Interactive Brokers Reviews (%countItem)
Interactive Brokers Rating
Address: 1 Pickwick Plz, Greenwich, Connecticut, United States, 06830-5551
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Address: 1 Pickwick Plz, Greenwich, Connecticut, United States, 06830-5551
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Absolutely the worst broker with legacy…
Absolutely the worst broker with a legacy platform that will cost you money to trade with!
I have had an account with them for a long time but I was trading 2 other brokers. My account with them was dormant so I thought I would start trading and bringing the account up, which I did with lots of difficulties. Lots of issues with their decades-old platform and their rude and *ignorantcustomer service, so I started liquidating my account, with one position left, they stole about $400 from my account. I am talking to lawyers about this. If you search for lawsuits against them, you will not be disappointed.
YOU HAVE BEEN WARNED!
DO NOT TRADE WITH THEM.
Trade with another broker and you will see a HUGE difference. They may be cheap on commission, but the fills you get or not get will cost you.
Anyone with questions can contact me!
I tried to open an account with Interactive Brokers and deposited $30,000 for the account. I was unable to navigate their account application. I asked for a refund. After some hours trying to follow their directions, I gave up. I have tried, by phone and letter, to get a refund. So far, it has not worked
Interactive Brokers LLC (“IBKR”) submits this response to
the complaint filed with the Revdex.com, in which the customer
states that IBKR failed to return funds deposited into an abandoned account.
IBKR’s review of this issue shows no evidence of a deposit
or of contact for assistance in retrieving a deposit. For assistance, customer should contact IBKR Client
Services via phone or chat and provide the date of deposit, amount and method
of deposit used. Upon receipt of the
deposit information, IBKR will investigate and advise.
Regards, IBKR
Customer Service
This is in regards of my interactive broker brokerage ***. I been a customer of interactive broker for a couple of years now. I received a email 2 weeks ago that they will close my account with no valid reason. I did not know what I did? I don't owe them money. I did nothing.
Dear *** Interactive Brokers LLC (“IBKR”) is responding to your correspondence to the
Revdex.com (“Revdex.com”). In the correspondence you state you
received an email that IBKR will close your account. You did not receive a
reason and you would like your account to remain open. IBKR is terminating the relationship as it has been
determined to be unprofitable given the costs incurred to maintain your
account. These costs are ongoing and generally involve due diligence reviews
and transaction surveillance driven by constantly evolving regulations that can
vary by account type, client location and ownership. As an organization that seeks
to expand its client base, decisions such as this are not made without careful
consideration and, based upon that assessment, our decision in this matter is
final. Please note that upon establishing your account, you agreed
that IBKR may terminate the IB Customer Agreement or its services to you at any
time.Based on our review, IBKR’s actions with respect to your
account activity are in accordance with IBKR’s standard policies and procedures
as set forth in the IB Customer Agreement and on the IBKR website. Regards,AyanaInteractive Brokers
I opened account with interactive brokers and started trading on Aug 3rd with professional status and bought market subscription on 5th and later on 7th I contacted customer care for other issue and that guy said sir change from prof to non professional and you'll save money in subscription so I did and later next day all of my bought services were gone costing me around 200CAD and when I approached that guy said since you changed from prof to non prof and I was like you never told me so he and their complaint department said sorry. I need help getting my money from this greedy firm.
Dear
***,Interactive Brokers Canada Inc (IBC)
submits this response to your complaint filed with the Revdex.com, Inc. (Revdex.com), regarding Professional market data fees. A review of your account activity indicates that on August 11, 2020 IBC credited your account 167.40 CAD for the US Equity and Options - Add On Professional market data and credited your account 13.39 CAD for the Professional US Securities Snapshot Bundle market data. However, the market fees were assessed to your account again on August 12, 2020 in the total amount of 135.00 USD. IBC has credited your account in the total amount of 135.00 USD for the US Equity and Options - Add On Professional market data and for the for the Professional US Securities Snapshot Bundle market data.Please
refer to your September 9, 2020, IBC customer account statement to view the
adjustment to your IBC account.IBC
apologizes for any inconvenience as a result of this issue, and again, thanks
you for your patience.Interactive
Brokers Canada Inc (IBC) is required to provide you with information which
describes the arbitration program and the ombudsperson service both approved by
the Investment Regulatory Organization of Canada (IIROC) and which are
available to you as a customer of IBC. Under separate cover, IBC will send to
the email address of record, a copy of the Investment Protection brochure. For
additional information, we also refer you to the following link to IIROCs
websiteEnglishhttp://www.iiroc.ca/industry/member-resources/Documents/IIROC_Complaints_Brochure_en.pdfFrenchhttp://www.iiroc.ca/industry/member-resources/Documents/IIROC_Complaints_Brochure_fr.pdfFor
residents of Quebec onlyThe
Autorite des marches financiers (AMF) offers a free mediation service to
clients living in Quebec. If you are dissatisfied with the handling or outcome
of your complaint, you may request that a copy of the complaint file be sent to
the AMF. The AMF will then review and file and may offer a mediation service to
both parties. Participation is voluntary and requires the consent of both the
firm and the client. For more information on mediation services:Telephone418-525-0337514-395-03371-877-525-0337Emailrenseignements-consommateur@lautorite.qc.caMailAutorite
des marches financiersPlace
de la Cite, Tour Cominar2640
Laurier Blvd., 4th FloorSainte-Foy,
Quebec G1V 5C1Autorite
des marches financiers800
Victoria Square, 22nd FloorPO
Box 246, Tour de la BourseMontreal,
Quebec H4Z 1G3Web
sitewww.lautorite.qc.caRegards,SandraIB
Client Services
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
Horrible Customer Service I have ever seen anywhere in the World of any type of business not only Brokers..
