Any try to consolidate two IB accounts?

Discussion in 'Retail Brokers' started by bouncer, Aug 7, 2002.

  1. bouncer


    I have tried to consolidate a stocks and a futures account per IB instructions and I realize it's done over a weekend, but nothing has been done in over 2 weeks. IB help keeps telling me "there is a glitch, try again".

    Anyone that's done this conversion, did you have to re-sign any customer agreement forms or re-take their "test".
  2. def

    def Interactive Brokers

    i'm assuming you're trying to consolodate into a universal account. if you're doing it from europe it will happen by the end of august. if from the states, it could happen over the weekend. there is a huge demand for the consoldation and there is a backlog.

    if you are in an extreme rush to do it, i'd recommend that you open a new universal account and xfer the funds from your other accounts into the new account. this is a pain in the butt but you can have a new account opened within a day or two.
  3. bouncer



    Thanks for the reply. Yes I'm in the U.S. At least the fact that there is a huge backlog makes sense. I don't mind waiting. I just wish that customer service would be more straightforward in their response instead of telling me that there is a glitch or to try again. I mean I generate enough commissions for IB every month that when I get cust. serv. I want the truth damn it! :) :D

    (When I did try again it says account pending and my futures account is closed).
  4. def

    def Interactive Brokers

    i believe "there is a glitch answer is accurate". i'm not sure of all the details but if all went well the process should have been completely automated. while programming is working on a fix to fully automate the process, some of the work has to be done manually - thus the backlog. Thus if there wasn't a glitch there wouldn't be a backlog. Chicken and egg. I could have been more clear in my post.

    I'm glad you're waiting, unless you're really anxious to have the merged accounts, you might as well wait a few weeks rather than go through the hassle of doing all the paperwork again.
  5. bouncer


    Well it's been about 5 weeks and I'm still waiting for this account conversion.