FWIW: I have had a similar transaction take a whole month with Trade Station. Then I found out they only pay a fixed accured interest rate of around 1% so I cancelled the account and they only charged me $135. What can you do once they have your money.
Yeah should be not much of problem hopefully. I've had money wired before from accounts that don't belong to me, hasn't been a problem in the past as long as I've informed them first and my IB account number has been the reference.. Seems after some investigation that my Mothers bank made the mistake in not including the reference.. Useless bastards. The reason I did the transfer this way was because I live in the USA and Mumsy is in Australia, so it was either transfer to me incurring an International bank transfer charge and then me transferring to IB, taking 3 weeks and $$. OR Mumsy transferring directly to IB's Aussie account taking 4 days and no $.. Anyway I'm over it now, made some good money today so I forgive the anal wanks at IB, and the peon rayv assures my I'll get the money back OK. Have a good weekend all.. (except the wankers *cough* Stock777)
About 10 years ago I sent a business check to Ling-Waldock in Chicago to fund a personal commodities acct. Even though I was the signer on the check, Lind-Waldock returned it and informed me that stock/commodities brokers usually do NOT accept third party checks/deposits. IB has the same policy. In fact, they state that on their funding instructions. Not a big deal and probably a layer of protection.
I understand, and in the past IB have had the rep of grinding you if you do any little thing wrong. That part of it is distasteful, for sure. I guess I've been lucky (and I think IB Canada may be slightly different than some other national operations). Anyway, good luck getting your money back.
Several types of bank transfers have the possibility of cancelling or rerouting money. Normally one can ask the servicing bank about the possibilities. I don't know what the options are in this case. What IB is asking to do is just that you redo the transfer the proper way. I don't see how that is IB's fault? You (or your mother, or some operator at the bank) made the error ... just fix it. IB is not refusing to accept your mother's money. Just do it the right way.
Indeed it is a somewhat tedious process to wire money to IB. I had many rejections until I managed to fund my own and my client's subaccounts. This however works for me: Wire your money. If there was a currency conversion involved, make sure you know the exact amount that has been wired. Go to account management, choose the account, go to Fund Management - Debits and Transfers - Wire Transfer. Then enter the exact amount, currency and sending bank. If the amount is not accurate to the penny, your transfer will not be credited to your account! Alexander (Switzerland)
Just a lttle update. IB say my Mothers bank needs to recall the money. My Mothers bank says they can't recall the money, and IB need to just send it back. Awesome, IB is basically holding thousands of my dollars and refusing to credit it to my account or send it back where it came from. Fuck you very much IB..