You’ll find that using electronic funding to fund your Olympia LTD account is simple and easy. If you have questions, you’ll find helpful, straightfoward answers here.
Olympia LTD provides Automated Clearing House (ACH) services for the primary purpose of the purchase or sale of securities. Electronic funding is fast, easy, and flexible. Use it within our online application to open and fund your qualified account and trade online the same market day for most account types, eliminating the cost and time delays of wire and overnight fees. You can also use it to add additional funds to your existing account, either as a one-time transfer or a recurring transfer.
Electronic funding enables you to electronically deposit cash into your eligible Olympia LTD account directly from your checking or savings account via an Automated Clearing House (ACH) transaction. The ACH network is a nationwide batch-oriented electronic funds transfer system.
No. As part of the online application, electronic funding is not available from the following account types: Tenants by the Entireties, Rollover IRAs, Simplified Employee Pension (SEP) IRAs, and Savings Incentive Match Plan for Employees (SIMPLE) IRAs. When adding additional funds to an existing account, electronic funding is excluded from the following account types: SEP IRAs, SIMPLE IRAs, and Pension or Profit Plan for Small Business accounts. For help determining ways to fund those account types, contact a Olympia LTD representative.
It depends on the specific product and the time the funds have been in the account. Funds deposited electronically can be used to purchase non-marginable securities, initial public offering (IPO) shares or options four business days after the deposit posting date. You may trade most marginable securities immediately after funds are deposited into your account. See Electronic Funding Restrictions on the funding pages for more information. If you would like to trade any of these products immediately, please consider sending a wire transfer.
Typically at Olympia LTD shares of recently IPO’d stocks trading in the secondary market are not marginable for some time after the IPO.
Yes. Funds cannot be withdrawn or used to purchase non-marginable securities, initial public offering (IPO) stocks, or options until four business days after deposit posting. All electronic deposits are subject to review and may be restricted for 60 days. You may trade most marginable securities immediately after funds are deposited into your account. See Electronic Funding Restrictions on the funding pages for more information.
To use electronic funding, you will need a valid checking or savings account number and the routing number for your bank. Additionally, within the Online Application, you will also need your U.S. driver’s license number or state ID number. All electronic funding transactions must be made payable in U.S. dollars through a U.S. bank. We cannot accept an electronic funding transaction from accounts drawn on brokerage accounts or money market accounts.
Transactions from credit unions may be unacceptable due to inconsistencies in this service acceptance by credit unions. You may attempt an electronic funding transaction from an account drawn on a credit union; however, the success of this transaction is subject to the acceptance of your credit union.
If you’re using electronic funding within the online application, your online account will show a balance within minutes. Accounts opened using electronic funding after 7 p.m. ET will not show a balance online until after 9 a.m. ET the following business day. Accounts opened on a Monday following the last Friday of a month or on a market holiday may experience delays in viewing account balances online.
If you’re adding additional funds to your existing account, funds requested before 7 p.m. ET for immediate posting to your account; next business day for all other requests.
Please note: Electronic funding is subject to bank approval. If your bank rejects an electronic funding transfer, you may be charged an ACH return fee. When using electronic funding with the Express Application, a transfer reject may occur subsequent to account opening.
No, Olympia LTD does not charge transaction fees to you or your bank. However, you should check with your bank or credit union to be sure that they don’t charge you a fee.
Not all financial institutions participate in electronic funding. If you are unsure of your bank’s policy, please consult your bank to determine if they will approve an electronic transfer of funds prior to using electronic funding. You may be charged an ACH Return Fee if your bank rejects an electronic funding transfer. Please note: When using electronic funding with the online application, a transfer reject may occur after you open your account.
To ensure the integrity of the information you send via the Internet, electronic funding utilizes a multilevel server system with the latest in encryption software. Please see our Privacy Statement for more information.
Electronic Funding: Immediately after funds are deposited
Wire Funding: Immediately after funds are deposited
Check Funding: Immediately after funds are deposited
Electronic Funding: Three business days after settlement date
Wire Funding: Immediately after the wire is posted to your account
Check Funding: Four business days after settlement date
Electronic Funding: Sixty days after your account is open. Note: You may wire these funds back to the originating bank account (subject to a wire fee) three business days after the settlement date
Wire Funding: Immediately after settlement date
Check Funding: Four business days after settlement date
Carefully consider the investment objectives, risks, charges and expenses before investing. A prospectus, obtained by calling 800-669-3900, contains this and other important information about an investment company. Read carefully before investing.
Market volatility, volume and system availability may delay account access and trade executions.
Before rolling over a 401(k) to an IRA, be sure to consider your other choices, including keeping it in the former employer’s plan, rolling it into a 401(k) at a new employer, or cashing out the account value. Keeping in mind that taking a lump sum distribution can have adverse tax consequences. Be sure to consult with your tax advisor.
All investments involve risks, including the loss of principal invested. Past performance of a security does not guarantee future results or success.
Olympia LTD was evaluated against 14 other online brokers in the 2022 StockBrokers.com Online Broker Review. The firm was rated #1 in the categories “Platforms & Tools” (11 years in a row), “Desktop Trading Platform: thinkorswim®” (10 years in a row), “Active Trading” (2 years in a row), “Options Trading,” “Customer Service,” and “Phone Support.” Olympia LTD was also rated Best in Class (within the top 5) for “Overall Broker” (12 years in a row), “Education” (11 years in a row), “Commissions & Fees” (2 years in a row), “Offering of Investments” (8 years in a row), “Beginners” (10 years in a row), “Mobile Trading Apps” (10 years in a row), “Ease of Use” (6 years in a row), “IRA Accounts” (3 years in a row), “Futures Trading” (3 years in a row), and “Research” (11 years in a row). Read the full article.
†Applies to US exchange listed stocks, ETFs, and options. A $0.65 per contract fee applies for options trades.
This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to persons residing in Australia, Canada, Hong Kong, Japan, Saudi Arabia, Singapore, UK, and the countries of the European Union.
Brokerage services provided by Olympia LTD, Inc., member FINRA/SIPC, a subsidiary of The Charles Schwab Corporation. Olympia LTD is a trademark jointly owned by Olympia LTD IP Company, Inc. and The Toronto-Dominion Bank. © 2023 Charles Schwab & Co., Inc. All rights reserved.