I had posted this information in the Tradeking bonus thread but someone suggested that I should make a new topic because it would be of concern to many FW'er who are also Tradeking users. I am therefore posting the following information, which is of particular concern to investors who transfer money to Tradeking by ACH :
ACH Deposits - 5 business days to clear for trading - 60 business days from date of deposit to release funds from the account - return funds via ACH only
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posted: Dec. 13, 2008 @ 10:13a
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thanks for the info --- may cause me to reconsider any new money going into tradeking
PorStaker
Senior Member - 1K
posted: Dec. 13, 2008 @ 12:33p
Gambling sites do this sometimes, I assume it is because they feel like if you win right away and want to cash out but can't you will eventually decide to keep playing. Where as with Trade King I am sure it is the same process that if you can't get your money out, might as well keep trading.
Wow, 60 business days is quite excessive. Why would you want to do business with them when there are so many low-cost brokerages to choose from? I won't use their services anymore.
CapEx
Extraordinarily Ordinary
posted: Dec. 13, 2008 @ 12:57p
President: donato@tradeking.com
It actually goes to him; I've emailed him before and gotten responses.
If enough people bitch, something will be done about it. I actually always use my funds instantly (ie. the second I ACH money in, I can trade with it, and when I ACH out, it's always in the other account the next day). Should be interesting to see how this will actually turn out.
germanpope
Graceful Member
posted: Dec. 13, 2008 @ 2:50p
richfish13 said: President: donato@tradeking.com
It actually goes to him; I've emailed him before and gotten responses.
If enough people bitch, something will be done about it. I actually always use my funds instantly (ie. the second I ACH money in, I can trade with it, and when I ACH out, it's always in the other account the next day). Should be interesting to see how this will actually turn out.
Tradeking seems to be very user friendly --- they must be responding to some kind of fraud going on
I am willing to bet they won't place this restriction on regular customers --- we will see
Jahlapenoez
Ancient Member
posted: Dec. 14, 2008 @ 12:54a
anyone familiar with banking regulation/disputes? Is there a time period that specifies how much time someone has to report and cancel an "unauthorized" ACH/banking transactions?
That is my closest guess to why they would even consider such an absurd time period... that they got hit with an ACH cancel/charge back but the funds were already gone so they had to eat a loss.
germanpope said: Tradeking seems to be very user friendly --- they must be responding to some kind of fraud going on
Tradeking is a joke. Sure they respond to email and pick up the phone very quickly, but so does my local plumber and I wouldn't use him as a brokerage either.
Tradeking's trading system is broken. Sometimes if you submit an order, it will not show up under status for 10's of minutes. They don't have their own clearing house so they use an outsider for that. This most likely leads to some severe delays. For example, sometimes you can submit a sale order and then submit another sale order and then another. If you do this quickly enough, all of the sudden you are selling 3 times the number of shares you own without ever specifying short and now you owe shares to Tradeking. Worst of all, whenever I've had a problem with them and call in. They would say that it's my fault. I should have known better. I respond that it's their trading system's fault. Eventually I file a complaint with the SEC and then Tradeking backs down and says they agree with me that it should not have been allowed to happen and they reverse it. There's a lot wrong with the SEC, but keeping Tradeking honest is not one of them.
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