Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. 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.

• Initial Complaint

  Date:01/26/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Fraudster pretending to be from IBKR and convincing to buy ** ****** on IBKR platform. IBKR was aware of the fraud and still did not stock their customers on trading in ** ***** *****. The scammer then sort the stock and you lose all the money.
  
  The scammer also earned trust by asking to set a stop loss of $1.80 but IBKr never triggered the stop loss until $0.49 causing loss of all funds.

  Business Response

  Date: 02/08/2024

  Dear Mr. ****,

  Interactive Brokers LLC (IBKR) is responding to your
  letter to the Better Business Bureau (BBB) submitted on January 26, 2024.
  

  Please note IBKR will
  only respond to a complaint in writing.

  In your correspondence you stated that you are a victim
  of a pump and dump scam and that a third party manipulated you in purchasing
  s******* ****. You also stated that your stop order to sell 168,000 shares of
  **** executed at a lower price than the stop price. As such, you are requesting
  IBKR to help you recover the loss.
  
  Interactive Brokers is an online broker that provides trade execution and
  clearing services to the public around the world. Interactive Brokers does not
  employ any human advisors or brokers who manage client accounts. Trades are
  entered by the client or the client’s self-selected financial representative on
  a personal computer and transmitted over the internet to Interactive Brokers
  for execution on various exchanges and market centers.
   All trading in an IBKR customer account is self-directed
  by the client and requires the client to securely login to their account. IBKR
  personnel are specifically prohibited from providing any investment, trading or
  tax advice to customers. Customers are responsible for all trading activity
  they engage in through the IBKR platform.
  
  A Stop order is an instruction to submit a buy or sell market order if and when
  the user-specified stop trigger price is attained or penetrated. A Stop order
  is not guaranteed a specific execution price and may execute significantly away
  from its stop price. A Sell Stop order is always placed below the current
  market price and is typically used to limit a loss or protect a profit on a
  long stock position. A Buy Stop order is always placed above the current market
  price. It is typically used to limit a loss or help protect a profit on a short
  sale.
  A review of the audit trail indicates that on January
  18, 2024 at 07:49:26 ET a bracket order was submitted from your ****** *** to
  buy 168,000 shares of **** at Limit price 2.61 (PARENT ORDER) attached was a
  Stop order to sell 168,000 shares of **** at stop price 1.85 utilizing trigger
  method Last on a Good Till Cancel basis (CHILD ORDER 1) and a limit order to
  sell 168,000 shares of **** at Limit price 3.65, on a Good Till Cancel basis
  (CHILD ORDER 2).
  

  On January 19, 2024, at 00:24:24 ET a modification was
  submitted from your ****** *** to buy 168,000 shares of **** at limit price
  2.61 (PARENT ORDER). At 01:39:31 ET an execution was reported for the purchase
  of 168,000 shares of **** at 2.61 (PARENT ORDER), activating the CHILD ORDERS.
  

  At 02:42:40 ET the stop order was triggered and routed
  to the **** exchange. At 02:47:55 ET an execution was reported for the sale of
  168,000 shares of **** at 0.49 and the attached sell limit order was cancelled.
  

  According to the above, it appears that the execution
  reported to your TWS was consistent with the orders submitted.
  

  IBKR does not compensate customers for claims of
  fraudulent activity conducted by third parties away from IBKR. If you
  believe you are a victim of such a fraud please contact your local law
  enforcement agency.
  

