kiwi_trader I have been very patient with you. Please read my previous message again ---> http://www.elitetrader.com/vb/showthread.php?s=&postid=1002999#post1002999 If it's really beyond your comprehension, ask your IB boss to read it and explain it to you.
Come out of the closet lj. What are you: a broker who's trying to take his business over? His brother? His lawyer? You've pretended to be a disinterested party who just happened to join ET and start posting on this subject. You've been unacceptably rude while pretending to have the high moral ground. You've accused half the posters of working secretly for IB. But you don't seem to be who you pretend to be. Just answer the question lj.
Given your public request of me, I will reply in this forum as opposed to PM. I urge you to read your email from Interactive Brokers dated Feb 22nd. 2006 at 5:11 PM. It clearly states the situation and does mention we are waiting for another party to act. The correspondence is clear and is probably why no one responded yesterday. I urge you to contact your credit union. Prod them, push them, visit them because until they act there is nothing we can do. I know that our F&B has been in in contact with them (I can even give you the name of someone to talk to on your side). However, as you are their client, you might be able to convince them to take action faster. So I'll repeat one last time to make it clear to all of those lurkers stirring the pot. There is nothing we can do until your credit union acts. They can either accept the funds sent to them with the instructions provided or formally reject the funds so we can reissue the wire.
Seems a pretty straightforward reply to me. Problem is not IB's end, it's down to the OP to sort out (what a surprise!). I'd call this thread closed.
oftentimes, problem's when people can only see / think in terms of black or white answers to everything mate......
i'm going to stick my nose in here since disappearing threads always catch my interest. can i assume that someone from the broker (IB) asked the board's administrator to delete the thread? what is the root cause of the customer's credit union not receiving the wire in the first place? a U.S. domestic transfer is standard procedure, done a million times a day. the receiving bank just sits there waits for the electronic wires using well established protocols and procedures. so it would seem, to me, that if there is a problem, it originated from the sender. the sender either 1) did not follow established protocols or 2) provided incorrect information. if the root cause of the problem is #1, then clearly it's the broker's fault. if the root cause of the problem is #2, then who provided incorrect information? did the customer give ib incorrect wire instructions? just because the ball is currently on the customer's side of the court doesn't mean the customer caused the problem. that's my 2 cents.
I doubt the problem was ever on IB's end. IB needs to be very careful to keep from getting ripped off by these two...and it seems they are doing so. They may be running some kind of scam where they get the wires in limbo and get a second wire sent and try and make off with both wires. Not unlike the gent who sent checks to two brokers for the same account, only to trade one acct against the other and make off with twice the funds. Although he did get caught, brokers now have to wait until checks fully clear before releasing funds. Wires are not complicated and IB is far from new at dealing in electronic funds transfers. The problem rate for these transactions (especially within the US) is very very small. Given that and the very aggressive public campaign by these two on this board, I don't think it's a stretch to think something is seriously amiss with this situation. IB is absolutely right to ensure that these jokers aren't paid twice.
1) Thank you for clarification re: after Feb 22. Even 1/2 of said response (& days ago) would have reduced the stonewall concern--alternatively, in as much as the issue is brought up in public forum, I would imagine IB can request & receive a privacy waiver to enable full responses on public forum. ...Is the credit union issue what IB meant when saying the problem was being handled by the IB compliance dep't? ---Also, we await feedback from Ted. 2) For the delay till Feb 22: Whose responsibility was it to identify what the problem was? IB's? Ted's? Or credit union's? 3) If IB would have a clear dialogue with my partner about the liquidation, and WE SEE they are fairly reviewing the issue-- it would end the liquidation issue promptly and peacefully; although the hope is for compensation, we are mature enough to understand reasonable answers. 4) I appreciate IB's business model, but just a bit more attention for the retail customers would make all the difference.
The thing is, though, IB sends wires every day, and they're all done with the same automated system. Reading between the lines, it appears that the bank accepted the wire, but hasn't credited the customer's account. Until the money is returned to IB, what are they supposed to do? IMO, this can only be the fault of the target bank or the customer, and can be caused by a mis-match between the name, capacity, account number, or SSN used for the IB account not matching those used for the bank account. Some banks are sticklers about an exact match (for AML/fraud reasons) while others are more flexible, from my personal experience. Assuming "Ted Zhang" is the customer's actual name, I can comment that problems often occur with anglicized Asian names, where the account in one place uses the non-anglicized name, perhaps including a "middle" name, and the account in the other place uses the anglicized name. Another thing that doesn't make sense is why, if the customer requested a single wire for his entire account balance in January, it would have been received in smaller pieces over months - the bank either rejects the entire amount or it does not. There are obviously details here that the customer has not provided for us, like there were holds of varying lengths on some of the funds. For example, there's a 40 business day hold on funds deposited via ACH initiated from IB if you want to send the funds anywhere but back to the originating bank ( http://www.interactivebrokers.com/en/accounts/depositCreditHoldPeriods.php?ib_entity=llc ).