The first contact I made to Interactive Brokers was by post in December 2019 with a notification and the original copies ***. I sent this form and some additional information (proof of ID etc.) in January by post from abroad ***.
Following some post delays*** confirmed (by email) reception of the form and required information in February. I received another email from the *** team on 16 March saying that they could not *** but would be willing to do a *** I provided the form with the transfer details for this *** on 18 March by scan of a form, sent by email as per the instructions from the *** team.
Since that time, I have had no written news about the ***. After a number of attempts, I was finally able speak by phone to a person from the *** department on 24 April and was told that the *** was in the administrative process of approval, and that it should be finished within the next 7 to 10 days. In this conversation ***h value. I did at least receive an email the same day with an extract of the account balance on the last business day before my mother died.
Since April 24, 2020 I am unable to reach the *** team by phone (either no answer when transferred to this service or voice mail). I have written 6 emails to *** since March on this topic with no answer. I have left messages on 2 occasions by phone to voice mail with the *** team to no avail.
I have also spoken to service representatives from some other services at Interactive Brokers (such as the general services team or the *** team). These agents have also "opened tickets" with the *** team but this seems to have no impact. I see no way for me to get in touch by email or phone with the *** team and I have no news or evidence that my legitimate request has even been acknowledged.
As the request has not progressed, I also re-checked the bank details for the expected *** and noticed that I had given the incorrect ABA number. *** sent a new form by email with the correct *** on 21 May 2020. Again, I did not receive any confirmation of this.
I am now opening this complaint with the Revdex.com because I see no evolution of this request. I'm also sending a registered letter today asking for a resolution.
I think Interactive Brokers should have the appropriate staff and resources to deal with estate requests in an efficient and timely manner. They should have an appropriate service to respond to questions and requests by phone as well as by email and regular post.
Interactive Brokers LLC (“IBKR”) is responding to your correspondence ***, submitted on June 9, 2020. In the correspondence, you state that you are
the *** You have submitted the requested documents and requested a wire
transfer. You have not received the
funds ***
I*** IBKR has received the required documentation
to transfer the funds. On June 30, 2020
you contacted IBKR to verify the *** instructions. However, the *** instructions you originally
provided were amended on May 21, 2020. The amended instructions have been forwarded *** is completed IBKR will verify those instructions with you and then complete the
*** process.IBKR apologizes for the delay and inconvenience. Regards,AyanaInteractive Brokers
Dear Better Business Bureau and Interactive Brokers,I am rejecting this response as *** for closing the complaint because I have not yet received the ***. I have also not seen any effort on the side of Interactive Brokers to improve a basic service required ***
As I have already outlined, Interactive Brokers' *** team confirmed reception of all documentation for the estate on 7 February 2020. It took until 16 March for their team to realize they could not ***I made the request for a *** on 18 Mar. 2020 to an American bank and it took until 29 of June 2020 to evaluate and approve this request for transfer. The response times in both cases is much too long.I did indeed change the request on 21 May 2020 but this was not taken into consideration by the *** team at Interactive Brokers and this is why the request is only now being evaluated. I did explain the change of 21 May in my complaint to Interactive Brokers via the Revdex.com but it was ignored until I spoke with a member of the *** team on 30th of June. Please note, the change in the *** instructions would not have been taken into consideration on 30th of June if I had not insisted on confirming the transfer details on the phone with a member of the *** team. The normal process for confirming a *** request does not include any acknowledgement by Interactive Brokers of how they have understood the instructions. I was expected to provide a *** of the *** over the phone with a team that had no details of the ***. It is NOT normal that it takes 5 weeks for the *** team to realize that the "standard" process of *** is not allowed. It is also NOT normal that a subsequent *** request *** takes 3 and a half months to evaluate by the legal team. It is also not acceptable that I have no way to follow up on the status of an account or any process that is under way related to that acocunt. I have already complained that it is extremely difficult to get in touch with the *** team on the phone. I now must add that emails to that service, go ignored for months.When I finally spoke to a representative of the *** team on 30 June 2020 (I believe I spoke to "Patrick R"), ***e.The problems here have certainly been exacerbated by the current pandemic situation but the incredibly long wait times were already apparent well before the pandemic-related lock downs started in March. ***
I would only consider closing this complaint against Interactive Brokers with the Revdex.com when the account has been liquidated and the funds have been appropriately
Interactive Brokers LLC (“IBKR”) is responding to your follow up correspondence
to the Revdex.com (“Revdex.com”). Your amended instructions were reviewed by IBKR’s legal
department and on July 16, 2020 you verified the instructions. The wire
transfer was completed today.IBKR again apologizes for the delay and inconvenience. Regards,AyanaInteractive Brokers
I opened an account with Interactive Brokers in early May. On the 13 of May I transferred ***. The money was not made available allegedly because it did not match the proposed amount to be transferred. Multiple attempts to contact customer service and correct the amount proposed to the actual amount transferred also failed. Approximately eight days ago I was told the money was returned to my account and it will happened in four days - it has not happened yet.