  Regards,
  Sandra
  IBKR Client Services

• Initial Complaint

  Date:01/10/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I open a account with Interactive Brokers Trading platform since last year, after I deposited $500 dollars to the brokerage account then decided to close my account it's been difficult to reach customer service phone number no one answer the phone they trying to avoid customers relations to solve a transaction to transfer back my $500 dollars back to my ***** ***** account. I have evidence of my bank account that was withdraw the $500 dollars from my checking account to Interactive Brokers Trading account, I have the screen shot on the brokerage account the $500 dollars that was added to my account. Need the whole amount of $500 dollars and no less to transfer to my bank account ***** *****. Need your help ASAP to solve the problem of product or service they have that didn't work for me. Call them last Thursday Jan 4, 2024 spoke around 1:00 PM I was about more than 30 minutes speaking with customer service someone with a accent of another country then they hang me up. The 30 minutes or more the male customer service told that they was going to deposit the $500 dollars back to my account right away in 2 days, I haven't see the money transfer into my bank account ***** *****. Need a resolution now before they have to pay more because their annually earnings is over the billions and Interactive Brokers can't return back the customer money that belongs to me that a bad reputation company Interactive Brokers. They just want to steal people's money that doesn't belong to Interactive Brokers company. Sending 2 screenshot from Interactive Brokers account and my bank account, thank you for your support, time and attention let's solve this problem now and add a bad reputation to Interactive Brokers company thank you again

  Business Response

  Date: 01/29/2024

  Dear Mr. ******,
  
  Interactive Brokers LLC (IBKR)
  received your correspondence dated January 10, 2024 regarding IBKR's customer
  service and your request to initiate a withdrawal. Therein, you complain of the
  less than satisfactory service provided by our firm. Upon receipt of your
  complaint, we reviewed the facts and circumstances surrounding your concerns.
  
  Foremost, we apologize for your
  unfortunate experience. IBKR strives to provide excellent customer service.
  Please accept our apologies if, at that time, our service level did not meet
  your expectations. As for your request to initiate a withdrawal, our records
  show that on January 8, 2024 and ACH was processed in the amount of $495 USD
  leaving $5 USD remaining in your account.
  
  For future inquiries, please note
  IBKR offers 24-hour weekday customer service via regional Customer Service
  Centers located through-out *******, ****** and ****. IBKR provides a variety
  of methods to get assistance and information including Ask IBot, phone support,
  secure inquiry/trouble ticket, chat, and email submitted through our website.
  We encourage our customers to refer to the "Tips for Best Service"
  page at
  *************************************************************************
  on the IBKR website for IBKR's
  recommended form of contact and estimated response time for a variety of
  request types.
  
  For further information regarding
  the IBKR Customer Service Centers hours of operation, please refer to the
  following: ****************************************************************************
  
  Again, we apologize for your
  unfortunate experience.
  
  Regards,
  
  Joey L.
  IBKR Client Services

• Initial Complaint

  Date:01/08/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I HAVE A ACCOUNT WITH INTERACTIVE BROKERS. I never paid any attention to any fees. (and I chose them from their add) ZERO ACCOUNT FEES AND ZERO COMMISSIONS. I bought 1000 **** Jan 5, 2024 119.00 call options for $0.03 each today (01\05/24).. They were good for today only, and the total cost for these options was $30.00. They charged me $1290.00 in commissions for this $30.00 deal. This is NOT ZERO fees of ZERO commissions. What can I do ... and DO NOT send me to that web sight to pay $60.00 for info.

  Business Response

  Date: 01/26/2024

  Dear Mr. ******,
  
  Interactive Brokers LLC (IBKR) is
  responding to your correspondence to the Better Business Bureau regarding the
  commissions your account was charged for an option trade on January 5, 2024.
  IBKR has thoroughly reviewed your concerns and provides the following response.
  
  Per the page on our website (see
  below), IBKR charges a commission for all option trades whether the client has
  a Pro account or a Lite account. In addition to IBKR's commission, there are
  other fee to take into consideration. Those include Exchange Fees, Regulatory
  Fees, Transaction Fees and OCC Clearing Fees. To see these details please refer
  to the page below on our website. Also, IBKR only offers commission free trades
  for US stock and US ETF's for clients with a Lite account. Our records show
  that you opened a Pro account. If you would like to trade US stock and US ETF's
  for free, please open a new IBKR Lite account.
  
