Iconnect2invest
FAQ’s
Q: What are the cut off times for Cash, Margin and Money Markets?
A: See Grid below:
|Location |Mode |Purchase (EST) |Redemption (EST) |
|Cash |Check |n/a |n/a |
|Cash |Wire |2:20 pm |n/a |
|Cash |ACH |3:30 pm |n/a |
| | | | |
|Margin |Check |n/a |3:00 pm |
|Margin |Wire |2:20 pm |5:00 pm |
|Margin |ACH |3:30 pm | 3:30 pm |
| | | | |
|Money Market |Check |n/a |Follow fund |
| | | |(see grid below) |
|Money Market |Wire |Follow fund |Follow fund |
| | |(see grid below) |(see grid below) |
|Money Market |ACH |3:30 pm |3:30 pm |
Q: What are the cut off times for each of the Money Market funds?
A: See Grid below:
|Fund Name |Fund # |Purchase (EST) |Redemption (EST) |
|FlexInsured Account Fund |100 |2:20 pm |2:20 pm |
|Federated Treasury Obligation |068 |2:20 pm |2:20 pm |
|Federated Trust for Treasury Obligation |054 |2:20 pm |2:20 pm |
Q: What is a Standard Wire?
A: A Standard Wire is a Wire that is going to the Financial Institution that is registered to the account.
Q: What is a Special Wire?
A: A Special Wire is a Wire that is going anywhere else other than the Financial Institution that is registered to the account.
Q: Is there a Special Wire fee?
A: Yes, $25.00 will be deducted from the amount of the redemption. Example: If you redeem $1000.00 to be sent via special wire, $975.00 will be sent to the Special Wiring instructions.
Q: Is paperwork required for a Special Wire?
A: Yes, a signed LOI must be faxed to the Settlement Department signed by ALL account owners.
Q: Is paperwork required for a Check to Financial Institution or Special Check?
A: Yes, a signed LOI must be faxed to the Settlement Department signed by ALL account owners. Special Checks can not be processed on-line please fax in the LOI and the Settlement Department will process.
Q: What is “Is this purchase for an Annuity”?
A: This Settlement option is used when you have funds that will be wired in for an Annuity Purchase. You must have the Annuity Brokerage Account number, Client last name and dollar amount.
Q: Can an account holder withhold State Tax form their IRA Distribution?
A: Yes, Cetera does facilitate state withholding for the required states only. Contact IRA Department for more information.
Q: What types of IRA Distribution CANNOT be entered online?
A: Beneficiary Distributions, Substantially Equal Periodic Payment (72t) Distributions, IRA Internal Transfers. Please call the IRA Department to facilitate.
Q: For a special wire or check, out of a Cetera IRA Account, do we need a separate LOI or does having the instructions on the distribution form sufficient?
A: The Distribution Form is sufficient for processing.
Q: How can you achieve a specific net amount for an IRA distribution?
Example: If a client would like to receive a check or wire for $5,000 and they request 10% federal withholding. Divide $5,000/90%(100%-10%) = $5,555 Gross Distribution.
Settlements Questions:
Please contact us at:
Phone: 800.245.0467 ext 64619
Fax: 877.338.9156
IRA Questions:
Please contact us at:
Phone: 800.245.0467 ext 64689
Fax: 877.338.9154
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