IB Made an Error. Will They Fix It?

Quote from lpope:

you just need to be patient. my experience is that they will do right by you. i wish ib were better as there are no efficiencies to be gained by taking months to resolve customer issues.

my customer service experiences this year:

1) incorrect order execution. i had an outstanding limit order for a stock and after a large dividend ib didn't reduce the limit price like they should have per nyse rules so the order was executed at an unfavorable price. after a bit over three months, ib made me whole on my losses due to the erroneous execution.

2) tax reporting issue. an interest payment was miscategorized as a qualified dividend on my 1099. they fixed it after a bit over four months.
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I'm glad to hear they did the right thing in your experience. I'm just surprised to hear that it took so long. I thought a 6 weeks was more than patient. Here's the response they just sent me.

----This request has been escalated for review by senior management. At this time we have yet to receive a decision.----
 
Quote from cohenmichaela:

Just updating everyone to the status of this issue. I still have not received a response from IB for the original $6300 loss incurred due to their incorrect daily statement. I sent this to them moments ago. I'm hoping to hear back from them soon...



----It has now been over a month and a half since this ticket was opened. I understand that it takes time to review the details of this issue and resolve it but I fail to see why it has taken this long. Everytime I've inquired about the status I have been told to have patience, it is being reviewed, and the person reviewing it is in Switzerland. I have given ample time for IB to respond. Any further delays is completely unacceptable.

I would like this ticket escalated immediately. I find it ridiculous that it has taken this much time for someone at IB to give me a formal response.----
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How come it takes so long?

My local broker once admitted the mistakes and refunded money within a few days.

Big difference!
 
Quote from cohenmichaela:

I'm glad to hear they did the right thing in your experience. I'm just surprised to hear that it took so long. I thought a 6 weeks was more than patient. Here's the response they just sent me.

----This request has been escalated for review by senior management. At this time we have yet to receive a decision.----
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It has now been over two months since this incident. Was it resolved?
 
Quote from cohenmichaela:

I'm glad to hear they did the right thing in your experience. I'm just surprised to hear that it took so long. I thought a 6 weeks was more than patient. Here's the response they just sent me.

----This request has been escalated for review by senior management. At this time we have yet to receive a decision.----
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That is ridiculous, plain and simple. When my broker overcharged my a little on comm they refunded in 2 days. IB has it's pros and cons like most, this is a major con as I see it. They are making money off your interest. Imagine how many others get the shaft with so many customers. Thanks for sharing.
 
Quote from dandxg:

That is ridiculous, plain and simple. When my broker overcharged my a little on comm they refunded in 2 days. IB has it's pros and cons like most, this is a major con as I see it. They are making money off your interest. Imagine how many others get the shaft with so many customers. Thanks for sharing.
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If IB overcharged you a little on comm (and because they have great systems they, unlike your other broker, might well not do it) then they would also refund it quickly.

In each of these threads in the past where significant time has passed and the issue has actually been explained to ET'ers the issue has proved a lot harder than "a little on comm." This is stated to be about a $6300 loss alleged to have been caused by an incorrect daily statement not "a little on comm."

I'm not saying whos fault it is because I don't know but

"As for who's responsible for the error, the only thing I know is that it wasn't me. If it's my broker (which in this case it is) then they should fix it. If it's CME Clearing, then they should fix it. There's not much gray area here regardless of the paperwork I signed. I understand there are times when a trader can take a loss due to an unforeseen issue where liability can't be pinned on any specific organization. The paperwork I signed says I accept that risk (such as technical problems on my side or that of my broker where I can't get out of a trade). That is not the case here. "

isn't a simple mistake on a little commission. Such a statement makes you look a lot less intelligent than I expect you are dan.
 
Quote from kiwi_trader:

If IB overcharged you a little on comm (and because they have great systems they, unlike your other broker, might well not do it) then they would also refund it quickly.

In each of these threads in the past where significant time has passed and the issue has actually been explained to ET'ers the issue has proved a lot harder than "a little on comm." This is stated to be about a $6300 loss alleged to have been caused by an incorrect daily statement not "a little on comm."