  *****************************************************************************
  
  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 L.
  IBKR Client Services

• Initial Complaint

  Date:12/26/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On Nov 21st, 2023, I don't know how but someone added a ****** Bank Account in my profile and tried to siphon all the money to **. I am a ******** citizen, I have no links or connections to ** or am eligible to open an account. I got no notification of when this account was added to my profile, and it was only in the morning when the money was wiped out of my account around *** 5k converted to *****,I got an email notification about the successful transfer. I called IBKR customer support immediately informed them about the unauthorized transfer and requested them to stop the transaction immediately. IBKR did absolutely nothing and in the meantime, the hacker tried to transfer the remaining *** 5K balance and initiated another transfer. While I was on the phone with customer care requesting them to block the account, which they couldn't, I went in and initiated the transfer myself back to my original account. It has been a month since this happened and there has been no response, or no updates from IBKR and all I am hearing back from them is to wait and they don't have any timelines or any progress on the investigation. Also note, I had secured my account with the IBKR key and 2 FA authentication. They have no answers as to how this has happened, I have lost my hard-earned money. Whenver I try to ask for an update they have a standard response "Investigation in progress and no timeline" which is really frustrating. They have been investigating this for a month now and they have no update and expect the customer to sit and wait.

  Business Response

  Date: 01/24/2024

  Dear Mr. *******,
  
  Interactive Brokers Canada Inc. ("IBC") submits this response to your
  December 26, 2023 correspondence to the Better Business Bureau, Inc. (BBB),
  regarding alleged unauthorized withdrawals in your IBC account. Your complaint
  alleges that someone converted approximately *** 5,000 to EUR and withdrew
  these funds from your account without your knowledge or authorization on
  November 21, 2023. You ask IBC to credit your account with these funds. After a
  careful investigation into the matter, IBC will not grant your compensation
  request as IBC was not responsible for any allegedly unauthorized withdrawal
  from your account.
  
  By way of background, IBC is an online broker that provides trade execution and
  clearing services to public customers. All trading in an IBC customer account
  is self-directed by the customer. Orders are generally entered by the customer
  and transmitted through the Internet to IBC for routing to various exchanges
  and market centers for execution. IBC personnel are specifically prohibited
  from providing any recommendation or advice to customers.
  
  During the account opening process, you signed IBC's Customer
  Agreement, in which you agreed it was your responsibility to protect the
  privacy of your username and password.  Specifically, you agreed to
  paragraph 4 of the IBC Customer Agreement, which states:
  
  “Client is responsible for the confidentiality and use of and will reasonably
  safeguard and will not permit others to use, Client's account credentials, such
  as Client's username, password or security device. Client agrees to provide immediate
  Notice to IBKR of any theft or loss of such credentials, or any unauthorized
  access to Client's account. Use of Client's credentials to effect any action
  will constitute conclusive evidence that IBKR may treat such action as
  authorized. Client is responsible for all transactions entered using Client's
  credentials. IBKR is not liable for loss or damages caused by any third party
  using Client's credentials.”
  
  The withdrawal was made with your username, password, and
  two-factor authentication.  There was not a breach of IBC's systems that
  led to your funds being withdrawn.
  
  On November 23, 2023, you contacted us claiming the withdrawal was
  unauthorized.  We contacted the bank to which they were sent but they have
  not responded to our request to return the funds. Please note that we are
  continuing to attempt to reclaim the funds but we have no control over whether
  they are returned.
  
  IBC respectfully denies your request for compensation and
  suggests that you change your username and password if you have not already
  done so.  Please also note that the use of two-factor authentication may
  mean that your personal mobile device has been compromised.
  

  
  Regards,
  Ankit
  Case Manager - IBKR Client Services

  Customer Answer

  Date: 01/25/2024

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

   

  Ibkr has accepted  after investigation  with Matthew E***** from Ibkr security  team that spurious vector attack happened  on my profile which lead to breach in the account. 

   

  Ibkr is not accepting this and we have to ask explanation  Ibkr will never accept this fraud happening.  Looking for timelines when my funds will be retrieved as this is my hard earned money.

