ComplaintsforInteractive Brokers LLC

• Initial Complaint

  05/22/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I have received a text message from IBKR's *********** stating: "ACH Debit for 453.85 USD from **** **** *** **. Use IBKR mobile to authorize by May 22 2024 2:00 PM". However when I try to authorize the direct debit, it appears that the only option is to deny the payment as seen in the attached file. This happened multiple times over the last years and typically it involves a considerable waste of time and effort to make sure that every direct debit on our account is accepted. Sometimes the text message says that the debit needs to be authorized but there is no way to do so and a tedious verification necessarily ensues. On the other hand the text message may say that the debit will go through but it actually needs to be manually authorized. The IBKR representatives with their distinguishing arrogance try to debug their system instead of providing assistance with the urgent issue at hand. On the long therm this has led to several missed payments, fees charges, interest charges and a decrease of our creditworthiness. IBKR has agreed to reimburse part of these charges but they did not fulfill the agreement. I request the reimbursement of $51.10.

  Business response

  05/28/2024

  Dear ****** ***** and ****** ** *** *****,
  
  Interactive Brokers LLC (IBKR) is responding to your communication to the Better Business Bureau on May 22, 2024. Therein, you state that you had difficulties withdrawing funds from your account and the IBKR Customer Service Team was unable to provide assistance with your inquiry. Upon receipt of your complaint, we reviewed the facts and circumstances surrounding your concerns and provide the following response.
  
  In your communication, you state that you had trouble authorizing the direct debit for 453.85 USD from **** **** *** **. As a matter of background, the authorization feature was designed by IBKR to protect the assets in your account. We see that on May 21, 2024 at 09:20:14 EDT you initiated a withdrawal in the amount of 453.85 USD going to your **** **** *** ** bank instruction. This withdrawal was processed on the same day at 09:25:28 EDT. In the future, if you have any questions or concerns with the withdrawal of funds in your account, please feel free to call our Customer Service Team toll free at ###-###-####. To date, we show no records of you calling our Customer Service Team this year.
  
  As far as the several missed payments, fees charged, interest charged and a decrease of your creditworthines, unfortunately these charges and events were not imposed by IBKR, therefore we cannot offer compensation.
  
  Based on the above it appears that IBKRs actions with respect to your account activity were in accordance with IBKRs standard policies as set forth in the IBKR Customer Agreement. IBKR will not offer compensation.
  
  Kind Regards,
  
  Joey
  IBKR Client Services

  Customer response

  06/03/2024

  
  Complaint: ********
  
  I am rejecting this response because it fails to address the cause of the persistent problem and do not provide the arranged compensation with customer service.

  
  Sincerely,
  
  ****** *****

• Initial Complaint

  05/20/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  In the first week of March 2024 I received a notice from the ** ***** ********** that I had $6000 of funds in an IKBR account, in my deceased mother's name, that would turn to unclaimed funds if they were not received from IKBR. The funds were sitting in account ********, name ***** * *****. In 2020, I had liquidated this account and transferred all funds out. Apparently these funds are a residual of some kind. Regardless, I notified IKBR on 3/4/24 of this issue. They replied 3/8/24 offering to send a check if I could return a form. I returned the form electronically on 3/10/24. I sent emails to the estate processing team on 4/4, 4/10, and 4/22, and all of these emails went unreturned. I reached back out to the customer service team on 4/26 and was informed on 4/30 that my concern would be forwarded to the appropriate team. On 5/8, I received an email from the Estate Processing team, Patrick R***, asking where I would like the funds sent. I sent the same electronic form (instructions for where to send the money) on 5/9. I again have not heard anything. This is similar to my experience in dealing with the Estate Processing team in 2020. They are slow to respond, unhelpful, and demand the same information repetitively.

  Business response

  06/03/2024

  Interactive Brokers LLC ("IBKR") submits this response to your correspondence to the complaint filed with the Better Business Bureau, in which you state that IBKR has failed to distribute funds due to you from estate processing.  

  IBKR records reflect that a check request in the amount of USD $6,000.00 was submitted to the IBKR cashiering department on May 31, 2024, and will be processed and mailed on June 3, 2024.

  IBKR regrets any inconvenience experienced in resolving this issue.

  Should you have additional questions or require further assistance, please contact IBKR Customer Service via phone, chat or web ticket.

