Why can't I close my IB account ?

[jrkob]

In last August, I moved to an investment bank in Hong-Kong (have been living there for some time and opened an account with IB in September 2004 or so). This bank is registered with FSC, the local regulator, and technically I am not authorized to prop trade, so technically I have to close my account.

I could probably say nothing, stay still and be fine, but I prefer to do things clean and close my account.

So in August I clicked the "close account" button at IB. In September, I still had a message "closing account under process", I emailed them and no reply.

In October, still "closing account under process", I email them and no reply.

I have had little time to allocate to this issue but I'm taking the Christmas break opportunity to check: my account is still not close.

I'm going to call their HK office and check what's going on, if they're making problems I will contact FSC and ask them to look into this, that's part of their job.

Was just thinking of reporting this, shouldn't take 5 months to close an account.

 

[def]

Quote from jrkob:

In last August, I moved to an investment bank in Hong-Kong (have been living there for some time and opened an account with IB in September 2004 or so). This bank is registered with FSC, the local regulator, and technically I am not authorized to prop trade, so technically I have to close my account.

I could probably say nothing, stay still and be fine, but I prefer to do things clean and close my account.

So in August I clicked the "close account" button at IB. In September, I still had a message "closing account under process", I emailed them and no reply.

In October, still "closing account under process", I email them and no reply.

I have had little time to allocate to this issue but I'm taking the Christmas break opportunity to check: my account is still not close.

I'm going to call their HK office and check what's going on, if they're making problems I will contact FSC and ask them to look into this, that's part of their job.

Was just thinking of reporting this, shouldn't take 5 months to close an account.

first off, not to be picky but the regulator in HK is the "SFC" not the "FSC".

second, as long as you received your funds there should be no issue with the SFC or your firm. if you have funds in the account, make a withdrawal request. If all is in order, it should go through the next day.

third, what does posting on this board achieve? you live in Hong Kong and if you have spoken to our HK help desk you would know that they are very professional and proactive. The number is 2156 7907 and is staffed during HK hours. Give them a call.

Given your post above, my guess is that there is either a SPAM filter filtering out the IB replies (and possibly an email confirmation request to terminate the account). A call to the above number should be your first step into straightening out the problem.

 

[Steve_IB]

Quote from jrkob:

In last August, I moved to an investment bank in Hong-Kong (have been living there for some time and opened an account with IB in September 2004 or so). This bank is registered with FSC, the local regulator, and technically I am not authorized to prop trade, so technically I have to close my account.

I could probably say nothing, stay still and be fine, but I prefer to do things clean and close my account.

So in August I clicked the "close account" button at IB. In September, I still had a message "closing account under process", I emailed them and no reply.

In October, still "closing account under process", I email them and no reply.

I have had little time to allocate to this issue but I'm taking the Christmas break opportunity to check: my account is still not close.

I'm going to call their HK office and check what's going on, if they're making problems I will contact FSC and ask them to look into this, that's part of their job.

Was just thinking of reporting this, shouldn't take 5 months to close an account.

This is easy. Just go to your Account Management, and then click on Account Administration >> Close Account - then read the instructions.

My guess is that you haven't closed your positions. Most likely you have negative currency positions. Details are on the website and in the Account Management.

Easiest way is to log onto TWS, open the Account Window, right click on your currency positions and then select "Close all non base currency positions" - all currency positions will be converted into your base, you can then withdraw/close your account.

After trading out of your currency positions, they will take 2 days to settle, then you can withdraw all your funds and close your account.

If you do not know how to close your positions or use the TWS, then we have a telephone trade desk you can call to place the orders that you need.