Don't brokerages have to abide by certain wiring rules after the Patriot Act, post 9/11? I thought there was some rule about suspicioius activity being flagged because of the frequent changing of your wiring destination. I am probably just making this up, but I seem to remember that IB has some sort of responsibility (to the government) to freeze accounts that are exhibiting suspicious activity as defined by some vague rule.
I agree. But perhaps "freezing" an account under certain circumstances is an element in a security program. Let's face it here....who among you would not be pointing the finger at IB if in fact there had been an improper withdrawal from the account by some scam artist who had begun his procedure by NOT using the correct wire instructions, entering some numbers incorrectly. Managed somehow to correct his mistakes and then withdrew the money the same day? It sounds to me like IB exercises caution when it comes to your money...and between you and me...I like that. That said, I am only speculating on the reasons for the freeze, because of all the claims here in this thread, only one guy says he entered some numbers wrong in his wire instructions. We really have no other details given. And more importantly, we don't know the situation from IB's side. I know that I've been dealing with IB now for a number of years...about 6 I think. I've had very few problems of any sort, and none regarding wiring money in or out. Likewise, I read every post about IB on ET. I don't recall anyone bitching about withdrawing money who used the system correctly. In any case I recall, if there was a problem it was due to an error on the customers part, or a lack of reading and understanding the instructions on IB's webpage or in the User manual. OldTrader
Getting one number wrong in a wire transfer instruction is just as bad as getting all the numbers wrong. 1 number wrong means the money's going to another account, or the transfer will bounce because the account does not exist. Same scenario for getting all the numbers wrong. This isn't a math exam where "you wrote a number wrong and should get partial credit."
I have had quite a few problems with IB in the past. For example... - The order getting stuck at the exchange. Customer Service states that I have no positions open. Next day, they call me to tell me that I was short all along. - Wires of cash that seem to take a lot more time then neccasary. Not just a little delay but weeks. - "Customer Service" that is not really customer service. It takes a while to get through to someone and then when you do get through they take a while to resolve the issue. This type of customer service might be adequate for a mortgage company, but in real-time markets where prices are changing all the time...unacceptable. I dont know what platforms the "pros" use. I just know that this type of platform and service would not be adequate for them. Im not bashing IB and trying to get everyone to switch. Simply trying to bring these little problems out in the open so they can be solved by IB management. Imagine the stress in my mind to receive a call stating that I was short when I thought I was flat. My advice to anyone who uses IB is to create a detailed trouble-log and take screenshots when problems occur. That way if the representative calls you the next day to tell you that your short when you thought you were flat, you have more proof to leverage against them.
It took "weeks" to wire your cash??? LOL! Want to tell the rest of the story? Without the details your story is not believable. As far as what the "pros" use, you couldn't be more incorrect. Do you think only retail traders use IB? Absolutely incorrect. Frankly, I think IB is without question the best broker I've dealt with in my long career (35+years). But yeah, you're not here to "bash" IB. LOL. Weren't you wondering how to short IB after the IPO in another thread? LOL. You might want to get short the stock before you bash any more. OldTrader
I know another IB account holder that switched his wire destination twice within 30 days or something like that and his account got flagged for review. Is this solely an IB restriction?
A while back, someone posted his experiences on closing IB account. It took IB months to wire his money. Not sure what happened, I think that thread was closed by elitetrader.com
I doubt this. I can recall though a case where a guy opened an account...and a few days later tried to cancel his account and wire the money right back out. At one time, if I recall correctly, money had to be held for 10 business days, or some such period. (Now I think it is 4 days, but read the webpage). In any case, this guy went bonkers, all kinds of posts, threats, etc etc. It turned out he hadn't read the rules. But never do I recall reading about a guy who could not wire his money for "months". Surely though I'm sure you realize that there is considerably more to a "story" of this type, and that this is not the routine expectation that anyone should have. Posting a comment of this type has no value at all without the details, unless of course you are trying to bash IB. OldTrader