  Regards, 

  IBKR Client Services

• Initial Complaint

  05/17/2024

  Complaint Type:

  Facilities Issues

  Status:

  Resolved

  More info

  Hello, I have been using Interactive Brokers for a while now, recently they blocked my account from trading (close only) without any warning or previous announcement. They have done this many times previously which obstructs me of using my funds. I had to call them several times to figure out why they had done it which I find ill intentioned. They have blocked until I explain why I have an American phone number as a foreigner, I don't find this to be a valid reason to block me from utilizing my funds. I appreciate your help with this matter.

  Business response

  05/31/2024

  Interactive Brokers LLC ("IBKR") submits this response to your correspondence filed with the Better Business Bureau, in which you state that IBKR restricted your account to closing only transactions without warning.  

  As stated in the communication sent to you on May 13, 2024, in accordance with regulatory requirements IBKR periodically verifies the accuracy of information on file for client accounts.  IBKR notes that upon completion of required steps for verification of your account information including, receipt of requested documents, an update to your non-US phone number and submission of an updated tax form, all restrictions have been removed from your account.  IBKR records reflect that you successfully submitted opening transactions in your account on May 30, 2024.

  Should you require additional assistance, please contact IBKR Customer Service via phone, chat, or web ticket.

  Based on the above, IBKR's actions with respect to your account activity are in accordance with IBKR's standard policies and procedures.

  Regards,
  IBKR Client Services

   

  Customer response

  05/31/2024

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ******** *******

• Initial Complaint

  05/02/2024

  Complaint Type:

  Facilities Issues

  Status:

  Answered

  More info

  I made a cash deposit and bought stock using only the cash. This brokerage than liquidated me on margin call even though I redeposited the cash the same day. The initial cash had gotten called back because another made an unauthorized transaction but I immediately fixed it before they margin called me however it didn’t matter they still illegally liquidated me with garbage market orders to screw me over even though they got all the funds and it was only cash no margin. I reached out to customer service and they haven’t helped me so far.

  Business response

  05/15/2024

  Dear Mr. ******,

  Interactive Brokers LLC (IBKR) is responding to your letter to the Better Business Bureau (BBB), submitted on May 2, 2024.
  

  In your correspondence you stated that you purchased some shares of stock and that IBKR illegally liquidated assets in your account after you had met a margin call within 10 minutes of receiving it, and that IBKR has yet to respond with an explanation.
  

  When you opened your IBKR account you signed the IBKR Customer Agreement, which states that (1) IBKR customers are solely responsible for maintaining sufficient equity in their IBKR accounts at all times in order to satisfy applicable margin requirements; (2) IBKR 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, IBKR 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 IBKR 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. These documents were also available for your review at any time on the IBKR website.
  

  As stated on IBKR’s website all deposits made by ACH are subject to a standard 4 business day credit hold. ACH funds may be released earlier at IBKR's sole discretion. However, IBKR does not provide any guarantees of the accelerated provision on all ACH deposits. 
  

  A review of your account indicates that on April 22, 2024, IBKR received an ACH (Automatic Clearing House) deposit of 416.00 USD. IBKR elected to waive the ACH hold period for this deposit and posted the funds to your account.
  
  On April 24, 2024, at 01:01:45 ET, the ACH deposited noted above for 416.00 USD was recalled by your bank for insufficient funds.
  
  On April 24, 2024, at 06:02:41 ET, IBKR sent Communication ******** via email and Message Center stating “This NOTICE constitutes a MARGIN CALL. Your Interactive Brokers securities trading account as referenced above has incurred a margin deficit. In order to return the account to normal trading status, the account must be brought back up to required margin levels. Pursuant to the terms of the Interactive Brokers Customer Agreement, we may liquidate positions in your account in order to resolve the margin deficiency. Your account is currently subject to liquidation and therefore we may liquidate positions in your account at any time until the margin deficiency is resolved.”
  
  At 06:14:13 ET IBKR received an ACH deposit of 416.00 USD. Due to the ACH holding period noted above these funds were available for to be posted to your account on April 30, 2024.
  
  At 09:33:33 ET IBKR sent Communication 73842538 via email and Message Center stating “Please note that the qualifying equity within your account (i.e., Equity with Loan Value) is insufficient to satisfy the margin requirement and, to restore margin compliance, liquidation of positions may commence without further notice.”.
  
