I feel your pain. But answer me this, why not just open another account? Am I missing something here?
Good question, why not open another account. I ask myself the same question I guess basically this was the straw that broke the camels back, after 3 or 4 years of dealing with Ib, my attitude was to suck it up when there were problems, and just get on with business and keep my mouth shut. I can deal with the system going down, and questionable executions from time to time, it is part of the business and IB had a unique product with unique pricing so I went along with the program. They no longer have a unique product and their pricing is not that good quite frankly, if you trade large lots for example you can trade up to 5000 shares for $5.00 at Brown and Company and you can find equally competi deals from reputable company to suit ones own trading style. Executions are excellent at other firms and if you understand 3rd market executions you can actually use it to your advantage. When they were the only show in town, I was willing to put up with the horrible customer service and the other IB faults that have been explored in depth on this board. But now, THEY ARE NOT THE ONLY GAME IN TOWN and I don't need to tolerate the frustration level, of long wait times should you ever need to call IB or the rude customer service and so on. THere really is better out there. So all the accumulated bad will over the years has come home to roost. This was the final kick in the pants for me, I don't expect much but common business courtesy and appreciation of a customer is nice to have with a company you do business with EVERY DAY!!! Lots of other firms out there guys, look around you may be surprised what you find.
So true, I don't use IB myself but I continually keep track of the other firms every year or so. I like the firm I'm using right now because their commissions are competitive (slightly below IB for futures) and they have great customer service. By the way, on the IB website under account minimums: "An existing account must have a balance greater than zero or it will be closed." Just FYI, but the real point is the response you got over the phone, policy or no policy, the response you got is simply not good business practice.
Frankly, I get lip from CS at every firm I've used , Cyber, Tradestation, etc. I probably get less lip from IB than the others, mostly because I rarely have occasion to call and don't call with bs problems. Not defending, but I think the grass is greener syndrome is at work here. And I have never had a questionable execution.
I think you should do what is in your best financial interest. If that is overriding your feeling and pride and opening another IB account, that would be the best thing to do. We all know companies do not put their smartest and brightest on the customer service phone.
Me neither, but a few times I have had no execution when I should have had one. I think most of these are not IB's fault, but I remember one night when my GTC order was cancelled for no good reason. The next morning I would have been already several points in the red, and it kept moving against me, well actually not against me, but against the position I would have been in had my order not mysteriously disappeared. After a few hours I received an e-mail and a bulletin from IB that my order had been cancelled the night before, and they were "investigating". The e-mail also said if I wanted the order to again be active, I would have to resubmit it. Of course I did no such thing. This particular IB problem had saved me several hundred bucks. It really does work both ways.
I would not compare the commission structure between IB and Brown & Co. I have accounts at both. While it is true that the commission on a 5k share order at IB is $27.50 and only $5 at Brown & Co. (or $10 if a limit order), my experience is that the execution price at Brown & Co. will never beat the execution price at IB. And quite often IB will be better. Just a 1 cent difference on every other order and you're doing better with IB. Also, you have to pay the SEC fee with Brown & Co. while IB includes it in the commission. But back to the subject at hand. IB handled the account cancellation as they documented they would. So you might not like their approach, but there's nothing really to complain about.
But back to the subject at hand. IB handled the account cancellation as they documented they would. So you might not like their approach, but there's nothing really to complain about. From Biog's post above: By the way, on the IB website under account minimums: "An existing account must have a balance greater than zero or it will be closed."
hpex1, There is a conflict on the web site as this shows the $100 fee (do a search on account minimums). Nevertheless, without knowing who you are I can't be certain but we suspect your account did receive a mail but you should still be able to log in and have a reasonable grace period to fund the account before it is actually closed. I do not know why the CS person didn't know this and I would appreciate if you sent me a PM so I can straighten them out and push for a complete investigation on what occurred with your account. I think those involved in the decision to close accounts would agree that the policy is good, however, also agree that something slipped through the cracks with our implementation and education of our staff. In any event, should you give us another shot, great. If not, best of luck where ever you trade. def Account Minimums For all individual, advisor, advisor client, ibroker, ibroker client and institutional accounts: $10/month (or USD equivalent) minimum in commissions and/or market data fees. Customers age 25 and under (student minimum), $3/month (or USD equivalent) minimum in commissions and/or market data fees. $2000 (or USD balance equivalent) per account to open. $100 (or USD equivalent) balance to maintain account. For advisor, ibroker, and institutional accounts with dedicated line or FIX connections (internet access is free): Consolidated account has a minimum commission of $500/month for dedicated line or $1,500/month for FIX connections. $500/month for additional dedicated or FIX connections.