Does Interactivebrokers ever admit fault or issue credits?

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tradesenior

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Does Interactivebrokers (Interactive Brokers) ever admit fault or issue credits?

Hi,

I've have been a customer of Interactivebrokers for almost 6 months. During that time, I have had 2 execution problems that have cost me money. On both of them, IB would not admit fault, and has refused to give me back the money lost. During an IB chat, when I asked for compensation the last time, the rep said "that is impossible". Now, what kind of response is that?

I have been exhausted going thru IB's email, chat, and phone customer service to the point that I don't feel like discussing the details again here. So, for argument's sake and to save time, let's just say that IB was right, but yet I feel they were wrong.

What I'd like to know is this...
1. Who at IB has the authority to credit your account?
2. Does the compensation department that I emailed have that authority?
3. What is the best method to discuss this with someone at IB over the phone who has the authority to credit your account.
4. Has anyone EVER received compensation or a credit from Interactive Brokers?
 
Last edited:
Hmm, the final argument from their side would always be something to the effect that when you opened an account you signed all the disclaimers absolving them from most problems. However I guess that one does have to try and see both sides. Suppose for example a busted/bad trade on ARCA causes you to get stopped out for a loss (a more common practice than most would imagine). The trade is later reversed but you have lost money. Whose fault is it ? The exchange, IB, yourself, or someone else ? Even direct access has it's pitfalls !

Good luck & safe trading

rog1111
 
There was extensive discussion of this over on ET. One of the IB reps made it clear that one of the principle factors that IB considers when looking into a loss claimed by a customer caused by an execution that the customer maintains is incorrect is how promptly the issue is reported to IB.

In other words, get on the phone immediately if there is an issue. Email is not the right channel.

A long delay in reporting a problem can be seen as a free option on the position.
 
tradesenior said:
Hi,

I've have been a customer of Interactivebrokers for almost 6 months. During that time, I have had 2 execution problems that have cost me money. On both of them, IB would not admit fault, and has refused to give me back the money lost. During an IB chat, when I asked for compensation the last time, the rep said "that is impossible". Now, what kind of response is that?

I have been exhausted going thru IB's email, chat, and phone customer service to the point that I don't feel like discussing the details again here. So, for argument's sake and to save time, let's just say that IB was right, but yet I feel they were wrong.

What I'd like to know is this...
1. Who at IB has the authority to credit your account?
2. Does the compensation department that I emailed have that authority?
3. What is the best method to discuss this with someone at IB over the phone who has the authority to credit your account.
4. Has anyone EVER received compensation or a credit from Interactive Brokers?
Click to expand...

You will get compensation from IB if you can prove beyond any doubt that the fault has been commited by IB and not yourself, can you prove it?
 
Thanks for your replies, guys. I'm not here to argue the issues. Can anyone answer any of my 4 questions?

1. Who at IB has the authority to credit your account?
2. Does the compensation department that I emailed have that authority?
3. What is the best method to discuss this with someone at IB over the phone who has the authority to credit your account.
4. Has anyone EVER received compensation or a credit from Interactive Brokers?
 
tradesenior said:
Thanks for your replies, guys. I'm not here to argue the issues. Can anyone answer any of my 4 questions?

1. Who at IB has the authority to credit your account?
2. Does the compensation department that I emailed have that authority?
3. What is the best method to discuss this with someone at IB over the phone who has the authority to credit your account.
4. Has anyone EVER received compensation or a credit from Interactive Brokers?
Click to expand...
Your question may get an answer if you place it in this thread.
http://www.trade2win.com/boards/showthread.php?t=18316
 
their user agreement is pretty comprehensive. its about 20 pages basically saying that you absolve them of any liability for loss whether its their fault or not. If you didnt read it when you joined IB, you should read it now as there are lots of odd little side clauses in their small print including that they reserve the right to trade against you or with you as they deem fit.
 
IB compensated me after THEY exercise some YM options I was holding, they never told me why they exercised them but the market reversed and I was down £££. I phoned them, and after 3 or 4 day of phone calls they credited my account.
To be fair it never seemed like they wouldn't credit the money but they were slow.
About a week after they credited my account I relized they had charged me the commission on the exercise and I had to chase them for that which took all 2weeks and far to many phone calls.( I was not inpressed)

Forget e-mail and phone them up.
 
sean said:
IB compensated me after THEY exercise some YM options I was holding, they never told me why they exercised them but the market reversed and I was down £££. I phoned them, and after 3 or 4 day of phone calls they credited my account.
To be fair it never seemed like they wouldn't credit the money but they were slow.
About a week after they credited my account I relized they had charged me the commission on the exercise and I had to chase them for that which took all 2weeks and far to many phone calls.( I was not inpressed)

Forget e-mail and phone them up.
Click to expand...
That's good to hear and I'm glad they did that for you. You appear to live in the U.K. and deal with their Asian division, though. I wonder if anyone in the U.S. has received compensation through dealing with IB's U.S. office.

As far as the phone goes, I cannot find the right phone number to someone at IB's U.S. office who has the authority to credit your account.
 
Last edited:
swissgold said:
You will get compensation from IB if you can prove beyond any doubt that the fault has been commited by IB and not yourself, can you prove it?
Click to expand...
That sounds unreasonable to me. Even courts don't require that strict standard of proof, but take a "more likely than not" stance.
 
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