Nightmare on withdrawing your fund from IB ...continue

[lianjieman]

Quote from kiwi_trader:

So, lets get this right. You, who had never posted on ET before this, and acted like an independent party even on the last page, know Ted's situation very well? You both get very rude when you think people oppose you - what's your relationship exactly?

kiwi_trader

I have been very patient with you. Please read my previous message again ---> http://www.elitetrader.com/vb/showthread.php?s=&postid=1002999#post1002999
If it's really beyond your comprehension, ask your IB boss to read it and explain it to you.

 

[lianjieman]

Quote from 2cents:

lianjieman,

i can relate to Ted's frustration, i wanted everybody shot at Citibank when it happened to me, and i too was offering to help all along, and i too felt stonewalled, but the reality was different as i found out later... the reason my Citibank private banker wasn't getting back to me is, she was killing herself trying to get this fixed, and she just didn't know what to tell me, because it was to a great extent out of her hands, because its not just one entity involved, but many... and i was calling left right and center, my broker, Citibank, everywhere, trying to 'help', but i wasn't helping...

again, 'my' story, Ted's is probably quite different in a number of respects... learning point for me, what i perceived as 'arrogance' from Citibank was for the most part 'embarrasment' at their end, nothing more...

look its a leap of faith of course, but perhaps its worth for Ted to take a second look now... things are not always what they seem...

2cents

I got get some sleep. Maybe we can talk about it tomorrrow?

 

[kiwi_trader]

Quote from kiwi_trader:

So, lets get this right. You, who had never posted on ET before this, and acted like an independent party for 50+ posts even on the last page, know Ted's situation very well? You both get very rude when you think people oppose you - what's your relationship exactly?

Come out of the closet lj. What are you: a broker who's trying to take his business over? His brother? His lawyer?

You've pretended to be a disinterested party who just happened to join ET and start posting on this subject. You've been unacceptably rude while pretending to have the high moral ground. You've accused half the posters of working secretly for IB. But you don't seem to be who you pretend to be.

Just answer the question lj.

 

[def]

Quote from TedZhang8:

======= Attention =======

For whatever reason, the thread "Nightmare on withdrawing your fund from IB" I created two days ago was mysteriously deleted. That took away the only channel I could get some response from IB regarding my situation.

(If you haven’t read the deleted thread, my situation is that:
I tried to close my over a half million dollar account at IB at the beginning of this year. For whatever reason, the funds were returned back very slowly for the past two month and so. As of today there are $75k still not returned. I have emailed and called IB many times. Most of the times, I got stonewalled. Out of frustration, I posted a thread “Nightmare on withdrawing your fund from IB” two days ago. I just found out that thread was deleted without explanation.)

If you are not from IB, you question to me is very unlikely to be answered since I am a very busy trader.

If you are an IB employee, any of your assistance to speed up the return of the remaining fund would be appreciated.

To def (Interactive Brokers)

I sent IB another email on Tue 3/7/2006 3:51 AM est. after I have sent many emails to IB before. I haven’t got any feedback from IB regarding the status of the remaining fund. It would be appreciated if you can contact them one more time and let me know the situation. Everyday delay will cause extra damage to me.

Given your public request of me, I will reply in this forum as opposed to PM.

I urge you to read your email from Interactive Brokers dated Feb 22nd. 2006 at 5:11 PM. It clearly states the situation and does mention we are waiting for another party to act. The correspondence is clear and is probably why no one responded yesterday. I urge you to contact your credit union. Prod them, push them, visit them because until they act there is nothing we can do. I know that our F&B has been in in contact with them (I can even give you the name of someone to talk to on your side). However, as you are their client, you might be able to convince them to take action faster.

So I'll repeat one last time to make it clear to all of those lurkers stirring the pot. There is nothing we can do until your credit union acts. They can either accept the funds sent to them with the instructions provided or formally reject the funds so we can reissue the wire.

 

[A Dashing Blade]

Quote from def:

. . . There is nothing we can do until your credit union acts. They can either accept the funds sent to them with the instructions provided or formally reject the funds so we can reissue the wire.

Seems a pretty straightforward reply to me.
Problem is not IB's end, it's down to the OP to sort out (what a surprise!).
I'd call this thread closed.

 

[2cents]

oftentimes, problem's when people can only see / think in terms of black or white answers to everything mate......

