I don't see any lies here. While they do have your revisions time-stamped, impossible to determine how your several revisions would have queued up and which, if any, would have executed. Moverover, Def said that to have negated the trade would have made you worse off so IB let you keep it - you don't seem to have an issue with this. So close your account. Clearly IB does not provide a service appropriate for you.
Ah, but the part you don't realize is that the price that was active at the time, the last price I sent through, long before the fill took place, could not have been filled. That price wasn't met for hours! Not till hours after they filled the earlier price. No matter how the orders stacked up, I would NOT have gotten a fill at 5:03AM and not for hours, either. He says I'd have been worse off if they busted the trade, but that's not true. My price wasn't met. The trade would have been busted. The order at 9469 would have been reinstated, and it would have been filled later unless I changed it later, of course. They took so long with the statusing that it no longer was possible to bust the trade and reinstate that last order. So I figure they should have eaten the four points. I'd have lived with it if they hadn't. It was the lie that was insourmountable for me. Filling a limit order at a price lower than the limit, is something that needed to be explored. It didn't matter to me if it was in my interest or theirs; I had to find out what happened and make sure it didn't happen again. Limit buy orders are to be filled at the price or higher, not lower, even at IB. Once they finally sorted it out, they did know that my order wouldn't have been filled at all. That was the lie. I do appreciate your trying to make sense of it, though. I sure could not! That was really nice of you and I appreciate it.
For the brokers who allow new positions prior to the archaic settlement allowances, they are obviously taking on this management responsibily, to enhance value and service to their customers. That's one way of looking at it. Another way is that those brokers who are enhancing value to their customers are breaking the law. We had a chat with Steve Sanders, Vice President of Interactive Brokers. Steve is IB's main compliance guy. The first part of the chat focused on the Daytrader Rule, and tangents on how it affects IRAs and cash accounts. Here's a link to the log, if anyone's interested: IB Chat I talked with Steve after the chat, and during the chat we discussed what we could actually do about archaic rules. I don't think complaining to IB CS staff will be effective. Writing the NYSE and the SEC is probably a better use of your energy. For what it's worth... I've worked in retail and in online community. One of my initial thoughts on customer service, based on unreasonable customer demands and how customers often treat employees, is this: The customer is always right was a great policy, a great way to run your business... until it became widely known by the customer. Now that the customer knows such a policy exists, there is no effective check to balance out unreasonable demands. I'm not saying anyone here is being unreasonable. I've certainly been a customer and wondered why someone with no personality or grace is working a public position. But I've seen plenty more examples of rude behavior by the customer to the business. And that's just as a fellow consumer. That does not take into account of working online for over 10 years, and being subject to abuse. André
IB has a RIGHT to do business however they see fit (assuming the proper regulations and legalities are complied with). The customer has the RIGHT to find a different broker. It's real simple. If you don't like how IB does biz, leave and stop whining. The only thing it proves is how desparate you are to shift the blame for your own losses.
OnTheEdge was the old guy in front of me at the store today! He complained for 15 minutes about a 7 cent overcharge. Turns out he was wrong, but he just wouldn't listen. Get a clue - IB has saved you many times more in commissions than that $42 you lost from the software glitch! (and calling someone a liar over and over in a public forum is going to get you a court summons) Next...
Don't be silly. There were no losses on that trade. I have been trying to get my money out of IB and of course, to go to another broker. It's not that easy. They have rules that require even with cash deposits, they will not let you get your money back for ten business days. As for whether IB has a right to lie to customers, maybe they do, but not about everything. If they lie about things that break the law, they don't have that right, do they? I figure if they lied to me about a small matter, they lie about bigger matters. That's why I am leaving them.
I wasn't wrong, though your old guy might have been. I was correct. You talk but your reading comprehension needs a little work. They admitted I was right. Then they lied. They would have saved me tens of thousands in commissions alone, absolutely. I couldn't risk letting them steal my money, as I think liars can do that, and that's why I'm leaving them. I'd be happy to have them try to sue me for calling them liars. They DID LIE and I can PROVE that, so I think I'm the one who would win that suit. If they hadn't LIED, I would not be posting about it and I wouldn't have left their firm -- or been TRYING to. Get it?
Ya, I'm the jerk that started this after an unfortunate conversation with an IB CS rep. It was really an irrational call based on an impulse rather than a well thought out position. I just wanted to work my problem a little to see if there was some way for me to get the standard IB service with an IRA. (a definite implied complement intended). Although I haven't been able to find a way to do that yet, I do appreciate the good support I've received - post squawk. I think the post that recommended personal study of the rule and contact with the appropriate regulators, to see their side of the issue is my next step. I still contend the issue is mearly one of accounting where I would appreciate the courtesy of an accrual approach vs. a cash accounting methodology, according to GAAP rules, as I believe the circumstance justify. So the task seems to be to convince the powers to be or reverse myself upon acceptance of their understanding. I have no concept of how it is to walk in their shoes, so I intend to be very careful and considerate of any further public whining.
LOL! I like that. It was probably a month ago that I posted a neg review of their CS, a review I can't seem to find, by the way, when def wrote me requesting names and details and offering to help. Just as he first told you, in this thread, he told me, not to expect to talk to a manager, but instead to call not during market hours, or to email. It seemed he wasn't trying to fix that then or in his early posts in this thread. Now it seems that he's trying to improve management availability. That's a good thing. He wrote me, and offered to intervene if there were other problems and all our correspondence was always civil. His bad-mouthing me now is in very poor taste and a desperate kind of behavior. He sent me a lie and supported the lie from CS, neither CS nor he responded to my last note on the matter, nor apologized for telling that lie. They could have said the misunderstood something and retracted it, but they stood by their lie that they couldn't tell which order would have filled. That was a big mistake. He has time to respond on these boards but he didn't have time to respond to the same note in email, over a period of two days. I run across people who never admit they're wrong but these guys are representing their firm and they should be rising above their personal issues with admitting they're wrong. He was wrong to lie to me, and his lying to me scared me to death about leaving my money there. So if they'll ever let my money go, I'm out of there! They have a rule, based on what they're claiming is a law, that they have to hold everyone's funds for ten days, even if it came in as cash, without letting you have those funds back for ten days. Since I have several other brokers who don't do that, and since they refused to budge when I asked them to, I've brought the matter to a governing body. Maybe IB is right and I'll let you know either way. Good luck with your accounts there. I hope they run more smoothly than mine did!
OnTheEdge, sounds to me like this has nothing to do with IB or your problems with IB. I think you have personal issues you need to deal with in your life. Resolve those issues first before you seek happiness. Wasting your time on message boards all over the net is detrimental to your psychological and physical health. You are on the edge, let it go! Good luck!