Alternatives to Interactive Brokers
- Thread starter achab
- Start date
Hi Rayl,
I didn't ask for an explanation, and quiet frankly don't care about explanations. The online account told me a certain amount was available for withdrawal, I requested that amount and 3 days later got a notification that it "has been rejected for the following reason:
Over the Max Can Withdraw Amount: Available Balance is XXXX". I don't care what spin a customer service rep would put around that, I find it unacceptable.
My most recent "Next" was Banc of America investment services. Lasted 3 minutes. While I was filing the application online, it told me that, because I am not a US Citizen, I have to fill a paper application. NEXT !!!!!
achab,
If the problem occurred the way you mentioned, then it seems IB's system made a mistake either by letting you successfully place a withdrawal request to withdraw the specific amount that it said could be withdrawn, or by not processing your withdrawal request properly. If a certain IB's telephone CSR only says something like "I don't know why your withdrawal was not processed but just try it again," it is not a good enough explanation. Even if your new withdrawal request goes through tomorrow, you still might want to file a ticket and ask for the specific reason--what exactly happened to your original withdrawal request. If you do not follow up and do not find out the correct reason, you may later face the similar problems at a time you need your money more urgently. Once you find out what actually happened, please share with others. It might be helpful for others too who are willing to work-around IB's disadvantages. Would you also share the specific reasons you left your other brokers except Etrade? IB has been overall better than Etrade in my opinion--but the customer service is not its forte.
If the problem occurred the way you mentioned, then it seems IB's system made a mistake either by letting you successfully place a withdrawal request to withdraw the specific amount that it said could be withdrawn, or by not processing your withdrawal request properly. If a certain IB's telephone CSR only says something like "I don't know why your withdrawal was not processed but just try it again," it is not a good enough explanation. Even if your new withdrawal request goes through tomorrow, you still might want to file a ticket and ask for the specific reason--what exactly happened to your original withdrawal request. If you do not follow up and do not find out the correct reason, you may later face the similar problems at a time you need your money more urgently. Once you find out what actually happened, please share with others. It might be helpful for others too who are willing to work-around IB's disadvantages. Would you also share the specific reasons you left your other brokers except Etrade? IB has been overall better than Etrade in my opinion--but the customer service is not its forte.
Hi Good Till Cancelled,
By the way, my first name is Abdenour. Achab is my last name. I have both in my signature, but for some reason, Elite Trader is not showing my signature.
Reason I left or I am leaving other brokers:
1) Scott trade: Opened an account online, didn't see any option to fund it electronically. I called customer service, and they told me that I had to send in (or bring in) a check. Total time spent: 1 hour. Wrote them off right away. They actually kept my account open for a few weeks (or maybe over a month) before closing it for non funding. A friend of mine uses them. He told me they used to have ACH, but that somebody hacked into their system, so they disabled it.
2) TD*Ameritrade: decided to leave them today. Haven't left yet. I am looking for an alternative before leaving. I got a paper check from the Friday, because on Thursday I exceeded what I can withdraw on ACH, and the system told me to wait 7 days or call customer service. I took it right away to my bank, told them to make a copy so that they can verify it cleared on Tuesday (otherwise there was a hold on it until some time in June). My bank called TD*Ameritrade's bank this morning to see if it cleared, and, according to my bank, TD*Ameritrade's bank refused to provide any information. I have been calling TD*Ameritrade's customer service this morning from 9:15 AM till noon, asking for instructions on how to get the funds cleared. For most of the time, I have been getting wrong information (such as "there is a phone number on the check, your bank needs to call that number" - FYI: I went to the bank later and looked at the copy of the check: there was no phone number on it), useless speeches (such as "what we gave u was a good check", "as far as we are concerned, the funds have already been withdrawn from your account"), etc. It took me nearly 3 hours to, FINALLY, get the instructions I was asking for, which by the way were very simple: my bank needed to call TD*Ameritrade' regular customer service line, provide my account number, and verify with them if the check cleared. Why it took several phone calls to customer service (and hours) to get such simple instructions is beyond me. Telling me things that are wrong, and making useless speaches when I asked for instructions is unaceptable to me. Of course, once I got the instructions, everything went smoothly after that.
Abdenour Achab
def
Sponsor
Asking for an explanation would certainly clarify things. Since you posted your name, I took the liberty to ask CS to take a look. The amount requested was slightly over the allowable amount. My guess is that commissions or an interest accrual was the difference (the CS desk could have provided a reason). As a result, your ACH was rejected and will have to submit another electronic request should you still wish to withdraw your funds.
Your method of snap judgments and saying "Next" may serve you well if you are merely a buy and hold investor. If you are a serious, active, hi-frequency trader, then your methods for evaluating brokers will serve you extremely poorly. You don't yet know enough about brokers to be able to compare their advantages and disadvantages for hi-frequency trading. You need to spend more time learning about IB, as well as about its competitors and about the brokerage industry in general, otherwise, you will make wrong decisions. You still have a great deal to learn about brokers.
IB does have some shortcomings, and is not the right choice for everybody. The advantages provided by IB are so important, that you cannot afford to reject it based on your experience with just one disadvantage. I have had some unpleasant customer service or technology problems at IB, but I stay with IB because I think the bad is outweighed by the good and that IB is still the best choice for me. You need to have a good overview of both the advantages and disadvantages of every broker you compare. This whole process of learning and comparing is just not as easy as you think it will be or should be. It isn't at all like going to the mall and selecting the restaurant with the best table service. If you aren't willing to make the effort to really spend time learning, then it might well be that IB is not the right broker for you.
I don't expect to influence you, but I am writing this more to give newbies an alternative viewpoint, that the process of shopping for and evaluating and comparing brokers is much more involved than you make it appear to be. Newbies are very impressed by all the grumbling about IB, but knowledgeable customers are impressed with the advantages which motivate us to tolerate the shortcomings.
Best of luck to you, whatever you choose and whatever happens.
Hi def,
Thanks for checking on the status on my ach request. I hope though you are not referring to the second request I placed Sunday night. I called IB this afternoon to check on it, and the customer service rep I got on the phone told me that the request went through and that I will see the funds in my bank account within a couple of days, maybe even tomorrow. If they can't even provide accurate status by phone, then I will definitely have had it with them.
Abdenour
This reminds me of a very minor nitpick that I've been told of the programmers are already aware. Namely any ACH in resets the displayed Avail for Withdrawal to zero for 45 days, though you can still withdrawal to the originating account and any wires in/etc. are still OK to withdraw. I have sufficient buffer in my account so it doesn't bother me, but I can see it contributing to confusions.