my 2 cents. I had a similar problem once (with an institutional account). I wanted to withdraw about $50k and something went wrong initially. It was not clear whose mistake it was - but this really does not matter. The point is that after I submitted all the documentation that was needed for opening the account I still could not get my monies back - and that lasted for outrageous 3 months. I worked for many years for a major Wall St firm in a senior position and problems with customers were always solved immediately (especially those involving money). From IB I did not feel any <i>pressure</i> to resolve the issue. With IB, as long as all runs smoothly and in an automated manner then everything is ok. As soon as there is a problem or something out of ordinary and customer service steps in the nightmare (may) begin. That said the problems happen very rarely - I remember only about 2 more instances where support was clearly incompetent - in about 5 years (not bad!). The bottom line is that IB still remains the best choice for majority of people. No brokerages are willing to compete on price/commission/product basis so there is no reason for IB to improve other things from cost-benefit perspective....
your bosses could have raised the money internally and covered it when IB finally came through. They are idiots, working for idiots is.... idiotic. Complaining about it is futile too... your job was to suggest a work around solution when the problem became apparent to you.
Hey dac, If what you say is true, and obviously the STP doesn't apply to you if you are a broker, then IB really screwed up here. Actually if that much money was at stake, I would have just caught the red eye flight down to their HQ and start raising hell and chaining myself to their door until I was paid. And you can be sure I will be dropping the F-bomb all over the place. Well, at least you know your money is safe is some fraudster decides to try something at IB. Best Wishes. And I hope you get to keep you job over this fiasco. You'll laugh about it when you retire.
I am not sure he ever solidified that this is an "Introducing Broker" account. His exact Statement was this... "it is a company account...therefore it is an individual corporate account." He never specified the EXACT account Type. Ergo, I can be a broker with a corporate account setup as an Institutional Account. But just because I am a broker doesnt mean IB views my account as an Introducing Broker account, UNLESS I specified that upon opening the account. By His Own Statement I can easily assume that the STP does apply to his situation regardless of his Thoughts.... For a Corporate Organization there are 5 possibilities for how this account could have been set up with IB. ⢠Advisor ⢠Advisor Client ⢠Broker ⢠Broker Client ⢠Institution More Clarity Please.
I seem to be repeating myself...if you don't like IB, simply get another broker and stfu. Why anyone would use IB for a big corporate account, I have no freakin idea. Use a "full service" broker for that if you need ANY kind of handholding, or you need to speak to reps immediately and have them get something done fast. That's what you pay the extra bux for, with those outfits. IB is mostly automated. Look at IB as a sort of "ATM" of brokers - very cheap, efficient and handy and usually there when you them, but sometimes there are tech glitches. You can't talk to the ATM, you have to find an official to help. IB is not for everyone. That being said, I very rarely have problems with IB. TWS works well (I don't upgrade until I have to tho). My money gets transferred fast between my accounts. And IB has made me (thru the API) and has saved me MANY MANY THOUSANDS OF $$$$$$. Bottom line: barring the occasional "outlier" f*ckup, IB is the best broker for *most* retail accounts. That is a fact, not jmho. They are the leader, everybody else is trying to catch up. Good luck to all.
Problem is that no other place matches IB in terms of the whole package. I wish there were a good alternative for a real backup somewhere else, but I haven't found any.
I think the problem is right here. If you are a brokerage, a non-us entity, you must be registered properly with US agencies. I think you are trying to hide behind the "I'm a broker, DAMN IT!" and proper paperwork, ENTIRE proper paperwork may not be there. Plus, are there more than one owner, as in the phrase the account is owned by the owners of the brokerage or is it an individual. There are too many contradictions just in that statement above which creates confusion. Three weeks+ however is too long to receive deposits. Unless you were changing wire instructions. This will freeze the sh*t out of your account. BTW, if you represent a foreign brokereage, get a proper account with a major firm. You recommended a retail broker for your own brokerage - you should be fired based on this incompetence alone.
Yeah.. if you're a big company, you don't need to use IB to get good rates.. Other big companies that specialize in institutional accounts (like goldman sachs) will give you a good rate too.
Exactly. I'll play the odds with you. Personally never had a problem wiring any amount of money into or out of the account. I use the security token. OldTrader P.S. I notice Sideshow Bob is on here bitching again. LOL!