IB closing inactive accounts.

I didn't say IB was violating anyone's inalienable rights. I said they appeared to be being acting like gigantic assholes.

Something doesn't have to rise to the level of being illegal for IB to want to terminate their relationship with you.
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And, when it comes to everything below the level of illegal (and/or contradictory to the contract one signs with IB), they should mind their own damn business.

Again, I'm not saying that they don't have the *right* to cancel someone's account at whim... I'm saying they're jerks for exercising said right in an apparently capricious fashion.

I'm not even arguing for banking secrecy per se; I'm merely arguing that business IN GENERAL should not care what their customers are doing so long as it doesn't violate the law or their contracts.

Quote from balda:

Let's continue this "what if" game.

What if sivashad is not a real sivashad (what if real sivashad passed away), there is no criminal in this, is it?

Now one of sivashad's kin is trying to get cash that doesn't belong to him/her (maybe other family members do not know about existence of IB accounts).
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You answered your own hypothetical--sivashad's "kin" is the criminal party here. If this were really the case and IB suspected a situation like this, they should contact the authorities to ensure that the money falls into the proper hands (instead of trying to wash their own hands of the issue.)
 
Quote from LodeRunner:

Again, I'm not saying that they don't have the *right* to cancel someone's account at whim... I'm saying they're jerks for exercising said right in an apparently capricious fashion.
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It appears capricious only because you don't know the reason. I think it would be a mistake to assume that it is.

As for them ignoring everything that doesn't rise to the level of being illegal - well as an IB customer myself let's just say that I'm glad that you aren't running the show.
 
I fail to see how washing their hands of a supposedly malicious customer is anything to be applauded. As a customer, shareholder, or law-abiding patriot I don't see how this could be a possibly be good thing.

If they think the money is dirty, it should be reported. Otherwise, they're jerks. Simple as that.
 
Let's say IB periodically does a credit check on all its retail accounts with one of the credit rating firms like Equifax. Say the credit rating associated with an account has gone from whatever IB considers satisfactory to a really really bad rating and payment history. Say the account in question is a margin account. Knowing IB's penchant for being conservative insofar as margin is concerned, would it be unreasonable to expect them to want to close an account that might become a liability?

Jack
 
Quote from JackR:

Let's say IB periodically does a credit check on all its retail accounts with one of the credit rating firms like Equifax. Say the credit rating associated with an account has gone from whatever IB considers satisfactory to a really really bad rating and payment history. Say the account in question is a margin account. Knowing IB's penchant for being conservative insofar as margin is concerned, would it be unreasonable to expect them to want to close an account that might become a liability?

Jack
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No, that wouldn't be unreasonable. It also wouldn't be unreasonable to expect them to be civil about it and inform their client of the situation and their policies.
 
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