clients interests by closing skip-in-skip-out transfers for "new" clients, which have a much higher risk of being fraudulent.

[Nate79]

Not sure why you are leaving the brokerage unless it was just to get a bonus. You are going to be severely disappointed when your next brokerage does the exact same thing.

As I described above, I was not planning on leaving the brokerage. I transferred in some ACAT assets, then linked my bank account. Then a few days later, after the ACAT assets went in, I moved $50k from my linked bank to my account. Then, a few days after that, I attempted to move those assets back to my bank. The cash assets were not in any way associated with the ACAT assets or the brokerage from which they came. If a brokerage is going to encourage new clients to test the platform, without warning them of a ridiculous 30 day hold on ANY assets, including cash savings from a bank, yes, then I am going to take their $3000 bonus for my troubles and find a more flexible provider. My complaint is being reviewed, and I have hopes they will reconsider.

There are multiple threads of people doing what you did and their deposits get locked up. Probably to deter money laundering. Good luck.

[erp]

Not sure why you are leaving the brokerage unless it was just to get a bonus. You are going to be severely disappointed when your next brokerage does the exact same thing.

As I described above, I was not planning on leaving the brokerage. I transferred in some ACAT assets, then linked my bank account. Then a few days later, after the ACAT assets went in, I moved $50k from my linked bank to my account. Then, a few days after that, I attempted to move those assets back to my bank. The cash assets were not in any way associated with the ACAT assets or the brokerage from which they came. If a brokerage is going to encourage new clients to test the platform, without warning them of a ridiculous 30 day hold on ANY assets, including cash savings from a bank, yes, then I am going to take their $3000 bonus for my troubles and find a more flexible provider. My complaint is being reviewed, and I have hopes they will reconsider.

Isn't the whole problem made up to begin with? Ie you didn't need the money but decided to test the withdrawal, thus uncovering the 30 day hold. If you hadn't done that and 30 had days passed, you'd be none the wiser.

Also, if you close your account after 30 days, they will just claw back the bonus, making this whole exercise a waste of everyone's time (including the BHs reading and replying here).

[exodusNH]

Not sure why you are leaving the brokerage unless it was just to get a bonus. You are going to be severely disappointed when your next brokerage does the exact same thing.

As I described above, I was not planning on leaving the brokerage. I transferred in some ACAT assets, then linked my bank account. Then a few days later, after the ACAT assets went in, I moved $50k from my linked bank to my account. Then, a few days after that, I attempted to move those assets back to my bank. The cash assets were not in any way associated with the ACAT assets or the brokerage from which they came. If a brokerage is going to encourage new clients to test the platform, without warning them of a ridiculous 30 day hold on ANY assets, including cash savings from a bank, yes, then I am going to take their $3000 bonus for my troubles and find a more flexible provider. My complaint is being reviewed, and I have hopes they will reconsider.

Isn't the whole problem made up to begin with? Ie you didn't need the money but decided to test the withdrawal, thus uncovering the 30 day hold. If you hadn't done that and 30 had days passed, you'd be none the wiser.

Also, if you close your account after 30 days, they will just claw back the bonus, making this whole exercise a waste of everyone's time (including the BHs reading and replying here).

And who does a "test" with $50k?

[toddthebod]

https://www.finra.org/rules-guidance/notices/23-06

A bad actor, however, may use the efficiencies ACATS offers to effect the fraudulent transfer of customer account assets—ACATS fraud—by opening a new brokerage account online or through a mobile application at another firm (receiving member) using stolen personal identifiable information of a legitimate customer of another member firm. The bad actor may then engage receiving and/or carrying members to conduct a transfer of the account of the legitimate customer at the carrying member into the new brokerage account at the receiving member. When that transfer is complete, the bad actor may then proceed with moving the ill-gotten assets out of the newly established brokerage account to another external account or financial institution.

[typical.investor]

Not sure why you are leaving the brokerage unless it was just to get a bonus. You are going to be severely disappointed when your next brokerage does the exact same thing.

