IB is getting serious...

[lundy]

did u see me blame them for my own faults? no DUMB ASS. You are just a guy who likes to kick people who are on the ground...

the difference between u and me is that I accept my faults, and try to correct situations like these... you would probably walk away.

 

[lundy]

you are probably just a smug IB customer.... good for you. I just see you as a frog in a pot.

try not to confuse the issue Alter, we are talking about IB's business. You can start another thread and devote it to me if u like.

 

[StockApprentice]

ANY Accounting error would bother me and is serious.

Assuming that IB was in error, if they couldn't recognize their error of 70 cents I would quickly wonder what their behavor would be like if the error was for a larger sum of money.

70 cents is no big deal, but in the accounting world 1 cent in the wrong place f*cks things up.

 

[BSAM]

Quote from StockApprentice:

ANY Accounting error would bother me and is serious.

Assuming that IB was in error, if they couldn't recognize their error of 70 cents I would quickly wonder what their behavor would be like if the error was for a larger sum of money.

70 cents is no big deal, but in the accounting world 1 cent in the wrong place f*cks things up.

Well stated Stock. Of course, as most of these type threads go, we don't know all the details. Although I'm a big IB fan, something doesn't feel right from what I've seen here on this thread, concerning this particular problem. Perhaps def will appear on this thread and offer some further information.

BSAM

 

[billb2112]

I'm not even sure I believe this story ...

Seems too urban legendish to me.

 

[billb2112]

Yes, but the small 2K or 5K accounts don't even have the option to use Track Trade given that there is a 30K minimum to open an account.

Quote from rickty:

IB's no longer the least expensive broker on the block. TrackTrade recently aggressively lowered their commission rates. http://www.tracktrade.com

Given IB's history of customer support, I suspect there will be more people leaving (voluntarily). However, in all fairness they're probably still good value for most people with small accounts.

Richard

 

[sprstpd]

Quote from StockApprentice:

ANY Accounting error would bother me and is serious.

Assuming that IB was in error, if they couldn't recognize their error of 70 cents I would quickly wonder what their behavor would be like if the error was for a larger sum of money.

70 cents is no big deal, but in the accounting world 1 cent in the wrong place f*cks things up.

I found the thread on Yahoo and the conclusion was this:

Just wanted to post the conclusion of that error. Somebody called from
IB, we found that the problem was 1. A discrepency between the TWS
account balance and the actual statement, and the 'lost' money was
attributed to an option cancellation charge. Since I do not recall this
event and the amount is too trivial to quibble and the explanation is
very plausible I have accepted it.

So apparently this person was arguing with IB about an accounting discrepancy of 70 cents. And it turns out the discrepancy was due to a cancellation fee brought on by their own actions.

Now suppose this person became really agitated and aggressive over this 70 cent problem and claimed IB owed them 70 cents, blah blah blah. And then suppose it turns out it was just a cancellation fee. Depending on the severity of the customer's agitation, I can see IB telling them to close their account. I'm just theorizing - don't know the real details.

 

[Steve_IB]

Just to alleviate some of the fears expressed in this thread.

I can assure you all that there was no accounting error in the account in question.

As for some of the other comments from persons such as rickty. I assume that you have not been a customer for quite a while. IB has been very active on improving our customer service from top to bottom - from the speed it takes to pick up a call to the eduction and attitude of the CS rep. Not always an easy feat when you consider that the TWS is updated with "customer- requested" new features every couple of weeks, and that IB offers access to so many exchanges.

 

[AAAintheBeltway]

Quote from StockApprentice:

ANY Accounting error would bother me and is serious.

Assuming that IB was in error, if they couldn't recognize their error of 70 cents I would quickly wonder what their behavor would be like if the error was for a larger sum of money.

70 cents is no big deal, but in the accounting world 1 cent in the wrong place f*cks things up.

I have a LOT of time for IB. They are the best friends small traders have ever had. Without IB, we would still be paying BS commish and forget getting any kind of break on globex either.

But I have to agree with the above post as well. ANY accounting error is unacceptable. Multiply it over tens of thousands of accounts and you're talking real money. Also, one of the oldest frauds is to create a program that skims a few cents off every account and deposits it in the crook's account.

I'm relieved that the customer apparently admitted that she was in error.

 

[MR.NBBO]

After using IB for tens of thousands of transactions I've found them to be about 99.99++++% accurate. When it is off, it's never by more than a very trival amount (cents) & usually due to some strange accounting event (fractional share sales, fractional dividends etc.) They always fix it promptly if you care to bother with it.

The accounting at IB is some of the best I've seen from ANY broker.

Remember that these nimrod issues that customers pester brokers with will cost them at least $15-20 each time to respond.

IB should be a $25k minimum broker....it would get rid of the costly customers.