IB Brokerage account closed - can't withdraw funds

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lqop1
Posts: 1
Joined: Wed Oct 13, 2021 4:22 pm

IB Brokerage account closed - can't withdraw funds

Post by lqop1 »

It's been 2 months since I closed my Brokerage account with Interactive brokers & I have not received my funds back.
I'm very worried because it's nearly my whole life saving.
Just wondering if anyone had similar situation - what did you do and what can I do to resolve the issue?

This is a regular taxable brokerage account. At the time of closing, I liquidated all positions & the accounts contained only cash.
A couple weeks before I closed the account, IB raised question about my address on file being a commercial (mailbox) address.
The thing is I'm an expat & that's the only US address I have. This same address is on file with my banks & I've been using it with other brokerages just fine. I replied with proof of my bank statements, IDs etc. and never heard from them again.
As of now I can't view my account online any more; it shows "Account closed", meaning my closing request was processed. I called Customer service many times, the said it's "Under review" and someone will call me back; but I received no contact nor my money back. (Supposedly they should send it to my bank account on file via ACH).
typical.investor
Posts: 2993
Joined: Mon Jun 11, 2018 3:17 am

Re: IB Brokerage account closed - can't withdraw funds

Post by typical.investor »

Being an expat I feel your pain, but it’s curious you used a mailbox address with IB as they take customers resident in any country. Are you in one of the few countries they don’t accept? That could be a problem.

FINRA is the organization that handles complaints. https://www.finra.org/investors/need-he ... -complaint

They ask you to contact your broker first so do that and have proof you have.

You might let IB know you are going to file a complaint unless they take action.
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