   

   

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

  Business Response

  Date: 02/06/2024

  Dear Mr. *******,

  
  Interactive Brokers Canada
  Inc. ("IBC") received your comments dated January 25, 2024 regarding
  our response to your complaint with the Better Business Bureau, Inc. (BBB).

  
  As mentioned in our previous
  response, please know that the alleged unauthorized withdrawal was made with
  your username, password, and two-factor authentication.  There was not a
  breach of IBC's systems that led to your funds being withdrawn.

  
  Nonetheless, when you contacted IBC on November 23, 2023 and
  alleged that these withdrawals were unauthorized, we contacted the bank to
  which they were sent but they have not responded to our request to return the
  funds. Please note that we are continuing to attempt to reclaim the funds but
  we have no control over whether they are returned.
  
  IBC’s decision is in
  accordance with our standard policies and procedures and, as such, supports a
  decision to not provide any compensation in this matter as IBC was not
  responsible for any allegedly unauthorized withdrawal from your account. Please
  note our decision not to compensate you is our final decision regarding the
  matter.
  
  Regards,
  Ankit
  Case Manager - IBKR Client Services

  Customer Answer

  Date: 02/06/2024

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

  Why would customer give user user id details and transfer money to another  account in **.

   

  note ibkr does not allow to transfer funds at different  name.

   

  i dont have account in **. We have to fetrive funds.

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

• Initial Complaint

  Date:12/08/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I had the unfourtunate luck of opening an account with Interactive Brokers back on 10/15/2022. About a week later, after I funded it with 1k and made 1 trade and only then did the " compliance team " look into my account for further verification.
  
  Supposedly Its been under review ever since. Even after I submitted everything required for verification a week later, including my passport and a video conference call. I am attaching screenshots of the email through which I have had full interaction IBKR regarding all of this and all materials are attached.
  
  Recently after I submitted a ticket with them complaining about all this and was messaged back with the same requirements which were erased after I confronted the sender of the repetition and who happened to be the aame sender, a ms. Yessica M., I got an email later that week from her again saying the account was clear and ready. It was not and again emailed them about it. That was a week ago still no reply.
  
  The funds might as well have been stolen since there seems to be no resolution to this issue and I will be lied to regarding the status of the account and money. Since that is the case I have no other option but to seek outside help to get my money back, especially since its holiday time. I trust the BBB as you have an outstanding reputation into these matters.

  Customer Answer

  Date: 12/13/2023

  These are regular jpg images, which i will again attach. I do not know what else to do. They make these excuses and then do nothing. They are screenshots of the email i had with them. May i just forward you the entire email?

  Business Response

  Date: 12/18/2023

  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 remove restrictions placed on your account allow you access to funds in the account.

  IBKR records reflect that all restrictions have been removed from your account and that you were informed of such on December 4, 2023 via web ticket ******.  IBKR notes that you successfully logged into your account as recently as December 14, 2023 however, IBKR shows no evidence of an attempt to trade or a request to withdraw funds.

  Please note that IBKR offers 24 hour weekday customer service via phone, chat and web ticket.  If you require assistance submitting a trade or a withdrawal request, please refer to the instructions on the IBKR website or contact IBKR real time and an IBKR Customer Service Representative will assist you.  For your reference, withdrawal instructions can be found in the FAQ's at:

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

  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

• Initial Complaint

  Date:12/01/2023

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have been attempting to make a withdrawal from Interactive Brokers but they keep on delaying my withdrwal. I initially attempted to make a one time internal transfer which took them 2 months to tell me they wouldnt allow me to. Now im attempting to make a transfer to my personal account and they wont give a reply.

  Customer Answer

  Date: 12/05/2023

  Hello, they have sent the wire transfer already. Thanks!

• Initial Complaint

  Date:11/03/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  ****** had refunded me some ones which I hard earlier sent using IBKR debit **********. The original debit transaction was legit, however the refund/reversal transaction as per ****** is completed successfully resulted in some incomptability and interoperability with IBKR systems and has resulted in yet another debit of same amount. So I am now down $638.58 and no one know where that money go. IBKR blames paypal, ****** blames IBKR and I am stuck. IBKR on urgent bsis assign a technical team to address the issue and make my money available for us.
  
