DEF: Ihope you got a bonus

Ed thanks. Regarding the bounced check ......

IB doesn't charge for incoming and outgoing wires (even though Citibank charges us). IB also doesn't charge for exercise/assignment of options like other firms. IB also doesn't charge for ACATs. IB also charges lower commissions than the other firm you mentioned. IB also provides better interest rates (short and long) than most brokers. Thus there is less tolerance given to items that require manual attention such as bounced checks.

The savings for the "non-charges" above should more than cover the cost of a bounced check. Ray's answer could have been more "courteous" but the first mail wasn't so bad.

Also regarding finances.... The firm is doing very well.
 
Not to minimize def's greatness, but I've recently worked with others at IB that seem to share the same attitude and respect for customers. I have a hunch that that culture may filter down through the ranks over time.
 
Quote from BigEd:

I ABSOLUTELY agree that DEF is a major reason IB does so well.

'Cause it aint customer "NO" service....

Read on...This is an email exchange for your information...There was also a very un-eventful chat in-between that you could probably figure out...

In summary...The typical "Customer No Service" response to a customer who has spent thousands with them on commissions ( not to mention enduring the numerous losses due to tanked trades during "outages")....I wonder if they are having a tougher time financially than we thought.....Also note the laughable email address....

> Sent: Wednesday, January 08, 2003 4:44 PM
> To: 'help@interactivebrokers.com'
> Subject: RE: Bounce Check -
>
> Dear Ray.
>
> I hope you guys make wonderful profits on the 25.00 NSF charge, especially since we both know it costs you less than 5.00 and it was through no fault of the customer - who, by the way...is me.
>
> It's no customer service policies like yours that keep businesses from reaching their potential. It is definitely not your strong suit. Check out the message boards around the trading community for verification.
>
> Yes, Interactive Brokers is cheap. But, I suppose you get what you pay for. In any event, enjoy the 25.00 while hiding behind your "policy". I'll feel free to pass this on so it can be added the ever longer list of "no customer service" events and policies at Interactive Brokers.
>
> Regards,
>
> (removed), Gen Manager, DT Ventures, LLC
>
>
> -----Original Message-----
from:help@interactivebrokers.com
> Sent: Wednesday, January 08, 2003 3:09 PM
> To: (removed)
> Subject: RE: Bounce Check -
>
> Dear DT Ventures,
>
> The bounced check fee cannot be reversed.
>
> Sincerely,
>
> Ray
> IB Funds & Banking
> Department
>
>

> To: help@interactivebrokers.com
> cc: (bcc: Help/Interactivebrokers)
>
> Subject: RE: Bounce Check -
>
>
> Please see the attached email from my previous broker.
> Please re-consider the returned check fee on my account in this case.
>
> Thanks in advance,
>(removed)
> General Manager
> DT Ventures, LLC
>
> -----Original Message-----
help@interactivebrokers.com
> Sent: Thursday, December 26, 2002 10:57 AM
> To: (removed)
> Subject: Bounce Check -
>
> INTERACTIVE BROKERS LLC
> One Pickwick Plaza
> Greenwich, CT 06830
>
> 12/26/02
> Dear Dt Ventures:
>
> On 12/26/02 Citibank returned check #1002 dated 12/12/02, payable through Bank of America for $25,000 that you presented to Interactive Brokers for deposit. Citibank New York returned this check for the reason of insufficent funds. Accordingly, a $25.00 bounced check fee was charged towards your IB account.
>
> We value you as a customer. If you have already taken action related to this matter, thank you for your prompt attention. If not, please advise us of your intentions and, in any event, please send us an e-mail explaining the circumstances with respect to this check.
>
> Sincerely,
>
> Sharon
> IB Customer Service
>
clientsupporteast@cybertrader.com
> To: (removed)
> Subject: NSF Check
> Dear (removed)
>
> I would like to begin by thanking you for your business and patience in this matter. I am writing you in regards to a check that you wrote from your CyberTrader account in the amount of $7873.72. I will discuss the events surrounding the bouncing of this check.
>
> You called into CyberTrader, Inc. in December to request your account's available equity. In that conversation, you were told by one of our representatives that the options in your account had no net effect on the equity in your account and thus gave you an excess equity figure. Based on the figure provided, you wrote a check for those funds.
>
> Unfortunately, we found that the options in your account actually did consume some of that "excess equity," which caused the check to bounce. At CyberTrader, Inc. we pride ourselves on providing accurate and timely service to our clients. Thus, we truly regret any inconvenience that this incident may have caused you. If you have any questions, please contact us immediately.
>
> Sincerely,
> Khalil Saman
> Team Manager
> Client Services, East Division
> 1-888-762-9237
> International: 512-320-5444
More...

hey Big Ed,

wow, $25 is what RJT charges for 10 trade confirmations (postage and handling) - that's 5 round trips. do 30 round trips in a day and you are out $150 for postage and handling. dude, compared to RJT, your broker gets an award.
 
DEF. Thanks for the response.

Just for the record...
You deserve a bonus. You always do your utmost to put the best face on Interactive Brokers.

Yes...I know IB is cheap. Yes, I know IB focuses on other things (as well they should...this issue was by no means the most important thing that happens). But, there are other brokers who also do what you indicate, but that's the not intent of the post.

However, you should know that I have been saturated with emails from traders who have experienced what they considered to be poor customer service and not just a "hey, the same thing happened to me too" . Seems like a problem.

DEF: You deserve a bonus. I have received more customer service from you than all the other chats/emails/phone calls I've ever had with your firm's employees combined. Please, don't consider changing your employment. Maybe you could find some time tutor some little "DEF"s in the customer service organization? lol.

Thanks again.
 
Quote from QQQBALL:



hey Big Ed,

wow, $25 is what RJT charges for 10 trade confirmations (postage and handling) - that's 5 round trips. do 30 round trips in a day and you are out $150 for postage and handling. dude, compared to RJT, your broker gets an award.
More...

aren't they the ones who have that assinine commercial with that 'otch saying "I'm a scalper!!!"
 
BigEd,

First, let me say that I leave providers based on principle, e.g., I will never purchase anything from Amazon.com, regardless of the price differential, based on the insulting client service I have consistently received and which is purposely built into the system.

Next, I believe you probably are correct, and lets assume so, that the marginal cost of a NSF to IB is $5, but let me ask:

What do you think the cost to IB is to design, to have legal review, and to hire and house employees (desks, computers, coffee, toilets for the lucky) to document, track, and communicate exceptions? I don't know much about much, but still I doubt that it is free.


O.
 
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