IB: How to understand "Accrued Interest"

I'm referring to changes in net liquidation value due to accrued interest.

 

since interest accrues daily it affects nlv on a daily basis

 

Okay. This email from IB rep (see bold) is what led to the confusion.

Dear Trader,

As your account earns interest each day during the month, the earned interest calculations are booked to a special “Accrued Cash” sub-account, one for each currency. Every day, the new calculations for accrued interest are added to the cumulative accrued cash balances from the previous day. While this information may be viewed on the daily account statement, it is not actually credited to the account until the first full week of the following month. Once the interest posts to the account, then IB adjusts the "Accrued Cash" sub-account by the amount of interest posted to the account.

 

Option Trader:

I re-read my post, and it is correct. I took the time to carefully describe what happens, with the exact names of the fields as shown for a real account in TWS, and on the statement. If you are an actual account holder, and your experience was not the same as what I described, I suggest you contact IB through the regular support channels.

If you don't like the fact that I objected to the word "crooked" in your post, you need to get a clue. I will not get into a flame war with you.

 

My sincere apologies. You are right, as you had given a more than adequate & correct response the first time.

 

instead of asking people be a scientist and come to your conclusions by observing..

 

Option trader:

Nice of you to recognize and apologize for your mistake and misunderstanding.

Perhaps now you see why some of us are... a bit touchy. If not, here's partially why:

At least once a week, someone comes on here claiming this or that ill concerning IB only to be wrong in the end.

I don't know. Maybe it's IB's literature. Perhaps they should hire someone to make it more intuitive. Or maybe they should have different account levels, like beginner, intermediate, advanced. With each level having appropriate fees and appropriate platforms. Beginner having the highest fees with the simplest platform and easiest to understand accounting. I think it will cut down on the customer service load and bump IB up the brokerage ladder. Perhaps into the top ten. Not that being in the top 25 is bad.

 

IB is in the top 25 but not the top 10,
top brokerage in what way?

 

Amount of customer equity. Merrill, Goldman, Fidelty, etc. rank in the top 10.Check out the annual issue of Futures magazine's rankings.

IB's in the top ten by other measures.