 

[timmyz]

i'm going to stick my nose in here since disappearing threads always catch my interest. can i assume that someone from the broker (IB) asked the board's administrator to delete the thread?

what is the root cause of the customer's credit union not receiving the wire in the first place? a U.S. domestic transfer is standard procedure, done a million times a day. the receiving bank just sits there waits for the electronic wires using well established protocols and procedures. so it would seem, to me, that if there is a problem, it originated from the sender. the sender either 1) did not follow established protocols or 2) provided incorrect information.

if the root cause of the problem is #1, then clearly it's the broker's fault.

if the root cause of the problem is #2, then who provided incorrect information? did the customer give ib incorrect wire instructions?

just because the ball is currently on the customer's side of the court doesn't mean the customer caused the problem.

that's my 2 cents.

Quote from def:

Given your public request of me, I will reply in this forum as opposed to PM.

I urge you to read your email from Interactive Brokers dated Feb 22nd. 2006 at 5:11 PM. It clearly states the situation and does mention we are waiting for another party to act. The correspondence is clear and is probably why no one responded yesterday. I urge you to contact your credit union. Prod them, push them, visit them because until they act there is nothing we can do. I know that our F&B has been in in contact with them (I can even give you the name of someone to talk to on your side). However, as you are their client, you might be able to convince them to take action faster.

So I'll repeat one last time to make it clear to all of those lurkers stirring the pot. There is nothing we can do until your credit union acts. They can either accept the funds sent to them with the instructions provided or formally reject the funds so we can reissue the wire.

 

[ktm]

I doubt the problem was ever on IB's end.

IB needs to be very careful to keep from getting ripped off by these two...and it seems they are doing so. They may be running some kind of scam where they get the wires in limbo and get a second wire sent and try and make off with both wires. Not unlike the gent who sent checks to two brokers for the same account, only to trade one acct against the other and make off with twice the funds. Although he did get caught, brokers now have to wait until checks fully clear before releasing funds.

Wires are not complicated and IB is far from new at dealing in electronic funds transfers. The problem rate for these transactions (especially within the US) is very very small. Given that and the very aggressive public campaign by these two on this board, I don't think it's a stretch to think something is seriously amiss with this situation. IB is absolutely right to ensure that these jokers aren't paid twice.

 

[Option Trader]

Quote from def:

Given your public request of me, I will reply in this forum as opposed to PM.

I urge you to read your email from Interactive Brokers dated Feb 22nd. 2006 at 5:11 PM. It clearly states the situation and does mention we are waiting for another party to act. The correspondence is clear and is probably why no one responded yesterday. I urge you to contact your credit union. Prod them, push them, visit them because until they act there is nothing we can do. I know that our F&B has been in in contact with them (I can even give you the name of someone to talk to on your side). However, as you are their client, you might be able to convince them to take action faster.

So I'll repeat one last time to make it clear to all of those lurkers stirring the pot. There is nothing we can do until your credit union acts. They can either accept the funds sent to them with the instructions provided or formally reject the funds so we can reissue the wire.

1) Thank you for clarification re: after Feb 22. Even 1/2 of said response (& days ago) would have reduced the stonewall concern--alternatively, in as much as the issue is brought up in public forum, I would imagine IB can request & receive a privacy waiver to enable full responses on public forum.
...Is the credit union issue what IB meant when saying the problem was being handled by the IB compliance dep't? ---Also, we await feedback from Ted.

2) For the delay till Feb 22: Whose responsibility was it to identify what the problem was? IB's? Ted's? Or credit union's?

3) If IB would have a clear dialogue with my partner about the liquidation, and WE SEE they are fairly reviewing the issue-- it would end the liquidation issue promptly and peacefully; although the hope is for compensation, we are mature enough to understand reasonable answers.

4) I appreciate IB's business model, but just a bit more attention for the retail customers would make all the difference.

 

[alanm]

The thing is, though, IB sends wires every day, and they're all done with the same automated system. Reading between the lines, it appears that the bank accepted the wire, but hasn't credited the customer's account. Until the money is returned to IB, what are they supposed to do?

IMO, this can only be the fault of the target bank or the customer, and can be caused by a mis-match between the name, capacity, account number, or SSN used for the IB account not matching those used for the bank account. Some banks are sticklers about an exact match (for AML/fraud reasons) while others are more flexible, from my personal experience. Assuming "Ted Zhang" is the customer's actual name, I can comment that problems often occur with anglicized Asian names, where the account in one place uses the non-anglicized name, perhaps including a "middle" name, and the account in the other place uses the anglicized name.

Another thing that doesn't make sense is why, if the customer requested a single wire for his entire account balance in January, it would have been received in smaller pieces over months - the bank either rejects the entire amount or it does not. There are obviously details here that the customer has not provided for us, like there were holds of varying lengths on some of the funds. For example, there's a 40 business day hold on funds deposited via ACH initiated from IB if you want to send the funds anywhere but back to the originating bank ( http://www.interactivebrokers.com/en/accounts/depositCreditHoldPeriods.php?ib_entity=llc ).