I dont see any reference to $ limits on cash withdrawals. the link on that withdrawals page "Click here for deposit credit and hold periods." is broken. Whats the scoop.
How new is this protocol??? It is at minimum 2 years old..... SO I take it he didn't have the Security Device.... Hmmm.... Sounds like HE almost cost HIMSELF his job.... For those who dont understand.... http://www.interactivebrokers.com/en/accounts/secureTransactionProgram.php?ib_entity=llc
I personally use the IB security device (STP Program) and I have NEVER had a problem transferring large $$. IMHO IB is a rock solid broker and the few issues I have had have been resolved quickly. I wish you the best. Dave
Seems like it is a good system to prevent fraud. Yall can't scramble $500k in personal funds within your company??? I'm sure someone in your company probably has that in their own account, throw in a quick bonus, and you should be able to generate that quickly it would seem.
I experienced a similar fiasco trying to get a small amount (I can't remember how much ... maybe $5000) transferred. I changed the wire instruction, then changed it a second time which apparently froze the account. Fine, not a big deal, definitely my fault. It took over a week of calls every day to get the damn account unlocked. I kept being told the person from security would call me -- guess what they never did. Finally a CSR took some initiative and verified my information and unlocked the account without going through the security moron. Why they couldn't do that day one I don't understand. I want security, and I don't want someone stealing my money. But there must be a better way of verifying customer identity. In the time it took me to get the account unlocked they could easily have sent me a letter, or called me at my home phone to verify who I am..... I think it's the same problem IB has elsewhere -- basically some of their employees are either lazy, incompetent or overworked -- I don't care which but either get them more help or get rid of them. Some of the employees are great -- I guess they just can't fire the sucky ones.... SSB
Same here... I used to use checks for moving money in and out of my account. Now that I am using ACH for withdrawals and wire transfer for deposits, I'm happy and will never go back to hardcopy. This is very fast and very secure.
After reading this I would have to agree that the OP should have known about and obtained this security device. It looks like it could have prevented the problem. But that still doesn't change the fact that this should have/could have been taken care of much quicker than this simply because IB's CS department blows big time. That fact has been talked about on ET many times.
you are a moron. Whining, studduring? i am giving people a heads up you twit. have you ever worked for a financial institution? have you ever done large wire tansfers? we do them ALL the time...muti million dollar transfers. We have had this account for a while. we have major accounts in NY, London, Denmark, Mexico...NONE of them limit your withdrawl size to 100k. especially not for a corporate account. I got on the phone and sent a signed letter together with scanned passports proving identity... is that not suffiecient??? I have never heard of any institution limiting the amount of money you can withdraw from your own account with proper authorization. every day they promise the money is going to come...we STILL havent seen it. It happened again today, they promised it yesterday before 5...STILL not here. after 3 weeks...yeah, i am going to bitch..and so are my bosses.
this is a good point. to avoid this we sent faxes/scans and IDs of the company owners to avoid online glitches...didnt help.