[IB] Freezing your account for their benefit

[nove]

Isn't "simple instructions" a deliberate oxymoron?

Was freedom through work the phrase that implied that Jews would escape the concentration camps if they only followed the simple instructions?

 

[nonam]

By the way, this breakdown in the process would not have happened had you followed the instructions correctly. IB simply needs a better process in place to deal with those who can't follow simple instructions.

OldTrader
Could you please confirm that IB instructs users not to edit transfer requests?

 

[MidKnight]

Quote from OldTrader:

Maybe what you need to understand is how this all got started. Then maybe you can understand that it was a breakdown in the process.

By the way, this breakdown in the process would not have happened had you followed the instructions correctly. IB simply needs a better process in place to deal with those who can't follow simple instructions.

OldTrader

Why do you argue constantly, I already acknowledged that I made mistakes creating the new wire instructions due to not being able to match the fields on the form. What is the point of your post? The whole problem was that my account was not unfrozen in a timely manner.

I'm not interested in pursing this conversation with you - I have yet to see you make any non-arguementative posts against people who are dissatisfied about something IB does. I'm done discussing this with you.

 

[jagmot]

Quote from MidKnight:

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

MK - sincerely glad you got your money and its horrible that it took so long. That being said, this should be a valuable experience to you that you should always have an emergency account (yes the yield might not be as good as somewhere else but you need to have something that can write checks and/or bill pay), and you should never have multiple brokers as backup.

I've been with IB for 7 years and I have never once had them lose a web ticket that I've filled out.

"Fool me once, shame on you. Fool me twice, shame on me."

 

[Bell]

Quote from OldTrader:

By the way, this breakdown in the process would not have happened had you followed the instructions correctly. IB simply needs a better process in place to deal with those who can't follow simple instructions.

Did you ever do international wires [and this guy is from New Zealand] requiring up to TWO correspondent banks filled into IB form? I bet you didn't otherwise you would learn this is not as simple as someone inexperienced may expect.

 

[kiwi_trader]

So it appears that the most important lessons to take from this thread are:

- be really really really careful filling out IB's money transfer forms

- old trader is confirmed to be an irascible old prick.


Its good to get that much from one thread .

 

[zdreg]

Quote from chauncey1:

Money is liquid at IB.

I transferred up to 1.5M in one day without no problem, even recently from different accounts, so liquidity is not an issue.

Its usual that traders thinks the world are against them and that the broker for some reason wants to fuck you for some reason.
The truth is that none is such important, i do have the freeze problem once editing a wire transfer. Its really annoying and got fixed in 48hs after i spoke with someone in funds and banking.
Of course IB don-t want to keep the money of one individual investor, they have an stupid system without plan B in case you did something they think is wrong.

The problem came up with their stupid security protocols totally different to the rest of the brokers, and if you cant adapt to them, then you will feel the pain. Pretty annoying, but once you have everything set, it works really good.- chauncey

So, its hard to say if it is good or is a shit, it may work for some people and don-t for others, so, there is no absolute answer on that.
I continue choosing IB and using it, but i understand that no all the people have the same patience and its OK.

PS. They should have a plan B like the other guy say with some letter of instruction or something else.

that is the point IB is different from other brokers.
"The problem came up with their stupid security protocols totally different to the rest of the brokers, and if you cant adapt to them, then you will feel the pain. Pretty annoying, but once you have everything set, it works really good." chauncey



i would not call their "security protocols stupid". if the process had been properly automated for a correction for errors this fiasco would not have happened .

(again, international wires with the use of 1 or more correspondent banks are particularly prone to error by even the most experienced)


the question is whether the security device was used with the attempted wire. if it was used there is absolutely no excuse for the action of the co.

 

[sprstpd]

Quote from nove:

Isn't "simple instructions" a deliberate oxymoron?

Was freedom through work the phrase that implied that Jews would escape the concentration camps if they only followed the simple instructions?

I'm glad that you brought up this point. It really applies here and I for one am a better person for reading it.

 

[OldTrader]

Quote from kiwi_trader:

So it appears that the most important lessons to take from this thread are:

- be really really really careful filling out IB's money transfer forms

- old trader is confirmed to be an irascible old prick.


Its good to get that much from one thread .

Just couldn't refrain from a little of your usual name calling eh? What a fucking wanker!

OldTrader

 

[Cutten]

I sent a withdrawal instruction (wire transfer) on Friday and spoke to a rep today who confirmed it. I haven't have any problems so far. Since I'm outside the US it can take up to 4 business days for the funds to be credited. I will post back to let you know if the money came in. If so, then it would appear it's not a systematic issue with IB, but rather something specific to your circumstances.