Interactive Brokers

Complaint: [redacted] I am rejecting this response because: IB did not even attempt to resolve this matterThey used "liquidation" as an excuse for the un-authorized trades, while on the day of the un-authorized trades, even according to IB's own account information, I did not have any margin violationThe excess margin was about $10,000, as I remember[available margin] I checked the available margin just before the market close and right after the many un-authorized trades appeared in my account[this was only about minutes after market close] Further, the execution prices, as reported by IB, were ridiculousIB did not address that at all in their so-called responseThis practice of sticking un-authorized trades into customer's account from time to time, has devastated my account with IB[My account with IB was over $1,000,000, now it's ruined by these un-authorized trades from time to time] This un-lawful practice has to be made known to the general public, and put into a stopOtherwise many others would be hurt Sincerely, [redacted] **

Interactive Brokers LLC ("IB") submits this response to the complaint filed with the Revdex.com, in which the customer states that IB enrolled his account into a more expensive [redacted] ")IB records indicate that, in 2009, the account enrolled in the CTCI Service On November 20, 2015, a notification was sent to accountholders who connect to IB via the CTCI Service advising that the minimum commission level for maintaining the CTCI Service would be increasing effective with the November billing The notification advised that, should a customer wish to remove the CTCI Service from the account or have questions regarding the FIX session, the customer should contact the IB Client Integration team at [redacted] Applicable fees for the service were assessed to the account during the period for which the account subscribed to the service and the charges were clearly posted on the IB customer account statementsIB records reflect that the client contacted the Client Integration team on November 15, to request cancellation of the [redacted] *ervice As the account remained subscribed to the service through November 2016, applicable fees had been assessed to the accountIB is committed to providing all of our customers with the lowest possible trading costs, best price execution, and the best trading technology available IB's records show that the customer maintained the [redacted] Service during the period in which the account was charged and that the charges were indicated on the customer statement each monthBased on the above, IB's actions with respect to the account are in accordance with IB's standard policies and procedures as set forth in the IB Customer Agreement and IB websiteRegards, IB Customer Service

Complaint: [redacted] I am rejecting this response because: Even though you say it is you policy to collect such fees regardless if I was using the account or not you still should of sent me a monthly statement evry month so I would of know the excessive fees you charged me for not even using the account theres no reason you cant email me statements to show me you taking out fees every month If I make a trade you email me the trades I make it should be no different when you take out your fees there is activity in my account and I need to disclose the activity in my account I feel you unethically took money from my IRA you should of did a better job disclosing and emailing me the activity report and now your trying to cover it up and say thats our policy to take money out of dormit accounts thats how we like to steal peoples money I DO NOT ACCEPT YOUR REPONSE Sincerely, [redacted]

Dear Mr*** Interactive Brokers LLC (“IB”) is responding to your October 18, correspondence to the Revdex.com in which you state you were unable to login to your IB Account Management for two months. The issue which prevented you
from having access to Account Management has been resolved. You are now able to login and provide an update to your address. IB strives to provide excellent customer service. Please accept our apologies that, in this instance, our service level did not meet expectations. IB is committed to providing all of our customers with the highest level of service the lowest possible trading costs and the best trading technology available. Regards,
***
Interactive Brokers

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to meDear Ms ***,
Thank you for your responseI do appreciate that IB has decided to meet my refund request, and more importantly, has taken responsibility for the incorrect information provided.
With best regards
*** ***

Dear Mr***,
Interactive Brokers LLC (“IB”) is responding to your additional correspondence to the Revdex.comYou indicated that IB should send you a monthly statement so you would know the fees you are being charged
By default, IB’s system sends an email notification when statements are availableAdditionally, IB customers can select in Account Management to receive the statements directly in the email
All charges assessed to your account have been reflected on your monthly Activity Statements, which you agreed to receive electronicallyThe customer agreement, which you signed upon opening your IRA account, states:
IB provides electronic trade confirmations, account statements, tax information and other Customer records and communications (collectively, "Records and Communications") in electronic formElectronic Records and Communications may be sent to Customer's *** *** ("***") or to Customer's e-mail address, or for security purposes may be posted on the IB website and customer will need to login and retrieve the CommunicationBy entering into this Agreement, Customer consents to the receipt of electronic Records and Communications…
Whether you selected to receive statements by email or to receive the notifications through email messages, activity statements are available online by logging into IB Account Management
Our customers are important and deserve the highest level of service possibleBased on our review, IB's actions with respect to your account activity were in accordance with IB's standard policies and procedures as set forth in the IB Customer Agreement and on the IB website
If you have any additional questions, please feel free to contact us directlyContact information is available at *** *** *** Interactive Brokers

thank you, please consider this email as my closure of the car as dispute has been resolvedThank you
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me
Sincerely,
*** ***

