IB - Straighten out your f'in Bookkeeping!

I've been trading with IB for something like 10 years or thereabouts. I don't do my own taxes. I send all the paperwork to my CPA, who does them for me. He double checks IB. No errors. In fact, he loves this Schedule D that IB now puts out.

If my CPA has no difficulty, and you do, guess who I'm going to believe?

OldTrader
 
Bob:

Looks like three $10 fees:

1) ARCA Book

2) Data Feed fee when commissions <$30

3) Monthly Minimum Fee. Charged if account activity is <$30 commissions. The monthly minimum description (Activity Fee) is poorly written but I think it works such that once you hit $10 in commissions the fee goes away. However, the commissions are subtracted from the fee so if you do $10 in commissions there is no Activity fee but you'd still have to pay the Data Feed fee as you didn't make the $30 minimum there.

Jack
 
Quote from OldTrader:

I've been trading with IB for something like 10 years or thereabouts. I don't do my own taxes. I send all the paperwork to my CPA, who does them for me. He double checks IB. No errors. In fact, he loves this Schedule D that IB now puts out.

If my CPA has no difficulty, and you do, guess who I'm going to believe?

OldTrader
More...

has there ever been a negative thread about IB in the history of ET where old trader hasn't come in to assail the "offending party"?!?

makes one wonder what motive would drive someone to have such a tireless obsession to defend IB- doesn't it.
 
Quote from Bob111:

anyone else got charged $10 SEC fee on 02/5/2010? i got this on one account (not active),but no fees on others.
What is it for?

Thank you!
More...

That is not a SEC fee, it is the Securities and Commodities Exchanges data fee charge of $10 for not paying $30 in commissions.

If the account is not active you would be better off moving it to another broker or put it in an IB advisor structure with an active account or accounts.
 
Quote from Full Tilt:

makes one wonder what motive would drive someone to have such a tireless obsession to defend IB- doesn't it.
More...

Tilt
are you an IB customer?
 
Quote from jeb9999:

That is not a SEC fee, it is the Securities and Commodities Exchanges data fee charge of $10 for not paying $30 in commissions.

If the account is not active you would be better off moving it to another broker or put it in an IB advisor structure with an active account or accounts.
More...

Thank you for explanation,but i'm still puzzled....I've been with IB for a decade or so and i see this fee for first time. i have couple absolutely same not active accounts(i only trade stocks and some corp.bonds,no futures or commodities and i do not have any data subscriptions from IB for those products) and no such fee on those accounts..
i open a ticket 5 days ago..no answer..
 
FWIW, the last few years I've never been able to match the total proceeds as reported end of year by IB, with the total proceeds generated by tradeLog based on importing the trades from IB.

There has always been a small difference of less than $25. Since reporting a number different from IBs official total proceeds is an IRS audit flag, this is somewhat irritating.
 
02-10-10 12:31 AM
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Quote from Full Tilt:

makes one wonder what motive would drive someone to have such a tireless obsession to defend IB- doesn't it.

Quote from rcj:

Tilt
are you an IB customer?
More...

still waiting, ol buddy. Yes - No ??
 
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