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:01/18/2023

  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.

  In early Dec 2022 (I believe 12/6/22) I requested transfer of assets from ******** to Interactive Brokers (IBKR). ******** IMMEDIATELY acted on my request, without delay or questioning. After the request was accepted, IBKR informed me that it would take nearly 4 weeks for my account to be fully functional (3 Jan 2023). So, I waited and, on Jan 3, I requested a withdrawal (of settled funds from sale of stock – NOT A MARGIN LOAN). My withdrawal was denied. No reason was given other than a message from IBKR that they were "concerned" about recent activity on my account and needed to “verify” my account information. So, I called IBKR but the only rationale I got for the denial wasn’t even a reason. It was simply questioning by an IBKR rep: “do you REALLY want to withdraw this amount? What do you need this money for?” Uh - is this a brokerage firm or my dad? IBKR continued to reject my withdrawal request. So, I finally requested transfer of my assets back to ********. It's been 2 weeks and IBKR refused to transfer my assets back to ******** (at least TWICE). They first stated that the account number given was wrong. I checked with IBKR and read and re-read my IBKR account number back to them - it is correct. Same with ********: they have the correct account number. Next IBKR insinuated that I didn’t give my correct NAME. Really? My own NAME? Then it was "maybe its the ***" ("all IBKR needs is your name, account number and *** to complete the transfer"). All have been checked and verified - Name, account number and ***. Still, no cooperation from IBKR. As of now, I am still waiting for IBKR to abide by my request to transfer my assets back to ********. I called IBKR today and they STILL could not give me a reason for the repeated rejections of my transfer request (in fact, they had NO NOTES on my situation or any communications they have had with ********). How is this LEGAL? Is IBKR in trouble? Is this due to the 26 million dollar lawsuit against them? I want my assets

  Business Response

  Date: 01/26/2023

  Dear Ms. ******, 

  As you were previously advised on January 18, 2023 via web ticket ******, IBKR's *** number is ****, not ****, so ******** was submitting the
  ***** transfer to the wrong *** number.
  
  Please be advised, you have the following holds on your
  account:
  
  1) ACH deposit hold of 50 USD expires on February 24, 2023.
  If you withdraw this amount back to the bank account ending
  in **** via ACH, the hold will be removed.
  This policy is found on our website: ***************************************************************** ******* ******* ***** * ****** ******* ***, then click on "More
  Information" under "Connect Your Bank via ACH).
  
  2) Two residual ***** sweeps were received from ********
  364.36 USD expires January 20, 2023
  2.75 USD expires January 22, 2023
  This policy is found on our website: ***************************************************************** ******* ******** ********* * ****** ******, then click on "More
  Information" under "*****").
  
  The ACH deposit hold can be removed per above but
  unfortunately, the ***** hold cannot be removed.
  
  You can either:
  
  1) Have ******** submit a partial ***** (with the correct
  *** number) to transfer everything but the amounts above and then transfer the
  rest once the holds are removed/expire or
  
  2) Wait until the holds are removed/expire and then have
  ******** submit a full ***** (with the correct *** number).

   

  Regards, 

  IBKR Client Services

  Business Response

  Date: 01/26/2023

  Dear Ms. ******, 

  As you were previously advised on January 18, 2023 via web ticket ******, IBKR's *** number is ****, not ****, so ******** was submitting the
  ***** transfer to the wrong *** number.
  
  Please be advised, you have the following holds on your
  account:
  
  1) ACH deposit hold of 50 USD expires on February 24, 2023.
  If you withdraw this amount back to the bank account ending
  in **** via ACH, the hold will be removed.
  This policy is found on our website: ***************************************************************** ******* ******* ***** * ****** ******* ***, then click on "More
  Information" under "Connect Your Bank via ACH).
  
  2) Two residual ***** sweeps were received from ********
  364.36 USD expires January 20, 2023
  2.75 USD expires January 22, 2023
  This policy is found on our website: ***************************************************************** ******* ******** ********* * ****** ******, then click on "More
  Information" under "*****").
  
  The ACH deposit hold can be removed per above but
  unfortunately, the ***** hold cannot be removed.
  
  You can either:
  
  1) Have ******** submit a partial ***** (with the correct
  *** number) to transfer everything but the amounts above and then transfer the
  rest once the holds are removed/expire or
  
  2) Wait until the holds are removed/expire and then have
  ******** submit a full ***** (with the correct *** number).

