[IB] Freezing your account for their benefit

Quote from MidKnight:

3 weeks ago I started the process by creating a wire instruction. The fields IB requires on their new wire instruction web form were called different names then the fields used by the broker I was intending to receive the wire so I was a little confused with what data was to go in which field. Because of this, I made a couple of mistakes and went in to modify the newly created wire instruction a couple times before I got it setup correctly.
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Sorry to hear about your ordeal, MidKnight.

Just so that we can all learn from this unfortunate episode, I'd appreciate it if you'd clarify one detail.

Did you try to withdraw the funds in your IB account to a bank account in your own name (and from which you originally remitted funds to IB)? If so, is your bank not in the US, and therefore necessitates using a correspondent bank for the purpose of receiving USD funds?

Thx.
 
Quote from risk1:

Sorry to hear about your ordeal, MidKnight.

Just so that we can all learn from this unfortunate episode, I'd appreciate it if you'd clarify one detail.

Did you try to withdraw the funds in your IB account to a bank account in your own name (and from which you originally remitted funds to IB)? If so, is your bank not in the US, and therefore necessitates using a correspondent bank for the purpose of receiving USD funds?

Thx.
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Hi Risk1,

To answer your questions, the funds are being transferred to the other broker who's account is in the same name as the entity at IB. Both accounts are EUR denominated accounts.

I don't think this process has even gotten that far as to starting to send a wire though. Like I have said above, IB has told me that the account is frozen because of the wire instruction modifications. It hasn't even been unfrozen yet to process the wire.

Best regards,
MK
 
Midnight,
It's de javue all over again. I remember having read the exact same horror story from others who have previously posted here.
It seems that Interactive Brokers are definitely practicing less than ethical means and hence causes one to wonder why? Are they in financial problems? Which does not look like it, then could it be that they do anything to boost their stocks since they are now public?!
Regardless, as much as I liked the fact that they offer Global account but, what the heck good is that gone do me if I cannot withdraw my funds?
Thank you for sharing, nothing is worth having your hard earned funds with a firm that has and admits to the worst customer service in the industry.
 
MidKnight:

It might be a good idea for you to contact IB's Hong Kong office.

They may be able to formulate the most effective way to break the deadlock by identifying the key personnel/department in the US office to approach, and contacting them on your behalf. (I understand that the HK IB office is in a position to contact any named staff member in the US.)

It's frustrating to have to explain the circumstances again, but getting the HK customer support staff on your side could be useful to resolve this matter quickly.

Communication amongst the different departments in the US is definitely not one of IB's strengths, but I hope you'll keep your cool and find an expeditious way forward.

Good luck.
 
Hi Risk1,

I have done that twice, most recently I chatted with Aiko. Chat log shows a timestamp of: Tue, 11 Sep 2007 03:56:51 GMT

They are unable to do anything with funds and banking. All of that is done through the USA. Aiko also said he/she would contact USA and email me. Never happened.

Good idea you have, but it makes no difference. IB is clearly not designed to facilitate customer service. They are here to make money, not spend it.

Best regards,
MK

Quote from risk1:

MidKnight:

It might be a good idea for you to contact IB's Hong Kong office.

They may be able to formulate the most effective way to break the deadlock by identifying the key personnel/department in the US office to approach, and contacting them on your behalf. (I understand that the HK IB office is in a position to contact any named staff member in the US.)

It's frustrating to have to explain the circumstances again, but getting the HK customer support staff on your side could be useful to resolve this matter quickly.

Communication amongst the different departments in the US is definitely not one of IB's strengths, but I hope you'll keep your cool and find an expeditious way forward.

Good luck.
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I had to close my IB account for compliance reasons within my company (I work for a bank).
It took me 3 months to get back the money. Fortunately a tiny amount. I too experienced the account frozen problem.
 
Wow jrkob! How did you get it resolved? I'm at a loss for how to proceed going forward. Any comments you could add would be appreciated.

Best regards,
MK
 
MidKnight, you're doing as ineffective as it gets. Here is my experience how to deal with this strange firm.
1. Do not call them and try to chat less. IB does not care of not documented communications
2. Create/collect a documentary proof of your account is frozen: screenshots, correspondence etc - the more the better. This is a very important step :)
3. Create web ticket explaining your problem. Do not threaten but optionally consider using a word "SEC" between lines. Most important: attach evidences (above) to it.
4. When your ticket is entered go to the chat with its # and ask someone to resolve it. Do not discuss, just attract someone's attention.
 
I make no comment here on anything but this :

Anyone that would close their IB account because they had to take 1 minute to enter a security code once a day (maybe twice ) is a genuine anus.

No, let me correct that , they are imbeciles, morons and the kind of people that used to muck stalls and clean toilets, but, in our advanced culture, we now let them trade, to keep them away from where they could do harm to themselves and small animals.
 
Mid, I had the same thing happen but I was not desperate to move the funds and I'm willing to let things go awhile with IB. They are focused on security and that really slows things down.

Eventually they gave me a telephone call to make sure it was me making all the changes to the instruction. I told them yes, and they explained that I was confused about doing the transfer in some aspects and the next day the money moved. I'm not unhappy with them at all over the matter....

Personally, I think that they should see your thread and immediatley close your account and send you the money, you will be wasting their time and patience and bringing nothing good to the table but public bitchness... and raising costs for the rest of us. Go to Ameritrade or ScottTrade or some krap like that, they will give you personal attention I suppos...
 
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