Look how many posts we've had and the clear , unambiguous details of what happened still nowhere to be found. Reminds me a lot of the conversations I've have with some help desks. Everywhere.
hey glad to hear I'm not alone. I had the same problem with my retail account. I make a few small withdrawls each month (each withdrawal is less than 0.2% of the account), and they decided one day to freeze one of the withdrawals. This almost caused a check to bounce. It took a few days to unfreeze the account (I had to submit various paperwork to prove the bank account I was withdrawing to was mine). I DO use the security device but it wasn't enough. To say I was a bit pissed, is an understatement.
Somehow I think we missed part of the story. What was it that caused your account to "freeze" one of the withdrawals? Did you do something or change something that resulted in the "freeze"? Again, I've been wiring money from my account for years with no hitches or difficulties. So have many others. Suddenly you come along and you were frozen. What are the rest of the details? OldTrader
FROZEN accounts by a broker shouldn't be allowed. (at least for such stupid thing like editing the number on a bank instruction, anyone can have a typo) Freeze accounts just like that should be only a right of the government. I had this problem before just because i wrote one number wrong in a wire instruction and i get my account frozen when i was editing the instruction. This took me a pain in the ass having the account "unfrozen" 7 business days later even after i proof that it was me the guy trying to edit the wire-instruction. At that time i needed the money right-away and took me almost two weeks to get it. Lousy. Anyway, im very use to it (i mean IB) and i like it, so i'm continue as a customer (and spending huge money on commish.) EDIT: I had this problem even when i am in the STP
A simple search would show that you were not alone;--but I am not sure if it is something to be glad about. I hope the thread starter's issue get resolved soon. Now, let's get back to the thread's main issue. Whether or not the secure device applies to the starter of this thread, $500k should have been withdrawn in a week in either event. 3+ weeks wait sounds a little too long for a boss to stay calm.
Only one number wrong in a wire instruction??? LOL. And this is the point here really. Your screw up causes the freeze. Now we can all argue over whether the freeze was too long, etc etc. But the bottom line is a security procedure kicked in when YOU made an error. OldTrader
Why don't you provide a link to some examples of "frozen" accounts where IB screwed up. I for one don't recall ever seeing even one....but since you have perhaps you'd guide me to them. OldTrader
For me a security is something quite different than taking away access to your monies for several weeks or months...
Good point. And this incident is nothing new at IB. IB is essentialy an electronic platform, developed by a large and good market maker, also made available for retail and and semi or professional users. While execution might be cheap there is a price for ultra automation -- poor service when glitches like this happen. Like anything that is over automated or over organized, when something does go wrong, it goes mega wrong. Not having access to your funds for weeks, regardless of the amount, is huge glitch and if I am not mistaken subject to penalties. Yet the question I would have is why did you have your company open an account with IB. What were the reasons? Because it is cheap?
I have read a few articles on wire fraud were money was either stolen from people's accounts or the accounts were used to pump and dump penny stocks...resulting in severe losses in some cases... Never seen IB referenced in any article, ever. I sometimes think money is safer at IB that at any bank.