   

  Regards, 

  IBKR Client Services

• Initial Complaint

  Date:01/11/2023

  Type:Customer Service 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 transferred monies to my wife's IBRK account account no ******** on Dec 29, 2022. IBRK has challenged it's a third party account and requested further doc. We were very responsive and immediately submitted all the doc on the same day according to their request. But since then, the monies just disappeared in thin air and IBRK was charging me high interest rate during this period of time.
  We are now paying about 14 days' interest to IBRK solely because IBRK is holding up my monies. I have followed up the case with CS everyday and what I got it's just like robot message.
  
  I request IBRK concrete reply to my case and waive the interest rate during their "process period"

  Business Response

  Date: 01/19/2023

  Hello Mr. *********,

  We received the above referenced complaint filed by an individual thru the BBB site. Unfortunately, the PII reflected on the BBB complaint does not match the PII on the IB account mapped to the same email address.

  As such, we are unable to review and provide a response to the BBB complaint.

   

  Regards,

  Raquel

  Customer Answer

  Date: 01/20/2023

  Hi BBB team,

  Pls find the account information as below.

  
  Account no.:********

  Account name: ** *** **

   

  I, *** ** *** * has sent HK$170,000 to my wife's IBRK 's account (as above).
  

  We have communicated multiple times with the representatives, they said the transfer is not allowed from third party account according their internal policy and the monies will be return to remitter's bank account (that's my bank account) 

  We have then waited for nearly 1 month and still haven't received the returned fund.

  IBRK said the money transfer has already been done, while our bank firmly confirmed that there is no record on the "money transfer as mentioned by IBRK".

  During this period, IKRK is still charging me interest on it and till now not a single item is settled.

  We request 

  1) *** ** *** (the remitter ) can get the returned fund from IBRK ASAP

  2) IBRK should waive the interest rate they're charging on us during their "internal processs time"

  Hope it clarified everything and thanks for your help

   

  Regards,
  *** ** ***

• Initial Complaint

  Date:01/04/2023

  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.

  Received an email regarding settled funds that remained in my closed brokerage account (******** $3071.16) and to contact them if I wanted to initiate a withdraw. On 12-6-2022 I initiated a wire transfer to my external account & noted that IBKR's policy is a 3 day period prior to release of funds. On the following Wednesday (12-08-2022) I called looking for an update. Was told my acct had been reviewed, verified & was now being processed & to look for the funds in the next 24 hours. Since this time I have called more times than countable, have been told more excuses that believable & yet to see my funds. I have filed a complaint with *****, in which IBKR was contacted but nothing has yet to come of that. It now has been almost 30 days since the initial transfer request had been placed & all I continue to hear is that my request/account is under review & once that review is done I will be contacted. Nobody can tell me why this review is being done, what the hold up is (in fact several representatives' have stated that they do not see a reason for the hold up bc they can clearly see that all requests made of me have been completed, identity has been verified & there are no other factors that "should" be the cause for the delay) and just a few days ago I received yet again the same original email advising I had funds available for withdraw and to contact IBKR. The representatives for the most part are unknowledgeable & rude, management never calls back, & no updates are ever provided. Excuses, delays, & tactics to keep hold of funds that clearly have settled more than a year ago on an account that was closed are the basis for my complaint. The matter of $3071.16 is peanuts compared to others but it is the clear fact that they are outside of their own policies and procedures and have failed as a Brokerage Firm. I would like to have my account settled and my funds sent to me as required by law.

  Business Response

  Date: 01/17/2023

  Dear Mr. ********,
  
  Interactive Brokers LLC (“IBKR”) is responding to your
  letter to the Better Business Bureau (“BBB”) submitted on January 4, 2023.
  
  In your correspondence, you stated that you received an
  email from IBKR informing you that you had funds in your closed account.  In addition, you stated that you submitted a
  withdrawal request, that you were informed that such request was under review,
  and that you had requested to speak with an IBKR manager after several calls to
  IBKR. You further stated in your correspondence that you provided IBKR with a
  “selfie” image of yourself with identification, and that you have not received
  the remaining funds in your closed IBKR account. As such you are requesting
  IBKR to release the funds.
  
  On October 21, 2021, IBKR restricted your account.
  
