IB... Where is my money?

Discussion in 'Retail Brokers' started by hpex1, Oct 27, 2002.

  1. hpex1

    hpex1

    I just recevied the following emial from IB:

    Account number xxxxxx has been converted to a Universal Account. Please sign in to the Trader Workstation using the username and password for your old account. Other than a new account number which will begin with a "U" (please see the upper left corner of the TWS for your new account number), and the ability to add new trading products to your account, you should experience no differences in the operation of your account. Please note, any GTC orders in your non-Universal Account prior to conversion, will be cancelled upon conversion.

    You now have the ability to add Account Capabilities (e.g. add futures to stock margin capabilities), Trading Permissions (e.g. Eurex Exchange), and/or Market Data (e.g. Monep data). Any of the aforementioned may be added through "Account Login". For more information on your upgrade alternatives, please visit our web site under Account and Funding Information/Account Descriptions.

    Happy Trading,


    Interactive Brokers


    Pursuant to the email, I tried to log into the TWS, I am unable to gain access, I then logged into my account on the web site and pulled up a statement from 10/25, it shows a new account number and a zero balance...

    Anyone know what happened?

    I can not contact IB until tomorrow as they are closed on Sunday.

    Thanks
     
  2. BKuerbs

    BKuerbs

    Do not worry too much: today 10 pm you should be able to log into TWS. There you ought to see your money.

    The cash is moved from old account to new account and within the universal account to the security subaccount.

    At least that's what happend to my account. The e-mail statements have become a bit longer but if you understand the logic it's ok.

    Regards

    Bernd Kuerbs
     
  3. hpex1

    hpex1

    Thanks BK,

    I appreciate the info....
     
  4. Why did IB make everybodies account universal without requests?
     
  5. Somebody probably hacked into your email account that happens all the time. They got your IB info then called IB pretending to be you and requested a new password enabling them to access your IB account. Then they requested a wiretransfer to a bank account they opened on your name with a fake ID and SS card. Now they are probably spending your money in Vegas. :)
     
  6. to go to the website, not the TWS, log on and pass any tests you need to take and select applicable data feeds. Also, if you are looking for futures, I noticed I was limited to one contract until I ask for more.

    My switch to Universal was flawless although someone said the YM doesn't start until 12:15 AM which I think is 4 hours after it opens on CBOT.

    Geo.
     
  7. so this is not unusual that IB converts accounts without customer approval?
     
  8. Not sure? Did this happen to everyone?

    If so this is actually a pain. Having a new account number will cause more work when preparing taxes.
     
  9. CORRECT, I've had to hire 3 new accountants to keep up with the change.

    Have to visit them all in their cells too.
     
  10. def

    def Interactive Brokers

    All accounts are being swapped to Universal. The main reason is for the internal cost savings of maintaining one system on a regulatory, programming and back-office level.

    There is no difference between the account types other than the U in front amd a different account statement (which I'm told is being reformatted to make it more user friendly).

    The benefits on the client level are:
    - ability to maintain low commissions
    - flexibility of trading global products and futures/equity from one screen
    - account insurance for commodity accounts on excess capital

    For account changes that take place over the weekend, the proper credit balances and positions should show up with logging in after the Sunday bringup. They also will be reflected in your account statement that arrives on Monday.
     
    #10     Oct 27, 2002