Check
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Please make ALL checks payable to: PENSON FINANCIAL SERVICES |
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Please include your 8 digit MB Trading account number in the memo field of the check. Example: |
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ALL checks must be mailed to:
MB Trading Checks made payable to MB Trading WILL NOT BE ACCEPTED. |
Important Note:
- The firm is unable to accept the following funding types:
- Any funding not made payable to Penson Financial Services
- Third Party Wires and Checks(defined as any account other than one of the same name as the account title held at MB Trading )
- Traveler’s Checks
- Credit card checks
- Checks drawn against lines of credit or lines of equity
- Money Orders
- Cash
- Cashier’s checks/Official checks for deposit to foreign accounts
- Temporary Checks
- Preprinted expiration dates on checks
- Unsigned checks
- Funds for accounts that have not been opened
- IRA Funding not accompanied with an IRA Deposit Slip
- Unverified Funds: Checks will be deposited only after funds have been verified at the paying bank. In the event that funds are not sufficient the check will be returned to you. In the event that we are unable to verify funds, the check will be placed on hold for 12 business days. To expedite the release of funds, you may fax us a verification of deposit from your bank or have a bank representative contact our cashiering department.
- Foreign Accounts: Penson’s policy requires that any check or ACH deposits into international accounts must remain in the account 30 days before any withdrawal may take place. Additionally, Penson will not accept cashiers checks for international accounts. Any items drawn in foreign currencies or against a foreign bank will be sent for collection. The customer will not be credited for deposit until the bank has collected the funds from the foreign institution and covers Penson for the item converted into USD funds.
- Penalties for Returned Check Deposits - In the event that a check is returned unpaid from the paying bank, a $25 fee will be charged and the account will be asked to send funds in an alternate method (wire, cashier's check, or certified funds). The following penalties will be enforced for any check deposited into a customer account that is returned unpaid by the paying bank regardless of the reason for the return:
- 1st returned deposit for any reason results in a warning. However we will require alternate method of deposit.
- 2nd returned deposit for any reason results in a 90 day restriction of the account.
- 3rd returned deposit for any reason results in account closure for 90 days (liquidating transactions only)
Wire
Wire instructions will be sent to customers upon account approval and are also available in the secure login area of the site.
Wire Deposits
Typically the fastest method of funding your MB Trading account. Wire transfers are usually received the same day that they are sent by your financial institution and will post to your account the day after they are received.
Funds will be returned if the funds are deemed Third Party (defined as any account other than one of the same name as the account title held at MB Trading) or if the account is not opened.
Other Transfer Methods
ACH Transfers
Electronically transfer funds to and from your checking. ACH transfers typically take 24-48 hours to process and are available for no charge. There is a limit of $25,000 per day for all ACH transfers.
To get started, download and complete the ACH Authorization form. Attach a voided check to the completed form and mail it to:
MB Trading
1926 E. Maple Avenue
El Segundo, CA 90245
In the event that an ACH is reversed by NACHA, a $25 fee will be charged and the account will be asked to send funds via an alternate method (wire, cashier's check, or certified funds) Please refer to "Important Information" below.
DTC Transfers
A method of transferring cash positions (fully paid-for stocks) from your existing brokerage firm to MB Trading. These transfers typically take 3-5 business days and cannot be used if you are closing your other account. You will need to provide the transferring broker with MB Trading's incoming DTC number: 0234PFSI
Automated Customer Account Transfer (ACAT)
Typically used to transfer an entire account (including cash and securities) from another broker to your MB Trading account. To do so, please sign and complete the ACAT form and return it to us with your new account paperwork. Make sure to include a copy of your most recent monthly statement from the transferring broker. You may also fax us a copy of the form so we can initiate your transfer, but we must still receive the original copy. (ACAT transfers take approximately 7-10 business days). Click here for an ACAT form.
*ACH Relationships cannot be established for UTMA/UGMA accounts. * In the event that an ACH is reversed by NACHA, a $25 fee will be charged and the account will be asked to send funds via an alternate method (wire, cashier's check, or certified funds). Funds from ACH deposits cannot be withdrawn for a period of 5 business days due to our clearing firm's policy.
Penalties for Returned ACH and Check Deposits - In the event that a check or ACH deposit is returned unpaid from the paying bank, a $25 fee will be charged and the account will be asked to send funds in an alternate method (wire, cashier's check, or certified funds). The following penalties will be enforced for any check deposited into a customer account that is returned unpaid by the paying bank regardless of the reason for the return:
- 1st returned deposit for any reason results in a warning. However we will require alternate method of deposit.
- 2nd returned deposit for any reason results in a 90 day restriction of the account
- 3rd returned deposit for any reason results in account closure for 90 days (liquidating transactions only).