The Account Name, Account Type and Tax ID must match to transfer funds and/or positions between accounts. Requests submitted during regular trading hours will transfer immediately. Requests submitted outside of regular trading hours will be processed the next business day. Visit our How-To page for instructions.
The first withdrawal of any kind every calendar month is free. The cost for subsequent withdrawals within the same calendar month period is as follows: ACATs are free, ACH is $1, Check is $4 and Wire is $10.
You can request a funds withdrawal from Account Management under the Funding Tab > Fund Transfers. Under your transaction type, select withdrawal. You can withdraw the funds via an ACH transfer, Check Request or Wire Transfer. Click here to visit the “How To” page. Note: For ACH transfers, funds may be withdrawn after the four business day credit hold. For Wire transfers, funds may be withdrawn after three business days. For check deposits, funds may be withdrawn after three business days. If funds are withdrawn to a bank other than the originating bank via ACH, a 44-business-day withdrawal hold period will be applied.
To determine any fees in your account, you will want to generate an account statement. You can go to Reports > Activity > Statements to generate an account statement. If the charge is for market data or research, it is part of a third-party subscription. Third-party subscriptions are optional and not required. To dis-enroll, enter Account Management and select Manage Account > Trade Configuration > Market Data or Research. On these pages, you will see check marks beside subscriptions. Remove the check marks. Confirm the request to remove on the following pages. Subscriptions are monthly and not pro-rated. Therefore, if you dis-enroll in the middle of a month period, you will be charged through the rest of the month during the first week of the following month. However, you will not be charged for the following month.
Be sure to review the amount requested versus the amount available on the Fund Transfers page. The Fund Transfers page will show balances available subject to any funding rules and procedures.
ACH is the Automated Clearing House, which is an electronic network for financial transactions in the United States. ACH allows you to link your bank account to your Zacks Trade account to make requests for free electronic deposits. ACH has a four business day hold before use of funds.
ACH initiated by us allows you to request deposits and withdrawals via Zacks Trade Account Management. ACH initiated by bank will provide you with our depositing bank information in order to initiate deposits and withdrawals via your bank’s ACH process.
FOP stands for Free of Payment. It is used for non-US accounts or non-ACAT eligible accounts, such as non-IRA Sharebuilder. FOP may only transfer positions NOT cash. Cash would then need to be transferred via Wire.
A CSV file is not required. A CSV file can be used if you have multiple positions that you would like automatically listed in the request.
ACAT stands for Automated Client Account Transfer. It allows you to transfer your account, exactly the way it is currently, from a current broker to a new broker. It only asks for the name of the broker and the broker’s account number. We take care of the rest. The process takes 4 to 8 business days. Generally speaking, we have seen transfers come over closer to 4 business days. Account title and types MUST match to be approved.
Each funding method has a different availability time frame. Wires are available immediately. ACH deposits are available after a 4 business day hold period. Check deposits are available after a 7 business day hold period. You may track the status of your deposit via Account Management by selecting Funding > Transaction History. Click on the status line to receive the pop-up with detailed information.
Sharebuilder is not ACAT eligible. If you would like to transfer a non-IRA account (positions only), select FOP as your method. If you would like to transfer an IRA account (cash only), select Trustee to Trustee as your method.
A transfer of funds from a qualified plan (pension, 401(k) or other qualified retirement plan) with an employer to a Zacks Trade IRA account. In a Direct Rollover, the trustee/custodian of your employer qualified plan (401(k) or pension) transfers your retirement assets directly to us. In general, no withholding tax or penalties apply to a Direct Rollover, however Direct Rollovers are reported to the IRS. You would want to contact your previous plan administrator to do a rollover.
A transfer of funds from an IRA account held with another trustee/custodian to an Zacks Trade IRA account, where the assets are transferred directly trustee/custodian to trustee/custodian, with no distribution of assets to you. ACATs position transfers are available, however the IRA account type and Tax ID must match in order to execute the transfer. Trustee-to-trustee transfers are not required to be reported to the IRS.