Done with IB, had enough.

L

lachie74

Yeah I know another rant about IB..

My elderly Mother in Australia wanted me to invest a few thousand dollars for her so she did a wire transfer into IB's Aussie account from her bank.
I'd notified IB of the impending funds arriving by their wire transfer screen, plus I messaged them to let them know where and who the funds were coming from in advance as it was from a third party.

Well today I get an email from them saying my funds have arrived but no reference of my account number was on the transfer (either my Mothers or the Aussie banks error), so they required details of the deposit and a copy of the deposit slip.

I messaged back with my mothers name, what bank, where the bank is and the amount transferred, any freaking moron could see the money was meant for my account.

Another message arrives from some a- hole called rayv.

"Per our Cashier's Department you will need to advise the sending party to recall the funds because they are not able to apply the deposit to your account."

How is my Mother supposed to "recall" a wire transfer? IB basically has thousands of $ of my Mothers money which they know is mine and they're not going to deposit it in my account and on top of that are going to make it difficult to get back. Why can't they deposit it back to the account it came from? What's the bet it's going to be a shit fight getting this cash back from them..

I'm sick of these bastards, any problems that requires any customer support is like hitting your head against a brick wall.

I trade Indices futures, stocks and the occasional soft commodity, please someone recommend another broker for me, I can't even look at the TWS shortcut on my desktop and not get angry any more.
 
Quote from lachie74:
Yeah I know another rant about IB..
(either my Mothers or the Aussie banks error)...I can't even look at the TWS shortcut on my desktop and not get angry any more.
More...
First off, if you're having trouble looking at the TWS icon on your desktop without getting angry, you're overreacting, bigtime. In the bigger picture of your life this is almost meaningless.

Secondly, I feel your pain; however, if a mistake was made, you shouldn't have bothered posting these details here - you should have just asked for a reco. You know as well as anyone (since you've been around for a couple of years) that any error, even the tiniest most insignificant one, will result in IB holding up your process and making your life difficult. You already know this. 'Any moron' might know it's your deposit, but that means nothing. IB and US Customs define the term 'hardass'.
Quote from lachie74:
Why can't they deposit it back to the account it came from?
More...
Surely you know the answer to this one??

How do I, as an IB customer, feel about all this? To be honest with you, I kind of feel good about it. It means that they are into protecting themselves at any cost (even if it means losing you as a customer) and that means that I will be better protected.

Sorry, don't mean to dis you at all, this is just the hard truth.
 
Quote from traderNik:

First off, if you're having trouble looking at the TWS icon on your desktop without getting angry, you're overreacting, bigtime. In the bigger picture of your life this is almost meaningless.

Secondly, I feel your pain; however, if a mistake was made, you shouldn't have bothered posting these details here - you should have just asked for a reco. You know as well as anyone (since you've been around for a couple of years) that any error, even the tiniest most insignificant one, will result in IB holding up your process and making your life difficult. You already know this. 'Any moron' might know it's your deposit, but that means nothing. IB and US Customs define the term 'hardass'.

Surely you know the answer to this one??

How do I, as an IB customer, feel about all this? To be honest with you, I kind of feel good about it. It means that they are into protecting themselves at any cost (even if it means losing you as a customer) and that means that I will be better protected.

Sorry, don't mean to dis you at all, this is just the hard truth.
More...

Fair post, I understand it's a serious business and they must protect themselves but I expect a better explanation as to why my Mothers money is tied up in IB limbo than a 2 line response from some peon called rayv.

As much as that TWS icon pisses me off at the moment I know I'll be double clicking it in the morning. fuckers!
 
Yes. Anything like that is annoying. How about an international ticket selling company that will only take credit cards from about 5 (northern hemisphere) countries.

B'stards.

However the deal was so good I got a relative in one of those companies to buy the tickets and wired the money to him.

IB is like that. Some stuff especially money has become a pain post 911 and the newer internet security worries (don't those security monkeys make a packet out of everyone's paranoia?).

But overall its a fantastic deal ... so I expect that, seeing you just seem to be venting and not one of those morons, you will be using IB next month and next year as well :)
 
I ran into similar problem with IB and mismatched name on IB account versus bank account. All I had to do was call the bank, speak to person in charge of wires and explain what happened. A day later the money was back in the proper bank account. This is no big deal for bank to remedy.

FYI- IB specifically prohibited doing what you attempted to do. It might be worthwhile for you to carefully review ALL IB info to understand what you can and can not do.
 
Quote from lachie74:
Fair post, I understand it's a serious business and they must protect themselves but I expect a better explanation as to why my Mothers money is tied up in IB limbo than a 2 line response from some peon called rayv.
As much as that TWS icon pisses me off at the moment I know I'll be double clicking it in the morning. fuckers!
More...


As far as IB (or any broker) concern, you are just one of hundreds of people from Nigeria asking for "their" deposit back.

This happens everyday !
 
Quote from gravitonium77:

I ran into similar problem with IB and mismatched name on IB account versus bank account. All I had to do was call the bank, speak to person in charge of wires and explain what happened. A day later the money was back in the proper bank account. This is no big deal for bank to remedy.

FYI- IB specifically prohibited doing what you attempted to do. It might be worthwhile for you to carefully review ALL IB info to understand what you can and can not do.
More...

So you were able to resolve the problem and get your money back without too much trouble? This would be good to know.

Not sure what you think I "attempted to do" if you're talking about a 3rd party depositing money into my IB account I have had more than one successful deposit from bank accounts other than my own into my IB account.
 
Quote from traderNik:

First off, if you're having trouble looking at the TWS icon on your desktop without getting angry, you're overreacting, bigtime. In the bigger picture of your life this is almost meaningless.
More...

Advice from a Hershey muppet.. now he's really in trouble :p
 
Quote from Tums:

As far as IB (or any broker) concern, you are just one of hundreds of people from Nigeria asking for "their" deposit back.

This happens everyday !
More...

HELLO FRIEND AT IB,

MY NAME IS REVREND OBONGO, I AM THE FINANCE MINISTER OF NIGGERIA, PLEAESE RETURN MY DEPOSIT OF $1000000 WHICH I STOLE FROM THE TREASURY, I ALREADY PROMISED IT TO IDIOT@AOL.COM.

GOD BLESS YOU
REV OBONGO
 
you cant make deposits from third party accounts. you mother needs to ask the bank to trace the wire and get it back, if the bank is any good they will do this without a problem
 
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