Does Firstrade offer ACH, Wite Transfers (domestic, international), and Check Writing service?

Can You ACH and Wire Money at Firstrade?

So you’ve just opened your Firstrade account and are looking to add some funds, wondering what funding options are available. Firstrade makes funding your account an easy process, which we’ll walk you through in this article.

Firstrade Funding Options

Firstrade, along with most brokers, offers three main methods for transferring funds to and from your account – ACH/electronic transfers, wire transfers, and physical checks. Out of these three, wire transfers are the fastest but ACH transfers are the most common because they are free. Next, we’ll discuss how to use each of these funding methods starting with the ACH transfer.

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Linking Your Bank Account

If you haven’t linked a checking or savings account to your Firstrade account you will need to do this before you initiate an ACH transfer request. From the “My Accounts” menu option on Firstrade’s website you want to select the “Deposit/Transfer” option and then “Bank Profile”, which will bring up the below screen.


FirstTrade ACH Transfer


Linking a bank account is a quick 3-step process where you will request a verification code via email or text and enter that code on the Firstrade website in order to then enter your bank account details (including account and routing numbers). Within a couple days, Firstrade will make two small micro deposits (<$1.00) in your bank account for you to confirm in order to verify you are the account owner. You are now all set to initiate ACH transfers.

Firstrade ACH/Electronic Transfer

Now you’re ready to initiate an ACH transfer. From the same menu above, select “Cash Transfer”, which will bring up the below screen. For the transaction type, we want to select “Electronic Funds (ACH)”, and then choose your linked bank account the money should come from and how much money you want to deposit. Firstrade will allow you to deposit up to $100,000 within any consecutive five business day period, and your funds will take approximately five days to settle and consequently be available for trading. Firstrade also allows you to setup recurring ACH deposits via the “Recurring” menu option.


FirstTrade Transfer Money


Initiating a Wire Transfer at Firstrade

The same menu can be used to initiate a deposit via wire transfer by selecting “Wire Transfer” from the transaction type. In the screen below, Firstrade indicates what information you must provide to the institution that is sending the wire. While funds deposited via wire are available as soon as they are received (generally within a day if not immediately) the bank sending the wire will generally charge a fee for this rapid service.

Funding Your Account with a Check

The third funding option you could use to fund your Firstrade account is the old fashioned personal check. From the same menu screen (below), you will select “Check” as the transaction type and Firstrade will show the instructions for writing and mailing the check. Be sure to include your Firstrade account number on the memo section of the check and remember that all checks must be made out in U.S. dollars and payable through a U.S. bank. Funds deposited via personal check are generally available to trade on the fifth business day after deposited.

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