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IB closing inactive accounts.
- Thread starter serpent
- Start date
Quote from sivashad:
I am posting this specially for FightTheFuture
I was born outside of US in Europe and English is my third language. Also, I went through the US naturalization process more than 10 years ago. Please, provide better explanations if you strongly believe that IB should provide service only for the US native speakers!!! In my case, the IB account was opened in 2004 and in order to open an account I provided all the documents requested by IB. I have no idea why I should provide my driver license to transfer the money from my IB account to my HSBC account located in USA. As far as I know, the Patriot Act has nothing to do with this type of money transfer. At this moment I have no other option other than to provide my private information to IB. However, I feel that IB is acting as a âBIG BROTHERâ or facing some difficulties and compromising my privacy and my rights as the US citizen.
P.S I hope you are not employed by IB and please do not act as an advocate for the IB.
There was plenty of sarcasm in my post to the 'serpent'. I get kind of goofy when I'm tired.
I do not work for IB, nor do I have interest in defending their policies for them, although I trust those policies would be in my interest as well as theirs and yours too.
What I do not understand is why you and the 'serpent' can not and will not provide identification. It's just your driver's license. I had to provide at least two pieces of ID. It did not hurt my feelings any.
You say you are requesting a withdrawal from your IB account to another account. Like Bob111 asks about funding the IB account from an account other than HBSC: if HBSC is a new account that you have never wired money to before, I think you have to provide ID again. Read their policies, etc.
It sounds like IB is protecting your account, and mine, from unauthorized withdrawals. Around 8 to 10 million US citizens are victims of identity theft EACH YEAR. Many of these people have lost tens of thousands, hundreds of thousands of dollars for each victim.
You have provided ID to open the account, and your privacy was not compromised the first time, providing ID once again to make a withdrawal should not be too difficult nor result in any privacy issues. I would think any broker would like to be certain that it is really you.
When I make a withdrawal at my local bank, they ask for my ID every time, even though I provided ID the first time to open the account. Doesn't hurt a bit.
If what you say you are is true, if what you are doing is legal and legitimate, you should be willing to comply with a simple ID request.
If what you are attempting to do is illegal, there is no other way around it and no one here will be able to come up with a way for you to get around it.
You did not seem to have a problem sending ID the first time to open your account.Quote from sivashad:
I have no problem providing my driver license in person. At the same time I do not feel comfortable to scan my check and driver license and submit these documents in electronic form. What do you think about that?
How did you send ID the first time to open your account? How did that go for you?
Faxing a copy directly to IB should be very secure.
Send the requested ID by US Postal Service. Even send it registered or certified mail. That's what I did 5 years ago. I'm sure they allow it still. Ask IB for the street address to mail it to.
If you truly want your money back, and to close your account, that would be a one time thing anyway.
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?
You may want to search through your emails and see if you received something like this:
Alert
18 December 2007
URGENT MATTER CONCERNING YOUR ACCOUNT
On 2007-6-14, IB delivered to you through Account Management a revised customer account agreement which our records show you have yet to access. At this time we request that you log into Account Management, accessible at www.interactivebrokers.com, at which point the revised agreement will be made available. Please note that should you fail to log into Account Management by 2007-12-31 or elect to decline this agreement your account may be subject to trading restrictions or closure.
My guess is, you missed this email, didn't log-in to accept the new service agreement, so your account was closed.
why the concerns when you can send the documentation ib requested by post, via letter through u.s mail. done it me-self via royal mail as i am in the u.k, but yes, that's what i did when i opened my first ib account some a few years ago. and if memory yet zervez me right, the only original doc i sent was a gas bill, still promptly returned to me in a fortnite.
Quote from sivashad: I have no problem providing my driver license in person. At the same time I do not feel comfortable to scan my check and driver license and submit these documents in electronic form. What do you think about that?
Quote from serpent:
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
Why don't you just call Mr Klauseger and ask him why he closed your account?
So it had nothing to do with the account being inactive.Quote from serpent:
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.
Why the bogus title - why did you leave those details out of the first post?