IB CHARGING me interest to hold long-term stocks

Discussion in 'Retail Brokers' started by Daal, Jul 23, 2007.

  1. Daal


    I have some stocks there plus about $2,186 in cash(earning no interest, courtesy of IB's greedy hand). The thing is, as soon as I withdraw this $2K my accrued interest starts to go negative and it keeps running down till I pour the money back. Looking at my account statements I just cant figure out why would I even a single cent more than the money that was used to buy the stocks.
    My total stock value is $7,246, net liquidation is $9,432, my leverage shows 0.79 I dont know what this means but I dont want any leverage. What should I do?
  2. what's your acct base currency?
  3. zdreg


    if you are typical size customer of IB (9742), the stock is a great short:D
  4. You've been on this forum for a half decade and amassed $9400? I think you may have some skewed priorities when dwelling on being nickeled and dimed on interest. Particularly in a bull that's been running since 2003, and a still generational low in interest rates.

    There is nothing wrong with leverage. It's a tool. Like a hammer. Drive nails or smash your thumb.

    Just think of the possibilties when leverage and "correct" priorities are combined.
  5. Daal


    last time I checked IB wasnt the only broker on earth
  6. zdreg


    i am sure that other brokers would be grateful if u opened an account with them
  7. Believe it or not I was trying to be helpful, but the point was missed.

    Ever encountered the adage "missing the forest for the trees"?

    The word "forum" pertained to Elite Trader rather than any retail broker.

    Relax, I'll leave you to your own devices.
  8. Daal


    USD. I have some CAD and canadian stocks but I dont think they have anything to do with it.

  9. U are getting charged interest is probably because u dont have enough USD for ur stock position. The net liquidation value includes all currencies converted to ur base currency. So the 9K means including CAD and CAD stocks.
    #10     Jul 23, 2007