Get Your Account Ready for Trading

You've filled out all the necessary forms and your OptionsHouse account is open.  Maybe you've even played around in the virtual trading platform to try some new strategies or sharpen your skills. But you can't be terribly productive until your account is funded.  There are four ways to fund your account: check, wire transfer, electronic transfer, and account transfer.  But what's the most efficient way to move money from your bank or other financial institution into your OptionsHouse account?  Wire transfer.

This is the quickest way to add funds to your account so you can begin trading right away. Once received, funds sent via wire will be credited to your account the next business day.  And for a limited time, new account holders can use promotion code WIRE25REFUND and we'll reimburse the wiring fee.¹ Contact Customer Service at 1-877-653-2500 to take advantage of this promotion and begin processing your request.

A wire transfer is a great way to get your account funded initially, but many customers prefer to establish an ACH (or electronic transfer) for the long term.² This is a link between your bank and your OptionsHouse account and creates an electronic bridge between the two for as long as you have both accounts open (if you so choose).

Before you start transferring funds between your financial institution and your OptionsHouse account, you need to establish an ACH relationship with your bank. First, log in to your OptionsHouse account and click on the “Transfer Funds” button, accessible under the “Account” tab. Note: IRAs and specialized accounts do not have this tab on their platform.  For assistance with IRAs and other special accounts, please call customer service for assistance at 1-877-653-2500.

Next, from the “Transfer Funds” page, click on the “Establish a New Relationship” button.

From the next screen, click on the “Establish ACH Relationship” button.

Read the “ACH Terms and Conditions” and check the box, indicating that you agree.  Click the “Submit” button.

Provide the information requested, including Account Type, Bank Name, ABA Routing Number, and Account Number.  Enter an amount and the direction of transfer and click “Next.”

Verify the information.  If incorrect, click “Edit” and make the necessary changes.  If correct, click “Submit.”

At this point, our clearing firm, Penson, will send two small deposits (“micro deposits”) worth between $0.01 and $0.50 to the bank account you indicated. Note that it may take up to four business days for these deposits to come through (depending on your bank). Check your bank account and note the exact amount of these micro deposits. Follow the quick steps below to verify the relationship.

Step One

A. Determine the amounts of the two small deposits.  Look at the activity in your bank account and find out how much the deposits from Penson Financial Services are worth. Make a note of this.

Step Two

A. Login to your OptionsHouse account via the “Secure Login” link from our homepage.

B. Once you are logged in, please toggle to your “real” (non-virtual) trading account. This can be done by clicking on the “Manage Accounts” button located toward the upper right-hand corner of your OptionsHouse platform. Then left click on the account you would like to view. You will notice the radio button on the left will fill in green.  You should click on the “Change Account” button in the lower left-hand corner of the Manage Accounts screen.

C. Once you are in your trading account, left click on the “Transfer Funds” tab located on the bottom portion of the platform.

D. Your ACH request will be displayed with a status associated with it. This status will be located on the right-hand side of your screen and will be blue, underlined, and will read “Needs Verification.” Click on this link.

E. Enter in the amounts of the two small deposits, entering the first deposit amount on the left and the second deposit amount on the right. Then click on the Submit/Verify button towards the lower right-hand corner of the platform.

An on-screen message will indicate if the relationship is verified. At this point, if you have already requested funds to transfer, that request will automatically process. If you have not requested a dollar amount to transfer into your account, you can do so through the transfer funds tab. Please keep in mind if you request a transfer before 1 p.m. Central Time, your request will be processed the same business day. If your request or verification occurs after 1 p.m. Central Time, the request will process the next business day. All incoming ACH deposits have a three-business-day hold before you are able to trade on those funds.

If you have any questions throughout this process, you may reach Customer Service at 877-653-2500, option 2.

Thank you for being an OptionsHouse customer!

¹For initial funding only – minimum of $1,000 for a cash account, $2,000 for a margin account. You must apply for the fee reimbursement offer by inputting promotion code WIRE25REFUND when opening the account or by using this code when speaking with an OptionsHouse customer service representative. Reimbursement will be made to your account via a credit within 60 days. OptionsHouse reserves the right to terminate this offer at any time without prior notice or extend the offer at its sole discretion. Void where prohibited. Offer valid for wires processed through March 31, 2011.

²Please note that funds received after 1pm CT will be processed the following business day. ACH deposits require a 3-day holding period while funds clear.

Share and Enjoy:

Related posts:

1. How do I switch between my virtual account and my actual account?
2. What's the fastest way to fund my account?
3. How do I access historical statements for my account?