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    ComplaintsforInteractive Brokers LLC

    Commodity Broker
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    Complaint Details

    Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.

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    Complaint Status
    Complaint Type
    • Complaint Type:
      Billing Issues
      Status:
      Unresolved
      I have none ** *** **** business with interactive brokers LLC. A fraudulent account registered with them stole money from my bank account

      Customer response

      03/04/2022

      My bank account was logged into remotely and money was transferred to an account at Interactive brokers LLC. Not at all the fault of Interactive brokers but they are hosting a fraudulent account. 

      Account number: ********

      Business response

      03/25/2022

      Dear Mr. *******,
      Interactive Brokers LLC (“IB”) submits this response to your February 16, 2022 correspondence to the Better Business Bureau, Inc. (BBB) in which you stated a fraudulent account was opened at IBKR and stole money from your bank account.
      Upon receipt of the letter, IBKR carefully reviewed its account files to identify an account in the name of ********* *******. However, IBKR could not identify any open accounts in the name of ********* *******.
      Should you believe your external bank account was compromised please direct your queries to your bank.
      Regards,
      Raquel
      IB Client Services

      Customer response

      03/28/2022


      Complaint: ********

      I am rejecting this response because: I ***** *******) do not have an interactive brokers account. Here is the account number that funds were transferred to, from my bank.

       

      ********



      Sincerely,

      ********* *******

    • Complaint Type:
      Service or Repair Issues
      Status:
      Answered
      Interactive Brokers, LLC refuses to let us withdraw our funds despite the fact that we have more than provided then enough verification to indicate that we are the account owners upon which withdraws should be acceptable. They have verified this through a remittance transaction in my bank account. They have withdrawn $500 from our brokers account, and hold these funds from us. They are not willing to let us withdraw ANY of our funds which is close to $40,000. They will not cooperate and are unwilling to allow us to withdraw our funds, or provide us any information on a how awe may be able to circumvent this issue given the fact that their departments are inept and unable to see that we are obviously the business and account owners of which they have alraeady processed a payment through. Compliance does nothing. Customer support is useless. I am simply looking to withdraw our funds, however they are not willing to let us.

      Business response

      03/03/2022

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

      Interactive Brokers LLC (“IBKR” or “Interactive”) submits this response to your February 14, 2022 correspondence to the Better Business Bureau, Inc. (BBB), in which you complain of your inability to withdraw funds from account UXXXX461.

      As stated in previous correspondence to you, our Compliance procedures restrict Organization accounts to withdrawing funds into an account in the same name. Please provide documentation, such as a bank statement, that shows the account number and the titled owner of the account. Once we have the documentation showing that the bank account is titled in, and owned by, ** *********** ********* ***, we will process the withdraw request.

      At IBKR, we are committed to providing all of our customers with, the highest level of service, the lowest possible trading costs, and the best trading technology available. Our customers are important and deserve the highest level of service possible. We apologize for any inconvenience that you may have experienced.
      Thank you and as always, IBKR appreciates your business.

      Regards,
      Raquel
      IBKR Client Service

    • Complaint Type:
      Service or Repair Issues
      Status:
      Answered
      I transferred money from them to ******** and they charged me a $100 transfer fee and lied to me on who it actual it was. They told me that ******** charged me this fee and I talked to ******** and they didn’t charge me this. Then I called them back and they told me ***** ***** charged me this fee so I called ***** ***** and they told me they didn’t charge me this fee because they waved all fees when they transferred everything to Interactive Brokers and if I chose to leave them then they shouldn’t collect anything for ***** ***** because they waved all fees. So I want my money back and I want it sent to ******** ASAP and I want my account closed with Interactive Brokers ASAP without me having to jumping through hoops like they want me to. Also I want apology for all this stress because I have had to deal with this during recovering from surgery.

      Business response

      02/15/2022

      Dear ******** **********,


      Interactive Brokers LLC (“IBKR”) submits this response to the complaint filed with the Better Business Bureau regarding a transfer fee assessed to your account.