Dear Mr*** Interactive Brokers LLC (“IB”) is responding to your October 18, correspondence to the Revdex.com in which you state you were unable to login to your IB Account Management for two months. The issue which prevented you from having access to Account
Management has been resolved. You are now able to login and provide an update to your address. IB strives to provide excellent customer service. Please accept our apologies that, in this instance, our service level did not meet expectations. IB is committed to providing all of our customers with the highest level of service the lowest possible trading costs and the best trading technology available. Regards,***Interactive Brokers

December
27,
Re: Case # [redacted]
Dear [redacted],
"margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal">Interactive
Brokers LLC ("IB") submits this response to your December 20, correspondence
to the Revdex.com, Inc(Revdex.com) in which you stated that you were unable
to close your account. Upon receipt of your
complaint from the Revdex.com, the IB Compliance Department reviewed the facts and
circumstances surrounding your correspondence and provides the following
response
Foremost, IB would like to apologize for your experience
IB strives to provide excellent customer serviceAccording to IB's records,
your account was closed on December 4,
At IB, we are committed to providing all of our customers
with the highest level of service, the lowest possible trading costs, and the
best trading technology availablePlease
accept our apologies if, in this instance, our service level did not meet your
expectations
Regards,
Raquel
IB Customer Service

Interactive Brokers LLC (“IB”) submits this response to your March 25, 2014 letter to the Revdex.com regarding an Incoming Wire transfer for the total amount of 200,000 HKD executed on March 4, 2014.
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On March 3, 2014, IB received a Deposit Notification for an Incoming Wire Transfer for the total amount of 200,000 HKD.
On March 5, 2014, IB notified you that the deposit was rejected by Citibank due to incorrect information supplied by IB.  Therein, IB provided you with the correct instructions to deposit HKD to your IB account.
On March 6, 2014, IB received a communication from you that the monies were returned to the Delivery bank minus 450 HKD.  You requested that IB refund the monies.
On March 11, 2014, IB acknowledged your refund request and reviewed the facts and circumstances surrounding your issue.
In response, IB posted a credit to your account for the total amount of 450 HKD on April 4, 2014.
IB apologizes for any inconvenience as a result of this issue.  At IB, we are committed to providing all of our customers with the highest level of service; the lowest possible trading costs, and the best trading technology available. Our customers are important and deserve the highest level of service possible. IB appreciates your business and look forward to continuing to serve your investing needs.
Regards,
[redacted]
Interactive Brokers Customer Service

Interactive Brokers LLC ("IB") submits this response to the complaint filed with the Revdex.com, in which the customer states that IB enrolled his account into a more expensive [redacted]").
IB records indicate that, in 2009,...

the account enrolled in the CTCI Service.  On November 20, 2015, a notification was sent to accountholders who connect to IB via the CTCI Service advising that the minimum commission level for maintaining the CTCI Service would be increasing effective with the November 2015 billing.  The notification advised that, should a customer wish to remove the CTCI Service from the account or have questions regarding the FIX session, the customer should contact the IB Client Integration team at [redacted]Applicable fees for the service were assessed to the account during the period for which the account subscribed to the service and the charges were clearly posted on the IB customer account statements.
IB records reflect that the client contacted the Client Integration team on November 15, 2016 to request cancellation of the [redacted]ervice.  As the account remained subscribed to the service through November 2016, applicable fees had been assessed to the account.
IB is committed to providing all of our customers with the lowest possible trading costs, best price execution, and the best trading technology available.  IB's records show that the customer maintained the [redacted] Service during the period in which the account was charged and that the charges were indicated on the customer statement each month.
Based on the above, IB's actions with respect to the account are in accordance with IB's standard policies and procedures as set forth in the IB Customer Agreement and IB website.
Regards,                                                                                                                                                                                                                                    IB Customer Service

Interactive Brokers LLC ("IB") submits this response to the complaint filed with the Revdex.com, in which the customer states that IB enrolled his account into a more expensive [redacted]").IB records indicate that, in 2009, the account...

