Lost IB SWIFT transfer

Discussion in 'Retail Brokers' started by davidc123, Feb 22, 2008.

  1. Hi,

    IB have lost a large withdrawal of my funds because they suggested an invalid swift code for the intermediary bank, who were intended to divert it to my account. The funds have been returned to IB (I know this for a fact) but they're taking a long, long time to acknowledge that they have received it.

    Has anyone ever been in a similar situation? How long should I expect to wait before this is resolved?

    They're being very coy on answering these questions themselves.

  2. I had a broker lose a transfer for nearly 4 weeks once. Don't assume that the banks involved aren't hiding the money away for a few days each ... it sounds like they need the extra cash at present.
  3. def

    def Sponsor

    IB doesn't intentionally hold funds. The reason the CS person might not be providing all the info you desire is that they don't have access to it.

    Please contact funds and banking during US hours.
  4. I have, many times. I get no answers. I just want to know how long this is going to take, and what they intend on doing to stop this happening again.

    I just keep getting told they'll keep me updated via the ticket, but I haven't heard anything for days now. I spoke to a senior employee at the intermediary bank (not customer service...) who traced the funds down and said citi should have received the return early this week. I have been told though that the funds show up in my account immediately once it's received by citi. It's starting to worry me...
  5. def

    def Sponsor

    it probably came back without a reference number. i'm sure they'll track it down.
  6. Received the funds back today. So that's exactly three weeks from withdrawal to return....

    I know IB are a discount broker and put resources in more urgent areas, but three weeks seems very excessive for what is presumably quite a common thing.
  7. If Citi just received the funds "early this week" (meaning yesterday Monday), then how could IB have done their part any quicker? What am I missing here?

  8. look at the dates, that was last week.
  9. OK, so last week, and since last Monday was a bank holiday, then the money allegedly appeared Tuesday or later, perhaps without a reference number. Maybe not as quick as you would like, but not exactly malfeasance on IB's part.

  10. Tums


    Why would you rely on their suggestion? Who's money is it anyway? Is it too much of a problem to call up your own bank to find out? or check the internet for listing? either your bank's website or SWIFT website?
    #10     Feb 26, 2008