      On January 13, 2021, the self-directed retail accounts of ***** ************ ***. that had not previously been closed or transferred to another broker were transferred to IBKR.  ***** ************ ***. provided its clients with a negative consent letter informing them of the impending transfers as well as providing options should you have preferred to close your account or transfer it to a different broker. 


      A welcome letter with instructions for opening accounts transferred to IBKR, as well as FAQ’s to were provided to all incoming Folio clients.  Please note that as stated in the FAQ’s and on the IBKR website, accounts transferred into IBKR via “negative consent” will be assessed a $100.00 fee upon transferring out of IBKR.  Please refer to the following links to view the welcome letter and for additional information on IBKR’s transfer policies.


      ******************************************************* *******************************************************


      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

      02/15/2022


      Complaint: ********

      I am rejecting this response because:
      That is not what I was told and now you are trying to cover your tracks because you have been caught in a lie. Just give me my money and I won’t go further. You are rude people and lie and now you have been caught. I want my money because I was never given that because I looked through my emails and I never saw anything like that. 
      Sincerely,

      ******** **********
    • Complaint Type:
      Service or Repair Issues
      Status:
      Answered
      For pension plan 1 Interactive brokers have refused to give me back my pension money. This has been going on over 1 year, previously they refused to give me back my money, now they are still refusing to give me back my money. They keep creating impediments so they are holding my funds hostage, over $9,000. When told I will complain, they don't care, like they would rather you go and complain just so they don't have to deal with you. This is my second time complaining about them. They verify me at every stage which I pass, then prior to giving me back my money, they want me to provide other verification. I asked them to to a broker to broker transfer, they still refuse. They are holding my funds hostage. When I filed my original complaints, they knew that I would never give them my business due to the way they were treating me, is this their payback? Also going to go to FINRA and the SEC, but that's an old boys club, they look after each other, so they will probably rule in IB favor. Do yourself a favor, stay away from these ********** keep your sanity.

      Business response

      02/16/2022

      Dear Mr. *****

      Interactive Brokers LLC (“IBKR”) is responding to your correspondence to the Better Business Bureau (“BBB”), submitted on February 2, 2022 regarding transferring your accounts out of IBKR. Upon receipt of your correspondence, the IBKR Complaints Department reviewed the facts and circumstances surrounding your complaint and provides the following response.

      IBKR is an online broker dedicated to providing institutional and professional traders with direct access trade execution and clearing services for a variety of investments worldwide. As you are aware, broker-dealers are highly regulated entities and as such are required to comply with local regulations. As part of the opening process for every new account, IBKR is required to confirm a client’s personal and financial information. 

      In December 2020, ***** notified you that your three accounts would be transferred to IBKR. ***** made this notification with a negative consent letter informing you of the impending transfer as well as providing options should you have preferred to close your ***** accounts or transfer them to a different broker. As had been disclosed to you prior to your decision to allow your ***** accounts to be transferred to IBKR, and as stated on the IBKR website, clients whose accounts have been transferred to IBKR using an industry convention referred to as “Negative Consent” will be charged a $100 processing fee if they then transfer their accounts out of IBKR.

      On December 30, 2020 your accounts, which all consisted of cash, were transferred to IBKR. While these accounts were transferred to IBKR, they were still required to go through the standard account opening process. Your accounts have not yet completed IBKR’s account opening process, which is designed to enable IBKR to comply with industry regulations.

      In response to your assertion that your account is being “held hostage”, in your telephone conversation with customer service you confirmed that you changed the telephone number to a mobile number that does not exist and you were unwilling to update your telephone number. You also indicated that you provided your account details to external parties, as a result IBKR restricted your accounts from making withdrawals. You are free to withdraw your funds once IBKR has positively verified your identity and ownership of the withdrawal destination. In order for the restrictions to removed, IBKR is requesting that you provide proof of identity and a bank statement for the receiving account.

      IBKR has unsuccessfully attempted to contact you. For assistance with your account please visit the IBKR website ******************************************************* or contact customer service at the telephone number dedicated to ***** accounts, Direct Dial: *************1 and Toll-free: ***************

      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 IB Customer Agreement and on the IBKR website. 