enrolled in the CTCI Service.  On November 20, 2015, a notification was sent to accountholders who connect to IB via the CTCI Service advising that the minimum commission level for maintaining the CTCI Service would be increasing effective with the November 2015 billing.  The notification advised that, should a customer wish to remove the CTCI Service from the account or have questions regarding the FIX session, the customer should contact the IB Client Integration team at [redacted]Applicable fees for the service were assessed to the account during the period for which the account subscribed to the service and the charges were clearly posted on the IB customer account statements.IB records reflect that the client contacted the Client Integration team on November 15, 2016 to request cancellation of the [redacted]ervice.  As the account remained subscribed to the service through November 2016, applicable fees had been assessed to the account.IB is committed to providing all of our customers with the lowest possible trading costs, best price execution, and the best trading technology available.  IB's records show that the customer maintained the [redacted] Service during the period in which the account was charged and that the charges were indicated on the customer statement each month.Based on the above, IB's actions with respect to the account are in accordance with IB's standard policies and procedures as set forth in the IB Customer Agreement and IB website.Regards,                                                                                                                                                                                                                                    IB Customer Service

Dear [redacted] Interactive Brokers LLC (“IB”) is responding to your November 1, 2017 correspondence to the Revdex.com in which you state you were not able to submit a trade in [redacted]. You believe you realized a loss of $640 and are requesting compensation. IB proposed, and you agreed, to...

resolve this with a payment to you of $500.00, the difference between the limit price you attempted to enter and the fill price that you received.  In accordance with your agreement, IB has credited your account $500.00. IB’s top priority is to maintain a reliable trading platform for our customers.  However, technical issues can be unforeseen and therefore, at times, may be unavoidable.  IB is committed to providing all of our customers with the highest level of service the lowest possible trading costs and the best trading technology available. Thank you for choosing Interactive Brokers; our customers are important and we strive to provide the highest level of service possible. We look forward to continuing to serve your investing needs. Regards, Ayana Interactive Brokers

Complaint:[redacted]
I am rejecting this response because: IB did not even attempt to resolve this matter. They used "liquidation" as an excuse for the un-authorized trades, while on the day of the un-authorized trades, even according to IB's own account information, I did not have any margin violation. The excess margin was about $10,000, as I remember. [available margin] I checked the available margin just before the market close and right after the many un-authorized trades appeared in my account. [this was only about 10 minutes after market close] Further, the execution prices, as reported by IB, were ridiculous. IB did not address that at all in their so-called response. This practice of sticking un-authorized trades into customer's account from time to time, has devastated my account with IB. [My account with IB was over $1,000,000, now it's ruined by these un-authorized trades from time to time] This un-lawful practice has to be made known to the general public, and put into a stop. Otherwise many others would be hurt.
Sincerely,[redacted]

Interactive Brokers LLC ("IB") submits this response to the complaint filed with the Revdex.com, in which you state that unauthorized trades were executed in your account in the after-market hours on December 12, 2014.According to IB's records, you have been an IB customer since...

January 2010.  IB notes that your account has been subject to liquidation trades in the past and; therefore, you are familiar with IB's Margin policies and procedures including, but not limited to, liquidation trades due to Expiration Exposure as conducted by IB at 16:00:00 ET and 16:05:30 ET on December 12, 2014.  In this instance, IB processed liquidation trades in the account due to Expiration Exposure which ranged from -80 USD up to -20,753 USD during that period.IB notes that, if you want to avoid liquidation trades in the future, you may reduce risk in the account by adding funds and/or by managing the positions within the account.  IB Account holders can monitor margin levels and expiration-related margin exposure via the Account window located within the[redacted].  The projected margin excess will be displayed on the line titled Post-Expiry Margin which, if negative and highlighted in red indicates that the account may be subject to liquidations.For additional information related to IB's Expiration-Related Liquidations policy, please refer to the IB Website, at [redacted].IB's actions with respect to your account activity were in accordance with IB's standard policies and procedures as set forth in the IB Customer Agreement and on IB's website.  IB strives to provide excellent customer service at the lowest possible trading costs, with the best trading technology available.  We trust that this explanation has been helpful in clarifying the issue regarding the executions which occurred in your account.Thank you and, as always, IB appreciates your business.Regards, [redacted]

Interactive Brokers LLC (“IB”) submits this response to the
complaint filed with the Revdex.com on December 14, 2014 regarding alleged
unauthorized trades your customer account and the execution prices of these
trades.
 
