Are you looking to move cash or positions from one account to another? Well, then you are in the right place. At tastyworks, we call them internal transfers and you will need to fill out an “Internal Transfer Request” form. The form is located in our Forms & Agreements page or click here.
Please send completed forms to our accounts team at firstname.lastname@example.org or fax it to 312-724-7364. Forms received before 11 am Central Time (Chicago time) will be processed the same day. Transfers will complete 1-2 business days after processing, but cash-only transfers are typically overnight. Same-day transfers of any kind are not possible at this time.
- What is Required?
- Transferring Cash
- Transferring Positions
- Full Transfer (Cash + Positions)
- Illustrated Guide
What is Required?
To complete an Internal Transfer Request you will need the following information:
- The full alphanumeric account number for BOTH accounts.
- Account name & title of BOTH accounts, for example, “Jane Doe - Individual Margin.”
- Must provide a Reason for Transfer
- Wet signature (actual signature)
*Please Note: Internal transfers can only be performed to accounts OWNED by the same person. Futures positions CANNOT be internally transferred. A notary is required when moving assets from a joint account to an individual account, but not the other way around.
Transferring Cash to Another tastyworks Account
When Only Transferring Cash
- Any cash transfer from the sending account will, of course, decrease that account’s buying power.
- Please specify the cash amount in the “Partial Transfer” section of the form.
When transferring cash from a restricted account, such as a cash account set to closing-only due to five or more Good Faith Violations or a margin account with an Equity Maintenance call from being flagged a Pattern Day Trader, the restriction will carry over to the receiving account. To avoid the restriction from carrying over, the funds for the receiving account must come from an outside source, such as your bank account. We suggest withdrawing the funds to your bank and depositing it into the receiving account to avoid any restrictions from carrying over.
Transferring Positions to Another tastyworks Account
When Only Transferring Positions
- Positions must be settled before an internal transfer request is made. Options settle T+1, and stocks settle T+2.
- The buying power amount of the sending account will decrease according to the position’s buying power requirement.
- All working/live orders on the position MUST be canceled prior to making an internal transfer request
- Make sure that the receiving account may hold the position. For example, a cash account cannot hold short equity or naked call positions.
- Ensure that the receiving account has the proper margin requirement to hold the position, if applicable.
When Performing a Full Transfer (Cash & Positions)
- All positions must be settled before initiating
- All working orders for existing positions MUST be canceled
- The sending account will be frozen until the transfer is completed.