As I described above, I was not planning on leaving the brokerage. I transferred in some ACAT assets, then linked my bank account. Then a few days later, after the ACAT assets went in, I moved $50k from my linked bank to my account. Then, a few days after that, I attempted to move those assets back to my bank. The cash assets were not in any way associated with the ACAT assets or the brokerage from which they came. If a brokerage is going to encourage new clients to test the platform, without warning them of a ridiculous 30 day hold on ANY assets, including cash savings from a bank, yes, then I am going to take their $3000 bonus for my troubles and find a more flexible provider. My complaint is being reviewed, and I have hopes they will reconsider.

I think you are being unreasonable in your expectations and blaming the 'nasty' broker for not telling you of the hold. Why didn't you ask?

The degree to which you expect them to monitor how much and from which account money came, and then to decipher if it's the same money going back to the same or a different place is an unreasonable burden on the broker.

You had a large transfer in and then an immediate large transfer out. Who does that? It looks suspicious to me. And it's at a new account where they don't know you.

Understand that if the ACATS transfer were fraudulent, it's the receiving broker who is on the hook for any missing assets.

[nalor511]

If you're a new customer this hold is eminently reasonable.

[UpperNwGuy]

I like to test withdrawal experiences on cash, so a few days after the deposit of that $60k I attempted to withdraw it back to my bank.

Why do you want to do this kind of test? The whole idea sounds bizarre to me. I think your expectations are unreasonable.

[grayparrot]

If you're a new customer this hold is eminently reasonable.

do you feel the same way about a bank? if your parent opened an account, gave them $250k, then needed to withdraw $50k to the same linked checking account from whence it arrived, you wouldn't blink an eye at a 30 day freeze? Gee, I guess I'm just used to more considerate service, and the absence of any clear disclosure up front (in contrast to very specific disclosure on complying with the bonus requirements, I might note).

I should note that the customer response has been prompt and they have agreed to consider my request.

[grayparrot]

I like to test withdrawal experiences on cash, so a few days after the deposit of that $60k I attempted to withdraw it back to my bank.

Why do you want to do this kind of test? The whole idea sounds bizarre to me. I think your expectations are unreasonable.

Because I like to have actual experience with receipt of funds timelines from my various online accounts that hold my cash. I feel the need to understand what cash I can obtain on what timeline. I'm not sure why that seems bizarre, as I consider it prudent, but to each their own.

[typical.investor]

I like to test withdrawal experiences on cash, so a few days after the deposit of that $60k I attempted to withdraw it back to my bank.

Why do you want to do this kind of test? The whole idea sounds bizarre to me. I think your expectations are unreasonable.

Because I like to have actual experience with receipt of funds timelines from my various online accounts that hold my cash. I feel the need to understand what cash I can obtain on what timeline. I'm not sure why that seems bizarre, as I consider it prudent, but to each their own.

It is bizarre that you would look to test it immediately after transferring assets to a new account and then complain about it.

There are legitimate reasons why large transfers out of accounts that have just been transferred in have different rules.

If you want to actually know how long transfers take, do so after they are sufficiently familiar with you and you aren’t subject to the restrictions for new accounts.

[grayparrot]

I like to test withdrawal experiences on cash, so a few days after the deposit of that $60k I attempted to withdraw it back to my bank.

Why do you want to do this kind of test? The whole idea sounds bizarre to me. I think your expectations are unreasonable.

Because I like to have actual experience with receipt of funds timelines from my various online accounts that hold my cash. I feel the need to understand what cash I can obtain on what timeline. I'm not sure why that seems bizarre, as I consider it prudent, but to each their own.

It is bizarre that you would look to test it immediately after transferring assets to a new account and then complain about it.

There are legitimate reasons why large transfers out of accounts that have just been transferred in have different rules.

If you want to actually know how long transfers take, do so after they are sufficiently familiar with you and you aren’t subject to the restrictions for new accounts.

And I believe that a reputable organization has the responsibility to clearly communicate something as unnecessary and limiting as a 30 day hold on cash from a bank unrelated to an ACAT. It’s bizarre to me that you don’t have the same service and communication expectations.

[typical.investor]

I like to test withdrawal experiences on cash, so a few days after the deposit of that $60k I attempted to withdraw it back to my bank.

Why do you want to do this kind of test? The whole idea sounds bizarre to me. I think your expectations are unreasonable.

