Interactivebrokers & Citibank

Discussion in 'Interactive Brokers' started by Aaron Copland, Nov 20, 2008.

  1. Def - thanks for all your help on this thread.

    Could you answer a simple question for me please ... for an IB account that is in 100% cash every night, what amount above $100k , if any, would be insured in the unlikely event of IB's failure?

    Thanks in advance.

    edit: sorry if this is off the topic of Citi's relationship to IB
     
    #31     Nov 21, 2008
  2. qwaspo66

    qwaspo66

    Hello. Sorry for my English but i also a litte bit upset.

    I have an IB Account in Europe and my Money is hold @Citibank / Frankfurt. But Citigroup has sold his Germanpart and so i think my money is no longer addicted from Citigroup or?
     
    #32     Nov 21, 2008
  3. IB Joe

    IB Joe

    #33     Nov 21, 2008
  4. I'm not worried either. Frankly, I think the IB account is safer than the SIPC that insures it. Not that I think the government won't back that up either if necessary.

    OldTrader
     
    #34     Nov 21, 2008
  5. JackR

    JackR

    IB_Joe:

    In reference to the link you provided: Well written and informative. Gathers a bunch of data together.

    I saw nothing about a delay in releasing funds to a customer while awaiting settlement. Here at ET such a delay can result in much moaning and casting of aspersions. You might consider adding a blurb to the Can IB Prevent Me from Withdrawing Money? section.

    Jack
     
    #35     Nov 21, 2008
  6. insight

    insight

    #36     Nov 23, 2008
  7. Best response!
     
    #37     Nov 23, 2008
  8. m22au

    m22au

    Insight,

    The Kevin 07 Rudd guarantee of Aussie Bank deposits (which includes Citibank Australia but not Citibank NA) is unrelated to the effect of a (potential) Citigroup bankruptcy on your IB account.

    If

    1. Citibank continues to falter AND
    2. It is not merged / bought by another bank (either WM style or WB style) AND
    3. Its deposits are not guaranteed by the FDIC / US Treasury AND
    4. Interactive Brokers has more than 250k USD on deposit at Citibank
    (keeping in mind that IB spreads its deposits at 6 different banks) AND
    5. IB's capital is insufficient to make up the loss on Citibank deposits

    then you may have a problem.

    For what it's worth, I don't think it will go beyond #2.


     
    #38     Nov 23, 2008
  9. Retired

    Retired

    #39     Nov 23, 2008
  10. pbb

    pbb

    Since when is IB citi?
     
    #40     Nov 23, 2008