  On November 17, 2021 IBKR processed your request to close
  your account.
  
  On December 2, 2022, IBKR sent an automated communication
  informing you that there are funds in the closed account.
  IBKR reviews client accounts periodically and, as
  expressly noted in the Customer Agreement you signed, IBKR has the right to
  restrict or freeze your account should IBKR determine it necessary to do so. As
  a matter of policy, IBKR does not provide details concerning the reasons why an
  account is restricted. During this time you were able to manage your risk and
  liquidate positions. IBKR does not offer compensation for missed opportunity.
  
  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.
  
  Regards,
  Sandra
  IBKR Client Services
  
  

• Initial Complaint

  Date:12/12/2022

  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.

  They locked my accounts for a completely INSANE reason claiming that I might have visited *******-occupied territories. If I were to go there, I would get detained, TORTURED, and likely MURDERED. They asked for a couple of papers to lift the account ban. I provided those immediately.
  
  It now has been 2 weeks. I called them 3 times, submitted 3 tickets on their ticketing system, and even got a message that the issue got escalated. Only one of my accounts got activated. I'm still unable to trade on two others. I estimate that I lost many thousands of dollars.

  Business Response

  Date: 01/06/2023

  Dear ***** ********, 

  Interactive Brokers LLC ("IBKR") submits this response to the complaint filed with the Better Business Bureau regarding trading restrictions placed on your IBKR accounts on November 30, 2022.

  On the same date, IBKR notified you that your accounts were restricted due to recurring attempted login activity being detected from a sanctioned jurisdiction in compliance with U.S. sanction regulations issued by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC).

  As stated in the previous notification sent to you, your accounts have been restricted because IBKR's records indicate you may have attempted to log in from one of the restricted jurisdictions listed in the notification within the past 12 months.  In order for restrictions to be removed from your accounts you must (1) provide answers to the accompanying compliance questionnaire and (2) provide proof of address dated within the past 90 days for yourself and any user on the account.  The completed compliance questionnaire and current proof of address documentation must be uploaded to the Client Portal.  Once uploaded, the documents will be reviewed and, if appropriate, restrictions will be removed from your accounts.  Failure to provide timely responses or proof of address documentation dated within the past 90 days will result in continued account restriction.

  According to our records, you have completed the aforementioned tasks and the restrictions have been removed from all of your accounts.

  Please feel free to contact us if you have additional questions.

  Regards, 

  IBKR Client Services

   

   

• Initial Complaint

  Date:11/14/2022

  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.

  Account ******** 
  Interactive Brokers has been charging me inactivity fees for the past several years. Please refund, as this account has been idle and pending a litigation case.

  Business Response

  Date: 11/18/2022

  Dear Mr. ***********
  
  Interactive Brokers (“IBKR”) is responding to your correspondence
  to the Better Business Bureau (“BBB”). Therein, you indicate that Interactive
  Brokers has been charging you inactivity fees for the past several years. You
  are requesting compensation. Upon receipt of your correspondence, the IBKR
  Complaints Department reviewed the facts and circumstances surrounding your
  complaint and provides the following response.
  
  The IBKR website stated, accounts generating commissions
  less than the disclosed minimum in any given month will be assessed the
  difference between the minimum and the amount of commissions generated during
  that month. Customers with equity balances greater than $2,000 (or equivalent
  in a foreign currency) were subject to an activity fee minimum of $10.
  Customers with equity balances less than $2,000 (or equivalent in a foreign
  currency) were subject to an activity fee minimum of $20.
  
  Upon establishing your IBKR account, you agreed that
  commissions and fees are as specified on the IBKR website unless otherwise
  agreed in writing by an officer of IBKR. Please note that all charges are
  reflected on your Activity Statements available through the Client Portal and
  which you agreed to receive electronically upon signing the IBKR Customer
  Agreement.
  
  The monthly activity fee was intended to offset the costs of
  maintaining inactive accounts. This fee was waived for the first three months
  following funding of your new account to allow you time to familiarize
  yourself with the software. Effective July 1, 2021 IBKR eliminated its monthly
  inactivity fee so there are no impediments to maintaining an account with IBKR.
  
  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

  Customer Answer

  Date: 11/19/2022

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

  This account not not active for years as a result of a disability issue I had. Please refund or identify who the actual contact would be. 