Interactive Brokers LLC (“IBKR”) is responding to your correspondence to the
Revdex.com (“Revdex.com”), submitted on June 8, 2020. In the correspondence you state you
transferred money to IBKR, it was returned to your *** but you have not
received it. On May 13, 14, 15, 16, 17, 18, 19 , 20 &
21 2020 you were notified that the amount
indicated in your deposit notification does not match the actual amount
received. Instructions on how to modify the funding notification were provided.On May 22, 2020 through IBKR’s ticket system you indicated
that you transferred a different amount than what you indicated in the deposit
notification. You unsuccessfully attempted to follow the instructions to update
the deposit notification and funds were still not available. You requested your
transfer be reversed.You also contacted IBKR by chat and indicated that
you transferred a different amount than what you indicated in the deposit
notification. You also indicated that you followed the instructions to change the
deposit notification but that has not worked either. The representative attempted to transfer you
to the *** but there was no response from you in the
chat.You contacted IBKR in another ticket and indicated
that you transferred a different amount than what you indicated in the deposit
notification. You unsuccessfully attempted to follow the instructions to update
the deposit notification and funds were still not available. IBKR responded
that when the amount received is different from what is expected, IBKR cannot
determine whether your *** sent the wrong amount or if the customer modified
the amount. The funds would remain in suspense until a deposit notification was
created for the exact amount so funds could be matched.On May 22, 23, 24 & 25, 2020 you were notified
that the amount indicated in your deposit notification does not match the
actual amount received. You were again instructed on how to modify your deposit
notification. On May 26, 2020 the funds were returned to your
bank from which the deposit to IBKR originated. Based on the above, it appears that IBKR's actions
with respect to your account activity were in accordance with IBKR's standard
policies and procedures. Regards,Ayana Interactive Brokers
I am rejecting this response because: I have not received the funds back, the same you did not clear my funds in the first place.
Your summary is quite accurate. And that shows how many unsuccessful attempts I have made online, chat, phone etc to sort out what it should have been just a minor glitch. However, the funds, *** have not yet arrived back into my account at ***. I was told four days. It is now 22 days. I would appreciate a more accurate estimate of the date of the return of the funds. It may not be my lack of ability to correct a small error but your institution itself. the reason I changed my mind and sent a smaller amunt than originally intended it was exactly this - I needed to trust that your institution does not mishandle my funds. It has been now more than a months since my funds are unavailable somewhere in cyberspace.
Sincerely
Interactive Brokers LLC (“IBKR”) is responding to your
follow up correspondence to the Revdex.com (“Revdex.com”), in which you
state, your funds have not been returned. On May 26, 2020 the funds were
returned to your *** from which the deposit to IBKR originated. The ***
message will be provided to you through the IBKR Message Center so that you may
follow up with your ***.Regards,AyanaInteractive Brokers
This company is a brokerage firm. It is not allowing me to place a trade. The website says I need to update trading privileges, which it says takes up to 24 hours. I updated my trading privileges more than 24 hours ago. This brokerage firm is holding onto my *** without letting me sell the ***.
