Im asking for an uncle who in 2019 opened an online investment account with Interactive Brokers. He purchased a few shares in US dollars using some sterling. Then forgot about the account for a few months. When he rechecked he realised he was being charged a fair bit of interest, even though the account had a credit balance in sterling. I have logged on for him and tried to look into what is going on. It would seem he opened a margin account, even though he doesnt recall asking for one. They have given him a US dollar 25000 credit balance. Also they appear to be charging interest on the stocks as they are in US dollars. He has sent multiple queries asking for the margin to be removed to no avail. They have sent him complicated intructions to use on their trader workstation (TWS) to 'close all non base currency balances'. The insuructions dont match the appearance of the workstation (the portal looks different). There is no answer to a phoneline given. The only communication is through a message centre and the replies and queries are magically deleted very quickly. I have tried to use the TWS for him but i do not know what I am doing. I think he needs to close the negative USD balance and then request a downgrade to a cash account, although even if he does this I think he may be caught for other hidden charges. Also he has tried moving the stocks to Davy, but they IB have been no help to him. To me it seems like a matrix from which it is nigh on impossible to leave. Any idea who might he ask to assist him in his predicament. I dont think the portal is suited to an investor who might buy a couple of shares to hold. It all looks very complex and he needs expert help. Any suggestions ?
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