IB Security Device lost by USPS - cost me $40

T

Traderham

My security device went bad. I contacted IB and they gave me instructions on returning it. I used USPS and sent it to them via Certified Mail ($4.90). The tracking number shows it's stuck at some sorting facility for the past 3 weeks.

IB is now charging me $40. The customer service says it's my fault for 'losing' it.

My trading fees are hundreds of dollars per month. But they couldn't care less. $40 is no big deal, but it just puts a bitter taste in my mouth.

I really think that if there is proof that I mailed this back to them, they can (or should) reverse the fees for a good customer (been with them for over 4 years).

I'm not going to get another security device. None of my other brokers use such a thing. And I'm pretty computer savvy, so I'm not worried about my account getting hacked.

Just venting....
 
Quote from Traveler:

It would appear that your beef is with USPS not IB.
More...

It's more with IB than USPS. First, I followed all of their instructions on returning the security device. They recommended a traceable method, so I sent it certified. Second, every device has a life span. I had their device for over 4 years. Doesn't this depreciate? Wasn't most of it's life already used up (yes, I'm an accountant, so this is how I think). They still charge me full price as if it was new. Third, it would be in their favor to keep customers who generate good trading fees happy.

An example: One of my Seagate harddrives broke down under warranty. Seagate sent me a new one and I had to return the defective one. They provided a traceable method of returning it via UPS. The defective item was lost by UPS. Upon providing Seagate my tracking number and proving that I shipped it to them, they didn't charge me. They ate the cost of the harddrive since customer showed good faith in returning their product.

I've now learned that it would have cost about the same to send it insured rather than certified. I'm not in the shipping business, so I didn't know that. IB should give better guidance to customer's returning this stuff.
 
Here's your choices:

1. Take the loss and get a new security device.

2. Take the loss and get a card instead of the security device.

3. Take the loss then make Seagate your broker.:p
 
Mail 500 bucks toyourself insure it for $1000 ask USPS to leave at the door which they will prob do anyway without asking. From there claim there insurance for 1k and keep the 500 bucks you sent. Claim small enough to settle without them spending to much time. I say mail to yourself to prove their stupidity.
 
certified mail probably have some insurance. dunno inside the country,but if i sent package overseas-it's automatically insured for 100$, regardless to what's in it.
 
Quote from BSAM:

Here's your choices:

1. Take the loss and get a new security device.

2. Take the loss and get a card instead of the security device.

3. Take the loss then make Seagate your broker.:p
More...

I had a card for my IRA account and a security device for another account. I hated the card, so I merged both accounts to the security device. And Segate as my broker?? Interesting. I'll have to look into that :)

And folks, in my original post, I mentioned I was just venting. This means I'll take the loss and move forward with life. I had a really good day in the market today, so I'm feeling better :-) Just a heads up to anyone else returning one of these. Just insure it.

And on my receipt (certified mail receipt), it says "Domestic mail only; No Insurance Coverage Provided". I have also learned that if I had sent it by UPS, it would have been insured up to $100 automatically.

All I can do is get my $4.90 back from USPS. But not sure if that's really worth the trouble. Lesson learned.
 
You should have either sent it via UPS since they provide $100 insurance in their base rate or insured your USPS shipment. But having said that, it probably will show up at some point. While there's a small chance it actually was stolen from USPS, most likely it got stuck in an overlooked bin or bag and will eventually get back into the system.
 
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