Interactive Brokers LLC (“IBKR”) is responding to your correspondence to the Revdex.com (“Revdex.com”), submitted on May 28, 2020. In the correspondence you state that you updated your trading privileges but IBKR would not allow you to trade. On May 27, 2020 at 19:56:43 EST you contacted IBKR customer service and indicated you were unable to close your position in a *** listed *** At that time the *** was closed and you were asked to contact customer service during exchange hours for assistance with closing your position.Later that day, at 20:11 EST, you again contacted customer service who explained that the trading permission *** would need to be added to your account in order to track the *** in question. In addition, customer service explained that *** regulations required that the exchange specifically approve each trader prior to trading. Because of that process, adding the trading permission *** to your account could not be completed until the *** granted their approval . During that phone call you also indicated that you did not want to pay any additional fees. An additional fee would be attributed to your account if you had requested that the IBKR trade desk liquidate the position on your behalf.On May 31, 2020 at 22:13 EST you contacted IBKR and requested that the trade desk close the position for you. At 22:20:30 you received an execution. Based on the above, it appears that IBKR's actions with respect to your account activity were in accordance with IBKR's standard policies and procedures.Regards,AyanaInteractive Brokers
I have tried for several weeks to wire money out of Interactive Brokers (IB). $2.7M. Responses to requests are inconsistent and sparse at best. One one phone call with support, I'm told I can't wire my money to my account because the IB account is in a business name. They say a bank account for the same business name must exist. On a separate call, I'm told I just need to do a 3rd party wire transfer. I initiate the 3rd party wire transfer, provide all of the supporting documentation and never got a response after several weeks of waiting and following up. The bank account I'm trying to wire money to is the same account money was initially wired to IB from. Additionally, I've wired money to this account from IB one year ago. This was also a 3rd party wire transfer. Now, I just learned that the current wire transfer attempt was rejected weeks ago without my knowledge. I have no idea why and support has no idea why. In the meantime, I'm incurring charges of $100/day. As a result, I've lost nearly $2k due to IB being slow to respond and behave in a manner that is only beneficial to them. I *** All I want, is to get my money back in my bank account that it originated from. I'll provide necessary documentation but I can't even get IB to communicate with me.
Interactive Brokers LLC (“IBKR”) is responding to your correspondence to the Revdex.com (“Revdex.com”), submitted on May 18, 2020. In the correspondence you state you have unsuccessfully attempted a wire transfer from your IBKR account to your personal external bank account.Your Interactive Brokers account title is in the name of your business, and you are requesting a wire transfer to an external bank account in a different name. This is known as a third party withdrawal. Third party withdrawals are subject to increased scrutiny. As noted on the IBKR website, third party withdrawal requests are subject to increased legal and compliance review which may involve inquiry as to the nature and purpose of the transfer. As the circumstances with such requests tend to be unique, IBKR cannot provide any assurance as to how long the process will take or even whether the request will be approved once the review is conducted.This manual review process was described in IBKR’s message on May 6, 2020. On June 2, 2020 you updated the ownership information on the account. IBKR is now working to complete your transfer as a matter of priority. Regards,AyanaInteractive Brokers
Shortly after joining Interactive brokers and transferring in $1500 to get started, I lost online access to my account. There is NO support by email or chat if you don't have access to your account. Calling them on the phone is beyond frustrating at the wait time for a human is 20+ minutes. And getting a human a few times after extended wait was only rewarded by being hung up on. They started charging my never used account $20 a month and after 2 years of disuse and no statements or contact I found this out by spending 47 minutes on the phone and recovering my account. Somehow my $1500 is now only $640 after doing no trades and never agreeing to or being told about a $20 monthly fee for an account I was locked out of. I DON NOT RECOMMEND THEM!
I did research, I found Interactive Brokers advertised as free broker. So I signed up and deposited $1000. I didn’t know they have *** fees ***t. They made it extremely difficult to call them. Each time I had to wait for 2 hours and then they hang up on me. Finally, I begged them not hang up on me and they explained I signed up a professional account so there’s $20 monthly fee. I was shocked because I signed a free account had no clue about professional account. I’m not even an active day trader. I’m just using my retired money as long term investment. I asked rep “how to keep free account and pls return all the fees”. He showed me and made sure I switched to free Acct and promised all fees will be stopped on 4/3/2020 and showed me how to open a ticket get my $180 back. I immediately wrote to company asked for $180. *** they refuse to refund $, stating claimed all accounts are charged a monthly fee, but also they charged double on 4/5/2020. ***. This is unfair unacceptable and should be justified. I have a hard time now with coronavirus disaster with $0 income. I begged them since all banks waived 200% fees & penalties
Interactive Brokers LLC (“IBKR”) submits this response to your April 5, 2020 complaint
to the Revdex.com, Inc. (Revdex.com), in which you express dissatisfaction
with the Balance of Monthly Minimum fee(s) charged ***.
