How
do I find out about the status of my account application?
Once all account application materials have been received at PTI ProDirect,
the application will be reviewed and a decision will be made to either
accept or decline the account. An e-mail will be sent to the applicant
informing them of the decision. In addition, you may log into
Finish
Application to view your latest status.
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I
sent money -- when can I trade?
Under normal circumstances, wire transfers received before 3 pm (New
York Time) will be credited the same day the funds are wired, and checks
will be held for 10 business days and credited to your account on the
11th business day. Trading can commence on the next business day after
credit.
Can
I fund an account in a different currency than the base currency?
Yes, you can deposit and withdraw funds in any of the offered currencies
if you have a margin account. Cash accounts may only fund in the base
currency.
Will
you convert funds from one currency to another?
No, PTI ProDirect does not convert funds but customers may convert currencies
through the Forex trading Network (IDEAL).
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Can
I transfer money between different PTI ProDirect accounts?
Yes.
Is
my account insured?
The securities portions of your account is insured for up to $30 million
regardless of your country of residency. Excess funds in your commodities
account are swept into your securities account at the end of each day.
Click here for
specifics on your insurance protection.
How
is the “per client” coverage applied if I maintain multiple
accounts with PTI ProDirect?
Multiple accounts maintained in the same name and taxpayer ID number
are grouped for purposes of applying the maximum per client protection
limits of $500,000 by SIPC and $29.5 million under Lloyd’s supplementary
protection. However, if you hold accounts with PTI ProDirect in separate
capacities (for example, an account in your name, a trust account of
which you are the trustee or a beneficiary, or a joint account), then
each account would be protected by SIPC and the supplementary protection
up to the stated limits.
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How
does the aggregate loss limit affect the protection of my account?
IB’s supplementary protection from Lloyd’s of London is
subject to an aggregate loss limit of $150 million. This is the maximum
amount available to cover IB’s customers in excess of SIPC protection.
In the unlikely event of a financial failure of the firm coupled with
client assets not being fully recovered, SIPC (or a trustee appointed
by the federal courts) would advance funds to each eligible client (for
more details visit http://www.SIPC.org). Because most accounts maintain
less than $500,000 in net equity, SIPC protection would cover the large
majority of customer assets held by IB. In the extremely unlikely event
of a total loss of customer assets, the supplementary protection would
be needed to cover a relatively small portion of the total net customer
equity held by IB. Although possible, it is improbable that the aggregate
loss limit would be reached. However, if the supplementary protection
fell short of covering all customer assets, the coverage would be allocated
on a pro rata basis to the client accounts that required protection..
What is ACATS?
The Automated Customer Account Transfer System (ACATS) is the National
Securities Clearing Corporation's (NSCC) central processing system for
the transfer of positions and accounts between brokerage firms that
are participants of the NSCC's ACAT program.
What does
the ACAT system enable my broker to do?
The NSCC's ACAT system enables your broker to enter, review, and settle
account transfers in a fully automated system.
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How
long does an ACAT usually take?
Under normal circumstances, an ACAT should take between four to eight
business days. With some circumstances, such as an attempt to transfer
unsettled funds, positions that are not paid in full, or restricted
stock shares, this process could take longer.
Should
I already have an account open before I start an ACAT to PTI ProDirect?
Yes. Your account must be opened and approved before you begin the ACAT.
How
do I initiate an account transfer that PTI ProDirect will receive?
The ACAT feature is available under Account Management. Choose Deposit
Instructions from the Customer Menu. You will be prompted to select
the firm and account number at the firm.
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What
if my current brokerage firm is not listed on the Current Firm dropdown
menu?
The dropdown menu is a listing of Clearing Firms that are participants
in the ACAT program. Not all firms are self-clearing. If you do not
find your firm on the list, please contact one of their representatives
to identify their clearing firm.
What
products can I transfer?
PTI ProDirect accepts only products that it makes available for trading.
Certain products, such as Fixed Income Instruments, Mutual Funds and
Limited Partnership units cannot be held in your PTI ProDirect account.
Can
I transfer a Traditional IRA to a Roth IRA?
No. IRAs may only be transferred to the same type of IRA (i.e. Traditional
to Traditional, Roth to Roth, etc.) Also note that IRAs cannot contain
any margin loans, short positions, or equity option positions.
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Does PTI ProDirect
offer any type of Money Management programs?
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