Because I like to have actual experience with receipt of funds timelines from my various online accounts that hold my cash. I feel the need to understand what cash I can obtain on what timeline. I'm not sure why that seems bizarre, as I consider it prudent, but to each their own.

It is bizarre that you would look to test it immediately after transferring assets to a new account and then complain about it.

There are legitimate reasons why large transfers out of accounts that have just been transferred in have different rules.

If you want to actually know how long transfers take, do so after they are sufficiently familiar with you and you aren’t subject to the restrictions for new accounts.

And I believe that a reputable organization has the responsibility to clearly communicate something as unnecessary and limiting as a 30 day hold on cash from a bank unrelated to an ACAT. It’s bizarre to me that you don’t have the same service and communication expectations.

My expectation of brokers is that they don’t make fraud easy. I’m glad they are not letting someone pull a large amount of money into a newly opened account and then move it right out again.

If this were a case of fraud where you weren’t actually who you claimed to be, their actions would limit loss as the real person would have time to notice and report it.

If you needed that money at your bank and 30 days is a hardship to wait, I suggest a smaller amount to test transfer times next time.

Also, companies are notoriously secretive about fraud prevention measures. It can be frustrating but isn’t completely unexpected.

[rossington]

I like to test withdrawal experiences on cash, so a few days after the deposit of that $60k I attempted to withdraw it back to my bank.

Why do you want to do this kind of test? The whole idea sounds bizarre to me. I think your expectations are unreasonable.

Because I like to have actual experience with receipt of funds timelines from my various online accounts that hold my cash. I feel the need to understand what cash I can obtain on what timeline. I'm not sure why that seems bizarre, as I consider it prudent, but to each their own.

It is bizarre that you would look to test it immediately after transferring assets to a new account and then complain about it.

There are legitimate reasons why large transfers out of accounts that have just been transferred in have different rules.

If you want to actually know how long transfers take, do so after they are sufficiently familiar with you and you aren’t subject to the restrictions for new accounts.

And I believe that a reputable organization has the responsibility to clearly communicate something as unnecessary and limiting as a 30 day hold on cash from a bank unrelated to an ACAT. It’s bizarre to me that you don’t have the same service and communication expectations.

Getting out of the weeds here.
Which brokerage are you using?
Which fund(s) did you buy?
What answer did you get from a customer service rep.?

[Nate79]

If you're a new customer this hold is eminently reasonable.

do you feel the same way about a bank? if your parent opened an account, gave them $250k, then needed to withdraw $50k to the same linked checking account from whence it arrived, you wouldn't blink an eye at a 30 day freeze? Gee, I guess I'm just used to more considerate service, and the absence of any clear disclosure up front (in contrast to very specific disclosure on complying with the bonus requirements, I might note).

I should note that the customer response has been prompt and they have agreed to consider my request.

There are many reports on here of banks doing the exact same thing, but more like locking the entire accounts for multiple mo the when such suspicious activity is attempted with a new account.

So yes, banks will do it too.

[pizzy]

Dj Khaled: “Another one!”

[toddthebod]

If you're a new customer this hold is eminently reasonable.

do you feel the same way about a bank? if your parent opened an account, gave them $250k, then needed to withdraw $50k to the same linked checking account from whence it arrived, you wouldn't blink an eye at a 30 day freeze? Gee, I guess I'm just used to more considerate service, and the absence of any clear disclosure up front (in contrast to very specific disclosure on complying with the bonus requirements, I might note).

I should note that the customer response has been prompt and they have agreed to consider my request.

If you opened an account at any online bank, deposited a check or otherwise transfered in $50,000, and immediately tried to transfer that money back out, they would not only hold the funds, preventing you from doing this, they would lock the account and open a fraud investigation. It doesn't even have to be $50,000; 100% of the online banks and brokers will put a hold of some sort on all electronic funds transfers, and it's longer for new customers. They might have even released your funds in a matter of days if you hadn't triggered their fraud detection.

[rkhusky]

I would have started with a $100 transfer back.

[samsoes]

Not sure why you are leaving the brokerage unless it was just to get a bonus. You are going to be severely disappointed when your next brokerage does the exact same thing.