  Sincerely,
  
  
  
  ***** *

  Business Response

  Date: 11/23/2022

  Dear Mr. ***********
  
  The monthly activity fee was intended to offset IBKR's cost of maintaining
  inactive accounts. Upon establishing your IBKR account, you agreed that
  commissions and fees are as specified on the IBKR website unless otherwise
  agreed in writing by an officer of IBKR.
  
  IBKR will not grant your request for compensation.
  
  Regards,
  Ayana
  Interactive Brokers

  Customer Answer

  Date: 11/23/2022

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

   

  I was given ability to get my inactivity fee off. Please advice.
  
  
  
  Sincerely,
  
  
  
  ***** *

  Business Response

  Date: 11/28/2022

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

  
  Please refer to the Interactive
  Brokers LLC Client Agreement, **************************************************************************************************,
  which you signed on June 19, 2013. Upon establishing your IBKR account, you
  agreed that commissions and fees are as specified on the IBKR website unless
  otherwise agreed in writing by an officer of IBKR.
  
  IBKR will not grant your request for compensation.
  
  Regards,
  Ayana
  Interactive Brokers

  Customer Answer

  Date: 11/28/2022

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

  Please give me someone to chat with about this account. I was given notice that I would get refunded for this. 

  Sincerely,
  
  
  
  ***** *

• Initial Complaint

  Date:11/08/2022

  Type:Order 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.

  For over two weeks, Interactive Brokers has frozen my account, disallowed me from taking new positions, but more importantly disallowed me from withdrawing ANY of the roughly $3 million in cash I have in the account. This represents our household's entire liquid net worth. We are thus currently unable to pay bills or bear normal expenses as our bank account has only $1000. Also, as I am a professional investor, this seizure of my assets has prevented me from earning a living.
  
  Worse, when I tried to withdraw the money and was informed there was a hold, I was then told they just needed to verify my identity and the money would be transferred. I relied upon this and did not make any alternative plans to temporarily borrow money. But without telling me, IB barred the transaction. They gave me no reason for this hold, nor did they give me any time frame for its resolution.
  
  I was repeatedly told by client relations I would be called with updates. They did not do so and I kept calling them. There was no information more than two weeks after they seized my entire account valued at roughly $5 million. Brian H*********, the senior client relations manager handling this matter has not returned the last two phone messages I left for him. I asked him to speak to a more senior person to resolve this and he refused to do this, or even provide me with the name of the person to whom he reports.

  Business Response

  Date: 11/18/2022

  Dear Mr. ********,
  
  Interactive
  Brokers LLC (IBKR) is responding to your letter to the Better Business Bureau
  (BBB) submitted on November 8, 2022.
  
  In your
  correspondence you stated that for over two weeks you were unable to increase
  your positions or withdraw funds from your account. You allege that IBKR
  informed you that your identity needed to be verified and that you would then
  be allowed to withdraw funds and that you were not provided a reason for the
  hold. You stated you were not provided with updates and were unable to speak
  with Senior Management regarding the restrictions on the account. As such you
  are requesting IBKR to credit your account accordingly.
  
  On October 25,
  2022, IBKR restricted your account from opening/increasing positions and from
  withdrawing funds as the account was being reviewed. Please note during this
  time that you were permitted to close positions to manage your risk.
  
  On November 9,
  2022, restrictions were removed from your account.
  
  IBKR noted that
  there was a request to update sensitive information submitted from your Client
  Portal and this did require verbal verification to update your account.
  
  IBKR reviews
  client accounts periodically and, as noted in the Customer Agreement you
  signed, has the right to restrict or freeze your account should IBKR determine
  it necessary to do so. As a matter of policy, IBKR does not provide detail on
  the reasons why an account is restricted. During this time you were able to
  manage your risk and liquidate positions. IBKR does not offer compensation for
  missed opportunity.
  
  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 compensation request.
  
  Regards,
  Sandra
  IBKR Client
  Services

  Customer Answer

  Date: 11/21/2022

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

   

  The basis for freezing my account for OVER TWO WEEKS was a concern over a deposit that represented less than 50% of the value of my account and was resolved by me in a total of less than 20 minutes total by providing simple proof of the funds' origin, which had been transferred more than five months earlier.

   

  Nevertheless: 

   

  1) I was not even asked for this proof until THIRTEEN DAYS after my account was frozen.

