Transfer out cash issues with CT and others?


#1

Hey Mustachians, I started to invest in ETFs over a year ago and follow the investment advice to achieve FIRE. After a lot of reading and testing I opened up an account with CornerTrader. I’m not close to FIRE but I’m a testing guy. So just to make sure all works fine, I wanted to test the retirement phase.

Basically, I tested the process to take out some money from my CT account and transfer it to my bank account. CT makes this really difficult. There is no automatic option. You have to send an e-mail or call them. In my case I had to mail them three times and call different people until a transfer was made. The complete process took almost two weeks.

In conclusion, CT failed my test. It’s too slow, too complicated and I’m not confident it would work well if it’s really needed.

What’s your experience with withdrawing cash? Is this process just an industry standard? Do all brokers make it complicated to transfer out money to a bank account. Could it be that I just had bad luck and CT worked fine for others?


#2

I have no experience with CT. However with Interactive brokers the option is available: you go to fund management and then you choose if you want to do a deposit or w withdrawal of funds, so quite easy :slight_smile:
https://www.interactivebrokers.com/en/software/am/am/funding/withdrawingfunds.htm


#3

I have withdrawn a tiny amount from degiro. Same as IB, you go to the proper tab, click withdraw, pick the amount and then they execute it on the same day if ordered before lunch time. In that sense it was faster to withdraw than to deposit cash with Degiro :slightly_smiling_face: