IB is getting serious...

Discussion in 'Retail Brokers' started by ktm, Jul 16, 2003.

  1. ktm


    I was perusing the Yahoo IB support board and came across this interesting tidbit. It seems that an IB customer experienced an accounting error of 70 cents in her account. She contacted IBHelp and was apparently told that the error had been corrected when she insisted that it still had not. On principle, she apparently continued to send aggressive emails to the IB folks over her 70 cents.

    The next (alleged) move suprised even me...and I thought I'd seen it all. IB Compliance (according to the customer) sent her the letter copied below, asking her to take her business elsewhere. Actually they did not ask, they did it for her.

    I have posted before that those who maintain low dollar accounts and serve as nothing more than pains in the asses to IBHelp should be asked to leave. This sort of culling makes the service better for the rest of us....those of us with 2000 dollar accounts who are NICE to the support people...and who hope we are not told to leave. Good for IB...good for us.

    Dear (name deleted),

    After careful review of your e-mail correspondence, it is clear that you are not satisfied with the services being offered by Interactive Brokers LLC. While we try to offer a cutting edge trading service, we understand that this service may not be ideal for all customers.

    Accordingly, we request that you establish a brokerage account with another brokerage firm more suitable for your requirements, and that you transfer your positions and other assets. We will place your account in a closing-only status effective July 09, 2003. This means that you will not be able to establish new positions, but you will be able to liquidate existing positions if you so choose.

    Please contact customer service if you need assistance in this process.

    Interactive Brokers LLC
    Compliance Department
  2. sprstpd


    This is funny stuff - I wouldn't want a customer who was busting my balls over 70 cents.
  3. CalTrader

    CalTrader Guest

    ... OF course, its completely OK to fire customers / clients if they are too difficult. However, such behaviour when publicized is inherently bad for business. There are lots of avenues for the typical IB target customer. Placing doubts in their mind with respect to the demeanor of the company and its regard for customers - whatever the size of their business with the firm - is a big negative.

    Bottom line: if they dont want small accounts then they need to establish account minimums and stick to them. Taking small customers and not making them happy is much worse for business than simply refusing their business in the first place........
  4. ROFL :D That was .70 total right?? Not .70 x shares of stock/number of contracts?
  5. ib is an arrogant sob.
    so are their traders, ie timberhill floor traders
    these people contribute absolutely nothing to society.
  6. rickty


    IB's no longer the least expensive broker on the block. TrackTrade recently aggressively lowered their commission rates. http://www.tracktrade.com

    Given IB's history of customer support, I suspect there will be more people leaving (voluntarily). However, in all fairness they're probably still good value for most people with small accounts.

  7. ktm


    IB did all the little guys a favor by opening up their systems to the retailer. They had no obligation to do this and their profits are largely derived through other lines of the business. This business is a two way street. It's not just about them serving every last whim of every single customer on demand...there is a give and take here.

    I don't see the publicity as negative, else I would not have posted it. A few guys here seem to be giving them a hard time over the little things. The point of the post was that IB is not necessarily going to keep certain customers who don't show some respect for the relationship.
  8. lundy


    IB sucks. PERIOD!

    2 periods.

    lost 40k in one trade cause those $H!7 heads wouldn't call the Merc to get me out of a position. And the Merc/Globex was fully operational.... just IB had probs. No apologies, no nothing.

    Big or small they fuck em all.
  9. That bitch cant't forget her 70cents, how can she offered to
    cut her loses in trading?
    I guess "NO VALUE FOR TIME" for her.
  10. Sure, aren't you the guy who lost 2 million of "friends" funds via lies and deceipt. Must be IB's fault too. LOL
    #10     Jul 16, 2003