IB"security"...nearly cost me my job. awful

Quote from giles117:

How new is this protocol??? It is at minimum 2 years old..... SO I take it he didn't have the Security Device....

Hmmm.... Sounds like HE almost cost HIMSELF his job....


For those who dont understand....

http://www.interactivebrokers.com/en/accounts/secureTransactionProgram.php?ib_entity=llc
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1. we are a non-us based brokerage institution...there are restrictions for some reason. look at the "institutions/ brokers" restrictions. we have nevr had problems with our other insitutions to include Wachovia, Penson, oppenheimer, saxo bank etc.

2. we didnt deal online...we are going direct to the source with signed letters and Copies of IDs to avoid online fruad restrictions. ..still hasnt helped.

3. we have been promised the money again today....i will keep you guys updated.
 
But did you get those really cheap commissions? This is what you get when commission price alone is the biggest factor. All is great so long as all is great, but when there's an issue how does your broker respond? This is where IB falls flat on its face, and just about every god damn time from what I read. I'll happily pay more in commission for better service. Furthermore I don't need a six or seven figure account to get that better service. I guess if you're trading a few million shares on some obscure exchange, IB may be the place. Other than that, it's for shit!
 
Quote from giles117:

Considering that people can buy fake id's for next to nothing.......
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good point. there are IDs on file to compare and there are also registered signatures on file. We had to send these to open the account.

IB called the CEO as the register person on the account for autorization with about 10 different clearance questions, everything cleared...still no money.
 
I concur, sounds like all the violations of the policy they set forth put the account in "fraud alert" status, which means things get bogged down as they do all the checks the might have to do. I have run into this once or twice at my Bank... Being overly aggressive and then shut down because I wanted to dance around their policies at times...

Those A-Typer personalities man....

Let us know how things play out....
 
Quote from dac8555:

good point. there are IDs on file to compare and there are also registered signatures on file. We had to send these to open the account.

IB called the CEO as the register person on the account for autorization with about 10 different clearance questions, everything cleared...still no money.
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Sounds like the hell I went through at Etrade a while back. I answered tons of Q's ,etc... just to access my account and it took them 4 weeks from "authorization" to me being able to use the account. After that nightmare, I left.
 
Quote from CaptainObvious:

But did you get those really cheap commissions? This is what you get when commission price alone is the biggest factor. All is great so long as all is great, but when there's an issue how does your broker respond? This is where IB falls flat on its face, and just about every god damn time from what I read. I'll happily pay more in commission for better service. Furthermore I don't need a six or seven figure account to get that better service. I guess if you're trading a few million shares on some obscure exchange, IB may be the place. Other than that, it's for shit!
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the salvation of the deal is that we were trying them out to be our provider for our US based operations. LUCKILY this was not client money, but company money. If we had screwed aclient over this...lots of people would have heard about it and our rep would have been damanaged.

We have around $20mm in client money to send to someone...not going to be them.
 
Quote from dac8555:

3 WEEKS LATER...of the $500k we only have $100k trasfered.
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Trade the money out into one of your other accounts,
then transfer from there.

Find an instrument where the spread is large in proportion
to the mid. You figure the rest out. Technically against the
rules, so if you are caught don't tell them where you got
the idea.

You are about to be fired, so what do you have to lose?

Your buddy,

Dr. Lizardo
 
Quote from Surdo:

This account would be properly serviced at a Prime Broker like GS, not a retail shop.
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Yeah, can you imagine this happening at Goldman or Merrill Lynch? I can't. This transaction would have been confirmed and completed in 48 hours max.

That's what they mean by "value added" services.
 
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