Bypassing IB minimum deposit by opening account in wife's name

Discussion in 'Interactive Brokers' started by Pizda, Jul 26, 2015.

  1. loyek590

    loyek590

    no kidding, I got into one deal and I had to ask my daughter to call them and tell them she was my mother and wanted them to talk to her son and do whatever he told them to do

    and we are not talking anything nefarious, that was just to get them to direct deposit the dividends into her bank account so I didn't have to deal with the snail mail and a trip to the local bank
     
    #21     Jul 27, 2015
  2. loyek590

    loyek590

    what worries me most about ib is what kind of instructions I can give my kids when they find me dead to immediately close out all open positions.

    The best I can come up with is, "Go to www.ineractivebrokers.com and log in with this user id and password, and then go into my bedroom and look for a box where I keep all my cards, and look for a wierd looking card with all kinds of numbers on it, and then use that to log into my account, and then I guess click "close account" and if they ask for a reason just type in "death" and then you will need to somehow close all open positions...well you could just go to my trading account window I suppose, and click "real fx" and then click one currency and then click "close all non USD or base currecny" it will ask you "are you sure?" click yes, then incinerate me and split up everything you want with your sisters.

    How's that for a plan?
     
    #22     Jul 27, 2015
  3. def

    def Sponsor

    If you call your bank on behalf of your wife or someone else, do they allow you to obtain information?

    If you call your credit card on behalf of someone else, do they allow you to verify or obtain information?

    The answer to the above two questions is most certainly no. So why should you expect a broker handling someone's money and confidential information be bound by other rules?

    This entire topic is silly. We are in a highly regulated, sue first world with numerous syndicates and hacks trying to access financial accounts. I can't expect my wife to call any account of mine globally where she is not a joint owner and obtain any information or provide any instructions. IB does offer power of attorney. The Friends and Family accounts also works in many jurisdictions and you can add a second user to an account. Many here are quick to complain but how many of you thought to go to the IB website and perhaps do a search on "second user". If so, you would have come across this link:
    http://ibkb.interactivebrokers.com/article/1004

    Xandman also provided this information - and his comments still come and are even with a screenshot are pretty much ignored.

    Also, try the search tool on our site. There is a ton of info to be found. For example, for the last question by loyek590 - if you search "death" on the IB website you would come up with this:
    https://gdcdyn.interactivebrokers.c...w?url=jsp/html/TODBeneficiaryDistribution.jsp

    As an aside, in the event you do not have something in place, there are procedures the help desk will follow when presented with a case where a client passes or becomes incapacitated. They will be similar to most banks and from what I've seen, our staff will go the extra mile to work with family, administrators and/or attorneys when such an unfortunate situation occurs.
     
    #23     Jul 28, 2015
    d08 likes this.
  4. I happened to have worked for a large bank, and to clear up some confusion for a lot of people: if you call in, a bank will not immediately care if you sound like a man or a woman or a troll. They don't discriminate based on how your voice sounds, or what gender they think you should be based on your name (Kelley, Shawn, etc.). It doesn't matter who you are as long as you have all the right answers to their questions. If you are calling in for your wife and her name is Roxanne, just say "this is Roxanne, and I want to talk about my account."
     
    #24     Aug 3, 2015
  5. There would be extra scrutiny if there was reported fraud or some kind of fraud alert though.
     
    #25     Aug 3, 2015