As
background, accounts with an average equity balance less than USD 2,000 which
do not generate at least USD 20 (or equivalent) of commissions in a given month
are assessed an activity fee equal to the difference between USD 20 and the
commissions generated. So, for example, an account which generated no
commissions would be assesses a fee of USD 20, and one that generated
commissions of USD 11 would be assessed a fee of USD 9. We waive the fee for
the initial three month period after account funding to afford clients the
opportunity to familiarize themselves with our software. We also waive the fee
for accounts maintaining a balance of at least USD 100,000. Please note that all
fees charged to an account are posted to the Daily, Monthly, and Annual
Activity statements available to you through the Client Portal.In
October 2019, IBKR introduced ***, a new commission model offering
commission-free trading in eligible products with no inactivity fees or minimum
account balances. IBKR also retained its
traditional commission model described above, now known as IBKR PRO. Clients select which model is appropriate for
them, and have the ability to switch their account from one commission model to
the other. ***
IBKR
notes that you opened your account on February 18, 2019, prior to the availability
of ***. On April 2, 2020, a request to convert your account to the ***
platform was submitted from your Client Portal and processed the same evening.In
light of the above and your reported less than satisfactory experience with our
service team, we offered a refund to account no *** for the total amount
of $80.00, equal to the total fees charged to account no *** during the
2020 Calendar year. IBKR notes that you have declined our offer. Please know we
will honor the credit previously offered to you. Should you wish to accept the
offer, please respond to us through the Client Portal.We appreciate your business and wish for the well-being and safety
of you and your family as we navigate through these uncertain times.Regards, Raquel IBKR Customer Service
I am rejecting this response because:I contacted you last year several times, you never mentioned once the true reason of charging a monthly fee. You never gave me any monthly statements until AFTER I filed complaint, I got your first monthly statement. Should you address my concern and disclose to me much sooner in a professional way, I wouldn’t have lost $200 for no reason. ***k you don’t deserve this $200.
Sincerely
They have all kinds of hidden fees. You can find them if you want to spend hours clicking around their site and reading the fine print. Every time they blow their nose they have another fee.
Further I have an account at *** and the bid ask on the *** doesn't match the *** on Interactive Brokers. So don't use their numbers to make decisions. You'll make the wrong ones.
I've paid them many thousands of dollars in commissions in the last twelve months but not traded much in an *** account. So, without contacting me, they liquidated an option to cover a $20 fee. There was $15 in the account. So in order to collect a $5 fee they liquidated an option two weeks ago at $146 that expired today worth $900.
They are either dishonest, incompetent or both. When I contacted them, they said, "*** made us do it." ***. *** didn't make them charge that fee. No other brokerage firm I deal with charges fees for inactivity.
Interactive Brokers LLC (“IBKR”) submits this response to the complaint filed with the Revdex.com, in which the customer states that IBKR assesses hidden fees and executes liquidations without prior notice to the customer.
As background, IBKR Pro accounts which do not generate at least USD 20 (or equivalent) of commissions in a given month are assessed an activity fee equal to the difference between USD 20 and the commissions generated. So, for example, an account which generated no commissions would be assessed a fee of USD 20, and one that generated commissions of USD 6, a fee of USD 14. We waive the fee for the initial 3 month period after account funding to afford the client an opportunity to familiarize themselves with our software and we also waive the fee for accounts maintaining equity of at least USD 100,000.
IBKR’s fee policies are clearly stated on the IBKR website under the Pricing tab and referenced within the Customer Agreement that all customers are required to sign upon account opening. In addition, the Customer Agreement discloses that, if at any time an account is in deficit, IBKR has the right to liquidate positions in the account at our discretion and without prior notice to customer.
Please note that effective October 2019, IBKR offers customers the ability to convert an existing account to the new IBKR Lite platform which is not assessed monthly activity fees. Details of the IBKR Lite platform can be found on the website under the Pricing tab. Customers interested in converting can do so via Client Portal.
Based on the above, IBKR’s actions with respect to your account activity are in accordance with IBKR’s standard policies and procedures as set forth in the IBKR Customer Agreement and on the IBKR website.
Regards,
IBKR Customer Service
I am rejecting this response because: Selling client positions without contacting them and giving them a chance to either pay the fee or close the account because it is written somewhere in the pages and pages and thousands of words of fine print is unacceptable. ***
Sincerely
I used to be able to withdraw my own money that I deposited in my account to 3rd parties. I then noticed this function wasn't working properly as it wouldn't let me send to 3rd parties, but only to myself. The staff was perplexed because it use to work. So I raised a flag about this, and THREE MONTHS LATER, this is still not working. Not only that, but I still didn't get reimbursed for the fees they charged me thinking I was sending money to a third party... very disappointed with them.