  Futher when I opened the ticket, IBKR has failed to response in 7 days after a much templated response with no regard of investigating or giving a thought to fix the problem.

  Business Response

  Date: 11/14/2023

  Dear Mr. Mehdi
  
  Interactive Brokers LLC (“IBKR”) is responding to your correspondence to the
  Better Business Bureau (“BBB”), submitted on November 3, 2023. In the
  correspondence you state ****** refunded money sent using your IBKR debit
  **********. The refund resulted in another debit of the same amount. Upon receipt of your correspondence, the IBKR
  Complaints Department reviewed the facts and circumstances surrounding your
  complaint and provides the following response.
  

  On October 26, 2023 two transactions of $319.29 were pending in your
  account. Transactions are not charged to your account unless they are settled. Settlement
  depends on the merchant and its bank. It may take between 10 to 30 business
  days for the charges to get settled or expiration. On November 6, 2023 the
  pending charges were expired.
  

  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.
  
  Regards,
  Ayana
  Interactive Brokers

• Initial Complaint

  Date:10/27/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On 10/08 i transferred by instant transfer 1500 dollars from my acct in **** ** ******* to IBKR and it had said it would be done instantly ..
  
  As of today 10/26 the money has not been placed in my IBKR account or gone back to **** ** ******* acct and they took the money from my bank or america on 10/10 itself
  
  In spite of almost daily calls for past two weeks to IBKR , I am not finding out where the money .

  Business Response

  Date: 11/10/2023

  Dear Mrs. *************,

  Interactive Brokers LLC (IBKR) is responding to your
  letter to the Better Business Bureau, submitted on October 27, 2023.
  

  In your correspondence you stated that on October 8,
  2023, you transferred 1500.00 USD from your bank account to IBKR and as of
  October 26, 2023, the funds had not posted to your IBKR account. As such you
  are requesting IBKR to locate the funds and post them to your IBKR account.
  

  IBKR received insufficient information from the
  delivering institution to match the monies to your account, as a result there
  was a delay in posting of the monies.
  

  A review of your account activity indicates that on
  October 10, 2023, IBKR received a deposit of 1500.00 USD and on October 27,
  2023 posted 1500.00 USD to your account.
  

  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

• Initial Complaint

  Date:09/26/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  In early July 2023 I liquidated all of my stock positions in preparation of closing my account, and then closing my business. My account with Interactive Brokers is in good standing. After waiting 4 days for all my settlements to clear, I asked that my cash balance be transfer to my checking account (July 12,2003). I no longer had the same business checking account I used when I made my deposits in 2021, so I supplied Interactive Brokers with the routing and account number of the account I wanted to use. They told me since it was my personal checking account, I would need to request a "Third Party Transfer Request". I thought this was strange as I am the sole owner of a single member LLC. I asked given my circumstance, was this really necessary and I was told it was. I submitted the form and over the course of several weeks I have provided every document they requested. It is now September 2023 and I feel I have been more than patient. At this point, I feel my money is being held hostage. I am a single owner LLC simply asking for my cash to be transferred to my checking account. There is no foreign entity or bank account. Everything is domestic and the total amount is $2,950. I feel I have been reasonable, and that Interactive Brokers is putting me and my business in an unfair position. I have explained to them that I need these funds to close out my business and pay my final tax bill. They told me I needed to consider other arrangements as they could not tell me when or if they would release my funds. I have asked for escalation and to speak with someone in management and I was told there is no public facing person or number and I could only talk with first line agents.
  
  I am asking to my funds be returned to me so that I can close my account and then file article of dissolution for my business. I need the BBB's help in convincing Interactive Brokers to do the right thing and return what is legally mine.

