Interactive Brokers margin account application?

[Rsthree]

I've applied to set up a margin account on IBKR and as a part of the process they have an Australian 3rd party review the application. I've received an email advising they need access to my banking records which is fine.

However the next step takes you to a portal run by Basiq which asks you to enter your bank account # and access code. This screen is a page with the NAB Bank logo and the standard log in boxes, but it's not the official NAB log in page.

This looks seriously suspect to me and could be a skimming page, I can't understand how they could legitimately as for my bank log in details.

Has anyone whose applied for a margin account gone through this process, is it legit?

 

[frugal.rock]

I've received an email advising they need access to my banking records which is fine.

Scammy.
What's wrong with emailing statements, like you would for a home loan?
If it quacks like a duck... etc

 

[investtrader]

This is a scam 100%. I applied for a margin loan with IBKR this year and no questions about my bank accounts.
You need better security software e.g ESET

 

[Rsthree]

I called IBKR help desk to ask if this was legitimate. They confirmed that the email requesr was sent and the request is legitimate. They also gave a IBKR address in Sydney to send paper copies if I wasn't comfortable with using the automated system.

 

[rnr]

google this site Interactive Brokers Sydney office location

It should match with any details you have.

 

[Garpal Gumnut]

I've applied to set up a margin account on IBKR and as a part of the process they have an Australian 3rd party review the application. I've received an email advising they need access to my banking records which is fine.

However the next step takes you to a portal run by Basiq which asks you to enter your bank account # and access code. This screen is a page with the NAB Bank logo and the standard log in boxes, but it's not the official NAB log in page.

This looks seriously suspect to me and could be a skimming page, I can't understand how they could legitimately as for my bank log in details.

Has anyone whose applied for a margin account gone through this process, is it legit?

This is a scam 100%. I applied for a margin loan with IBKR this year and no questions about my bank accounts.
You need better security software e.g ESET

I called IBKR help desk to ask if this was legitimate. They confirmed that the email requesr was sent and the request is legitimate. They also gave a IBKR address in Sydney to send paper copies if I wasn't comfortable with using the automated system.

I can understand your concerns. As far as I know if you are retired, a student or unemployed IBKR require more evidence of your ability to withstand a drawdown than if you are not. This may involve financial statements or a letter from your accountant. I am unfamiliar with this manner of validating your ability to maintain a margin loan + or - a call.

Let us know how you go should you decide to pursue the loan. If this is a new measure it makes me wonder whether IBKR expect a reverse in the recent bull run. If it is just prudent practice then you need to comply assuming as you state that it is not a scam site you have found yourself in.

Interesting times we live in. All the best with your investing.

gg

 

[investtrader]

Maybe not a scam? Very weird. But I would never give that type of access to my bank accounts.

 

[Sean K]

I called IBKR help desk to ask if this was legitimate. They confirmed that the email requesr was sent and the request is legitimate. They also gave a IBKR address in Sydney to send paper copies if I wasn't comfortable with using the automated system.

Rsthree, can you confirm that they want your banking details and the code or password to access your account which would give them control of it? If so, that can not be legit.

 

[Rsthree]

If you have retired or student in your profile they immediately flag for rejection. Which is odd for the retired status as I imagine that a large demographic of investors/ traders are retirees. So they suggest that you amend your profile.

@Sean K
They don't ask you to give them your bank details per se but they ask you to log in to your nominated bank on a page which has the your bank logo and log in windows provided by Their 3rd party. Apparently this allows a 3rd party portal (Basiq) to link and verify the account. The information can be easily skimmed as it dint look like the official log in page.

To test the process I nominated an account which I rarely use and only has a few dollars it. This then completed their process. After which I changed my access PW.

I got an email a couple of hours later saying they didn't approve the margin account but I do qualify for a margin account based on their review.

They also explained that reason for rejection was that application didn't match the original net income I had in my profile when the IBKR account was set up. So they suggested I amend my profile information.

The other option to avoid the automated validation is to send paper validation from accountant or adviser.