   

  2) Due to this delay, I was unable to pay essential household bills due to the fact that my IB account represented our entire liquid net worth. We had to BORROW money simply to cover necessary household expenses.

   

  3) Furthermore, I could not earn a living, as I am a professional investor. Thus, making changes to my portfolio is absolutely essential to my profession.

   

  In sum, no attempt was mad by IB to resolve, or even inform me of, the issue they had with proof of ownership. This, despite the fact that I was calling daily, sometimes multiple times a day, begging IB to resolve this, or at least to let me help them resolve it. Also during this time period I was lied to on multiple occasions, both as to when I would be able to access my funds, as well as concerning them keeping me posted upon progress in resolving this. Moreover, I was denied access to higher level client services representatives. Furthermore, my main client services contact, Brian H*********, refused to return my calls on three consecutive business days, despite messages from me that it was urgent to do so. By IB's logic and reasoning, they could freeze my account for a year, refuse to answer my questions as to the reason for the freeze, delay making any progress regarding their concerns, and bear no liability to me. IB know or should have known that their combination of freezing my account while doing nothing to advance their inquiry about the source of the funds I transferred months earlier would have 1) caused me and my household to be unable to pay essential bills and suffer financing costs in order to cover them due to lacking any access to the millions of dollars we had at IB; and 2) have lost income from my inability to actively invest my portfolio (at the time I had roughly $2.5 million in unused funds!)

   

  As a client of IB for over a decade both as an individual and as an institution (******** ******** **), and thus someone who has maintained both millions of dollars in balances and have been responsible for many tens of thousands of dollars in trading revenue for IB, I am shocked and appalled that I was denied access to senior client services representatives, was lied to, and ignored. Furthermore, after providing the necessary documents to prove the transfer in question was entirely legitimate TWO WEEKS after my account had been frozen, I never received an official apology or explanation for the delay in handling this (why was I not asked for the verification of proof of funds on October 25?!?)

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

  Business Response

  Date: 12/02/2022

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

  
  Interactive Brokers LLC (IBKR) is responding to your
  follow up letter to the Better Business Bureau (BBB) submitted on November 21,
  2022.
  

  In your correspondence you stated that IBKR did not
  state that you had provided the verbal verification on October 28, 2022 and was
  informed that the restrictions on your account would be removed shortly and
  that you relied on this information and that IBKR required proof of a deposit
  from 5 months earlier and that you were not asked for the proof until 13 days
  after the account was restricted. As a result you were unable to pay your
  bills. As such you are requesting IBKR to credit your account accordingly.
  

  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.
  

  IBKR reviews client accounts periodically and, as noted in
  the Customer Agreement you signed, has the right to restrict or freeze your
  account should IBKR determine it necessary to do so. As a matter of policy,
  IBKR does not provide detail on the reasons why an account is restricted.
  During this time you were able to manage your risk and liquidate positions.
  IBKR does not offer compensation for missed opportunity.
  

  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 compensation request.
  

  Regards,
  Sandra
  IBKR Client Services

  Customer Answer

  Date: 12/09/2022

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

   

  IB has consistently failed to address the following issues which caused me direct economic harm.
  
  
  1. They lied to me, and I relied upon those lies to my economic detriment. I was told the money transfer that I needed in order to pay basic bills was going through after merely verifying my identity. We had to borrow money in order to pay our bills.
  
  2. IB says I was able to liquidate positions and manage risk. But since this represented essentially my family's entire net worth, this did not allow us to access OUR OWN MONEY to pay bills. I repeatedly informed them of this fact, but to no avail. Moreover, they did not just freeze the amount in question (the source of which I could have verified as authentic within 30 minutes had they ever asked during the TWELVE days my account was frozen AFTER I verified my identity), they improperly froze ALL MY $5 million in assets.
  
  3. During TEN of those twelve days I could not pay bills or earn a living, they did not do ANYTHING to address whatever concerns they had about the source of funds I deposited. Their position is that they could simply SEIZE MY ASSETS with them for an indefinite time without either informing me of the issue OR advancing an investigation to resolve the matter. This is untenable, particularly in light of my repeated communications with them that my household situation was dire in light of having no assets with which to meet family living expenses.
  