      Regards,
      Ayana
      Interactive Brokers 

      Customer response

      02/22/2022


      Complaint: ********

      I am rejecting this response because:

      IB has not refunded MY MONEY despite many requests over many, many, many months. They have known all along that is what I have wanted, I have never wanted to deal through them, I never would deal through them


      I will NOT be providing them any additional information, they are holding my money hostage, they keep denying it but the fact remains that they are not giving it back and creating additional demands for me to recover it, that I believe is the definition of hostage.


      I would have provided state issued id and stated as much on a phone call, however when they absurdly demanded my bank statements, to which they have no rights and an employee admitted as much, and told me if the bank statements were not provided I would not be getting my money back, then I decided that they were not going to get anything else from me.


      IB knows who I am and I demand MY MONEY back, if they have a problem with this they need to start the arbitration process or give me back my money, but they will not choose arbitration as they have the money and don’t want to give it back, they are holding it hostage, unless they give it back it is being held hostage and they have no desire to give it back.


      IB are hiding behind all sorts of things in order not to give me back my money.


      If IB does not wish to initiate arbitration I feel that I should not have to comply with arbitration as the accounts were only opened to close them, and by not going to arbitration they free me from doing so.

       

      The funds were destined to be moved to a different broker, with who I already have several accounts. I feel that a jury of my peers would be my choice of where to try this case.


      *** ****

    • Complaint Type:
      Product Issues
      Status:
      Answered
      My ex Accountant talked me into transferring my *** to ******** ******* ********** ***, who oversee Interactive Brokers, LLC. I requested three times to have my money from my *** that Interactive Brokers held in a dormant *** for three months to be cashed out. My first request was denied, the second request was deleted from the system and the third was rejected. Instead they charged me a maintenance fee $32 and change. Then they invested my money into two stocks which lost $65 and changed. I now have my lawyer involved to get my money back. I have never heard of such thing. I worked for a brokerage house and they would have never done this. Once a client request all of their money and the account to be closed then that is what is done. I will never invest with ******** or Interactive Brokers.

      Business response

      02/07/2022

      Dear Ms. *******

      Interactive Brokers LLC (“IBKR”) is responding to your correspondence to the Better Business Bureau (“BBB”), submitted on January 21, 2022.  In the correspondence you state that you requested three times to withdraw money from your ***.  Upon receipt of your correspondence, the IBKR Complaints Department reviewed the facts and circumstances surrounding your complaint and provides the following response.

      IBKR’s records indicate that ******** ******* ********** *** is an independent financial advisor that you asked IBKR to allow to trade your accounts. ******** ******* ********** *** is in no way affiliated with or employed by IBKR and was not recommended to you by IBKR. IBKR is an online broker that provides trade execution and clearing services to its customers. IBKR does not employ any human “brokers” or “advisors,” does not manage any trading in customer accounts and does not provide any trading advice or recommendations to its customers. You also agreed that IBKR did not recommend or employ ******** ******* ********** ***, that IBKR would not investigate or judge the competence of ******** ******* ********** ***, and that IBKR would not monitor the actions of ******** ******* ********** ***. Your account activity statement indicates that ******** ******* ********** *** assesses a daily FA Fee.

      On January 17, 2022 you submitted a withdrawal request for $*********. The withdrawal was rejected with the message “Over the Max Can Withdraw Amount: Available Balance is **********.

      On January 21, 2022 you submitted a withdrawal request for *******. The withdrawal was rejected with the message “Over the Max Can Withdraw Amount: Available Balance is **********.

      On January 26, 2022 you submitted a withdrawal request for **********. The request was processed on January 27, 2022. 