Dear ***, Interactive Brokers LLC (“IBKR”) is responding to your correspondence to the Revdex.com. In the correspondence, you stated that you are no longer able to send third-party withdrawals. You stated that you attempted to send third-party withdrawals and were charged fees. You are requesting the ability to send third-party withdrawals and compensation for the fees charged. In accordance with our policies, IBKR generally sends withdrawals in the name of the account holder. IBKR may consider a request to withdraw funds to a destination other than a bank or brokerage account titled in the name of the account holder, but such requests are honored on a case by case basis. Any request designated as third party is subject to compliance review, which may involve inquiry as to the nature and purpose of the transfer as well as the relationship between the account holder and the third party. As the circumstances associated with each request tend to be unique, IBKR can cannot provide any assurance as to whether a request will be approved at the conclusion of the review. Upon establishing your account, you agreed that after the first withdrawal in a month, IBKR will charge withdrawal fees for any subsequent withdrawals. On November 6, 16, 19, and 25 of 2019, you submitted wire withdrawal requests and were charged in accordance with the fees disclosed on our website. The withdrawals were sent using instructions that you provided. Your withdrawal requests did not indicate third-party instructions and were sent in the name on the account. The withdrawals were subsequently returned by the receiving institution. IBKR does not charge for returned withdrawals. IBKR has reviewed your request and determined that, at this time, your account is not eligible for third-party withdrawals. Based on the above, it appears that IBKR's actions with respect to your account activity were in accordance with IBKR's standard policies and procedures. Therefore, IBKR will not grant your request for compensation. Regards, Ayana Interactive Brokers
I opened a college savings account for my minor daughter *** with Interactive Brokers. I deposited $340 but never purchased any stock. Shortly after opening the account I decided to change brokerages to ***. I put in a request to withdraw the $340 on October 4, 2019. I have called twice and answered all of their security questions. I have also contacted their customer service agents through chat 3 times. They refuse to let me withdraw my money. All they keep telling me is that the request is under review. I should be able to withdraw the money and close the account without it being such a hassle.
Dear ***,
Interactive Brokers LLC (“IBKR”) submits this response to your October 31, 2019 correspondence to the Revdex.com, Inc. (Revdex.com), in which you state IBKR has refused to let you withdraw the money from account no ***, *** as Custodian for *** Under the ***.
According to our records, the funds were successfully withdrawn from account no *** on November 6, 2019.
Please do not hesitate to contact us if you have any additional questions.
Regards,
Raquel
IBKR Client Services
I had an IRA account with Interactive Brokers that I closed in June 2017 and rolled over my IRA amount to my *** account (with ***). The amount was rolled over to my *** account. At the beginning of 2018 they did not send me 1099-R and I filed my taxes without the 1099-R. Last month IRS sent me a letter that I owe taxes on the distribution of the amount. I called Interactive Brokers several times to send me 1099-R about the Roll-Over of my account. They issued me a wrong 1099-R that says in box 1 of the form that it was a distribution that actually was a roll-over. I called them again several times and every time they promise that they will send me the correct document by the end of the week. It has been 3 weeks but but I am still waiting for their response. I also faxed them a written request but still no response. I am attaching all documents. the
Dear ***. Interactive Brokers LLC (“IBKR”) is responding to your correspondence to the Revdex.com (“Revdex.com”). In the correspondence, you stated that you transferred your IBKR IRA to a *** account and you were issued an incorrect 1099-R. You requested a corrected Form 1099-R. On October 31, 2019, IBKR updated your Form 1099-R and requested that you log in to Account Management to obtain the form. IBKR apologizes for any inconvenience. We appreciate your business and look forward to continuing to serve your investing needs. Regards, Ayana Interactive Brokers
From: *** Sent: Tuesday, November 19, 2019 5:58 PM To: *** Subject: Re: You have a New Message from Revdex.com Serving Connecticut Regarding Complaint #***
Gentlemen,
Thank you very much for your effort. The interactive broker had sent me the corrected document on my closed account message system that I could not open.
After I received your email I called them and they sent the document as an email attachment to me. The issue has been resolved.
I appreciate your help.
Very Respectfully
On 8/2/2019, I entered an order sell short 75 shares of a US etf stock (symbol = ***) @ $90.95, which was the bid price at the time. After my order was executed, I realized that Interactive Brokers executed my sell order on the *** exchange @ 1703.16 ***. Apparently, there is stock on the *** exchange with an identical symbol (***). Granted I should've double checked to make sure that I was sending my order to a US exchange before confirming my order. However, I am trading in the US, and I have NEVER traded a *** stock in my life, I don't see how/why Interactive Brokers would default my order to a foreign exchange (instead of to a US exchange) to begin with. It's obvious an oversight on Interactive Brokers part for such behavior in their trading platform. As a result of this mishap, I suffered a loss of about $400 - $450 ($150 - $200 trading loss depending on FX exch rate + $259.74 in commission).
