Joint account not supported

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1

Hello,

we’ve been an Interactive Brokers customer for 5 years. We have 3 joint accounts. Despite security updates, IB is still unable to provide access to my wife. My login is linked to my phone and therefore cannot be used by my wife.

This site says that Interactive Brokersknows how to manage joint accounts, but can they really be called joint accounts if one of the holders doesn’t have access? A total aberration: a joint account with 2 holders, but only the primary holder can access the account.

Which platforms offer real joint accounts?

Thanks

2

Hello,

The situation you’re experiencing with Interactive Brokers is related to two-factor authentication (2FA), which is a security measure required to ensure the highest level of safety for your account. Most secure and regulated brokers, including Interactive Brokers, require 2FA for all users. This is why access to your joint account is tied to a single device for login.

However, Interactive Brokers does support joint accounts, but for security purposes, each account holder must set up their own separate login credentials and 2FA linked to their personal device. You may want to contact their support to ensure your wife has her own access credentials set up properly. For example, the Multiple 2-Factor System might be a solution after all (see screenshot attached).

Screenshot 2024-09-09 at 11.38.44
Screenshot 2024-09-09 at 11.38.441578×694 115 KB

I hope this will solve your problem.

Best wishes,
Andris

3

Hi Andris,

Thanks for your answer but you’re wrong : the situation is not only due to 2FA .

Interactive Brokers does support joint accounts, but due to platform limitiations, each account holder CAN NOT have their own separate login credentials and 2FA linked to their personal device:

  1. For US account containing non US stocks, IB authorizes only 1 username/pwd (linked to 1 device).
  2. For US account contaning US stocks or US, the 2nd holder of a joint can have a username per account. If you have 2 US account, the 2nd holder must setup 2 usernames, 1 per US joint account.
  3. I was told that , for European accounts, both joint holders can have their own access (single username and 2FA) but then there is no US 1099 generated by Interactive brokers.

If you have several accounts, IB authorizes only the “Primary Holder” to access all accounts using the same userrname.
We’ve also joint accounts into 3 other banks, and in all of them (except Interactive Broikers), both me and my wife have our own username linked to our own device.

Interactive Brokers have this strange notion of “Primary Holder” for joint accounts, which make the joint owners not equals !
The 2nd holder has not the same full access to the accounts via a single username and its own 2FA device.

Another limitations of the platform, Interactive Brokers authorizes only a single 2FA system per username. If you loose your device, you loose your access. Security is really a concern thoses days. The most advanced sites authorizes now a primary 2FA device and a secondary 2FA device. In the case, your primary device is lost or stollen, you can cancel the primary device (using the 2nd one). Other site authorizes code sent to an email or a phone, as an alternative 2FA method, but it means you’ve 2 2FA , 1 strong and a weakest one (if email is hacked, the hacker can access your account).

I recently discover that you can request a gold card program as an alternative 2FA. By default, this option is hidden (https://ibkrguides.com/securelogin/sls/secure-login-with-dsc+.htm). I’ve ordered it for my wife being able to access our joint accounts, which is not the case since 5 years.

So, NO Interactive brokers does not really support Joint account since the joint holders DOES NOT have the same full access to their joint accounts ! This is very surprising because it’s the 1st time for me a bank does not support such basic security concern.
I was told that, Interactive brokers has no plan to make evolutions of their software platform to offer the equal full accesses to holders of joint accounts.

SO, that’s the reason of my inquiry : Which platforms offer real joint accounts?

4

Hi,

Thank you for your detailed explanation of the situation with Interactive Brokers. I’m really sorry that the solution I recommended didn’t help you. It sounds incredibly frustrating to have these limitations with IB’s joint account access.

While we do collect data on joint account availability at brokerages, we don’t specifically track details about its functionalities. However, I encourage you to explore other brokers that offer more equitable access for joint account holders. You can find a list of brokers that support joint accounts here: https://brokerchooser.com/best-brokers/best-stock-brokers-for-a-joint-account.

I hope this helps you find a solution that meets your needs.

Best wishes,
Andris