As I described above, I was not planning on leaving the brokerage. I transferred in some ACAT assets, then linked my bank account. Then a few days later, after the ACAT assets went in, I moved $50k from my linked bank to my account. Then, a few days after that, I attempted to move those assets back to my bank. The cash assets were not in any way associated with the ACAT assets or the brokerage from which they came. If a brokerage is going to encourage new clients to test the platform, without warning them of a ridiculous 30 day hold on ANY assets, including cash savings from a bank, yes, then I am going to take their $3000 bonus for my troubles and find a more flexible provider. My complaint is being reviewed, and I have hopes they will reconsider.

I regularly perform those tests as well (deposits and withdrawals from length checking accounts,.etc.) , but usually with no more than $1 or maybe even $10. Doing it with $50k seems a bit excessive.

[lostcoast2023]

Is this IBKR? They are the only broker I have used with long holds on ACATS transfers. But, they are also very upfront with the exact date the hold will expire when initiating the transfer.

[grayparrot]

For the record, I should have clarified this in my post:
the asset lock was not triggered by my effort to withdraw a large sum; the withdrawal page simply popped up an alert saying ALL withdrawals were blocked, and didn't even give me an opportunity to enter a number.

So, the comments about my request being excessive and suggesting a test with a smaller withdrawal amount are not relevant.
The comments about me having triggered an audit alert by immediately attempting to withdraw money are not relevant.

I see extremely low risk of fraud related to money coming from a verified bank account, and then being returned to that bank account. If anybody can provide reference to actual documentation of frauds that involve money transferred from a ID verified and linked bank account, and then are returned to that verified and ID linked bank account, then with my keen interest in account and asset security I would very much like to hear about it.

[pizzy]

For the record, I should have clarified this in my post:
the asset lock was not triggered by my effort to withdraw a large sum; the withdrawal page simply popped up an alert saying ALL withdrawals were blocked, and didn't even give me an opportunity to enter a number.

So, the comments about my request being excessive and suggesting a test with a smaller withdrawal amount are not relevant.
The comments about me having triggered an audit alert by immediately attempting to withdraw money are not relevant.

I see extremely low risk of fraud related to money coming from a verified bank account, and then being returned to that bank account. If anybody can provide reference to actual documentation of frauds that involve money transferred from a ID verified and linked bank account, and then are returned to that verified and ID linked bank account, then with my keen interest in account and asset security I would very much like to hear about it.

How many calls have you made so far?

[nalor511]

If you're a new customer this hold is eminently reasonable.

do you feel the same way about a bank? if your parent opened an account, gave them $250k, then needed to withdraw $50k to the same linked checking account from whence it arrived, you wouldn't blink an eye at a 30 day freeze? Gee, I guess I'm just used to more considerate service, and the absence of any clear disclosure up front (in contrast to very specific disclosure on complying with the bonus requirements, I might note).

I should note that the customer response has been prompt and they have agreed to consider my request.

Yes, if you transfer 250k into a bank as a new customer and then a few days later try to transfer out 50k, you will not succeed.

[grayparrot]

If you're a new customer this hold is eminently reasonable.

do you feel the same way about a bank? if your parent opened an account, gave them $250k, then needed to withdraw $50k to the same linked checking account from whence it arrived, you wouldn't blink an eye at a 30 day freeze? Gee, I guess I'm just used to more considerate service, and the absence of any clear disclosure up front (in contrast to very specific disclosure on complying with the bonus requirements, I might note).

I should note that the customer response has been prompt and they have agreed to consider my request.

Yes, if you transfer 250k into a bank as a new customer and then a few days later try to transfer out 50k, you will not succeed.

as noted above, this comment is not applicable since no withdrawal amount was permitted...the withdrawal feature was entirely disabled before my attempt.

[nalor511]

If you're a new customer this hold is eminently reasonable.

do you feel the same way about a bank? if your parent opened an account, gave them $250k, then needed to withdraw $50k to the same linked checking account from whence it arrived, you wouldn't blink an eye at a 30 day freeze? Gee, I guess I'm just used to more considerate service, and the absence of any clear disclosure up front (in contrast to very specific disclosure on complying with the bonus requirements, I might note).

I should note that the customer response has been prompt and they have agreed to consider my request.