I transferred my Roth IRA to Interactive Brokers from ***. *** charged a $75 transfer fee resulting in debt of -26.00 on my account with Interactive Brokers. I was told to wire the funds to resolve the issue quickly so that none of my stock positions would be liquidated. I submitted the wire transfer via my *** but it was rejected without explanation from Interactive Brokers. When I called in on July 22 to get an explanation, I spoke with a representative and her supervisor, neither of whom could speak clear *** to resolve the issue, and whom kept me on hold for approximately 45 minutes. The supervisor I spoke with lied and said he wanted me to submit documentation of the wire transfer attempt, but when I told him my email three (3) times (which was already on file by the way), he never sent me his email to receive that information. Instead, I was place on hold for minutes on end and no one was available to speak and as I write this statement, my issue has not been resolved.
Dear ***,
Interactive Brokers LLC ("IBKR") submits this response to your July 23, 2019 correspondence to the Revdex.com, Inc, (Revdex.com), in which you state you transferred your account into IBKR and that the delivering firm charged a 75.00 USD transfer fee, which created a negative cash balance and to avoid liquidation of any your positions you would need to deposit funds to cover the negative cash balance. You stated you sent a wire to IBKR and that IBKR rejected the wire. And that on July 22, 2019, when you contacted IBKR you were not provided with a reason for the rejection and were placed on hold for 45 minutes and received poor customer service.
Upon receipt of your correspondence, the IBKR Complaint Department thoroughly reviewed the facts and circumstances surrounding your account activity and provides the following response.
Foremost, IBKR strives to provide excellent customer service and apologizes if our service level did not meet your expectations. We appreciate your business.
Regarding the fee charged by the delivering firm, as stated on IBKR’s website, while IBKR does not charge for Incoming or Outgoing ACATS transfers, customers should consult with their sending or receiving firm to determine if there will be any applicable fees for the transfers. Interactive Brokers is not responsible for any fees charged by your or any financial institution.
We reviewed our wire activity for the day and IBKR did not identify an incoming wire for 55.00 USD for your account and therefore we were unable to determine the reason for any rejection. Please contact your sending bank to trace the wire and for the reason your wire was unable to be completed. As shown on your statements, on July 15, 2019, IBKR received an ACH for 25.00 and on July 23, 2019, IBKR received two ACH deposits in the amounts 28.00 USD and 35.00 USD. This activity can be seen on your July monthly statement.
As explained above, IBKR did not charge you the $75.00 fee. Based on the information provided above, IBKR's actions with respect to your account activity were in accordance with IBKR's standard policies and procedures as set forth on the IBKR Website. IBKR will not grant your compensation request.
Regards,
Sandra
IBKR Customer Service
Business charged excessive fees and liquidated stocks in my account without notice to cover these fees.
Dear *** Interactive Brokers LLC (“IBKR”) is responding to your correspondence to the Revdex.com (“Revdex.com”), submitted on July 14, 2019. In the correspondence, you stated that IBKR charged excessive fees and liquidated stocks in your account, without notice, to cover these fees. You requested compensation of $396.
IBKR caters to active and professional traders and investors. As stated on IBKR’s website, accounts generating commissions less than the disclosed minimum in any given month will be assessed the difference between the minimum and the amount of commissions generated during that month. Customers with equity balances greater than $2,000 (or equivalent in a foreign currency) are subject to an activity fee minimum of $10. Customers with equity balances less than $2,000 (or equivalent in a foreign currency) are subject to an activity fee minimum of $20. Upon opening your account, you acknowledged and agreed as follows, “IF AT ANY TIME THE CUSTOMER'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, IBKR HAS THE RIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF CUSTOMER'S POSITIONS IN ANY OF CUSTOMER’S NON-IRA ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO CUSTOMER.” [Emphasis in original]
On June 4, 2019, your account opening balance was $4.39 and you were assessed $13.98 for the Balance of the Minimum Monthly fees for the prior month. As a result, on June 5, 2019 your account had an opening cash balance of -$9.59. Since cash accounts cannot maintain a negative cash balance, your account was subject to liquidation and IBKR sold 198 shares of *** to pay that balance.
Our customers are important and deserve the highest level of service possible. We are committed to providing all or our customers with the highest level of service, the lowest possible trading costs, and the best trading technology available. Based on our review, IBKR’s actions with respect to your account activity were in accordance with IBKR’s standard policies and procedures as set forth in the IBKR Customer Agreement and on the IBKR website.
Regards,
Ayana
Interactive Brokers
Complaint: ***
I am rejecting this response because:
There is no evidence I agreed to liquidation without notice.
Sincerely
Dear ***,
Interactive Brokers LLC (“IBKR”) is responding to your correspondence to the Revdex.com (“Revdex.com”), submitted on July 16, 2019. In the correspondence, you stated that you reject IBKR’s response because there is no evidence you agreed to liquidation without notice.
