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$52k gone from my IB account. What next, sue IB?
- Thread starter zzzap
- Start date
Quote from jimrockford:
What is IB's standard policy, when there is doubt as to whether or not a position actually exists in the account? If TWS, or a customer service rep, mislead a customer into closing a position which does not actually exist, will IB take responsibility for the resulting unwanted position? What procedure should a customer follow, when in doubt as to what position he holds? How can a customer best manage his risk that his true position is different from what is indicated by TWS?
Oh... don't bother.
IB's "standard policy" is to stonewall the Customer using $15/hour stooges.
IB screwed me out of about $500 today...
And flatly refuses to give me ANY information about a specific trade.
Luckily $500 is a drop in the bucket for me...
But next time it will be $50,000.
zzzap may have finally gotten some kind of settlement only because of this thread...
But there are probably 100s of others...
That got screwed...
And will never know what happened.
I do not believe for one minute that this is a "new" problem that was discovered...
Or that anything has been permanently "fixed".
The whole thing is kabuki theater.
Quote from QuantPlus:
IB screwed me out of about $500 today...
And flatly refuses to give me ANY information about a specific trade.
Luckily $500 is a drop in the bucket for me...
But next time it will be $50,000.
Sorry to hear about your troubles. With all the psychological torture IB puts you through, why not move on to a new broker?
Quote from kiwi_trader:
Quantplus can't move to another broker ... because he's not with IB now. He may never have been.
I firmly believe that Quantplus is a legitimate, real IB customer, instead of what Kiwi suggests. It seems Quantplus stays with IB, because he has a love-hate relationship with IB.
I think I understand how he feels. Quantplus stays because IB is the best, but it could obviously be so much better if only some reasonable changes were made, and he is intensely frustrated because IB won't consider such changes.
I also believe that Quantplus would be much more effective in bringing about constructive improvements at IB, if Quantplus changed his approach to criticizing IB. I think he needs to be more oriented toward proving his assertions with detailed facts, and that he also needs to acknowledge those areas where IB deserves praise for doing the right thing, and I think he needs to show greater respect and appreciation for IB and its employees, imperfect as they may be. I think that if Quantplus were willing to make some changes in his own approach, he could help bring about constructive changes at IB.
Quote from zzzap:
Thanks to everyone who participated in the discussion, especially those with rational posts.
It was long 7 weeks for me and this is my last post on this thread as I would rather forget this debacle.
One think to remember though, quoting IBj:
"IB's standard position in all trading issues is "manage your risk" because the market will not sit around waiting while we research a problem."
After discussing the issue on the phone with IB management we came to an agreement acceptable to both parties.
The above was supposed to be my last post on this thread but I still can't move on.
More than 2 months after the incident, more than 2 weeks after my agreement with IB and I still don't have any compensation, even though IB stated that I could see the compensation in my account the same week.
IB, this is absurd.
Quote from zzzap:
More than 2 months after the incident, more than 2 weeks after my agreement with IB and I still don't have any compensation, even though IB stated that I could see the compensation in my account the same week.
Get a lawyer. The agreement is probably not valid anyway.
Sue for all 52k back and more for the hassle.
This is really making IB look bad.
Quote from zzzap:
The above was supposed to be my last post on this thread but I still can't move on.
More than 2 months after the incident, more than 2 weeks after my agreement with IB and I still don't have any compensation, even though IB stated that I could see the compensation in my account the same week.
IB, this is absurd.
If they made a deal with you, and you have it documented in email, I am sure they will keep their promises, even though unusual situations like refunds sometimes move very slowly through the bureaucracy.