Ed thanks. Regarding the bounced check ...... IB doesn't charge for incoming and outgoing wires (even though Citibank charges us). IB also doesn't charge for exercise/assignment of options like other firms. IB also doesn't charge for ACATs. IB also charges lower commissions than the other firm you mentioned. IB also provides better interest rates (short and long) than most brokers. Thus there is less tolerance given to items that require manual attention such as bounced checks. The savings for the "non-charges" above should more than cover the cost of a bounced check. Ray's answer could have been more "courteous" but the first mail wasn't so bad. Also regarding finances.... The firm is doing very well.
Not to minimize def's greatness, but I've recently worked with others at IB that seem to share the same attitude and respect for customers. I have a hunch that that culture may filter down through the ranks over time.
hey Big Ed, wow, $25 is what RJT charges for 10 trade confirmations (postage and handling) - that's 5 round trips. do 30 round trips in a day and you are out $150 for postage and handling. dude, compared to RJT, your broker gets an award.
DEF. Thanks for the response. Just for the record... You deserve a bonus. You always do your utmost to put the best face on Interactive Brokers. Yes...I know IB is cheap. Yes, I know IB focuses on other things (as well they should...this issue was by no means the most important thing that happens). But, there are other brokers who also do what you indicate, but that's the not intent of the post. However, you should know that I have been saturated with emails from traders who have experienced what they considered to be poor customer service and not just a "hey, the same thing happened to me too" . Seems like a problem. DEF: You deserve a bonus. I have received more customer service from you than all the other chats/emails/phone calls I've ever had with your firm's employees combined. Please, don't consider changing your employment. Maybe you could find some time tutor some little "DEF"s in the customer service organization? lol. Thanks again.
BigEd, First, let me say that I leave providers based on principle, e.g., I will never purchase anything from Amazon.com, regardless of the price differential, based on the insulting client service I have consistently received and which is purposely built into the system. Next, I believe you probably are correct, and lets assume so, that the marginal cost of a NSF to IB is $5, but let me ask: What do you think the cost to IB is to design, to have legal review, and to hire and house employees (desks, computers, coffee, toilets for the lucky) to document, track, and communicate exceptions? I don't know much about much, but still I doubt that it is free. O.