Is cash no longer fully insured in an IB account ?

Discussion in 'Interactive Brokers' started by Damrak, Dec 27, 2011.

  1. Catoosa

    Catoosa

    I think this change is most likely the result of a forced change by the SEC on Securities brokers due to the SIPC insurance (all being the fallout of the ongoing MF Global fiasco/sham).
     
    #31     Dec 28, 2011
  2. r-in

    r-in

    Cripes, this is the stuff that pissed me off about IB in the past. It sure sounds like the cust. service people have no idea about a topic that they should have the answer to as it is a change in an agreement between IB and the customer. Yes, I get they get to amend at will, but 1) it should have been an immediate notification to the customer that there was a change, and 2) the Cust service people should have that knowledge immediately to answer questions. The lack of both as it seems again reinforces why I left IB years ago. I would have thought that if they are making money they would invest in some semblance of customer service as opposed to having the only knowledgable people being the ones that respond on websites like this.
    Sorry the rates don't equate to a better product for me. When I call and want an answer I do want an answer, or at elast feel confident that someone can get back to me with the answer within a day.
    I don't need the over the top help I got with Schwab when I was dealing with some issues with an IRA and a 403b transfer, but at the same time I dealt with people who had answers on the spot every step of the way, and made the process simple. I pay more when I trade there, but it is an IRA and not a daytrade vehicle so I'll live with the small cost for the service level that is way above the cost I pay.
    I have worked with companies on the futures side who can bring me in below the cost to trade futures that IB offers and yet I can call and talk to a trader within 2 rings, or a customer service person and get all the help I need right then and there.
    Def I hope you have some good info. I had been debating using the portfoilio margining and low rates, but I don't need headaches more than I give myself.
     
    #32     Dec 28, 2011
  3. rcj

    rcj

    From IB CS ...

    <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3399029>
    goddammit.
     
    #33     Dec 28, 2011
  4. Oh my, please tell me this is a joke.

    So if all my cash is on the commodities side from a trade I did a month ago (no positions) and I want to open a stock position, my only recourse is to wire funds out and then back in?

    Has anyone heard from other brokers offering sweeps:

    Optionsxpress (Schwab)
    Thinkorswim
    Penson/MBTrading
     
    #34     Dec 28, 2011
  5. Nick29

    Nick29

    I presume they are going to change the "one account worldwide" ads running on cnbc.
     
    #35     Dec 28, 2011
  6. Daal

    Daal

    def,
    You should urge them to offer this option as a opt-in choice for the client. There is simply no regulation that prohibits a broker from doing this
     
    #36     Dec 28, 2011
  7. Nick29

    Nick29

    Penson/MBTrading have apparently done the same thing. So it's probably industry wide.
     
    #37     Dec 28, 2011
  8. Hoi

    Hoi

    Yes....a "bit" clumsy, but that works (for now)....
     
    #38     Dec 28, 2011
  9. ammo

    ammo

    the SEC/CFTC should be closing the loophole,not widening it,tin hat on,maybe the banks are in much deeper trouble than previously admitted,and this is another way to find cash,even if they have to steal it,remember the banks took the bailout money and traded it in a rigged market to ad to their depleted warchest,instead of relending it which is their old main purpose,yet the debts have only swelled way above the 08/09 levels,real estate still dropping,commercial property,the 2nd shoe to drop, never mentioned on any news ,probably a whispered oath within media circles
     
    #39     Dec 28, 2011
  10. #40     Dec 28, 2011