Account liquidations to reduce risk are not unauthorized
trades. Industry standard margin agreements include provisions to liquidate
positions to manage risk to the customer and to the firm. Trading on margin
requires the accountholder to maintain sufficient equity in the account. In the
event of insufficient equity industry regulations require liquidations to
reduce risk and increase the account’s equity percentage.  In order to avoid liquidations, the
accountholder can deposit additional cash or securities or manage positions
held in the account to reduce risk.
 
IB’s response to this correspondence remains consistent with
our previous responses. As you have been an IB accountholder since January 2010
and have traded on margin at IB and your account has been subject to liquidations
during that period, you should be familiar with IB’s policies and procedures.
 
In reviewing the account, IB noted that on December 12, 2014
between 16:00:00 ET and 16:05:30 ET, in accordance with the firm’s standard
policies and procedures, IB processed liquidations in the customer account due
to Expiration Exposure which ranged from -80 USD to -20,753 USD during the same
period.
 
Please note IB’s Expiration Related Liquidations policy,
found on the IB Website at [redacted],
states, “In addition to the policy of force liquidating clients positions in
the event of a real-time margin deficiency, IB will also liquidate positions
based upon certain forward-looking events which, after giving effect to, would
create undue risk and/or operational concerns… To protect against these
scenarios as expiration nears, IB will simulate the effect of expiration assuming
plausible underlying price scenarios and evaluating the exposure of each
account assuming stock delivery.  If the
exposure is deemed excessive, IB reserves the right to either: 1) liquidate
options prior to expiration; 2) allow the options to lapse; and/or 3) allow
delivery and liquidate the underlying immediately thereafter.  In addition, the account may be restricted
from opening new positions to prevent an increase in exposure… Account holders
can monitor expiration related margin exposure via the Account window located
within the [redacted].  The projected margin
excess will be displayed on the line titled Post-Expiry Margin which, if
negative and highlighted in red indicates that your account may be subject to forced
position liquidations.
 
Please also review the [redacted] margin disclosure that was
provided to you when your account was opened. A copy is available at: [redacted].
 
The [redacted] disclosure states that:
 
Ø 
The firm can force the sale of securities or
other assets in your account(s). If the equity in your account falls below the
maintenance margin requirements or the firm’s higher “house” requirements, the
firm can sell the securities or other assets in any of your accounts held at
the firm to cover the margin deficiency. You also will be responsible for any
short fall in the account after such a sale.
Ø 
The firm can sell your securities or other
assets without contacting you. Some investors mistakenly believe that a firm
must contact them for a margin call to be valid, and that the firm cannot
liquidate securities or other assets in their accounts to meet the call unless
the firm has contacted them first. This is not the case.
 
IB automated liquidations are accomplished with market
orders and any/all positions in the account are eligible for liquidation.  A review of the liquidations that were
processed in your account on December 12, 2014 reflect that 2 QQQ 12DEC14 103
put option contracts were bought at 16:00:40 ET at 0.40 when the bid/ask was
0.32/0.40; 1 QQQ 12DEC14 104.5 put option contract was bought at 16:00:49 ET at
1.92 when the bid/ask was 1.88/1.92; 1 QQQ 12DEC14 104.5 put option contract
was bought at 16:03:03 ET at 1.95 when the bid/ask was 1.90/1.95; 5 QQQ 12DEC14
98.5 call option contracts were sold at 16:03:05 ET at 3.13 when the bid/ask
was 3.13/4.96; 5 QQQ 12DEC14 102.5 call option contracts were bought at
16:03:05 ET at 0.16 when the bid/ask was 0.13/0.16; 4 QQQ 12DEC14 106 put
option contracts were bought at 16:05:05 ET at 4.36 when the bid/ask was
3.10/4.36 and 1 QQQ 12DEC14 106 put option contract was bought at 16:05:29 ET
at 4.41 when the bid/ask was 3.10/4.41. 
Based on the above, it appears that each liquidation trade was executed
at the current market price at the time of routing the order for execution.
 
We trust that this explanation has been helpful in
clarifying the issue regarding the executions which occurred in your account.

Complaint: [redacted]
I am rejecting this response because:  Even though you say it is you policy to collect such fees regardless if I was using the account or not   you still should of sent me a monthly statement evry month so I would of know the excessive fees you charged me for not even using the account.  theres no reason you cant email me statements to show me you taking out fees every month.  If I make a trade you email me the trades I make it should be no different when you take out your fees there is activity in my account and I need to disclose the activity in my account.  I feel  you unethically took money from my IRA you should of did a better job disclosing and emailing me the activity report  and now your trying to cover it up and say thats our policy to take money out of dormit accounts thats how we like to steal peoples money.   
I DO NOT ACCEPT YOUR REPONSE
Sincerely,[redacted]

Review: The company has not made any attempt to resolve the issue of my last complaint. They never once emailed me any statement showing me they were taking money out of my account every month for the past 5-7 years.

