Interactive Brokers. The required amount of information?

Discussion in 'Retail Brokers' started by MagikLair, May 16, 2006.

  1. MagikLair


    I am in the process of getting an account at Interactive brokers. However, it has been a bit frustrating with the amount of required documentation. Its a trust account and they have asked for the following things:

    Social Security numbers
    Trust ID number
    Trust Documents
    Phone bill
    Drivers License
    Social security card

    Doesn't this seem to be more than enough documentation?

    If you have a ib account did you have to supply all this (even excluding the trust documents)?

  2. dunno 'bout trust acct but when i opened mine [universal] ib requested proof of identity [passport or drivin' license]'n' for proof of address/residence [phone/electricity/gas bill]; that's it; me acct was opened pretty quick as soon as they got hold of da documents.
  3. WD40


    well, it is their business, they can set the rules and ask for anything they need (almost). Besides, they have regulators to answer to, it is better to be a bit more prudent and be on the right side of the law.

    Let me tell you my experience. It took me almost 3 months to open the account. They kept on asking for more proof of my address. I guess they don't want to get caught with a USA citizen pretending to live else where. They could simply check my email ip address and figured my location. Anyway I sent them my tax form and they realized that I am neither an American nor living in USA (nor a Briton living in UK), and they opened my account.

    In hindsight, I could have walked up to def's office and let him see that I was truly not residing in USA.
  4. It's not IB's fault/requirement.
    It has to do with US government "know your customer" regulations, most made worse after 9/11/2001.
  5. I had a nice experience opening a bank (not brokerage) account at Countrywide a few months ago. Everything was done online on their web site (except for mailing in the deposit). I just had to enter my name, address, SSN, and some info from my driver's license. No faxing photo IDs or anything. It was so easy that I felt a bit guilty that I was shorting their stock at the time. :)