  
  4. Client services repeatedly told me they would contact me, and failed to do so. Moreover, they repeatedly refused to even return my calls and denied me information as to who more senior client service representatives were so I could attempt to resolve this dire situation.
  
  
  
  
  
  Sincerely,
  
  
  
  **** ********

  Business Response

  Date: 12/19/2022

  Dear Mr. ********,
  
  Interactive
  Brokers LLC (IBKR) is responding to your follow-up letter to the Better
  Business Bureau (BBB) submitted on December 9, 2022.
  
  In your
  correspondence you stated that IBKR Client Services lied to you and that you
  were restricted from withdrawing funds to pay our bills. You also stated that
  IBKR did not return your calls and that you were unable to earn a living. As a
  result you had to borrow money in order to pay your bills. As such you are
  requesting IBKR to credit your account accordingly.
  
  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.
  
  IBKR reviews client accounts periodically and, as noted in the Customer
  Agreement you signed, has the right to restrict or freeze your account should
  IBKR determine it necessary to do so. As a matter of policy, IBKR does not
  provide detail on the reasons why an account is restricted. During this time
  you were able to manage your risk and liquidate positions. IBKR does not offer
  compensation for missed opportunity.
  
  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 compensation request.
  
  Regards,
  Sandra
  IBKR Client Services

• Initial Complaint

  Date:11/02/2022

  Type:Order 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 oppen an account at Interactive Brokers and after transfer some funds i am not able to access the account. I have my login and password. Cant reach the support because cant login. Want to close my account and transfer my money back

  Business Response

  Date: 11/11/2022

  Dear Mrs. ******,
  
  Interactive
  Brokers LLC (IBKR) is responding to your letter to the Better Business Bureau
  (BBB) submitted on November 1, 2022.
  
  In your
  correspondence you stated that after funding your account you are not able to
  access your IBKR account and that you want to withdraw your funds and close
  your account.
  
  Interactive
  Brokers is an exclusively online broker that provides trade execution and
  clearing services to public around the world. Interactive Brokers does not
  employ any human advisors or brokers who managed client accounts. All trading
  in an IBKR customer account is self-directed by the client. Interactive
  Broker’s customer service personnel are specifically prohibited from providing
  any investment or trading or tax advice to customers.
  
  A review of your
  account activity indicates that on November 1, 2022, you submitted your IBKR
  application and deposited 766.60 USD via wire. IBKR applied the funds to your
  account.
  
  On November 2,
  2022, you contacted IBKR via phone, IBKR provided to you a temporary login and
  that you did successfully log into Client Portal and that you were able to
  continue to successfully log into Client Portal.  
  
  On November 4,
  2022, IBKR approved your account application, and your account was opened.
  
  On November 8,
  2022, a wire withdrawal request was submitted from your Client Portal for the
  amount of 761.60 USD.
  
  On November 9,
  2022, at 13:34:39 ET IBKR sent you a message in ticket ****** via the Message
  Center in Client Portal stating that your withdrawal request was unable to be processed because it appears that you would
  like to transfer funds to a custodial account number for a brokerage firm or
  bank. In addition to supplying the custodial account number, you must also
  provide your personal account number at the firm in your wire instructions.
  
  As of November 11,
  2022, IBKR has not received new withdrawal instructions. If you need assistance
  with submitting withdrawal instruction, please contact IBKR’s Funds and Banking
  department in your region.
  
  Please note in
  order for IBKR to close your account, your account must have a zero balance.
  
  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

  Customer Answer

  Date: 11/13/2022

  
  
  Complaint: ********
  
  
  
  I am rejecting this response because: i have asked my money, indicated a personal account and you are retaining my money. I cant access my account and i cant have my money. Cant access the support and i am not able to make international calls every day. I just want my money back. If you accept why cant you give me back? you are not honets
  
  
  
  Sincerely,
  
  
  
  ****** ******

  Business Response

  Date: 11/22/2022

  Dear Mrs. ******,

  
  IBKR has received your follow up letter to the Better
  Business Bureau (BBB) submitted on November 13, 2022.
  

  A review of your account activity indicates that on
  November 13, 2022, at 9:33:49 ET a wire withdrawal request in the amount of
  766.60 USD was submitted from your Client Portal.
  

  On November 14, 2022, your withdrawal request was
  processed per your instructions.
  

  IBKR noted that your IBKR account was closed on
  November 17, 2022.
  

