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

Look, if you want a good to great order platform go to IB. If you need the services of a real broker (which your corporate outfit would need) got to a real broker.

Some of the real brokers with services also have excellent execution platforms. If you are managing money for others IB is, in my opinion, not a real partner.

It is an order execution platform. Not too much more. You get what you pay for. If that is what you need, it's absolutely fine.
 
Quote from DHOHHI:

IB states "Customers without the security device will be limited to a maximum withdrawal of $100,000 per business day". The math is simple ... if you want to withdraw $500,000 then it could be done in 5 business days. 3 weeks is a lot longer than one week and per IB's own statements the $$$ should have been sent to the client by now. The client shouldn't have to jump through hoops for something so simple as the withdrawal of funds.
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If the customer had signed up for the STP program, none of this would be an issue. It is his own fault for not signing up for the STP program. For him to start this thread to publicly bash IB about something under his own control makes him look like a whiner to me.

As for the $100k a day limit, we don't know the real scoop here. It could be that there is something else going on that we don't know about it that forced IB to delay the withdrawals. The way the original post was written makes me not trust the starter of this thread at all. And again, its his own fault for not signing up for the STP program in the first place.

I would say 95% of the "bitching at IB threads" that get started on ET are not due to the fault of IB, but due to the fault or ignorance of the original poster. I am just playing the odds here until proven otherwise.
 
Quote from demoship:

Yep.. your own fault you didn't get the STP device.. also seems kind of odd your big company couldn't come up with $500K to use until the issue was resolved, and sat around and "lost a ton of money" because you missed an opportunity instead.
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this comment and many others are being posted becsue you guys havent read the whole story...

I read and undertand very well the rules. We are a foreign institutional broker dealer and the STP device does not apply to our circumstances. That isuue was delt with and pushed aside acouple of weeks ago. that is not the issue here.

By the way, as far as IBs side of the story, they have apologized left and right...but still no money.

Again it was promised at the end of today before 5:00 NY time...and funds status still shows that the reaminder of the balance hasnt moved.

I am done with the rest of you that have not read the enitre post and are insulting me without understanding.

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for the rest of you.


I like IBs platform..i really do. You kow i ready an artilce about IB founder in a magazine a while back...tradery monthyly, registered rep, or one of those. Apparently the founder is a really stearn bottom line guy (sort of a genius that dodnt really get along with anyone) that that wont even go as far as to send a car to the airport when his biggest clients come to town. he used to really buck the system when he was on the floor of the AMEX...and has made a superior product on the front end.

But i dont think the company ever had any back end focus or resolving customer porblems focus. this part is vital.

For those of you "that are in the business" like i am...you understand that it is a trust business...plain and simple. If you cant trust someone to get something done...the relationship desintigrates.

I go throught an insittuional middle office in panama that has been helping me try to solve the problem...we are getting together next week to write a letter to the top brass at IB.

Mistakes happen. we all know that. but the cardnal sin comes when that mistake cant be quickly and easily resovled...especially in this business where lots of money is at stake.

I think IB has put safeguard in place to the point to where they cant easily solve problems...until that is resolved, i hold my ground.
 
Quote from sprstpd:


As for the $100k a day limit, we don't know the real scoop here. It could be that there is something else going on that we don't know about it that forced IB to delay the withdrawals. The way the original post was written makes me not trust the starter of this thread at all. And again, its his own fault for not signing up for the STP program in the first place.
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The key note in his thread is he tried to get another 100K and then another 100K and each time the account was frozen Why was the account FROZEN... What were the details.. What did they disclose to him about WHY his account was frozen....
 
Quote from sprstpd:

If the customer had signed up for the STP program, none of this would be an issue. It is his own fault for not signing up for the STP program. For him to start this thread to publicly bash IB about something under his own control makes him look like a whiner to me.

As for the $100k a day limit, we don't know the real scoop here. It could be that there is something else going on that we don't know about it that forced IB to delay the withdrawals. The way the original post was written makes me not trust the starter of this thread at all. And again, its his own fault for not signing up for the STP program in the first place.

I would say 95% of the "bitching at IB threads" that get started on ET are not due to the fault of IB, but due to the fault or ignorance of the original poster. I am just playing the odds here until proven otherwise.
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again...read...the STP progam doesnt apply in my case...this is not an individual account.
 
So the STP did not apply???

Then why do they offer this to ALL customers (it doesnt stipulate country.) who desire to withdraw more than 100K at a time...

Seems kind of odd.....

Especially seeing that you didnt establish yourself (in this thread) as a BROKER.... You merely stated YOUR company... has a Large Account... Which puts you in the position of an ADVISOR, or this as an institutional account. SO how does this not apply????

Confused.....
 
Quote from giles117:

The key note in his thread is he tried to get another 100K and then another 100K and each time the account was frozen Why was the account FROZEN... What were the details.. What did they disclose to him about WHY his account was frozen....
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well something triggered in their internal processes that froze it obviously. but we were following their instructions on how to do it...which again points back to me that there are overlapping safeguards that conflict with each other and hinder progress in some way.

If there was an error made on our end, it was not obvious to us nor was there and obvious way to fix it efficiently. i think that is the issue here. overdoing security to the point to where people cant move their money the way they need to.

what do you want me to say?..the boss of the professional services division promised it would be done...a few times and it still ahsnt been done.

Wire transfers are VERY basic things.

you want to keep insulting me?
 
Quote from dac8555:


you want to keep insulting me?
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Didnt think that was the goal. We just find this odd. In my short life, anytime I see massive headaches like this, they can almost always be traced back to something I didnt do that I overlooked and didnt get clarification on.... (Etraitors was an exception. LOL)

SO in our "hang the complainer" quest, we are also seeking answers to ensure we don't wind up in a similar position.
 
Quote from sprstpd:

http://www.interactivebrokers.com/en/accounts/secureTransactionProgram.php?ib_entity=llc

Looks like STP applies for all account types except for Broker in which case there are no withdrawal restrictions. Which class do you fall in?
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we are a broker. the account is owned by the owners of the brokerage. it is a company account...therefore it is an individual corporate account. we are a non-us entity.

I dont think this is the issue.

listen it is late on friday...i am going home.

____________________________________

what you need to understand is the following

The proper procedures were followed and the money was promsed per IB. for some reason some type of internal conflicts which we dont understand have not allowed for a very routine wire trasfer for a reasonable amount to take place in en efficent manner.

it is promised day after day, it doesnt arrive day after day.

what should be simple and routine...IB has apparently made quite complicated for some reason. If you ask me.."security measures" have been overdone, or done in an ineffiecient manner not allowing for rectification.

have a good weekend guys.
 
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