IB refuses to refund Identity Token deposit fee

Discussion in 'Retail Brokers' started by TedZhang8, Mar 8, 2008.

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  1. def

    def Sponsor

    Sorry but need to interject here. The problems with the wire last time were spelled out to you numerous times. The counter party had to properly reject the initial wire. Please get your facts straight.
    #21     Mar 10, 2008
  2. What is all these shit about?
    Trading is already difficult enough, traders don't need this kind of shit from IB. Why doesn't IB learn from Scottrade? When I withdraw money from Scottrade, I simply dial their office number, as simple as that. They cut a check immediately.
    How could it take 4 months to wire money? If wire didn't work, IB could always cut a check or use ACH. What kind of shit is going on with IB? The guy returned that shit "Token," just give the money back to him. Why is it so difficult??? Someone is lying here!!!
    #22     Mar 10, 2008
  3. Def,
    I have post the facts in the message --> http://www.elitetrader.com/vb/showthread.php?s=&postid=1003135#post1003135 from the thread which was closed on your request. I can't waste too much time to talk to you when you just keep repeating "I did not have sexual relations with that woman". If you need I can post the original bank email here over the weekend when I have more time. We don’t get paid to post message here like you do.
    #23     Mar 11, 2008
  4. The great thing about trading is that there are plenty of wankers like Ted out there to take the other side of our good trades.

    Rock on Ted ... you're my fave!
    #24     Mar 11, 2008
  5. I knew you would come out pulling the same old IB trick---> you try to start another name calling fight then you can ask ET to close or delete this thread like you did before.

    This clearly demonstrates IB’s corporate culture. Instead of treating customers properly, they'll screw customers any way they like and then deny their responsibility and blame the customers.

    I don't think Ted would come down to your level and give you a reply
    #25     Mar 11, 2008
  6. did they even take the 150 out of your acct? i thought if you had half a million they just hold back 150 when you close your acct?
    #26     Mar 11, 2008
  7. IBj

    IBj Interactive Brokers

    Record straightening time as, of course, there are omitted facts:

    December: compliance investigation into account leads IB to determine that the funding activity suggests activity/business that IB does not permit ( the funds are arriving from many different 3rd party locations).

    February: IB starts returning funds to the accounts from whence they came. These are 3rd party accounts. Names don't match so there are rejections from the third parties' banks (3rd party money movements are problematic for a variety of operational, AML, and regulatory reasons). It takes 4 months to get all the receiving banks to take the funds properly. The last $150 is withheld because the security device had not been returned.

    August: account is force closed by IB compliance department when the remaining liability (token deposit) is written down and the remaining $132.72 is deducted to bring the account to zero

    December: device is returned. The account no longer exists so there is no way in the normal systems to recredit the account automatically (remember, we normally dont take the money, we merely reserve it. Un-reserving is built. Un-debiting automatically is not)

    March 2 years after this started: here we are.

    (1) Most organizations define time limits on fulfilling obligations after an event or contractual relationship ends. For example, you have 30 days to complain on your credit card. It seems IB has not have defined a time limit for returning security devices. We will fix that so there aren't such open-ended issues and there is a greater clarity on expectations regarding device return.
    (2) There really isn't any department in charge of this. In principle, we should have said "sorry, too late". The device was de-registered (which happens when it is written off as lost/stolen) so it is became an expensive 4 ounce useless paperweight.
    (3) We will send back the deposit ($150).
    #27     Mar 11, 2008
  8. If you think that these procedures to open an IB account are complex, then you are in for a shitstorm trading this market.

    The STP device is for your protection and it's one of the MAJOR benefits to IB.
    #28     Mar 11, 2008
  9. cstfx


    Isn't it always the case when people come here to bitch about what a crappy broker IB is? Always leaving out the relevant facts.
    #29     Mar 11, 2008
  10. Just which market is perceived as a "shitstorm" in your eyes? Poor guy, you must have been tortured by the market everyday. Find a day job, my suggestion to you.

    As for the "Token," if IB system were secure enough, it wouldn't need a fu@king token.
    #30     Mar 11, 2008
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