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 accounts@tastyworks.com 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. There is no cost to internally transfer cash or position(s).


Sections


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)
Your account number and title can be found by signing into your account at tastyworks.com, or by clicking here. Once signed in, it is located immediately below the "Account Status" area. The graphic below illustrates what is needed for the Internal Transfer Request form.


*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


Internally Transferring Assets From a Restricted Account

In short, the restriction will carry into the receiving account

When transferring assets (cash, positions, or BOTH) from a restricted account, the restriction will carry over to the receiving account. For example, internally transferring assets from 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 will restrict the receiving account. 


To avoid the restriction from carrying over for internal cash transfers, 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. 


Positions, on the other hand, may remain in the account until the restriction lifts. You are free to close position(s) and transfer the proceeds with the method mentioned earlier, but that may create a taxable event, despite any intention of reestablishing the position in the delivering account.



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.


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.

Transferring positions to like-margin accounts are not permitted. For example, you cannot move equity and equity options positions between two individual margin accounts.


Full Transfer

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.

Transferring positions to like-margin accounts are not permitted. For example, you cannot move equity and equity options positions between two individual margin accounts.


Illustrated Guide