IB banking and funds calls

Discussion in 'Retail Brokers' started by jose.montana, Jul 12, 2007.

  1. Recently I have to make quite a few calls to banking and funds at IB. 1) email address change, 3 calls, 2) wire transfer setup instruction, 1 call, 3) actual wire transfer, 1 call, 4) mailing address change, have to call again. Every time I made change through the security device, and then have to call and wait on hold for a long time to verify that I made the change. I do appreciate good security measure, but that's what the security device is for. Shouldn't they trust it more? It's not like they are fond of customer services.
     
  2. Jose:

    I have never had to call them to verify a wire transfer. You can do that right in the system. Nor did I have to call them to set up my wire transfer.

    I haven't changed my address, nor have I changed my email, so I can't speak to that.

    OldTrader
     
  3. I did everything on their webpages after typing in the codes from the security device and everything was correct, but I have to call to verify it's me who made the change. And there was never any suspicious activities in my account. Just finished the last call, took 29 mins.
     
  4. OK, so it sounds like you're verifying "changes". I think that's a good thing. But my point is that you don't have to call them to wire transfer with a security device. I've been doing it now for a long time.

    OldTrader
     
  5. Well, if I don't call, my account will not be in "normal status". You can bet that I don't want to call them.
     
  6. I have the same problem.

    Got an e-mail from them and called them. Turns out my grandfather has to call them (I am the second user). So why did they send it to my e-mail address instead of his?

    I always liked IB because their executions and rates are good. But if they are going to force me to deal with their infamous customer service.....
     
  7. dhpar

    dhpar

    the same thing here - have to call them regularly in the past few months - it does not matter if you use SecurId, confirmation tokens, etc.
    By the way just about 1 hour ago I got from the call with IB in Switzerland - was on hold for 5 minutes - lol. Only to verify change of address of CEO.

    IB should do something about this "interactivity" - this is really childish - and surely does not make me feel any safer as they claim...
     
  8. This is just their silly policy that makes no sense to anyone with the slightest knowledge of security. It has been around to some degree for a while now, but they made it more official recently (they now warn you about making changes to your bank info -- in the past, you found out after the fact). Just don't make too many changes to your ach/wire info.
     
  9. Sometimes changes are unavaidable. During such verification process I was asked more than once what my nationality is. Now, what kind of useless question is that? Someone who has 1) taken physical possession of my security device, 2) deciphered the pin, 3) compromised my IB account password, 4) compromised my email account and this someone doesn't know the nationality?
     
  10. IBj

    IBj Interactive Brokers

    As many know, we are rolling out new security systems to all clients/accounts. In addition, we are bolstering the range of services that are protected by these new systems.

    During the rollout we have the uncomfortable situation that not all accounts are inside the security program in an environment where there is industrial scale password theft going on through WiFi hotpsots, internet cafes, trojans, etc.

    Our solution was to speedbump everything, i.e. any action or transaction that speaks to the account security is manually verified. We are also running analytic software behind the scenes to trap potential problems and contacting clients when we see anything unusual above and beyond the data change and financial withdrawal activities. The program has significantly reduced cases of actual damages to clients who have inadvertently compromised their basic password security.

    But ... in the interests of prioritizing safety and speed of deploying the systems, I admit we have taken the blunt hammer approach by verifying everything even if the action is already protected under the Secure Device system. We will refine the checks (and have been) so that we will steadily reduce the verifications to those that remain risky.

    In the meantime, please bear with us; I'm sorry for the additional aggro, but it is transitory and it really is better to be safe than sorry these days.

    IBj
     
    #10     Jul 13, 2007