iFlip currently offers several ways in which you can fund your account. Below is the fee structure provided by the iFlip's clearing broker - Velox Clearing.
1. ACH Transfers (linking your bank to your broker account)
* At this time, this method of transfer is only available for individual accounts.
* You must have a bank based out of the United States in order to initiate an ACH transfer.
* Please allow 2-5 business days for your ACH transfer to process
2. Wire Transfer
* This method of transfer is available for both individual and retirement accounts
* Both US and International customers can initiate a wire transfer.
* For anti-money laundering purposes, iFlip does not accept wire transfers from 3rd party companies. The wire transfer must be done direct (example: bank to broker or broker to broker)
3. ACAT Transfer (sending open positions from an existing broker account to another broker account)
* At this time, this method of transfer is only available for retirement accounts
* Your broker must be a US-based ACAT participating firm in order to initiate an ACAT transfer
* iFlip's clearing broker (Velox), does not accept the transfer of penny stock, bonds or mutual funds. If you currently own these types of securities, then please liquidate before the transfer request is placed. Otherwise, this will result in a delay of the transfer process.
4. Retirement Account Closure Fees
*This fee is only upheld when you are fully closing out an IRA account at Velox
*This is a mandatory fee that is passed on from the trustee that Velox uses for all retirement accounts - Equity Trust
*If insufficient funds are submitted from any of the transfer methods above, there is a $30 reversal fee. Learn more about transfer reversals
*All transfer fees above are subject to change without notice from iFlip's broker dealer.
*The contra bank may charge fees for fund transfers based on their own policy. Please contact your bank for more information.