  At 09:40:31 ET your account held a Net Liquidating Value of 47.78 USD against a Maintenance Margin Requirement of 352.98 USD and a deficit of Excess Equity over Maintenance Margin Requirement of negative 305.20 USD. In order to bring your account into margin compliance, IBKR liquidated 38 shares of BITF at 2.08, 51 shares of BTBT at 2.2350, 25 shares of CIFR and 6 shares of MARA at 19.4750.
  
  Based on the 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. 
  
  Regards,
  Sandra
  IBKR Client Services

  Customer response

  05/15/2024

  
  Complaint: ********
  
  I am rejecting this response because:

  STILL AN ILLEGAL LIQUIDATION 
  
  
  They completely ignored the fact that I more than met the margin call at 6:14 am est less than 15 minutes after it was issued by depositing $416. So it was an illegal liquidation that I will be pursuing.
  
  
  Thanks,
  
  
  *************************
  

  
  
  Sincerely,
  
  **** ******

• Initial Complaint

  05/02/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  RE: Account ********. I have an open support ticket at Interactive Brokers regarding a simple question as to when I instructed IB to send me emails with regard to dividend triggered options. I have been waiting a week for an answer and have been ignored.

  Business response

  05/10/2024

  **** *** **********
  
  Interactive Brokers LLC (IBKR) is responding to your communication to the Better Business Bureau on May 2, 2024. Therein, you state that you have a question as to when you instructed us to send you communications with regard to dividend triggered options. Upon receipt of your complaint, we reviewed the facts and circumstances surrounding your concerns and provide the following response.
  
  On April 8, 2024 you submitted a complaint to IBKR stating that we did not notify you of an upcoming dividend expiring on April 4, 2024 for ********* stock (ISIN - ************). Our records show that on April 3, 2024 IBKR sent you the following notification "Subject: Cash Dividend: ********* - ********* (Name: ******** **** ****** ** ***) announced a cash dividend with an ex-dividend date of ******** and a payable date of ********. The declared cash rate is USD 2.7944. ISIN: ************. Visit our website for important information and disclaimers on the corporate action notification process. Corporate action announcements are compiled on a "best effort" basis using information received from third-party vendors. Information from third parties may contain errors or omissions." To date, we see that you have not viewed this notification.
  
  As noted in the above communication and in the Customer Agreement, IBKR provides information on a best efforts basis. On March 31, 2015 when you opened your account you signed the IBKR Customer Agreement which governs our relationship. Therein, it states that you acknowledged Customer's responsibility for knowing the terms of any securities, futures contracts, options, warrants or other products in Customer's account, including upcoming corporate actions (e.g., dividends, tender offers, etc.). IBKR has no obligation to notify Customer of deadlines or required actions or dates of meetings, nor is IB obligated to take any action without specific written instructions sent by Customer to IBKR electronically through the IBKR website. You also agreed that reliance on quotes, data or other information is at customer's own risk.
  
  Based on the above it appears that IBKRs actions with respect to your account activity were in accordance with IBKRs standard policies as set forth in the IBKR Customer Agreement.
  
  Kind Regards,
  
  Joey
  IBKR Client Services

  Customer response

  05/10/2024

  
  Complaint: ********
  
  I am rejecting this response because:

   

  The response still does not answer my question.  The question again is on what date did I notify Interactive Brokers (via settings in my platform see attached) that I wanted to be notified of "dividend triggered option exercise advisory"?
  
  
  Sincerely,
  
  ****** *********

  Business response

  05/23/2024

  Dear Mr. *********,

  The date is unknown as your TWS log files are only stored for the prior 6 calendar days.

  Regards,

  Joey

  Customer response

  05/24/2024

  
  Complaint: ********
  
  As you know I have lost communications through my IB portal and have had to resort to this BBB forum to communicate.  I went to file a complaint with ***** and it was suggested to first request you to have a branch manager or compliance department review my query.  Please let me know if you can forward this to either of these departments.  If I do not hear back from you either here or in my IB portal by the May 29,. 2024 I will file the complaint with *****.
  