Yes, if you transfer 250k into a bank as a new customer and then a few days later try to transfer out 50k, you will not succeed.

as noted above, this comment is not applicable since no withdrawal amount was permitted...the withdrawal feature was entirely disabled before my attempt.

It's because it's a new account. Totally reasonable. Sorry.

[grayparrot]

If you're a new customer this hold is eminently reasonable.

do you feel the same way about a bank? if your parent opened an account, gave them $250k, then needed to withdraw $50k to the same linked checking account from whence it arrived, you wouldn't blink an eye at a 30 day freeze? Gee, I guess I'm just used to more considerate service, and the absence of any clear disclosure up front (in contrast to very specific disclosure on complying with the bonus requirements, I might note).

I should note that the customer response has been prompt and they have agreed to consider my request.

Yes, if you transfer 250k into a bank as a new customer and then a few days later try to transfer out 50k, you will not succeed.

as noted above, this comment is not applicable since no withdrawal amount was permitted...the withdrawal feature was entirely disabled before my attempt.

It's because it's a new account. Totally reasonable. Sorry.

no need to apologize. I guess you just have lower service standards than I do. I have seven figures across 8 platforms and none has ever implemented a 30 day lock on cash deposits. No bank has either. I'll just have to take the $3000 bonus from this platform and return my business to more accommodating providers, if they do not override the restriction for me.

[TSC15]

If the brokerage house is giving you $3000 bonus for $250K (or is it $300K including cash) of investment, that is a very good deal. So having a 30-day investment lock is reasonable. Is the $50K earning interests at the same rate as your bank? If not, I would not have deposited the money unless it is required for the bonus.

[erp]

no need to apologize. I guess you just have lower service standards than I do. I have seven figures across 8 platforms and none has ever implemented a 30 day lock on cash deposits. No bank has either. I'll just have to take the $3000 bonus from this platform and return my business to more accommodating providers, if they do not override the restriction for me.

Kind of expected this from OP (aka "do you know who I am??")

hopefully, we'll find out if you are able to successfully close the account and keep the bonus. That would be some useful info from this thread at least. Are we talking about Tastyworks? They have a 12 months holding requirement on their latest promo.

[nalor511]

do you feel the same way about a bank? if your parent opened an account, gave them $250k, then needed to withdraw $50k to the same linked checking account from whence it arrived, you wouldn't blink an eye at a 30 day freeze? Gee, I guess I'm just used to more considerate service, and the absence of any clear disclosure up front (in contrast to very specific disclosure on complying with the bonus requirements, I might note).

I should note that the customer response has been prompt and they have agreed to consider my request.

Yes, if you transfer 250k into a bank as a new customer and then a few days later try to transfer out 50k, you will not succeed.

as noted above, this comment is not applicable since no withdrawal amount was permitted...the withdrawal feature was entirely disabled before my attempt.

It's because it's a new account. Totally reasonable. Sorry.

no need to apologize. I guess you just have lower service standards than I do. I have seven figures across 8 platforms and none has ever implemented a 30 day lock on cash deposits. No bank has either. I'll just have to take the $3000 bonus from this platform and return my business to more accommodating providers, if they do not override the restriction for me.

Fidelity locks deposits for at least 2 weeks on new accounts, they just do it in a not so visible way, even with their CMA account which is supposed to act checking like. So, the big boys do this. Best of luck.

[JustGotScammed]

What's the institution that is blocking the withdrawal? I'll review their depositor agreement and let you know if they have that authority or not.

[grayparrot]

Fidelity locks deposits for at least 2 weeks on new accounts, they just do it in a not so visible way, even with their CMA account which is supposed to act checking like. So, the big boys do this. Best of luck.

Sorry, you're wrong. I literally just called Schwab and Fidelity to ask about their policies. Guess what, it's a 3 DAY HOLD on new account cash deposits at Schwab, and next business day after receiving cash at Fidelity.

[Chuck]

I guess you just have lower service standards than I do. I have seven figures across 8 platforms and none has ever implemented a 30 day lock on cash deposits.

Kind of expected this from OP (aka "do you know who I am??")

Seven figures gets you two BRK shares and a cup of coffee. Big leaguers are probably not chasing $3000 account bonuses.

