IB Missing Funds.

schoe

Well-known member
343 3
How do people get on with transferring money to IB. I spent ages on the phone to my Bank on Monday and gave them specific instructions for a CHAPS transfer to Citibank in London and gave them the details of my IB account to add to it so Citibank knew where to deposit the money. I have checked today and apparently their wasn't enough information sent with the money so they have sent it back. My Bank haven't received it yet so its currently in cyberspace much to my annoyance as I can't trade and don't know where it is until tomorrow. I had a similar thing with IB in the past when I opened an account with them. Anybody else had similar problems?
 

JonnyT

Senior member
2,560 22
Never had a single problem transferring to/from IB.

There instructions are very specific though.

JonnyT
 

Skimbleshanks

1
2,325 16
Did you complete the online deposit notification? Irrespective of what is on the CHAPS payment, IB needs the deposit notification to match the two before it gets into your account.

Did you send GBP to Citibank London? If your base account is in dollars then it has to be sent to Citibank New York.

I've never had any problems whatsoever in transferring money.
 

Tileman

Member
86 7
I had a problem when i first opened an account all down to my bank messing up ,it did take 10 days for the money to return into my account ,its probably worth while going into your bank to make sure they send it right thats what i did in the end.
 

theknifemac

Well-known member
340 0
Skimbleshanks said:
Did you complete the online deposit notification? Irrespective of what is on the CHAPS payment, IB needs the deposit notification to match the two before it gets into your account.

Did you send GBP to Citibank London? If your base account is in dollars then it has to be sent to Citibank New York.

I've never had any problems whatsoever in transferring money.

Skim

Do you have your account in dollars then, or do you just happen to know the USD needs sent to NY ?

Ta

Stew
 

schoe

Well-known member
343 3
My account is in GPB so I sent the money to London and I did fill in the online notification informing IB. IB said the money had been returned because my Bank did not pass on the details correctly that I definitely gave them ( IB account number,user name etc. ). I hope I don't have to wait ten days for the money to get back!
 

oatman

Senior member
2,879 22
I do all my transfers online and never have a problem.
The less you have to do with "people" the better.
 

dc2000

Veteren member
4,766 129
Scchoe your money isn't in cyberspace its in your banks clearing dept in a couple of days they will find it credit it you send it back with same details that they omitted in the first place ( as you can guess been there done that ) dont assume just because you gave them the correct information that they gave that to IB. Oh and there is more chance of the DOW hitting 12,000 next week than the bank saying sorry.
 

oatman

Senior member
2,879 22
DC, exactly, the banks are scum. They sit on your credits and put debits through on non-banking days. Their standards continue to fall and.......they never apologise.
That would cost them compensation. It's amazing they're still allowed to get away with it.
I switched to telephone banking years ago and now do most of it online.
 

adrianallen99

Established member
630 4
dc2000 said:
Oh and there is more chance of the DOW hitting 12,000 next week than the bank saying sorry.

Send them a charge £30 or something should do it.

When something goes wrong with my bank, I always charge them for it - Admin costs :)

So far I have been paid over £700 in customer charges :D

Last time I charged them £100 for a cheque not clearing when it was supposed to. They told me it would definately be in the account on the thursday, it wasn't.

£30 because they failed to deposit £7,000 into my account. The instruction wasn't passed on.

They charge me, so I charge them. I don't want an apology, they just have to cover my customer charges :D
 

wheezergeezer

Well-known member
368 8
Bank charges

Sounds like you need to change your bank, if possible a bank that offers online banking (Assuming your not already) so you can see via your pc what transactions are taking place and have an up to date live statement, good luck.............
 

BBB

Experienced member
1,071 3
Nice one AA99. I do the same with Lloyds TSB - the biggest muppets in town. Must admit I'm not making as much as you though :0(

Every time I threaten to close my account etc
 

schoe

Well-known member
343 3
My blood is close to boiling point now. The Halifax say its not their fault as they sent it and it had all the details on the transfer.
Citibank in London say they can't help me and put me through to an automated service
IB said it must be the Banks fault and as we speak he is going to make some enquiries and phone me back but this was someone in Switzerland.
So I can't trade,no-one will take responsibility and find it for me and everyone is blaming everyone else!
To be fair IB are trying to find it and just phoned me back to say Citibank haven't had the money and are now going to phone the Halifax. Awaiting a call back as I type ........

.
 

BBB

Experienced member
1,071 3
Time to deliver ultimatums my friend.

Tell Halifax that you will close the account tomorrow if they don't admit liability (pointing to IB's claim of insufficient details). Tell IB that you are no longer interested in opening an account with a bunch of bungling morons unless they deposit the funds in your account by tomorrow - pointing to the banks claim that all the details were correct. You'll soon find out who you no longer need to do business with - maybe both? Tell them both you are reporting them to the FSA (you should).

Meanwhile of course, one of the parties is using your cash to earn interest in the overnights, etc and you are out of pocket on lost income. Point this out and DEMAND compensation.

Unfortunately, the UK is the only place in the 'civilised' world where this kind of monkey business is allowed to prosper.
 
 
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