Beware! Print out your statements

Quote from DAV:

This should not be the case. Please contact customer service and bring the discrepancy to their attention.
More...

yeah, that's a fine idea. i'm a bit tired of IB reps pretending like you respond to trouble tickets (and then acting incredulous that anyone would say otherwise- as if the person were lying). my early july trouble ticket just got it's INITIAL response (ya know, the one you guys tell us will come in 3-5 days) about a week ago.

btw, only because of a conversation with a manager about something where he was telling me i needed to submit a ticket. i explained that my ticket from july had never been responded to. he did not believe me until i made him go into my account and find it. 'ummm, i don't know how that could have happened, blah blah blah'.

the OP's name is appropriate- as in 'don't hold your breath'...
 
Changing the statement retrospectively is unacceptable. It can be deemed as fraud or deceit.

If a bank makes a erratic entry, it won't erase the entry on the bank statement, pretending as if it makes no error at all. Rather it makes a reverse entry to offset it, so we know there was an error previously and it is corrected now.

If you still don't see why no one should update a statement retrospectively, read on.

Although people believe IB should be honest and don't change statements for their own benefits, imagine a scenario where you are using an evil broker.

OK the evil broker produces a statement to you. You checked it and agreed. But that evil broker changed that statement without your notice later on (eg raise commission charges, add a new fee). What would you think?

Changing the statement retrospectively is dishonest in nature and IB should stop doing it again.
 
DEF

See Benign response above.

Any good accounting system will not allow anyone to edit entries retrospectively. Only allow them make correct entry's, thus preserving the audit trail.

I am not suggesting IB is crooked, evil etc.

But it scares me because of what benign says, if I don't get a satisfactory response to this I will have to move my account.

By the way you guys (IB) should listen to your customers, comments like the ticket was never replied too etc.
I have experienced the same thing.

Also a simple apology would have gone a long way.

It cost a lot more to get a new customer than to keep an existing one.
 
Update time, I am satisfied, IB does not update statements retrospectively. Huge sigh of relief!!:D

Seems the Korean options are done differently to those traded in America.
 
Quote from dont:

Update time, I am satisfied, IB does not update statements retrospectively. Huge sigh of relief!!:D

Seems the Korean options are done differently to those traded in America.
More...

So what happened?

Why did you think it updates the statement retrospectively?

And what did they actually do?
 
I was looking for the code that said Ex. Could not find it so I thought they had changed the statement. Turns out Korean stuff is in the dark ages, it was under cash activity with the actual words assignment and exercise. It doesn't even mention which option!

They then closed out the futures at the wrong price 233.45 instead of 233.86.

On the 19 sep 6 days later they corrected the futures settlement but reversed all the option assignments and exercises. And then redid them also in a non-transparent way.

When I went back to check the original statement I could not find the ex code. I posted a ticket, and sure enough no response.

I have had a bit of time on my hands so I went through it carefully, and there it was.

Of course it is possible that after all my carping that they put it back:D

But I don't think so, but it probably still makes sense to keep a record of your statements.

By the way they still have not successfully fixed the stuffed up settlement.

I just felt that it was fair to correct my earlier contention that they may be changing statements retrospectively.

Its interesting to see how few people saw a problem with it!
 
Wooo Hooo IB finally corrected my account on the 3 Oct. so it took two weeks.

Too all the nay sayers. The correction was in my favor!

Weird thing is no, mention of it on my problem tickets or statement notification.
 
Thats because they did not change it retrospectively and they changed it in my favor.

YOU FUCKING WANKER!!!!
 
Quote from dont:

Wooo Hooo IB finally corrected my account on the 3 Oct. so it took two weeks.

Too all the nay sayers. The correction was in my favor!

Weird thing is no, mention of it on my problem tickets or statement notification.
More...

dont, how did IB correct your account? I still don't like the fact that they update our accounts retrospectively even if it is on our favour.

They should update the account by proper means. Correcting account retrospectively is still unacceptable.
 
They posted a cash transaction entry saying correction for settlement error.

Of course it took two weeks and only after I complained. But it was not done retrospectively. And it was clearly marked.

My main gripe is that, the positions I held were locks. If I had been very leveraged, their error could have caused a liquidation of my other positions. This did not happen, but in principle it could.

Also why did I have to complain to get them to fix it.

They fixed the settlement error, but never credited my account with the P/L???

I have said before that its Korean options and I have had trouble with futures close out with them before, I suppose they have less problems with Eurex and the American Exchanges?
 
You must log in or register to reply here.
Back
Top