  Regards,
  Sandra
  IBKR Client
  Services

• Initial Complaint

  Date:10/11/2022

  Type:Order 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 created an account on Interactive Brokers about 2 years ago, it is the most user Unfriendly platform I have ever been on. I have been trying to close this account for a month but it keeps telling me they are unable to do so. There are no instructions on the website on how to close the account. When you call customer service, it tells you that they do not have any customer service available in the english language. All I want to do is close my account but they have made this incredably difficult, I'm just happy I never ran into any problems while trading I know those issues would go unasnwered as well.

  Business Response

  Date: 10/21/2022

  Dear Mr. ****,
  
  Interactive
  Brokers LLC (IBKR) is responding to your letter to the Better Business Bureau
  (BBB), submitted on October 11, 2022.
  

  In your
  correspondence you stated that you have been trying to close your account, however
  IBKR’s system will not allow you to close your close your account. You also
  stated that there are no instructions on how to close your account on IBKR’s
  website and that when you call IBKR you are unable to speak to an English
  speaking person.
  
  Interactive
  Brokers is an exclusively online broker that provides trade execution and
  clearing services to public around the world. Interactive Brokers does not
  employ any human advisors or brokers who managed client accounts.
  Interactive
  Broker’s customer service personnel are specifically prohibited from providing
  any investment or trading or tax advice to customers.
  
  As stated on
  IBKR’s website to close your account you may click on the Close Your Account
  button or you may log into Client portal, click on the User Menu and then
  select Settings. Under Account Setting find the Trading section and then click
  on Close Account. Please note you must complete all of the steps including
  withdrawing all of the funds out of the account or creating ACH instruction and
  submitting the close button on Client Portal.
  
  IBKR offers
  a variety of ways to get assistance and information including IBot, phone
  support, secure inquiry/trouble tickets, chat and email submitted through our
  website. While you can ask the same question using any of these channels,
  depending on the nature of your inquiry, you will get the best and most
  efficient service by using the methods recommended below
  

  Phone Inquiries
  Recommended where there is time
  sensitivity, for example, a problem with an order or trade. In general, IBKR
  will answer our phone lines within a minute. Funding/Banking inquiries
  usually take longer. We suggest Ticket or Chat instead of phone
  for the following areas: funding, tax, statements, dividend & corporate
  actions.
  

  The hours in the U.S. are Monday
  through Friday from 7am CST to 7pm CST and on Sunday from 12pm CST to 6pm CST.
  

  Inquiry/Trouble Ticket
  A new secure form system, enables a
  question to be sent from Account Management that is delivered directly to our
  main Customer Service database system. From here, the question is routed to the
  specialist or team within IBKR's Client Services that is certified in the
  particular area of inquiry. It is SMART routing for questions. You will get an
  immediate reference number for the ticket, and your question will be allocated
  to a service agent usually within 2 hours. Where possible, we will also provide
  an answer within this timeframe, but even if additional research is needed, you
  will know who is handling your case, and be able to track its progress.
  Email
  

  Free format email communications are
  no longer supported due to the proliferation of spam, phishing, and other forms
  of fraudulent communications.
  

  IB-Chat
  Our chat service is accessible via Client
  Portal. It is designed to connect you to the service specialist best qualified
  to answer your question. Because it is authenticated and uses secure
  communications, IBKR staff are able to provide account specific information in
  a secure manner. Web page content, conferencing, and feedback are all features
  of this new system; transcripts are available on demand. We particularly
  recommend IB-Chat for Funding/Banking and Account Application inquiries.
  
  A review of
  your account indicates that your account has a small cash position and that a
  request to close your account has not yet been submitted.
  
  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

  Customer Answer

  Date: 10/24/2022

  
  
  Complaint: ********
  
  
  
  I am rejecting this response because:business did not accurate address my concern or provide me with a path to rectifying the problem. They provided the same information that has gotten me nowhere
  
  
  
  Sincerely,
  
  
  
  ******* ****

  Business Response

  Date: 11/01/2022

  Dear Mr. ****,
  
  Interactive
  Brokers LLC (IBKR) received your follow up response to your Better Business
  Bureau complaint (BBB) dated October 24, 2022.
  
  In your
  correspondence you stated that IBKR did not provide you a path to closing your
  account.
  
  In order for IBKR
  to close your account, your account must have a zero balance.
  