      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
    • Complaint Type:
      Service or Repair Issues
      Status:
      Answered
      Refer to Inquiry #******* - ******** and Inquiry #******* - U8024479 It is not acceptable the Interactive Brokers does not respond to clients in a timely manner, even when verbally told a supervisor would be following up (as he was busy at the moment), as was said to me on 1/18/22 regarding no ability to transfer out funds in my brokerage account that were fully cleared. The reason I was given was there was a 44 day ACH hold put on the funds, and as I explained, the existing bank account no longer existed. There is no legal basis for this rule, or regulatory requirement tied to F***** **** **** or other regulatory requirements under US law and is arbitrary at its core. I have demanded immediate removal of this hold from my account, and plan to ***T all funds from interactive brokers due to the complete lack of appropriate service from a broker/dealer that is expected and required. Interactive Brokers is intentionally taking advantage of clients, and providing no support to them to resolve issues which is unfortunate.

      Business response

      01/28/2022

      Dear Mr. ******

      Interactive Brokers LLC (”IBKR”) submits this response to your January 19, 2022 correspondence to the Better Business Bureau, Inc. (BBB), regarding Customer Service and the hold time for your ACH deposit.

      In your correspondence, you stated that IBKR did not respond to clients in a timely manner and that you have not received a call back from a supervisor in regards to your funds that are on hold.

      You have requested, IBKR release the hold on your funds early.

      Foremost, IBKR would like to apologize for your unsatisfactory experience.  IBKR strives to provide excellent customer service.  Please accept our apologies if, in this instance, our service level did not meet your expectations.

      As stated on IBKR’s website, an ACH, while electronic, is similar to a check in that the funds are not guaranteed. As a result, they are subject to a hold period of 4 business days after arrival. The ACH deposit credit hold period is released at the time of U.S. regular market open on the 4th business day.

      IBKR, as the originator of the transfer request, imposes this hold as it is obligated to return the funds to your bank, without recourse, should your bank later determine the transfer request to be unauthorized or in error. While your bank generally has the right to validate and request a return of funds well beyond IBKR's hold period, past experience has proven a 4 business day hold sufficient in most instances. Note that ACH deposits are eligible for credit interest from the date the deposit arrives and through the hold period.

      Clients who require immediate use of deposited funds are encouraged to use bank or broker wire transfers which are irrevocable and are therefore credited to your account and available for trading purposes immediately upon arrival.

      If funds were deposited via ACH and are withdrawn to a bank other than the originating bank, a 44-business-day withdrawal hold period will be applied.

      A review of your account activity indicates, on December 30, 2021, IBKR received 95,000.00 USD via ACH and posted to your account. The hold period for moving funds to a non-originating bank account expires on March 4, 2022.

      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 as set forth on the IBKR website. Therefore, IBKR will not grant your request.

      Regards,
      Sandra
      IBKR Client Services

      Customer response

      01/31/2022


      Complaint: ********

      I am rejecting this response because:

      There is no acceptable response to my original question because of the following

       

      a.  The claim that this is tied to "clearing" process is untrue.   A 44 day restriction is arbitrary, and Interactive Brokers is the ONLY broker/dealer that has a policy like this, and it specifically harms the consumer.  You do not respond to "why" a 44 day hold is required in your response, which further goes to the point you are trying to obscure a process that harms consumers.   I have filed appropriate complaints with the **** ****** ***** ****** and the ******* *******

      b.  Still, a total of (2) times on recorded lines I have been told a supervisor would call me and follow up, that has not happened.

      c.  ***T's were blocked on my accounts for settled securities and funds, along with arbitrary denials made in error, to which I still have not received a understanding of the exact denial reasons tied to (incorrect account type, it was correct when submitted as a trust, as well as incorrect name, which was also correct)

      d.  I have asked for arbitration procedures still have not received them after 2 weeks.  

       


      Sincerely,

      **** *****

      Business response

      02/14/2022

      Dear Mr. ******

      Interactive Brokers LLC (”IBKR”) submits this response as a follow-up to your January 19, 2022 correspondence to the Better Business Bureau, Inc. (BBB),, regarding the hold time for your ACH deposit.

      In your correspondence, you stated that your ACH deposit is subject to a 44 day hold and that your outgoing ***TS transfer is also being blocked due to the hold period of the ACH and an erroneous message due to the title of the account.