  Sincerely,
  
  ****** *********

• Initial Complaint

  05/01/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Interactive Brokers sent me a email indicating they are closing my account without a reason. I called them and the customer service threatened me. Opened a ticket and no response after 48 hours. I have time sensitive options that need to be closed. Kindly help.

  Business response

  05/06/2024

  Dear Mr. ******,
  
  Interactive Brokers LLC (IBKR) is responding to your inquiry dated May 1, 2024. In your communication, you state that IBKR sent you a notification that we are going to close your account and did not state the reason. Upon receipt of your complaint, we reviewed the facts and circumstances surrounding your concerns and provide the following response.
  
  Please refer to the notification we sent you on April 29, 2024 at 15:39:24 ET which we see that you read on April 29, 2024 at 16:11:00 ET, see below:
  
  "Based upon a recent Compliance review of the activity in your account, we are closing your IBKR brokerage account.  You may transfer your account(s) to another brokerage firm through the Automatic Customer Account Transfer System (ACATS) or you may liquidate existing positions in your IBKR account(s), and we will disburse the remaining funds to you.  Please be advised that your IBKR account(s) is currently restricted and is restricted to Closing Only, meaning that you may reduce or close positions, but you cannot establish or add new positions.   If you choose to transfer your account(s), please contact your new (receiving) brokerage firm and request an ACAT transfer.  The receiving brokerage firm will initiate the transfer process with IBKR on your behalf. Your new brokerage firm will expedite the process and ensure that the proper account information and position transfer arrangements are completed for you.
  
  To close your IBKR account(s), please follow the "Close Your Account" instructions in our User Guide or:
  
  - Log in to Portal
  - Select the User Menu ("head and shoulders" icon in the top right-hand corner) followed by Settings
  - Under Account Configuration select “Close Account” to launch the account closure page
  - Open the page to view the steps needed to complete the account closing process
  
  If you do not close or transfer all account positions within 30 days of this notice, we reserve the right to liquidate remaining account positions, credit the proceeds of the liquidation to your account or to distribute the proceeds to your last withdrawal instructions on file with IBKR.  Should you require assistance with completing the closure of your account(s), please send us a message directly from Portal. Notifying us in this manner will generate an expedited response to your inquiry. Additionally, you can contact Client Services.
  
  It is extremely critical that you take the appropriate action within the defined time frame.
  
  Thank you for your prompt attention to this inquiry."
  
  IBKR will not disclose the reason(s) for this decision.
  
  Based on the above it appears that IBKRs actions with respect to your account activity were in accordance with IBKRs standard policies as set forth in the IBKR Customer Agreement.
  
  Kind Regards,
  
  Joey
  IBKR Client Services

• Initial Complaint

  03/25/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  I opened two accounts with IB in order to receive distribution as beneficiary from my sister's *** accounts - one *********** *** and one **** ***. After the money was transferred to my accounts I noticed the account name was incorrect, not naming my sister as the *** owner but my mother. So the name is "My Name Inherited *** of My Mother" - it should be "My Name Inherited *** of My Sister" I opened a web ticket with IB 3 weeks ago and also called them. The issue has not been resolved. I cannot move my accounts to my own financial advisor until the name is corrected to reflect my sister as the original *** owner. In addition, the incorrect name has tax consequences as well. Your help in resolving this issue is most welcome.

  Customer response

  03/31/2024

  As of Saturday, March 30, 2024, the issue with my accounts at Interactive Brokers has been resolved.

  Thank you.

  Customer response

  04/22/2024

  I am the executor of my sister ******** * ****** Estate. My sister received all correspondence from Interactive Brokers online. I do not have her login information so I cannot access the three accounts I have a legal right, as Executor, to access. I have requested from Interactive Brokers either access to her three IRA accounts or to receive statements. I created a Web Ticket on April 12, 2024, regarding this matter and have not received a reply. To fulfill my duties as Executor, I must see statements to make sure all money has been transferred to beneficiaries (my sister and me) and must receive any Tax Forms or Tax Documents to complete a future Estate tax return. The three accounts are *********, *********, *********. Interactive Brokers claims they will respond within 1-3 business days to a ticket. On their website, they claim to respond within 24 hours. Neither has happened. I filed another complaint in March about Interactive Brokers when they did not correct their mistake regarding the names of two of my IRA inherited accounts. Five days after filing a complaint with BBB, the matter was resolved. I'm hoping the same will happen with this issue. While I understand Interactive Brokers must be careful about access to client accounts, I am happy and willing to provide them with my documentation proving I am the Executor. Their refusal to contact me about the process to gain access to my sister's accounts is troubling and denying me the legal right to access the accounts. Attached please find my Letters of Authority from the ************ ** *************. Thank you.

