IB: "...terminate our relationship with you..."

Discussion in 'Interactive Brokers' started by FutureScalper, Nov 26, 2008.

  1. _terminus_

    _terminus_

    Just found this thread.

    Were you able to solve the problem?
     
    #91     Aug 15, 2020
  2. eric41

    eric41


    I finally got a reply after asking them repeatedly.They stated that due to new regulatory and compliance requirements they cannot continue to support accounts in my jurisdiction.I am a non US citizen.
     
    #92     Aug 15, 2020
  3. Twinsen

    Twinsen

    I heard that they mainly close accounts with balances less than $10k.
     
    #93     Aug 15, 2020
  4. victor74

    victor74

    tonyf,
    eric41,
    anakreonts,
    Archvile,

    Let's compare how much commissions we paid in the last 3 and 12 months! Please write bare commissions only without market data fees, research and news fees, margin loan fees, borrow fees, etc. $10 monthly activity fees are counted as commissions.

    My data:

    3 months: $30
    12 months: $120

    Please write your data! I believe the August 12th mass closing of European accounts has a direct connection to this. If so, there is a way to reverse what happened, but we need the data.

    Original letter:

     
    #94     Aug 15, 2020
  5. tonyf

    tonyf

    #95     Aug 15, 2020
  6. eric41

    eric41

    Could this be a reason why they are closing non-US accounts ie fear of holding money laundered accounts from outside the US where they have no power to verify if customer deposits are from washed cash?Maybe they decided to become weary of foreign accounts after paying this fine this week


    Interactive Brokers to Pay $38 Million Over Anti-Money Laundering Claims

    https://www.wsj.com/articles/sec-in...-file-suspicious-activity-reports-11597081197

    Anyway no need to speculate.Just move on to a new broker.Does anyone know of a non-US citizen who hasnt had his/her account closed?
     
    #96     Aug 15, 2020
  7. d08

    d08

    The account was closed and an LLC was formed instead. I believe after you're flagged for this, there's little you can do aside from long and expensive court battles.
     
    #97     Aug 15, 2020
  8. d08

    d08

    Mine wasn't related to short selling back then, it was the issue of accessing a family members account (with their permission).
     
    #98     Aug 15, 2020
  9. d08

    d08

    Also received an anti-money laundering request for information...source of funds and proof of identity. Seems like it's related to the court case but you never know. Seems like whatever happened, happened to EU accounts.
     
    #99     Aug 15, 2020
  10. tonyf

    tonyf

    Have you looked at tastyworks or Schwab International?
     
    #100     Aug 15, 2020