      You have requested, IBKR release the hold on your funds early.

      Foremost, IBKR would like to apologize for your unsatisfactory experience.  IBKR strives to provide excellent customer service.  Please accept our apologies if, in this instance, our service level did not meet your expectations.

      As stated on IBKR’s website, an ACH, while electronic, is similar to a check in that the funds are not guaranteed. As a result, they are subject to a hold period of 4 business days after arrival. The ACH deposit credit hold period is released at the time of U.S. regular market open on the 4th business day.

      IBKR, as the originator of the transfer request, imposes this hold as it is obligated to return the funds to your bank, without recourse, should your bank later determine the transfer request to be unauthorized or in error. While your bank generally has the right to validate and request a return of funds well beyond IBKR's hold period, past experience has proven a 4 business day hold sufficient in most instances. Note that ACH deposits are eligible for credit interest from the date the deposit arrives and through the hold period.

      Clients who require immediate use of deposited funds are encouraged to use bank or broker wire transfers which are irrevocable and are therefore credited to your account and available for trading purposes immediately upon arrival.

      If funds were deposited via ACH and are withdrawn to a bank other than the originating bank, a 44-business-day withdrawal hold period will be applied. This policy is related to IBKR’s compliance with Anti-Money Laundering regulations. This restriction does not apply to your ability to transfer the funds back to your originating bank.

      A review of your account activity indicates that, on December 30, 2021, IBKR received 95,000.00 USD via ACH and posted it to your account. The hold period for moving these funds to a non-originating bank account expires on March 4, 2022. On January 26, 2022, IBKR received a request for a full outgoing ***TS transfer. The transfer was rejected due to the ACH hold described above, although the rejection message erroneously indicated that the reason for the rejection was due to mismatched titles.

      On February 8, 2022, IBKR received a request for a partial ***TS transfer. This transfer was rejected due to the ACH hold described above.

      IBKR apologizes for any confusion regarding the ACH hold periods or ***TS rejection messages.  However, the ***TS transfer rejections were consistent with IBKR’s policies on ACH holds.

      You are, of course, completely within your rights to file a complaint with the appropriate regulatory bodies or arbitration. 

      Should you wish to pursue arbitration against IBKR, please refer to the Section 54 of the IBKR Customer Agreement and the Futures Arbitration Agreement (located on the IB Website), ***** *** ****** ** **** ******* **** **** ********   *** *** **** ****** *********** ***** ****** * ********* ****** *** *********** ******* ** ********** *** ** *** ********* ** ********* ** ******* *** *** **** ********** *** ******** ********** ******* ****** ** ******** ********* *** ********** ******** ** ******** *** ***** ******* ************* ** *** ********* ******** ********** ********* ********* ******* *** ******* ****************  ************** *** *** **** *** *** *********** ******* *** **** ** ***** ** *** ********* ******* ***** ****** ** ****** *** ************ **** ****** ****** ***** ** *** *** ************* *** ******* ** ****** ******** ********** *********** ***********

      Please note that arbitration filings are received and handled by a separate department.  Therefore, IBKR is closing your compensation request.

      Regards,
      Sandra
      IBKR Client Services

      Customer response

      02/14/2022


      Complaint: ********

      I am rejecting this response because:


      1.  I was told over the phone this policy is due to Anti Money laundering controls, the below note specifically refutes that statement, and clearly showcases its due to IBKR actual position is due to not wanting to be subject to reversals.  This was a very untransparent response to which different regulators you are replying differently, as well as to myself. 

      2.  As stated, the originating bank account no longer exists and was closed, therefore your method of remedy is not valid.  I offered many times to provide whatever proof or legal statement necessary to showcase that.  That is also not properly addressed in your below statement.

      3.  The partial ***TS as you noted below was blocked, however the balance of the account exceeds $95,000 you state is on hold however the active balance is over $120,000.  Why was it not partially granted if your statement is you are only holding those funds?