  
  

  Business response

  05/06/2024

  Interactive Brokers LLC (“IBKR”) submits this response to your complaint filed with the Better Business Bureau, in which you state that IBKR has denied you access to account statements and tax documents for 3 accounts that you are the executor of.
  
  As you have previously been advised, via email from IBKR, all assets have been transferred from all 3 account and each account currently has been closed with a zero cash balance.  IBKR notes that closing statements have been sent to you via email.  Please check your spam and junk folders if you have failed to receive the documents.  Additionally, IBKR has escalated a request to the IBKR Tax Team for 2023 tax forms to be generated and mailed for the related accounts.
  
  Based on the above, IBKR’s actions with respect to your account activity are in accordance with IBKR’s standard policies and procedures.
  
  Regards,
  IBKR Client Services

  Customer response

  05/10/2024

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

  I urge Interactive Brokers to invest resources into their Customer Service Department. Interactive Brokers encourages customers to create Tickets when there is a problem, yet response time to those tickets is abysmal. We're talking days and weeks before there is a reply. That is not customer service. Do better.

  I would like to give a shout out to the Estate Processing Team. They have been much more responsive, and in a more timely manner, when I have emailed them with requests or questions. Bravo!

  
  Sincerely,
  *** **** 

• Initial Complaint

  03/12/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  IRBD liquidated two of my positions with inadequate notification. Basically they removed my hedges right at the end of the day today, 3/11/24. The ONLY notification that there was any sort of SMA shortfall was in contaned in a tiny FYI message that was sent to me exactly 20 minutes prior to the close today. My IRBD app said I had buying power of $12,000 so there was never any concern on my end. I could have easily deposited more money if notified in advance. I was a professional trader for years and this smells of market manipulation. Both postions "liquidated" were short positions, so buying had to be executed to close them out. ******* ****** and ******* ****** were the positions. My positions were small but if they acted on the same securities firmwide, they would effectively be creating sizable artificial buying which, in turn, could propel the price higher (they use market orders). I'm not concerned enough to report this to the SEC but it certainly is a practice worthy of investigation. I will liquidate and close my account with them asap. This is an entirely unprofessional, dangerous practice. They also hide usuriously high commission rates. I'm a decent trader (not a day trader) so the commissions were not as much of a concern.

  Business response

  03/19/2024

  Dear Mr. *****,
  
  Interactive Brokers LLC (IBKR) is responding to your inquiry dated March 12, 2024. In your correspondence, there were concerns about several liquidation trades that took place in your account on March 11, 2024. IBKR has thoroughly reviewed your concerns and provides the following response.
  
  IBKR has thoroughly analyzed your claim at several levels, examined the relevant trading records and correspondence and reviewed the mark prices and account valuations during the time frame in question. As a result of our review, IBKR has determined that: (1) IBKRs liquidations in this account were directly caused by the lack of sufficient funds in the account to meet applicable margin requirements; (2) the liquidations were consistent with the IBKR Customer Agreement you executed and the numerous disclosures provided to you regarding margin requirements when you opened your account, and with applicable laws and regulations regarding margin accounts; (3) the liquidation trades in this account was executed properly, at prices within the National Best Bid or Offer (NBBO) at the time of the liquidation transactions.
  
  IBKR’s liquidation policies are designed to protect IBKR’s customers and to protect the capital of the firm. Our policies have been explicitly approved by our regulators and our policies are clearly and repeatedly announced to our customers. When you opened your IBKR account, you agreed to be bound by the terms and conditions of the IBKR Customer Agreement. These documents are also available for your review at any time on the IBKR web site.
  
  Specifically, on October 12, 20023 you signed and agreed to IBKR's Customer Agreement. Therein, you agreed to the following, "CLIENT AGREES THAT IBKR HAS THE RIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF CLIENT'S POSITIONS OR ASSETS IN ANY OF CLIENT'S IBKR ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER (INCLUDING BUT NOT LIMITED TO PRE-MARKET/AFTER-MARKET TRADING AND PRIVATE SALES) AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO CLIENT IF AT ANY TIME".
  