  Your account
  ending in *** currently has a small balance, as such IBKR is unable to close
  the account.
  
  If you would like
  IBKR to close your account on your behalf please submit a withdrawal request on
  Client Portal. IBKR will not submit withdrawal requests on a client’s behalf.
  Once the funds have been withdrawn, please submit a ticket via the Message
  Center to close your account on your behalf.

  
  If you need
  assistance with your withdrawal request, please contact IBKR’s Funds and Banking
  department at ###-###-#### or direct dial ###-###-####. The
  US office is open Monday – Friday from 8:00 am ET to 8:00 pm ET and on Sundays
  from 1:00pm ET to 7:00 pm ET.
  
  Regards,
  Sandra
  IBKR Client Services

• Initial Complaint

  Date:10/05/2022

  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.

  The transition happened on : 10/03/2022
  It has around 9000$ value of stocks. including 32 shares of *****, 2 shares of ***, 6 shares of **.
  I intended to transfer these shares to ******** account, but accidentally select "********* ***" on their app.
  I found out these shares didn't reach my ******** account so I contact Interactive broke and asking them to give me some information about ********* ***, so I can contact them. Interactive broke says they have no information about this broke they list and can't give me any information. They asked me to ****** this company, I did, and called a few random numbers, none of which knows about ********* ***. I am told by Interactive broke customer service they are not a high-end service and didn't charge much so they won't provide any information about broker they list on their app. I would like to have this information so I can at least try to contact the other broker and get my money back.

  Customer Answer

  Date: 10/11/2022

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

  After a few interactions with interactive brokers, they decided to notify the other broker my shares were transferred mistakenly. The other broker was able to return most of my shares except 2 shares of ***. I am less frustrated now and would like to let you know. 

   

  Thanks for your help.

  *******

• Initial Complaint

  Date:10/05/2022

  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.

  In March 2022, my cell phone company advised me that my phone was obsolete. Finally in August 2022, I replaced the old phone with a new phone. I kept my previous cell phone number to use on my new phone. After this I tried to access my Interactive Brokers account online, as I had done previously using my previous cell phone and with the same cell phone number. The system would not accept my password but required a second authentication number. This was provided as a "security code card" from the online broker. They told me I could easily renew the "security code card" after 21 days. After the 21 days was up, they advised me that I needed to download an Android app on my cell phone in order to get the security codes sent to my cell phone. They then told me that the "security code card" is only for the 21 day period and is not easy to renew. Previously they had told me the security code card could be re-generated anytime I needed it. This policy seems to have changed. Meanwhile I have extreme difficulty getting my cell phone to work because the app will not open without a security code which I cannot figure out how to access for that cell phone. THIS REALLY ANGERS ME. I have a password, then they demand a security code in addition to password, then they require a software app downloaded onto my cell phone and the cell phone requires a security code in order to open the app which I already downloaded. MEANWHILE I HAVE NO ACCESS TO MY BROKERAGE ACCOUNT and presently have no way to get my cell phone to use the downloaded app. This is infuriating. I am seriously thinking of transferring to a different brokerage, but of course that will be impossible until I can comply with their ridiculous crappy system.

  Business Response

  Date: 10/13/2022

  Dear Mr. ******
  
  Interactive Brokers (“IBKR”) received your correspondence
  to the Better Business Bureau (“BBB”), submitted on October 5, 2022 regarding
  logging-in. Therein, you indicate that you have a password, are required to submit a security code and
  download a software app. You are not able to log-in. Upon receipt of your
  correspondence, the IBKR Complaints Department reviewed the facts and
  circumstances surrounding your complaint and provides the following response.
  
  IBKR’s Security Login System provides customers a
  two-factor authentication prior to accessing their account, which includes the
  customer’s password/user id combination and IB Key, a mobile application to
  verify your identity. The app is downloaded and free of cost. Using the app
  adds an important second layer of security to your account. If an individual
  were to obtain your user name and password, they would not be able to access
  your account without physical possession of your mobile phone.
  
  If you are unable to use the IB Key, IBKR offers a
  temporary security code card that is valid for 21 days. Additionally, you can
  telephone customer service for a temporary code. On October 12, 2022 IBKR
  customer service telephoned you and provided you with a temporary code. You
  indicated that you would activate the IB Key later that day.   
  
  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