Northfinance -Funding Problem

Hi there

Please do not open any live account with Northfinance.
I had funded a live account with NF since 1st August. Till now, NF keeps claiming that they have not received the fund.

My bank had confirmed with their banker (FBME Bank Limited) that the fund had been transferred to NF's account since 2nd August. They have rejected my request on fund return (as I wish to terminate my live account application) on the basis that they did not receive the fund and refuse to check with their bank.

Now, I am stuck with the situation. Any advice?

TSK

Yes.It has happened to me before but with another broker.Have your bank run a trace on the wire transfer. the wire can sometimes get stuck at an intermediate bank as they may be asking for more verification information and your bank may not be providing it. Running a trace on your wire transfer will let you know what's happening with your wire. If your bank is unable to trace it out, have them cancel and return the money to your account.

I would never think of sending funds to NF, I only use their demo.
Please request a trace of the wire transfer from your bank.

Could you tell us the amount is too large?

big banks have hundreds of wires sitting on their accounts as they do not know the beneficiary. this is my job to investigate and credit funds once we are sure who the bene is.this may involve sending a swift back to the remitting bank requesting more details. this all takes too much time so get on their case. advise your bank the beneficiary claims non receipt of funds and if they do their job they should send a swift to nf's bank for an update.

cheers

I hope you get your funds back, if you did open a live account there would of been bigger problem's, anybody who open a live account with n.f. is a damn fool, this is why this broker is offshore with the n.f.a. cracking down on brokers in the u.s.a. and raising the min net cap, it's keeping broker's like this from entering the u.s. market, but if you want to send your funds with a unresgister broker outside the reach of any authority then go right ahead.

may not be a scam you know. I work for jp morgan and this is quite common. Difference is big corporations don't notice straight away as would a low net worth individual.

cheers

If they did not receive the funds, how can they return it? What kind of check can they do with their bank ? I think that since you sent the funds, you have to get your bank to trace it and find out where did it end up?
If it did end up in NF account and they are playing games, then you have a point. But before you know what's really happened, I think it's a bit harsh to call this broker a scam !

I changed the title of this thread to remove the slander. Unless you have done all the research suggested, you have no idea if NF even received your funds.. If we find out that indeed they are scamming you, we can change it back.

Moderator,

Bro....I know how it feels..but probably your fund is stuck in the wire transfer...

It happens a lot..you got unlucky...u have to grind a bit more..but your money is safe...it will come back to you....just keep calling them..to get to the root...

I would suggest you co-operate with them and find the reasons...people who work in NF and wire transfer department in banks are ordinary workers like you and me..who work on wages...you would think..the owner of the company would issue an order to eat some money in the wire transfer also...how would that feel...and if it is...it would be like an organised crime of sorts..that is way beyond what broker could do..

NF and big forex firms have 100's of employees..this seesm tooo easy to steal..

I being to similier condition and it really feels bad...but u have to keep the emotions aside and co-orporate.

Good Luck and i hope soon it will be good.

As the others say, the wire transfers regularly mess up. Especially international ones. If you are in Europe and you trying to wire else where (aka the US etc) then you might need the details of your banks intermed. bank. That's been a problem sometimes.

I hate wires.

I am in Egypt and I sent dozen transfers to USA without problems. But yes, It happened once that it was delayed in the middle bank. So just trace route your transfer. I am sure it's delayed some where or perhaps you gave incomplete information to your bank.

NF might be a bad broker, heh but not stealing customer funds

Hello,

I have been with NF for the past three months. I also sent my funds through a wire transfer. I did send an email to one of the departments notifying them of the transfer from my bank. I went further to ask for a confirmation upon receipt and to my surprise, the money hit my platform within 48 hrs.

I would suggest you speak with your bankers and follow it up through the right channel before drawing a conclusion. Perhaps, a wrong number might have been filled in during the application or transfer process. I am really very happy with their service at the moment.

Where is North Finance based out of?

If it is some offshore haven, then be very careful. Scammers use these to hide when they run away with your money.