Complain about Interactive Brokers (IB)

Another week passed away (now 14 day completed for the waiting period). Our client sent his funds with wrongly before the account activation IB accept it with gently, now still our client is completely blocked situation. THere is no clear answer from the IB staff to my client neither in phone, nor in fax, e-mail (ALL communication methods tried).

P.S This thread will be notified when this unlucky new client of IB, able to trade. Current situtation ---

A new client of IB from outside U.S send his funds before the account approval. Even this new client received two important starting e-mails from IB (please look the original e-mails which forwarded the previous page) about funds received and you are able to trade, etc. Now 14 full days passed away and unclear situation did not solved.


Quote from TorontoTrader2:

Why don't you tell us what happened in the end, instead of your hit and run message board attacks. :confused:
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Think twice. There is a serious problem on this thread. Look carefully what happened on this thread ? Number 1 accepted the funds with gently from the new client and applied to deadly waiting procedure without so gently.

Quote from simsim:

Waste of e-bandwidth with this thread. I rate it as junk.
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Quote from 7thdim:

We simply transfer the funds from another broker into IB before the all this terrible verification period begins.
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One possibility is the above problem that the funds sent was in the name of your broker (simply IB's standard procedures) since your client HAD not opened any account (under the client's name) yet when sending funds; and perhaps now IB is awaiting the broker to open an account under the broker's name.

After your client opening an account under the client's name, IB is concurrently awaiting your client to send funds received directly from the client's name before commencing trading.

I would guess IB would have done nothing wrong in association with the above arrangement by legally treating the transactions being exclusively two separate and independent accounts.

Basically IB could not accept funds for one account from someone else's funds, otherwise potentially many obvious and complicate (legal and internal control) problems would be easily produced. :confused:
 
No. Actually a new client of IB done all his works by using IB's online applications and then requested a transfer his funds from another broker which was located on the other U.S. (The transfer is done 24 hours) Finally IB sent an e-mail to client's own name. ( Welcome to Interactive Brokers! Now that your account is funded, we would like to make you aware of some of the features and benefits of your IB account.) It was about 14 days ago (which is date of other U.S broker done the transfer into IB). After that e-mail, IB turned into non-responsive fashion with big uncertainity about when the Compliance Department is reviewing the client's account for approval which is all they told in e-mail, fax or phone communications. AGAIN I must repeat, 14 full days passed away, about the funds already transferred from other U.S brokerage firm into IB's bank. Simply say IB have the funds for the last 14 days and gave IB's new client a big uncertainity.


Quote from OddTrader:

One possibility is the above problem that the funds sent was in the name of your broker (simply IB's standard procedures) since your client HAD not opened any account (under the client's name) yet when sending funds; and perhaps now IB is awaiting the broker to open an account under the broker's name.

After your client opening an account under the client's name, IB is concurrently awaiting your client to send funds received directly from the client's name before commencing trading.

I would guess IB would have done nothing wrong in association with the above arrangement by legally treating the transactions being exclusively two separate and independent accounts.

Basically IB could not accept funds for one account from someone else's funds, otherwise potentially many obvious and complicate (legal and internal control) problems would be easily produced. :confused:
More...
 
Quote from 7thdim:

Actually a new client of IB done all his works by using IB's online applications and then requested a transfer his funds from another broker which was located on the other U.S.
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Perhaps the broker shouldn't be instructed to transfer the client's money by sending it to a third party, as this way is far too unsafe. And the broket shouldn't even follow this kind of instructions that could be issued by someone else, rather than the actual client.

Perhaps the e-mail advice from IB may be only a standard reply to the client's online input, without referring to actual receipt of funds.

Perhaps the client (with or without actually requesting the broker doing the transfer) would be very well aware of the above possibilities, and was trying to test your knowledge of managed accounts advice.

Perhaps ... :D

Perhaps ... :D :D

Perhaps ... :D :D :D

:confused:
 
7th

It's pretty clear no one here cares about your personal "issue" with IB. Many of us know IB well (me included) and trust them with much of our own net worth, without issue. I think we all may even feel better about IB that they don't open the type of account you've described willy nilly. They accepted the funds YOU sent, fine. If you don't want to wait, why not ask for your funds back? Otherwise, for your sake, hopefully you have something better to do than keep whining about a 5k account that you can't trade.

P.S. How did the IB smear campaign go, which you seemed to be threatening to post in every language on the internet? What a joke.
 
Good advice. We take it seriously. :p

We are quite sure, some of the followers of this thread may find interesting about some of the number 1 brokerage firm accepts new clients' funds with lightning speed. Once the funds in safely blocked in number 1's bank, it can be easily switch the situation on non-responsive, unclear manner. This is what the full thread is about, remove all protectors or manipulators replies on this thread, you can easily see the picture :mad:

Have to repeat again !!!

* IB accepts its new client's funds with gently.
* 15 full days passed away
* Still says we dont know when your account is ready to use.

Thats it.

P.S We know IB is highly respected broker in U.S and also we are quite sure we will respect them, once this intersting problem is solved and compensated.

Quote from StLouisTrader:

7th

If you don't want to wait, why not ask for your funds back? Otherwise, for your sake, hopefully you have something better to do than keep whining about a 5k account that you can't trade.
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dim:
>P.S We know IB is highly respected broker in U.S and also
>we are quite sure we will respect them, once this intersting
>problem is solved and compensated.

I'm sure the "problem" will be solved. Unfortunately, I'm betting that IB will never be compenstated as you don't seem like that sort of guy. Shame really.

JB
 
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