Upon establishing your IBKR account, you agreed to the terms and conditions of the IBKR Customer Agreement. IBKR wishes to remind you of Section *** of the agreement, which states, in pertinent part, that “Commissions and fees are as specified on the IB website unless otherwise agreed in writing by an officer of IB. Customer acknowledges that IB deducts commissions/fees from Customer accounts, which will reduce account equity. Positions will be liquidated if commissions or other charges cause a margin deficiency. Changes to commissions/fees are effective immediately upon either of: positing on the IB website or email or other written notice to Customer…”
IBKR is providing a copy of the agreement that you signed under separate cover to the email address that you provided on your account application.
Regards,
Ayana
Interactive Brokers
Complaint: ***
I am rejecting this response because:
There is no signature and no personally identifying format that proved I signed this document. There is literally just my name typed next to a block. Anyone at IB could have done that.
Sincerely
I am writing in regards to a purchase of *** we recently made utilizing our IB account. Last week I used IB Chat to determine the process of using our IB account to transfer USD to ***. We live in *** and were unaware we had this capability. The IB Rep explained how to initiate a purchase. It appeared to me that the IB platform would allow me to make a purchase without transferring funds. The IB Rep explained that if I did so it would be on “margin”, meaning we’d pay interest. I emphatically stated we did not wish to incur interest expense - as that would defeat the purpose of our trade. I was advised to transfer funds prior to making the trade to avoid the interest charge. I did that, and the funds were cleared after 4 days. I completed the *** trade and requested a wire transfer today. While I was reviewing the Transaction History I noticed a “disclosure” in small light grey font underneath the “cleared” ACH transfer that said the funds would not REALLY be available until 8/20/19??? I CALLED IMMEDIATELY AND WAS INFORMED THERE WOULD BE AN INTEREST RATE OF OVER 11% CHARGED FOR USING OUR OWN FUNDS!!! This is TOTALLY UNACCEPTABLE. NOWHERE was there any disclosure that IB would conduct business in this USURIOUS MANNER. We demand a release of the “HOLD” on our funds and refund of any unauthorized "interest" charges they may have imposed.
Dear ***
IBKR is in the process of completing a review and crediting your account.
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 me.
Sincerely
Interactive broker is running a scam...I had a margin call on my account and sent money into my account right away via an ACH wire...But they put a hold on the money for 5 business days!!...yet it was out of my bank account that same day!!...y the hold? are they trying to make free interest?
there is no reason for a 5 business day hold in 2019...As a result I had to liquidate my position and incurred a 40,000 dollar loss!! There was no reason for me to liquidate, they should've credited my account at the very most the next business day...and when I called them, they had the Gaul to yell at me and tell me that's there policy and there is nothing they could do...just terrible customer service to boot..
Stay far away from this company...it is not worth the commission savings!
Dear *** Interactive Brokers LLC (“IBKR” or “IB”) is responding to your correspondence to the Revdex.com (“Revdex.com”), submitted on June 4, 2019. In the correspondence you state you had a margin call and sent money via an ACH wire. A five-business day hold was placed on your account. You are inquiring on why a hold was placed on the deposit.
The US Automated Clearing House (“ACH”) transfer is an electronic movement of funds through the ACH network. Initiation of an ACH transfer enables you to automatically deposit funds from a US bank to IBKR. The IBKR website states ACH requests of $25,000 or less received by 11:00am ET will be credited to your account the same day and will be available for trading after four business days under normal circumstances. An ACH deposit is essentially an electronic check and, therefore, the originating bank can reverse the transaction in the same way as a check, if there is any issue such as non-sufficient funds, a closed bank account etc. Similar to holds placed on check deposits, IBKR has implemented a four-business day hold period on deposits made by ACH.
Upon establishing your account you agreed that (1) IB customers are solely responsible for maintaining sufficient equity in their IB accounts at all times in order to satisfy applicable margin requirements; (2) IB retains the right to immediately liquidate positions, without issuing a margin call, in any account that does not meet applicable margin requirements; and (3) in the event of a margin violation, IB has the right to liquidate all or any part of a customer's positions at any time and in any manner. Upon execution of the IB application, you agreed to the terms and conditions of a margin account. In addition, you accepted the IB Disclosure of Risks of Margin Trading provided to you.
A review of your account activity reflects that on May 29, 2019 at 15:46:43 ET your account held Equity with Loan Value of $134,226.04 and Maintenance Margin Requirement of $137,408.03 with an Excess Equity of -$3,181.99. As your account held insufficient equity to cover the margin requirements, IBKR liquidated 8 TLRD 21JUN19 7.0 Put options.
On May 30 at 05:16:12 ET, an ACH deposit of $500 and on May 31 at 06:24:01 ET an ACH deposit of $19,700 were submitted. The funds were available on June 5 and 6.
IBKR 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. Based on our review, IBKR's actions with respect to your account activity were in accordance with the policies and procedures as set forth in the IBKR Customer Agreement and on our website. We appreciate your business and we look forward to continuing to serve your investing needs.
Regards,
Ayana
Interactive Brokers