IB and lack of Customer Service

Discussion in 'Retail Brokers' started by jfoil, Aug 11, 2008.

  1. jfoil


    For over a month now, have been attempting to do something simple- change the name of a subaccount so I can transfer money to the advisor account.

    I started with just changing in the account itself. That wasn't supported. Ironically, the in the latest round, after consulting with customer service was to provide a scanned copy of license with request and send to "newaccounts@interactivebrokers.com", who in turn recommended what I had already tried.

    Here is the response:
    Dear Customer,

    If you wish to update your account title, please submit an information change request online under Account Management. Thank you.


    New Accounts Department
    Interactive Brokers, LLC-US

    After repeated phone calls adn emails...I am done.

    Does anyone have a decent futures broker that has the same capabilities/cost structure as IB, as after 7 years of dealing with IB...I'm done and need a new broker.

    Jim- aka ducky
  2. I hear ya. I just gave up on my parents IRA battle with them.
    Let me know what you find.
  3. And the answer is .... no .... so the challenge is to do what you want to do somehow after the frustration levels drop a bit.
  4. IB specializes in making the simple impossible. What is everyday simple at any other broker is doomsday impossible at IB.

    Consider IRS accounts. You can withdraw money from your IRA with no problem. You can put money in a ROTH IRA with no problem. But if you have both accounts at IB then a partial conversion from the IRA to the ROTH is forbidden. IB must believe that such things violate the law of conservation of energy.

    The only way for you to appease the IB rulemaker gods would be to close the existing subaccount and transfer the funds out. Open a new subaccount the way you want and transfer the funds in. Pain in the butt, but it is the IB way.
  5. Sounds like anything I have dealt with for OTHER brokers.

    we need a copy of your license, "oh, THAT form", "oh, did we lose your FAX again?"

    I personally avoid small brokers. I have nightmares about the president making off with the money, I am paranoid about them getting interested in growing accounts (and mimicking trade logic), illegal actions, klutz behavior (oh, you mean that wasn't you who requested all the funds wired out of your account?) etc. At least at a place like IB, everything is departmentalized and they likely have accounting practices and standards in place.
  6. bozak


    You should leave IB, too many people stay there after questionable customer service. The only way to improve the service is for customers to leave when they get bad service.
  7. Yes. The more bozos that leave the better the service for the rest of us.

    If you're any kind of idiot - please leave ib today. It will be much appreciated.
  8. *IB specializes in making the simple impossible. What is everyday simple at any other broker is doomsday impossible at IB.*

    LOL That is so true! Ask something you think is complicated and their customer service comes trough spectacularly, much better than any other broker IMO, but things like changing a beneficiary name on an account, they cannot do! They get stuck on the simplest things that it just leaves a bad taste in people's minds that overides the Real improvements they have made in customer service over the last year.
  9. jfoil


    Holy Snookees!!
    Apparently, all it takes for IB to act less like a dumbXXX is to vent in a public forum.

    Thanks all for the replies, and similar stories of ineptitude that just makes ya wonder why we still stick around. I know for me, if nothing else, it is because I use IB to drive the charting software.

    Anyway, all good in the world...except for being the high yesterday when I got stopped out of the Aussie dollar...sheesh!

    #10     Aug 12, 2008