      Sincerely,

      **** *****

    • Complaint Type:
      Service or Repair Issues
      Status:
      Answered
      I have made multiple requests to add a primary beneficiary and contingent beneficiary to my account. email support is too slow to respond. phone support is unable to resolve. All needed and signed documents have been sent to IBKR. Account:********

      Business response

      01/21/2022

      Dear Ms. *******,


      Interactive Brokers LLC (IBKR) submits this response to your complaint filed with the Better Business Bureau, Inc. (BBB), regarding Customer Service.

      In your correspondence, you stated you have made multiple request to add a primary beneficiary and contingent beneficiary to your account and that Customer Service has been unable to resolve the issue.

      Foremost, IBKR would like to apologize for your unsatisfactory experience. IBKR strives to provide excellent customer service.  Please accept our apologies if, in this instance, our service level did not meet your expectations.

      A review of your account activity indicates that on December 19, 2021, IBKR received the completed Transfer on Death form and on December 20, 2021 IBKR approved the Transfer on Death document and added the beneficiaries to your account.

      However, because of a display issue, your beneficiaries are not showing on your Client Portal, IBKR apologizes for this inconvenience. Once the display issue is resolved, your beneficiaries will display on your Client Portal.

      IBKR appreciates your business and thanks you for your patience.

      Regards,
      Sandra
      IBKR Client Services

    • Complaint Type:
      Service or Repair Issues
      Status:
      Answered

       

       

      Account # ******** For 6 months this company has held over $16,000 of my money. There is zero communication and zero valid reason to be restricting my withdrawal. I have attempted multiple withdrawals that are never paid. I have called numerous times and passed all their verification processes. Recently sent in my identification and still no movement on my funds. I closed the account over a month ago and they still refuse to send me my money or give any reason why. The only answer I’ve received is that the master compliance department is reviewing my account. For over 6 months this has been going on. My next step will be to contact a lawyer. Anyone reading this be very hesitant to do business with this company. They will restrict ur money for however long they want for any reason they want and you will get zero communication. You will never get through to the correct department and you will be forced to take legal action.

      Business response

      12/21/2021

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

      Interactive Brokers LLC (“IBKR”) submits this response to your December 9, 2021 correspondence to the Better Business Bureau, Inc. (BBB), regarding the restriction of withdrawing funds from your IBKR account.

      In your correspondence, you alleged that for the past 6 months you have been unable to withdraw funds from your IBKR account and that IBKR has not communicated the reason for the restriction.

      You have requested IBKR to lift the restriction to allow you to withdraw your funds.

      IBKR Compliance routinely reviews clients’ accounts, during this time accounts may be restricted.

      On December 16, 2021, IBKR lifted the restriction from your account. On December 21, 2021, your withdrawal request in the amount of 16,346.46 USD was processed per your instructions submitted on December 21, 2021.

      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 as set forth on the IBKR website.

      Regards,
      Sandra
      IBKR Client Services
    • Complaint Type:
      Service or Repair Issues
      Status:
      Resolved
      I am filing this complaint because Interactive Brokers recently sent me a secure message stating they did not have record of deposits I had made. I was told with the message that if I did not send supporting documents by 11/8/21 they would put limitations on my account. I sent the supporting documents the very same day and still have heard zero response from Interactive Brokers. It took me over 2 hours to put these documents together. I am VERY VERY VERY VERY VERY unset with this recent interaction with Interactive Brokers and the general lack of customer service. My account number is ********.

      Business response

      11/17/2021

      Interactive Brokers LLC (“IBKR”) submits this response to the complaint filed with the Better Business Bureau, regarding IBKR’s request for supporting documentation regarding deposits made into the client account.

      IBKR records reflect on November 1, 2021 a request was made for supporting documentation regarding multiple deposits received into the account for the purposes of a compliance review.  Upon receipt of the requested documentation, the review was completed and no restrictions were placed on the account.

      IBKR appreciates your business, we strive to provide excellent customer service.  Please accept our apologies if, in this instance, our service level did not meet your expectations. 

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

      Regards,
      IBKR Client Services

      Customer response

      11/17/2021


      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,

      ******* ******

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