I'm not saying whos fault it is because I don't know but

"As for who's responsible for the error, the only thing I know is that it wasn't me. If it's my broker (which in this case it is) then they should fix it. If it's CME Clearing, then they should fix it. There's not much gray area here regardless of the paperwork I signed. I understand there are times when a trader can take a loss due to an unforeseen issue where liability can't be pinned on any specific organization. The paperwork I signed says I accept that risk (such as technical problems on my side or that of my broker where I can't get out of a trade). That is not the case here. "

isn't a simple mistake on a little commission. Such a statement makes you look a lot less intelligent than I expect you are dan.
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I understand you point Kiwi, I do. My point is, regardless of the dollar amount, if it's clearly IB's mistake( yes I am showing bias ) , then they need to repay the money right away. Plain and simple. That kind of money is change to IB. You and I both know that.

We can agree on this..........you like IB and I don't care for them at this point. In IB's defense ( because I try to always be as objective as possible ) they sent me my ACH withdraw so fast I was shocked. Maybe I will reconsider in the future. At this point, since I only trade futures, I am very happy at Velocity. I like the $500 intraday margin and I am not,at this point, concerned about it being too little for the safety of the firm.
 
Quote from traderdragon:

Dont expect them to fix anything.
I had an even more blatant error several months ago.

My system put in a market order for 2000 shares of a stock in the morning.

I didnt notice it until 3 hours later.

The audit trail shows the order was accepted and sent to the NYSE. The transmit bar was green.

I got no fill, none. At my exit signal, I would have made $4000 on this trade.

I started a conversation with IB. They just kept blowing me off and making excuses until I gave up.

This is what I expect from them. My time is too valuable to fight over $4000, but im pissed about being robbed for 4G's anyway.

Some may argue that 3 hours is too late. Fine. But it still pisses me off.
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how much time did you spend communicating with IB?
 
I think the first mistake the original poster made was to start up this thread the day of the mistake. It shows an inherent distrust in IB to fix the problem, disclosing it in a public forum. Now I know it is very tempting to do this, as you think it will provide a little extra pressure for IB to deliver on any errors that occurred on their part. However, I wouldn't be surprised that your act of making the issue public has delayed the response time.

I have been guilty of hypothesizing and attributing blame to IB when it wasn't warranted - it is an easy way to deal with unfortunate situations. The key is just patience, even though it seems difficult. IB is not out to hose you. However, when a customer brings accusations to public boards such as this, expect some heat coming from the other side of the ball. Next time, why not just wait for the final IB ruling before taking it to EliteTrader?
 
I am happy to report that IB has made the decision to reimburse me for the loss I incurred due to the incorrect statement they published. This decision was made today shortly after I made it known to IB that my patience was running thin on waiting for their response. Please understand that my harsh tone was mainly due to the lack of timely response I felt I was experiencing. It has been over 3 months since this ticket was opened. Once a month I would ask for status and was told that senior management was reviewing it. Well...here's the communication with customer service.



2006/10/11 11:01 cohen777 : It has now been a month since the last update which verified that senior management "confirmed they are reviewing your request". It has also been 3 months since this ticket was opened. I have come to the conclusion that senior management is not very efficient at "reviewing" things.

At this point I feel helpless in this situation. I will begin to explore my legal options soon.

2006/10/11 12:13 pamb : Mr. Cohen, I've tried to reach you to apologize for the long, frustrating delay. While this is no excuse for the length of time that this process has taken, there are so many review layers that something like this goes through, things get bogged down. I know this is of little consolation to you.
The credit request has been approved, reviewed and now cashiering needs to process it so that it will reflect in your account. A note was sent this morning to please expedite the posting of the funds to your account. IB does appreciate your extreme patience on this and I will again attempt to contact you this afternoon.


Shortly after receiving this message Pam did contact me. She apologized for the delay and reiterated that she was monitoring the case and communicating with management regularly to get the situation resolved. Pam was very understanding of my situation and I believe she represented IB customer service with excellence. She made me aware that customer service unfortunately didn't have the authority to resolve this case and the delays experienced were at the management level during the review process.

All in all I am happy with IB has a company. I would of preferred a more expedient resolution to my problem however, in the end I think the right decision was made. I plan on staying with IB and am heartened by the personal response of Pam, the IB customer service representative.

Here is my written response in the ticket.



2006/10/11 15:33 cohen777 : I am relieved to hear that this issue is finally resolved. I was greatly concerned with the elapsed time since the ticket was opened. However, I am obviously pleased that IB has done the right thing and reimbursed me for the statement error.

I still believe IB offers the best product at the best price. I also now believe that customer service will do the right thing in the long run for the customer. The only aspect of my experience with IB that is unsatisfactory is the response time in resolving the issue.

Regardless, I'd like to say thank you for assisting in the resolution of my case.
 
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