[IB] Freezing your account for their benefit
- Thread starter MidKnight
- Start date
Your title is a joke because you're the one who screwed up. Should be like "My IB account frozen because I'm too stupid to fill out a wire form"
I've wired money out of my IB account over 10 times in the few years and got the money in my bank the same day when done in the morning.
IB should be quicker to get your account unfrozen when you call in and explain the situation though.
MidKnight:
I'd definitely open a Trouble Ticket with Deposits and Withdrawals - Money Transfers as the subject. That should get it where it belongs quickly (or at least more rapidly than things seem to be going for you).
It would be my guess that the chat system is not monitored very closely by IB management, but I'd guess the Trouble Ticket system is, as I sure it it produces a Tickets Opened, Tickets Closed, and how long type of report.
Good luck.
Jack
I'd definitely open a Trouble Ticket with Deposits and Withdrawals - Money Transfers as the subject. That should get it where it belongs quickly (or at least more rapidly than things seem to be going for you).
It would be my guess that the chat system is not monitored very closely by IB management, but I'd guess the Trouble Ticket system is, as I sure it it produces a Tickets Opened, Tickets Closed, and how long type of report.
Good luck.
Jack
Quote from Bell:
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.
Thanks for the info Bell. I've not been interested in using the trouble ticket system because on several occasions my trouble tickets have been 'lost' and remained unanswered for months.
Best regards,
MK
Final update on this matter. After getting a hold of mgmt contact details and contacting him via email the account was unfrozen within 1 hour. Total time the account was frozen for was 3 weeks. 1.5 of those weeks was spent trying to get it unfrozen with customer service reps. In the end all it took was mgmt to start asking questions and 1 hour later it was unfrozen. The incident is over and the funds have been wired out today.
For other people's reference, here is a summary:
- 3 weeks of unusable funds and lost revenue.
- 1.5 weeks of ineffectual customer service and didn't get anything resolved at all.
- Still no response from CSR or from mgmt contacted on what actually happened and why it was frozen for so long. Closest thing I have had was from mgmt saying he will chase up 'who dropped the ball and take appropriate action'.
- Resolved within 1 hour once mgmt became involved.
For other people's reference, here is a summary:
- 3 weeks of unusable funds and lost revenue.
- 1.5 weeks of ineffectual customer service and didn't get anything resolved at all.
- Still no response from CSR or from mgmt contacted on what actually happened and why it was frozen for so long. Closest thing I have had was from mgmt saying he will chase up 'who dropped the ball and take appropriate action'.
- Resolved within 1 hour once mgmt became involved.
Its good that management got involved mk.
Hopefully they will be able to look at your experience and make it better for people with similar circumstances in future.
Hopefully they will be able to look at your experience and make it better for people with similar circumstances in future.
Its good it worked out for you. IB is innovative, yet the customer service stories is what held me back from opening acct. Now that your issue is resolved, I'm not going to be as hesitant to open an acct with them in the future if the need arises.
MidKnight, sorry about your problems. ib is clearly erring on security. you must have carried out the process and something did not match their parameters.
Spectre2007, you seem to overlook those post's who clearly explain why the people who are complaining are making simple mistakes and that is what trips them up. then they blame ib because they are too simple to see their own mistakes. because there are purportedly a lot of these people just tells me that there are a lot of people who cannot follow directions. i have been with ib for many years and have wired money out on a monthly basis for as long as i have been with them.
funny thing is i did have my first problem last week. i created a wire to my wifes bank and it did not go through. sure, ib did not tell me that it did not work, they should not had to. why? because the rule is names must match! duh. i should have known, as they spell that out. how i am different is; i did not get pissed and blame them. i figured it out and then, was grateful for their security.
now, i like midknight , and i am in no way saying he should have made it work, just that i have found that it is usually the client who makes the mistep somewhere along the way and not ib. i am glad you are getting it resolved.