  Business Response

  Date: 10/06/2023

  Dear *** ******
  
  Interactive Brokers (“IBKR”) is responding to your
  correspondence to the Better Business Bureau (“BBB”) regarding withdrawing
  funds. Therein, you indicate that you are a single owner LLC asking for the
  cash to be transferred to your personal checking account. Upon receipt of your
  correspondence, the IBKR Complaints Department reviewed the facts and
  circumstances surrounding your complaint and provides the following response.
  
  In accordance with anti-money laundering regulations,
  withdrawals are generally sent in the name of the account holder.  IBKR will consider request to withdraw funds
  to a destination other than an account titled in the name of the account
  holder, a third-party withdrawal. Any request designated as third-party is
  subject to legal and compliance reviews. As the circumstances associated with
  each request tend to be unique, IBKR can cannot provide any assurance as to how
  long the review process will take or even whether the request will be approved
  at the conclusion of the review.
  On July 12, 2023 IBKR received your request to withdraw the
  funds from your business account to your personal account. Additional documents
  were requested and your third-party withdrawal request was reviewed and
  approved. On October 3, 2023 the remainder of the funds in your business
  account were transferred to your personal account. If you wish to close your
  business account, log in to Client Portal and select Settings >Account Settings>
  Close Account.
  
  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.
  
  Regards,
  Ayana
  Interactive Brokers

  Customer Answer

  Date: 10/12/2023

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

  I understand the need to comply with your own internal "anti money laundering " protocols, and while complex requests take time, as you can see in my complaint, my request is as straight forward as it gets.  Single owner LLC with all paperwork and proof of identity on file.  The sum was approximately $3,000, so not a large amount and it was a domestic transaction.  Your process was unnecessarily long given the simple straight forward request.  Three months is the time you took to process my request with no real.way of reaching anyone about the process, and no escalation process.  It is also noteworthy that it took a BBB compliant and  FINRA complaint to get IBKR to act.  I believe had I not brought this to their attention,  I would still be waiting while you "processed" my request.
  
  
  
  Sincerely,
  
  
  
  ********* ******

  Business Response

  Date: 10/17/2023

  Dear *** ******
  
  Interactive Brokers (“IBKR”) notes that you reject its
  response and your opinions regarding the withdrawal process. 
  
  On October 3, 2023 the funds in your business account were
  transferred to your personal account.
  
  On October 5, 2023 the business account was closed.
  
  Regards,
  Ayana
  Interactive Brokers

  Customer Answer

  Date: 10/20/2023

  
  
  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ID ********.  It is true they returned my funds, but for the record, it was only after you notified them of my complaint.  I really appreciate the BBB's help in motivating IBKR to resolve this issue.
  
  
  
  Sincerely,
  
  
  
  ********* ******

• Initial Complaint

  Date:08/18/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I had $50,000.00 dollars sent by ACH, from my ******* **** checking account today, Aug 18,2023, to my IBKR (Interactive Brokers) account so that I could make a stock trade today and not wait for a check to have to clear my bank. They indicated to me that they received the funds from the bank but that I could not use the funds to purchase stocks for a week. Why are they holding my funds for a week when they came directly from a U.S. bank? My IBKR account #: ********* Their phone contact: ###-###-#### or ###-###-####. Thankyou for any help. ******* ******

  Business Response

  Date: 08/29/2023

  Dear Mr. ******,
  
  Interactive
  Brokers LLC (IBKR) is responding to your letter to the Better Business Bureau
  (BBB), submitted on August 18, 2023.
  
  In your
  correspondence you stated that you deposited 50,000.00 USD via ACH on August
  18, 2023, so that you could submit a securities trade, however IBKR received
  the funds but the funds are on hold and you are unable to submit the order for
  the securities trade. As such, you are requesting IBKR to remove the holding
  period from your deposited funds.
  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.
  
  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. IBKR does not
  charge for incoming wires for any currency with the exception of the Mexican Peso.
  
  A review of your
  account activity indicates that on August 18, 2023, IBKR received a deposit via
  ACH in the amount of 50,000.00 USD. The funds were deposited into your IBKR
  account and were available for trading on August 24, 2023.
  
  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