Interactive Brokers - Deposit Funds

Struggling to affect a ACATS transfer from TD Ameritrade to IBKR. Upon capturing a contra broker on IKBR ,can anyone update the "Tax Identification Number" section? It is greyed out for me and I assumed it would use the one that I captured correctly on creation of the account.

I have verified my correct tax ID reflects on my IBKR profile. When checking the details of the contra broker I captured my Tax ID reflects as "*****9999" (no idea where this is sourced and this is obviously not the correct ID). First attempt at ACATS transfer failed based on a discrepancy with Tax ID. Contacted TD and they verified all my details are correct.
 
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JacquesD said:
I transferred my entire portfolio from TD to IB about a month or 2 ago. The process was rather painless but there are a few important points to make. First setup your IB account, you dont need to add any funds. Select the transfer option, then ACATS. Provide TD account details and wait. Wait is the important part, first TD will lock your account. You wont be able to access your account at all once they start the process the next day or so. After a few days the shares and any cash will reflect in your IB account (mine took 48 hours). Take note they dont accept fractional shares. If you have any they will sell your fractions and then move the cash across, this however takes a few days after your shares have been moved. This whole process takes several days and then right at the end +- 15 days they will update your cost prices, etc. You do not need to do anything. Just have patience.

On the TD side if you need to get statments or financial year end reports you can just phone them and they will open your account again for 14 days to get these documents - they will however only do this once the whole transfer has been complete and your TD account reflects ZERO.

Get free IB shares when signing up with my referal
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Did you have to do anything on your TD Ameritrade account for the transfer?
 
JacquesD said:
Wait is the important part, first TD will lock your account. You wont be able to access your account at all once they start the process the next day or so.
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Thanks for this. Managed to get my October statement before they locked it.

Started my transfer to IB on the 2nd and it completed on the 3rd. Still need to confirm if they included my fractional share cash in the transfer.
 
r4nd0m said:
Thanks for this. Managed to get my October statement before they locked it.

Started my transfer to IB on the 2nd and it completed on the 3rd. Still need to confirm if they included my fractional share cash in the transfer.
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Will likely only come a few days later. You first get your whole shares and cash. Fractional are then sold and you get the cash a few days later.
 
Lukcydog said:
Sorry for my ignorance, can you elaborate (I probably have something configured wrong)? You using shyft?
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I have used, Rand Swiss, FNB and got some cash from a 3rd party via a UK bank account. (excuse me I have not used Shyft or SB, I should have said so) I always went through the method described in paragraph 3 of the screenshot you shared and used the information from the "Get Instructions".
 
Scooby_Doo said:
I have used, Rand Swiss, FNB and got some cash from a 3rd party via a UK bank account. (excuse me I have not used Shyft or SB, I should have said so) I always went through the method described in paragraph 3 of the screenshot you shared and used the information from the "Get Instructions".
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Ok, I had a quite a detailed chat with the shyft team quickly. I'll have to test it out. IB states specifically that the money needs to come from a USA based account and that's why I've never used it. Shyft do the ACH between a partner bank in the USA and IB's bank account. So I chose Direct ACH transfer -> clicked yes -> And it shows you a screenshot with the details.

It looks like you dont have to log a deposit notice of incoming funds then (based on your previous experience above)? I've been used to logging the deposit notice for the last 5 years so I dont know anything else so your input is appreciated...
 
Lukcydog said:
Ok, I had a quite a detailed chat with the shyft team quickly. I'll have to test it out. IB states specifically that the money needs to come from a USA based account and that's why I've never used it. Shyft do the ACH between a partner bank in the USA and IB's bank account. So I chose Direct ACH transfer -> clicked yes -> And it shows you a screenshot with the details.

It looks like you dont have to log a deposit notice of incoming funds then (based on your previous experience above)? I've been used to logging the deposit notice for the last 5 years so I dont know anything else so your input is appreciated...
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Hmmmm, I definitely log the deposit notice. I am planning to do another deposit after bonus season. I will see what happens.
 
Scooby_Doo said:
Hmmmm, I definitely log the deposit notice. I am planning to do another deposit after bonus season. I will see what happens.
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That's exactly the plan I have (bonus season). I dont see a place to log a deposit notice on IB?

You used this option?

1636653459068.png
 
Lukcydog said:
That's exactly the plan I have (bonus season). I dont see a place to log a deposit notice on IB?

You used this option?

View attachment 1189812
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Sorry, sorry, no I am being a boob. I use the Bank wire option.

Edit,

But if you are getting the warning, just use the Bank WIre option and continue the same way you are moving money now.
 
Scooby_Doo said:
Sorry, sorry, no I am being a boob. I use the Bank wire option.

Edit,

But if you are getting the warning, just use the Bank WIre option and continue the same way you are moving money now.
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Yeah the issue is how Shyft does the transfer. They don't do a bank wire, they do the transfer via ACH (through a bank in the USA). That's why I got the mail because I was doing a bank wire but they received the money via the ACH
 
Lukcydog said:
Yeah the issue is how Shyft does the transfer. They don't do a bank wire, they do the transfer via ACH (through a bank in the USA). That's why I got the mail because I was doing a bank wire but they received the money via the ACH
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Ahhh, well, I hope Shyft tells people in their app if they try to deposit to IB in the future. I bet not though.
 
Scooby_Doo said:
Ahhh, well, I hope Shyft tells people in their app if they try to deposit to IB in the future. I bet not though.
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probably not, I will post feedback here today or tomorrow whether my transfer was successful or not. If not, it's back to the old expensive way of doing it.
 
Lukcydog said:
probably not, I will post feedback here today or tomorrow whether my transfer was successful or not. If not, it's back to the old expensive way of doing it.
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Hi

I received the same correspondence as you regarding making a payment via Shyft. Loaded Interactive Brokers as a beneficary using the details in "Bank Wire" option and paid them via Shyft a few months ago and it worked perfectly, but obviously post 30 November 2021 I am going to have an issue if I try to pay them via Shyft.

Please let me know if you manage to get it to work on your side by doing a direct ACH transfer.

Thanks
 
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