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There are a variety of ways to fund your account. While most deposited funds are available to trade with the business day they are received, some, such as initial personal checks sent to fund a new account, require a ten (10) business day hold before trading or withdrawal is possible.This period may be shortened by faxing us a copy of your cancelled check, or a copy of your banking statement or online report showing the posted check has cleared.
IMPORTANT NOTE FOR IRA DEPOSITS: Each deposit into an IRA account must be accompanied by an IRA Deposit Slip. Without this document, the deposit will be returned.
Check Deposits
ChoiceTrade accepts personal checks, bank checks, and cashier checks (bank and cashier checks are only accepted for domestic accounts). We do not accept money orders, credit card checks, third party, or traveler's checks. A third party check is any check that is drawn on an account with a name that is not identical to the name on your ChoiceTrade account or any check that is not made payable to Penson Financial Services |
| Mail checks to: |
Penson Financial Services
1700 Pacific Avenue, Suite 1400
Dallas, TX 75201 |
| Make checks payable to "Penson Financial Services" and write your ChoiceTrade number in the memo section. |
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Wire Deposits
Sending a wire is the fastest way to fund your ChoiceTrade account as wires are usually received the same day from your financial institution (international wires may take longer). We charge no fees for incoming wires.
Note: All wire transfers must originate from an account
that has the exact title of your ChoiceTrade account |
Bank Name: JP Morgan Chase Bank, 4 New York Plaza, New York, NY 10004
ABA# of Bank: 021000021
SWIFT (foreign only): CHASUS33
Beneficiary Name: Penson Financial Services (see address above)
Beneficiary Account #: 066-6-00030
Your Name: Your name as it appears on your account statement
Your Account#: Your ChoiceTrade account number |
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Automated Clearing House (ACH)
ACH is a fast, free way to electronically deposit funds into your ChoiceTrade account directly from your checking or savings bank account.
To use ACH, your account must be enabled for ACH cash transfer.
Please
click here for guidance on how to set up an ACH relationship.
| ACH Funds TransferTo set up ACH transfer capability to transfer funds directly from your checking, or savings, account. This is the most convenient way to manage funds transferred in, or out,
of your ChoiceTrade account. To use ACH, you will first need to set up an ACH Relationship. Step-by-step instructions are included below. Once your ACH Relationship is active,
you may simply log in to your account and select >Account< and then >Funds Transfer< and send funds in or out without a fee. Initialization may take five business days. You may
avoid this waiting period by printing a copy of your online bank account showing the debit in your bank account and emailing or faxing this to us.
If you wish to set up an ACH Relationship please log into your ChoiceTrade account and click on the Accounting tab. The screen will prompt you for personal information,
please enter the requested information correctly. (You will be asked to enter this information only once, not each time you want to send an ACH. You may also sign up for
electronic confirms and statements during this process). Once you have entered this information, please click on Tools and then click on the ACH Relationship link. There
will be a box where you will need to enter your ChoiceTrade account number (beginning with 276) and then click REQUEST NEW. After you do this, the screen will ask for your
bank information, account number and account nickname (you can choose anything you want: checking, savings, etc.) After the information is filled out completely, please click
Submit, which will begin the ACH Relationship process.
The next step is to check your bank account online after two to three days for two small penny-sized deposits from our clearing firm. Please note the exact amounts you
see in your bank account and log back in to ChoiceTrade, click on Accounting/Tools/ACH Relationship -- you will see the box for your account number. After entering your account number
click REFRESH VIEW. You will now see your name, account number, bank nickname etc. Please click on the green checkmark. You will see two fields to enter the two deposit amounts
that our clearing firm made to your bank account. Please enter these amounts (for example, if one deposit is two cents and the other is five cents, please enter .02 and .05 in
the two fields). Then click Submit to activate your ACH Relationship.
Once your relationship is active you must log out. Then log back in to your ChoiceTrade account, click on Account/Funds Transfer and follow the instructions. |
There is a five business day hold on your first ACH deposit.
Once you have set up an ACH relationship, to submit an ACH deposit request online, click here.
Automated Customer Account Transfer (ACAT)
You can use an ACAT to transfer an entire account or partial account (including cash and securities) from another broker to your ChoiceTrade account by completing an ACAT Form. You must include a copy of your most recent monthly statement from the transferring broker.
DTC Transfer
DTC is a method of transferring fully paid-for positions from your account at another broker to ChoiceTrade. DTC transfers cannot be used if you are competely liquidating and closing your other account and typically take 2-3 business days to complete. ChoiceTrade's incoming DTC number is 0234PFSI.
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