  IBKR also discusses our margin policies on our website. Please refer to the following page for more information: ********************************************************
  
  Our records show that on March 11, 2024 your account ********* was setup as a Reg T margin account. In order for this account to be margin compliant it must always maintain a positive excess liquidity at all times and must have a positive SMA balance at 09:40:00 (ET) and again at 15:50:00 (ET). On March 11, 2024 at 15:52:10 (ET) our records show that your SMA balance was -607.62 USD, thus prompting the two liquidation trades (see below). After these liquidation trades took place your SMA balance was 6.00 USD, thus bringing your account back into a margin compliant state. Therefore, IBKR considers these trades to be valid and will stand as executed.
  
  ****      2024-03-11, 15:52:12     BUY       2            600.7700
  ****     2024-03-11, 15:52:10     BUY       30          254.0300
  
  Based on the above it appears that IBKRs actions with respect to your account activity were in accordance with IBKRs standard policies as set forth in the IBKR Customer Agreement.
  
  Kind Regards,
  
  Joey
  IBKR Client Services

  Customer response

  03/19/2024

  
  Complaint: ********
  
  I am rejecting this response because: I was notified of a margin call literally 20 mins prior to the liquidation (and the market close). The day after the liquidation, I received a margin call email for $234. There is no adequate margin warning system in place on the IBKR system. If there was, I could have easily deposited funds. And very importantly, the value of the liquidated position was $8822: FAR in excess of even the ~$600 SMA shortfall mentioned. I have zero confidence or trust in IBKR and have since withdrawn all of my money from the account. My hope is this correspondence will enlighten others to IBKRs practices prior to opening new accounts. 
  
  Sincerely,
  
  ******* *****

• Initial Complaint

  02/27/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  INTERACTIVE BROKERS APPROVED MY SUCCESSFUL ACCOUNT APPLICATION AND OPENED AN INDIVIDUAL BROKERAGE TRADING ACCOUNT ON 2024-JAN-26. YESTERDAY, 2024-FEB-26, I RECEIVED WRITTEN NOTICED THAT MY ACCOUNT VIOLATED INTERNAL POLICIES WHICH REMAIN UNDISCLOSED. I AFFIRM THAT MY ACCOUNT HAS NOT PERFORMED ANY ACTIVITIES WHICH MAY BE CONSTRUED NOR UNDERSTOOD TO BE VIOLATING ANY POLICY APART FROM NORMAL ACCOUNT ACTIVITY IN COHERENCE TO THE TERMS AND CONDITIONS. INTERACTIVE BROKERS IS TO RESOLVE THIS MATTER VIA THE BBB COMPLAINT PORTAL AND NO ATTEMPT TO CONTACT MY PERSON OUTSIDE OF THIS PLATFORM SHALL BE ADDRESSED. INTERACTIVE BROKERS IS TO MAINTAIN MY ACCOUNT AND ISSUE A WRITTEN APOLOGY WITH RECOMMENDATIONS TO BE MADE TO MANAGEMENT TO IMPROVE THE PRESENT STATE OF NEGLIGIBLE QUALITY OF SERVICE STANDARDS AND NON-COMPLIANT COMPLIANCE ENVIRONMENT WHICH POSES A DISTINCT RISK TO U.S. CONSUMERS ENGAGED IN THE TRADING OF FINANCIAL SECURITIES.

  Business response

  03/11/2024

  Interactive Brokers LLC ("IBKR") submits this response to your correspondence to the complaint filed with the Better Business Bureau, in which you state that IBKR unjustly terminated your account.  

  IBKR records reflect that as stated in the notification sent to you on February 26, 2024, a determination has been made to close your IBKR brokerage account as a result of IBKR's internal policy.

  IBKR wishes to remind you that as stated in the IBKR Customer Agreement, of which you signed and agreed to, IBKR may terminate client's use of IBKR's services at any time in IBKR's sole discretion without prior notice to Client.

  To close your account please log into Client Portal, select the User Menu followed by Settings.  Under Account Configuration, select Close Account.  Please note that if you do not take steps to close or transfer your account within 30 days of notification, IBKR reserves the right to liquidate remaining account positions, credit the proceeds of the liquidation to your account and distribute proceeds to your last withdrawal instruction on file.

