IB Problem

[DaveGos]

Last Thursday I sent by CHAPS a large sum to IB to fund my account. My bank assured me they put the right account details including my username etc. My problem is that while IB have acknowledged they received the money they have not applied it to my account because they say it did not have my account details. As a result this money has been sitting on their suspense account since Thursday and the only answer I get from Customer Service is that their Cashier department will sort it out.

My question is has anybody else had this problem and if so how did they resolve it and how long did it take.

Thanks
David

 

[ed crane]

yes....similar problem although sending funds for an existing account.

sent early last week. they confirmed receipt (when i questioned why it had not appeared on my account) last wednesday.

i called them for the third time this morning. they tell me there is no reason that they can see why the funds have not been posted but will get back to me (again) this afternoon.

i have to say that up until now i have not experienced any of the problems that others have with sending funds to IB but now I can see why many get so frustrated.

 

[peto]

Not had a problem in this respect but I posted the following warning elsewhere on this board which this might be an appropriate place to repeat....

"traders should be aware that there may be a problem with bracket trades placed through IB's own system. Subsequently changing the value of the Stop part of the order will cause the trade to immediatly execute at the market price! This bug was apparent on the demo system as well today."

 

[Skimbleshanks]

Dave - did you complete and submit the deposit notification? This allows IB to link up all the deposits quicker I believe, even if you have your user name and account number on the transmission.

I also send an 'odd' amount of funds, so that it is easier to track - so instead of sending $10,000 I will send $10,175.

The only other thing I would question is whether you sent your order by CHAPS, or just an electronic transfer as this is the normal procedure. I would suspect your bank sent it by the latter - in which case it will take three days to credit your account. That would mean that it will credit IB's central coffers today, and you will either get the funds in your account later this afternoon (remember that the funds department is US-based I believe), or early tomorrow (Tuesday).

 

[DaveGos]

Skimbleshanks

I sent the money by CHAPS, it was a round number £20,500. I also know that it arrived in IB's account last Thursday but for whatever reason they were unable to link it to my account, even though I had completed a deposit notification, so they are holding it in a suspence account.
The frustrating thing is that they don't appear to be doing anything to rectify the matter. I have been in Banking many years and I know that in these cases if the money can't be applied it should be sent back immediately to where it came from. At least if they did this I would feel much happier that the money was back in an account I controlled.

 

[TBS]

Dear Mr Gos,

Thank you for your donation to the IB Caribbean Coffee Fund, I am sending this whilst sitting by the pool sipping a cold beer. If you feel that at some point you would actually like to populate your trading account, please feel free to send some spare cash as you see fit.

Regards

I V Phuket
Head Tea Boy
Interactive Bandits.

 

[jls483]

I also sent £15,000 which arrived last Monday and IB also claimed that there were no account details attached and so left it in the suspence account. I can check with deal4free to see if they did attach them or not if you are interested.

After the money had not arrived after a week I was able to resolve the matter with two phone calls and then an e-mail confirmation. The funds eventually appeared 24 hours later.

It would be so much more convenient if one could instantly add funds to the account using a debit card.

 

[ed crane]

i got my problem sorted this afternoon......try & speak to Corinne on the help desk. she seemed to be on the ball. it's quite simple....as lonfg as they have the deposit notification from you and the funds can be indentified in their bank account (even if evry 'i' is not dotted and evry 't' is not crossed) then they will credit the account.
after me conversation this afternoon my account was credited within 10 minutes.

hope this helps

 

[Trader333]

When I first credited my account, IB took 7 days (5 working days) to show my funds. I use electronic transfer which I have set up automatically to include account details. I have had no problems when transferring funds back to my bank but I have yet to futher fund my account which I will be doing soon to pattern day trade so this will be interesting.

I seem to remember a post by JonnyT indicating that he could transfer funds almost immediately ? but I may be wrong.

Cheers


Paul

 

[GreyingSurfer]

....as lonfg as they have the deposit notification from you and the funds can be indentified in their bank account

Are you saying that you hadn't sent them a prior notification via their website as you are supossed to do?

 

[DaveGos]

Though the way I paper traded today I should thank IB for keeping me away from my cash

 

[Skimbleshanks]

lol - looks like someone somewhere was doing you a favour!

 

[DaveGos]

Result

I finally received the money into my account, no thanks to IB though as I called CITIBANK myself and sorted it out.
I can't say they were very happy speaking to me but it got results.

Should anybody else need to call them at any time the number is 0207 500 5000 and ask for the department dealing with Sort Code 18 50 08.

 

[Helenqu]

Thanks for posting that Dave. I had some money take a long time to be credited earlier in the year and felt so helpless that I just had to wait it out. It was fine but four days felt like an eternity

 

[fillyerboots]

Try ringing the london office, I've spoken to a Gary Dibley, he has been very helpful in the past. You need to make sure the notification of deposit is sent before any money is wired. Without this any funding that arrives will sit in suspense. If any one wants his direct number I can give it to you.