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This is what I think - but lets wait for the official answer of IB HQ on this question.
As long we do not have the opportunity for such card outside US we should make
pressure on IB to get such debit card too.
I think it's a good idea - saves you the trouble of transferring funds to your bank account. The only drawback I see is using it in other countries. This summer and last summer traveling in Europe my USAA debit card was denied several times - had to call the bank and get authorization - it's a security procedure from the bank, not the place where I was using it. Their explanation was - if their algorithm triggered because you used the card in an establishment which either wasn't on their list or whatever (I have no idea how their algorithm is written), then you have to call in personally and tell them that it's okay to execute the charge. The purpose is to protect the owner in case the card is stolen - and of course, a lot of military use USAA so that might be a consideration. This didn't happen often, but it did happen. USAA is a big bank. Just wondering how this smaller bank functions in other countries. Just a thought - but I like the idea. I use wire transfer which is $25 - not a lot, but still money.
Ha! Brokerages going in to the banking business a la Goldman Sachs - the next big thing.
In my opinion, it is a bad idea to borrow against your trading account.
If you need the capital, move it to an interest bearing account, and pay cash without borrowing.
Matt Z
Optimus Futures
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I tend to be hyper-sensitive about access to my trading accounts, and transfers to and from them. I can't see myself getting comfortable with a card being tied to them. I do like to treat them as a separate entity, and I think part of that is because in doing so the money in those accounts is off limits for day to day use. I must take the steps to transfer funds out for my daily use, and I kind of like that rigidity.
I have check writing and debit card on eight accounts, including the trading account. The feature makes transfer in and out so easy. In the trading account all business related expenses are run through that check book and debit card to simplify accounting.
Is there any drawback to linking banking to the business account?