[grayparrot]

no need to apologize. I guess you just have lower service standards than I do. I have seven figures across 8 platforms and none has ever implemented a 30 day lock on cash deposits. No bank has either. I'll just have to take the $3000 bonus from this platform and return my business to more accommodating providers, if they do not override the restriction for me.

Kind of expected this from OP (aka "do you know who I am??")

hopefully, we'll find out if you are able to successfully close the account and keep the bonus. That would be some useful info from this thread at least. Are we talking about Tastyworks? They have a 12 months holding requirement on their latest promo.

thanks for the snark, but I don't apologize for noting that I expect a high level of service in exchange for a high level of business. I have accounts at both Schwab and Fidelity for example, and I just called both of them. Guess what...they both said that for a brand new customer, cash deposits are available for withdrawal 1-3 days after received. So I think this deflates all the claims here that a 30 day hold is typical and that my expectations are unreasonable. I guess my mistake was asking for thoughts, instead of actual experiences/facts, since the opinions stated by several posts here have turned out to be flat wrong.

[pizzy]

no need to apologize. I guess you just have lower service standards than I do. I have seven figures across 8 platforms and none has ever implemented a 30 day lock on cash deposits. No bank has either. I'll just have to take the $3000 bonus from this platform and return my business to more accommodating providers, if they do not override the restriction for me.

Kind of expected this from OP (aka "do you know who I am??")

hopefully, we'll find out if you are able to successfully close the account and keep the bonus. That would be some useful info from this thread at least. Are we talking about Tastyworks? They have a 12 months holding requirement on their latest promo.

thanks for the snark, but I don't apologize for noting that I expect a high level of service in exchange for a high level of business. I have accounts at both Schwab and Fidelity for example, and I just called both of them. Guess what...they both said that for a brand new customer, cash deposits are available for withdrawal 1-3 days after received. So I think this deflates all the claims here that a 30 day hold is typical and that my expectations are unreasonable. I guess my mistake was asking for thoughts, instead of actual experiences/facts, since the opinions stated by several posts here have turned out to be flat wrong.

If you want relevant experiences, drop the name of the broker

It’s Tastytrade, isn’t it?

[grayparrot]

I guess you just have lower service standards than I do. I have seven figures across 8 platforms and none has ever implemented a 30 day lock on cash deposits.

Kind of expected this from OP (aka "do you know who I am??")

Seven figures gets you two BRK shares and a cup of coffee. Big leaguers are probably not chasing $3000 account bonuses.

You'd be surprised. A lot of "big leaguers" I know look forward to the Costco coupon book. Since I'm always looking to evaluate new platforms, spending a few minutes to open an account for a $3k bonus is appealing to me. The implied hourly rate is outstanding.

[pizzy]

What's the institution that is blocking the withdrawal? I'll review their depositor agreement and let you know if they have that authority or not.

Tastytrade

[erp]

So I think this deflates all the claims here that a 30 day hold is typical and that my expectations are unreasonable. I guess my mistake was asking for thoughts, instead of actual experiences/facts, since the opinions stated by several posts here have turned out to be flat wrong.

There was something just last week Vanguard attempting to hold my funds for 60 days

[toddthebod]

no need to apologize. I guess you just have lower service standards than I do. I have seven figures across 8 platforms and none has ever implemented a 30 day lock on cash deposits. No bank has either. I'll just have to take the $3000 bonus from this platform and return my business to more accommodating providers, if they do not override the restriction for me.

Kind of expected this from OP (aka "do you know who I am??")

hopefully, we'll find out if you are able to successfully close the account and keep the bonus. That would be some useful info from this thread at least. Are we talking about Tastyworks? They have a 12 months holding requirement on their latest promo.

thanks for the snark, but I don't apologize for noting that I expect a high level of service in exchange for a high level of business. I have accounts at both Schwab and Fidelity for example, and I just called both of them. Guess what...they both said that for a brand new customer, cash deposits are available for withdrawal 1-3 days after received. So I think this deflates all the claims here that a 30 day hold is typical and that my expectations are unreasonable. I guess my mistake was asking for thoughts, instead of actual experiences/facts, since the opinions stated by several posts here have turned out to be flat wrong.

Well, I can tell you my experience/facts about Schwab: When I EFT'd $5,000 from my E*Trade checking three weeks ago, they held it for five days.