As you may have read in other threads...IB now has a new "security protocol". It goes way beyond security, it is dowright restrictive, inconvienent and frustrating. My company has a large coroprate acocunt with IB. I am responsable for it. I Told them that IB was the best there is. Well...We need $500k from the accoujt to make other local investments in other items. We needed the money fast, the window of opportunity was closing on this other deal. I send a wire transfer letter...and they said that they could only send $100k at a time. this REALLY pissed off owners of the company. so each day we tried to get 100k more and 100k more. Each time the account froze and it was a HUGE ordeal getting it unfrozen again. I finally sent a letter saying send everything immediately RIGHT NOW..no dealy, no "security" and send the passort of teh the autorized people on the account. here..3 WEEKS LATER...of the $500k we only have $100k trasfered. I look like an idiot to my bosses and canning me over this has been discussed. they lost an awful lot of money due to this screw up. I WILL NEVER US IB AGAIN FOR ANY REASON AT ALL. IF WE OWN THE MONEY, AND WE NEED ACCESS TO IT, AND WE AUTORIZE IT OVER THE PHONE AND BY FAX...GIVE UP THE GODDAMN MONEY. KEEP YOUR MONEY AWAY FROM IB UNTIL THEY FIX THIS GIANT SCREW UP THEY CALL "SECURITY". THERE IS NOTHING SECURE ABOUT IT...THEY HAVE DONE THE WRONG THING.
Then the question is = Did you read about redemption procedures prior to opening/suggesting IB as broker? still sucks regardless.
Everytime I think I'm gonna switch over to IB, something like this comes up. You cannot underestimate the value of good CS. This should have been taken care of with one or two phone calls and maybe a fax or two.
I just gotta say.. your bosses sound like a bunch of jack asses. It's a pain in the ass to not be able to get your own money when you need it, but for them to blame it on you is a bit ridiculous. Now, it's a different story if you were to go through this experience and not put any different measures in place... just my 2 cents.
Of course not. But maybe the multiple requests in as many days sent off the security protocols that is causing the delay. i.e if he read the docs and it states this he is SOL.
With a large account like that and given the fact that he said that IB is the best then they should fire him and IB should hire him. They can always use another fuck-up.
I don't quite get it. Ok, what is the procedure for getting 500k out of the account in a timely manner? I assume it can be done.
dac8555, I was looking into IB as my new broker but from what I hear from the posts at Elite Trader, IB's platform just seems to be too complicated (NOT EFFICIENT) and has too many 'glitches' (NOT EFFECTIVE). And they are said to have very poor customer service. Your post is just another example of IB's continuing poor performance. Tom