What makes matters worse it is my retirement account. I believe they took about two thousand dollars worth of fees out of inactive account and never disclosed it.Desired Settlement: I want this resolved not someone emailing me saying its our policy to take money out of your account and not tell you. That's our policy.

Review: IB cashed my check for 20,000 on October 21. There is a hold period, my account was activated October 31. I subscribed to the the North American Bundle for a free trial on about November 6. On December 2, IB sent an email saying that my free trial would be ending and if I wanted to avoid charges I needed to cancel by Dec. 9. I discovered on Dec. 7 that IB charged my account $39 on Dec. 5 for this subscription. I officially canceled the subscription on Dec. 9. Even though all of the dates I have stated are documented and were pointed out to IB, IB insisted that I would be billed for the month of November and that December 9 is too late to cancel for the month of December. I discovered this after as a good faith gesture I said would accept the first charge but did not want to assume anymore charges for this subscription.My account was not active until October 31. I would not and could not have used the subscription in October. The free trial was for November. I have IB's email stating that If I wanted to avoid charges for this subscription I should cancel by Dec, 9. IB took $39 out of my account on Dec. 5 and another $39 out on Jan. 3 under the erroneous claim of subscriber fees neither of which were authorized. I spoke with [redacted] two times and [redacted], both managers for retail customer service at IB. [redacted] seemed to agree with me but kept assuring me all we could do was wait for the compensation committee. I believe she was brushing me off and biding time. The compensation committee finely just said the issue was closed and it would no longer respond regarding this issue. [redacted] said he would refund my account $39 and I would get commission credits for the other $39, he said he would have to get this approved but if I agreed it should work out. That was 2 weeks ago.Desired Settlement: I would like the $80 in unauthorized deductions from my personal account returned in a timely manner.

Review: On 4 March 2014, I ordered a Honk Kong Dollar 200,000 (HKD 200,000) money transfer in order to fund my trading account with Interactive Brokers. For the money transfer, I used the bank information provided by Interactive Brokers. The next day, I received a message from Interactive Brokers, informing that they had provided a wrong account number and therefore the HKD funds would be returned to the sender. On 10 March 2014, I received HKD 199,550 instead of HKD 200,000. This is because the intermediary banks had taken a total of HKD 450 as service charge for return of funds.On 10 March 2014, I wrote to Interactive Brokers to get a refund of the HKD 450. Interactive Brokers replied on 11 March 2014 that they are reviewing the facts and they will advise me later on the outcome. So far, I have received no refund and no further message from them.Desired Settlement: I believe that the least Interactive Broker should do, is to refund to me the HKD 450 which I have lost as a consequence of their mistake in providing a wrong account number.Also, I would expect that Interactive Broker provides me with a comment to my request for refund, within a reasonable time. I sent my request on 10 March, today is 25 March and I have not received anything yet. Two weeks is already too long for a clear case like this.

Business

Response:

Interactive Brokers LLC (“IB”) submits this response to your March 25, 2014 letter to the Revdex.com regarding an Incoming Wire transfer for the total amount of 200,000 HKD executed on March 4, 2014.

On March 3, 2014, IB received a Deposit Notification for an Incoming Wire Transfer for the total amount of 200,000 HKD.

On March 5, 2014, IB notified you that the deposit was rejected by Citibank due to incorrect information supplied by IB. Therein, IB provided you with the correct instructions to deposit HKD to your IB account.

On March 6, 2014, IB received a communication from you that the monies were returned to the Delivery bank minus 450 HKD. You requested that IB refund the monies.

On March 11, 2014, IB acknowledged your refund request and reviewed the facts and circumstances surrounding your issue.

In response, IB posted a credit to your account for the total amount of 450 HKD on April 4, 2014.

IB apologizes for any inconvenience as a result of this issue. At IB, we are committed to providing all of our customers with the highest level of service; the lowest possible trading costs, and the best trading technology available. Our customers are important and deserve the highest level of service possible. IB appreciates your business and look forward to continuing to serve your investing needs.

Regards,

Interactive Brokers Customer Service

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Dear Ms [redacted],

Thank you for your response. I do appreciate that IB has decided to meet my refund request, and more importantly, has taken responsibility for the incorrect information provided.

With best regards