IB closing inactive accounts.

S

serpent

Does Interactive brokers has rights to close inactive accounts without any explanations? My last trade was in September 2007. Since then i did not made any trades. In January 2008 Interactive Brokers closed my account without any explanation. Anybody experienced same problem with IB?
 
Quote from serpent:

Does Interactive brokers has rights to close inactive accounts without any explanations? My last trade was in September 2007. Since then i did not made any trades. In January 2008 Interactive Brokers closed my account without any explanation. Anybody experienced same problem with IB?
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What was your account balance?
 
Quote from FCCT:
Did you meet the minimum dollar amount? 5k or so.
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That minimum is to open an account, which is $10,000 now. $2000.00 minimum to open a trade that requires margin. My guess his account balance was less than $100.00 and that's why it was closed.
 
I didnt have any open positions and balance on an account was more then 30k. Now IB sent me the email:
Dear Mr. .........
As discussed in our conversation today, please provide me with a bank statement or a government identification document (valid U.S. Driver License) and bank check. You may email me this information or fax it to my attention at (312) 984-1019.
Thank you for your cooperation in this matter,
Bill Klauseger
Compliance Analyst
Interactive Brokers LLC
209 S. LaSalle
Suite 1000
Chicago, Illinois 60604
Phone: (312) 542-6835
Fax: (312) 984-1019
wklauseger@interactivebrokers.com
 
Quote from serpent:
Dear Mr. .........
As discussed in our conversation today, please provide me with a bank statement or a government identification document (valid U.S. Driver License) and bank check.
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Looks like they have doubts about your true identification or were you live.
 
I talk to my attorney and he said to me that IB has no rights to ask me such document even under Patriotic acts by Congress. I want to withdrew my funds and IB seems like refusing it in a polite form asking bunch of documents. I have suspicious that IB out of money and thats causing delay withdrew of funds. I
 
Quote from serpent:

I talk to my attorney and he said to me that IB has no rights to ask me such document even under Patriotic acts by Congress. I want to withdrew my funds and IB seems like refusing it in a polite form asking bunch of documents. I have suspicious that IB out of money and thats causing delay withdrew of funds. I
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IB is a public company, one of their measurement of success is number of client, I don't think they would close your account because of inactivities.

They have the right to ask you for identification. If you can't provide it, sorry, they can decline doing business with you and close your account.

case in point: some countries do not allow foreign brokers to solicite business from their citizens, unless they met their securities requirements. That's why Canadians can only open an account the IB Canada.
 
Quote from serpent:

I talk to my attorney and he said to me that IB has no rights to ask me such document even under Patriotic acts by Congress. I want to withdrew my funds and IB seems like refusing it in a polite form asking bunch of documents. I have suspicious that IB out of money and thats causing delay withdrew of funds. I
More...

heh...no rights to ask for decent id?
you or your attorney must be kidding..
can you walk into a bank and open account without at least one id?
ib is out of money? man..you should see a doctor, not a lawyer...

http://individuals.interactivebroke...duals/usIndividualDocuments.php?ib_entity=llc

Documentation Required for Individuals Who Are US Residents

Interactive Brokers generally verifies the names and addresses of its US-resident applicants through Equifax. Where Equifax is unable to verify your identity, you will be asked to provide:
Document Category
Acceptable Documents
(only one document per category is needed)
Proof of your identity and date of birth (The document must be currently valid and include your name, date of birth and photograph)

* Passport

* Driver's License

Proof of your address (The document must clearly state your residential address)

* Utility Bill (must be less than 1 year old)

* Lease

* Mortgage Statement, Deed or other Evidence of Ownership of the Property

* Driver's License (permitted only if you have not submitted a driver's license as proof of your identity)


Documentation Required for Individuals Who Are Not US Residents
Document Category
Acceptable Documents
(only one document per category is needed)
Proof of your identity and date of birth (The document must include your name, date of birth and a photograph and clearly state the identification number that you provided in your application)

* Passport
* National Identity Card
* Driver's License
* Alien Identification Card

Proof of your address(The document must clearly state your residential address)

* Utility Bill (must be less than 1 year old)
* Lease
* Mortgage Statement, Deed or other Evidence of Ownership of the Property
* Driver's License (but only if you have not submitted a driver's license as proof of your identity)
 
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