  Should you require assistance completing the account closure process, please contract IBKR Customer Service via phone, shat or web ticket.

  Regards,
  IBKR Client Services

  Customer response

  03/15/2024

  
  Complaint: ********
  
  I am rejecting this response because:

  Interactive Brokers is side-stepping their own Terms & Conditions in regards to what is reasonably applicable under U.S. commercial law in specificity to operating entities related to the exchange of securities with respect to individual U.S. consumers; their original Notice issued a violation Notice -- thus the account is unjustly removed from service and my complaint stands.

  To remain compliant under jurisdictional law, Interactive Brokers must state the fact(s) and supporting evidence of the violation stated. There is zero reason to (1) remove the account from service (2) remove the account from service after active trading and no activity justifying termination (3) remove the account as a violation of an internal policy which has yet to be revealed.

  These practices are not conducive to the promotion of a safe and fair marketplace for financial consumers, instead the opposite is true as evidenced of this Complaint.

  Should Interactive Brokers remain steadfast in their aggressive, reckless, and irresponsible manner of business operations, I will be more than glad to relocate this dispute from the court of fair business to the jurisdictional authorities with the issuance of said complaint and supplied documentation and recordings to the respective authorities, elected officials, and additional non-governmental and consumer dispute agencies. As I have investigated this matter upon my own accord and this behavior is far outside of normal, reasonable business operations including their applications process and the fact that many other users have received the same outrageous record of behavior from Interactive Brokers, I find it appropriate to pursue a class representation.

  I would like to believe that the C-Suite at Interactive Brokers takes my complaint as seriously as they take their point of abusing consumer rights and infringing upon financial interests of U.S. consumers with ambiguous and arbitrarily applied tactics not warranted for U.S. consumer trading practices. Interactive Brokers is to confirm if their party has exhausted their administrative remedies so that I may pursue the appropriate course to remedy all applicable damages.

  Sincerely,
  
  ****** ** *****

  Business response

  03/29/2024

  Interactive Brokers LLC ("IBKR") submits this response to your correspondence filed with the Better Business Bureau, regarding the termination of your account.

  IBKR notes your dissatisfaction with its decision to terminate your account and wishes to remind you that upon opening your account with IBKR, you signed and agreed to certain terms and conditions as set forth in the IBKR Customer Agreement.  As stated in the IBKR Customer Agreement, IBKR may terminate use of IBKR's services at any time in IBKR's sole discretion.  

  IBKR wishes to remind you that you can close your account by logging into Client Portal, selecting the User Menu and Settings.  Under Account Configuration, select Close Account.  Should you fail to close your account within 30 days of notification, IBKR reserves the right to liquidate remaining account positions, credit the proceeds of the liquidation to your account and distribute the proceeds to your last withdrawal instruction on file.  

  Should you require assistance completing the account closure process, please contact IBKR Customer Service.

  Based on the above, IBKR's actions are in accordance with IBKR's standard policies and procedures as set forth in the IBKR Customer Agreement.

  Regards, 
  IBKR Client Services 

  Customer response

  03/29/2024

  INTERACTIVE BROKERS REMAINS HOSTILE TO PARTY; INTERACTIVE BROKERS DISPATCHED ELECTRONIC MAIL CORRESPONDENCE ON 2024-03-29 WITH NOTICE DESCRIBING A REQUEST TO CLOSE THE ACCOUNT AS A REMINDER TO DO SO POSED AS AN INQUIRY. "Please note that if you do not follow these steps, our system will not be able to process the closure request."; NO REQUEST FROM MY PARTY HAS BEEN ISSUED TO CLOSE THE ACCOUNT AT INTERACTIVE BROKERS AND WILL NOT DO SO AS THIS ACCOUNT HAS NOT PERFORMED ANY ACTIVITY NOR DIRECT/INDIRECT VIOLATION WHICH WOULD VIOLATE THE TERMS AND CONDITIONS EXPRESSED AS INTERACTIVE BROKERS CLAIMS. "Thank you for your prompt attention to this inquiry." NO INQUIRY FROM MY PARTY HAS BEEN ISSUED REGARDING A REQUEST TO CLOSE THE ACCOUNT AT INTERACTIVE BROKERS. INTERACTIVE BROKERS IS TO EITHER RE-OPEN THE ACCOUNT FOR TRADING ACTIVITY OR CONFIRM THAT THEIR ADMINISTRATIVE REMEDIES HAS BEEN PERFORMED TO ENSURE THAT WE MAY FILE CLASS SUIT WITHOUT ANY FURTHER GAMES AGAINST THEIR ORGANIZATION. OUR PARTY HAS MAINTAINED ALL DOCUMENTS, SCREENSHOTS, AND TELEPHONE TRANSCRIPTS WHICH EFFECTIVELY DEMONSTRATE INTERACTIVE BROKER'S FAILURE TO PERFORM COMPETENTLY AND IN GOOD FAITH ON BEHALF OF U.S. CONSUMERS. NO OTHER FINANCIAL INSTITUTION HAS PERFORMED IN THIS MANNER ESPECIALLY ONE WHICH MANAGES FINANCIAL SECURITIES, WE INTEND TO FULLY HOLD INTERACTIVE BROKERS TO ACCOUNT OF ALL BEHAVIOR IF THIS MATTER IS NOT EXPEDIENTLY RESOLVED AS INTERACTIVE BROKERS HAS HALTED TRADING, DAMAGING MY PARTY.

• Initial Complaint

  02/26/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  In short ,this company is making unnecessary excuse to delay the process of money withdrawal. They used ******* for Identity Verification with minimum instruction and I made mistake initially but finally corrected, I was in need of money so I made few request in short time and to see the status I had to make new request so I made few new request and canceled that . I have only 15K to withdraw I requested for money withdrawal and they wanted some sort of verification, I talked to customer service people and verification was completed , I saw the the status As"" withdrawal request received, verified and being processed"" after few days I got a message about video verification. I requested a call for video verification and they promised to call but never got a call. At present customer service people cannot give any information about my account and they were supposed to leave a note for back office. I left message for back office through support center but that did not help I want BBB to help me getting my money back

  Business response

  03/11/2024

  Dear **** ******,
  
  Interactive Brokers LLC (IBKR) is responding to your correspondence to the Better Business Bureau on February 26, 2024 regarding your pending withdrawal request. Upon receipt of your complaint, we reviewed the facts and circumstances surrounding your concerns and provide the following response.
  
  Upon review our records show that on February 6, 2024 IBKR's Securities and Fraud Prevention team (SFP) found you account to be potentially compromised by an IP address that has already been deemed fraudulent which prompted for a review of your account. As noted in ticket ******, in order for IBKR to finalize this review please complete the ******* verification and kindly let us know what day and time is best for you so we can schedule a call to complete this process.
  
  Kind Regards,
  
  Joey
  IBKR Client Services

  Customer response

  03/12/2024

  
  Complaint: ********
  
  I am rejecting this response because:  this is the first time IBKR talking about fraudulent activity on my account and IBKR never informed me of this. IBKR never asked me o change my passwd in that case. They should and they must stop trading activity but they should not stop fund transfer back to my original bank account .They have not responded to my fund transfer issue

  and no  promise on when my fund will be back to my account

  Also there is no pending task on my account ( ******* verification )
  

  they should send new link if anything need to be done and I don't have any problem with that.

   

  hope IBKR team will understand my point

   

  
  
  Sincerely,
  
  ******** ******

  Business response

  03/20/2024

  Dear **** ******,
  
  Interactive Brokers LLC (IBKR) is responding to your follow up correspondence to the Better Business Bureau on March 18, 2024 regarding your pending withdrawal request. Upon receipt of your complaint, we reviewed the facts and circumstances surrounding your concerns and provide the following response.
  
  For security purposes IBKR does not disclose our findings or the reason(s) for the temporary freeze of your assets. What we can say is that your account appeared to be compromised which initiated the freeze. After a thorough review by our securities and fraud prevention team the issue has been resolved and the check withdrawal request for $15,000 USD has been processed.
  
  Kind Regards,
  
  Joey
  IBKR Client Services

  Customer response

  03/25/2024

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  I have nothing  to say about business policy  but I was little frustrated when I saw my account was freeze, I got the check  today 
  Sincerely,
  
  ******** ******

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