My broker declined my deposit

Anyone else had this happen? I went to make a deposit via credit card in to my OANDA account last night. At the end of the transaction, it says my deposit was declined, but it won't say why. However, the money is gone from my bank account. I understand that it will be reversed in a few days but....how can they take the money from your account for a few days when the transaction was declined?? Seems like an illegal interest free loan. At any rate, it is supremely annoying.

So whatcha do wrong?

No idea. Neither the bank nor an OANDA rep could tell me.

Maybe your credit card company has some filters in place to restrict your card use. .........................

Make sure you have signed all their forms and mailed in copies of your id / proof of identity. I am pretty sure this happened to me at one point.

You have to file a dispute with your bank against OANDA.

If your bank is good enough, they will credit your credit card with whatever money was debited from OANDA so you are not out-of-pocket while they investigate the dispute.

Of course they will debit that 'grace' money at the time either OANDA returns the debited money (which is the case most of the time), or your bank investigates the case after a lengthy period (e.g. > 1 month) and forces OANDA to return your money.

Why a deposit from a credit card???? This is money you really dont have, this is not risk capital! All traders should have a big enough margin account to cover their positions above any stop losses with funds they can afford to lose. A credit card is "borrowed" funds and not true risk capital, perhaps you are too much of a risk?? Quit trading while you can?

That happened to me once, I made a transfer from my credit card to save on the wire fees... it was 2% for credit card vs. 20$ for wire, and because I was starting with only $500 it made sense to do a transfer from my card.

My bank put a hold on the transfer because they didn't recognize my broker. They thought my credit card had been compromised, maybe that is the reason the deposit never went through? I am not sure though

Credit card or debit card?

I stopped using credit card some time ago, will use them sparingly for various reasons. If the I.R. is 15% that is a hefty vig you are going to have to make up just to begin with. I am assuming that they are not charging any transaction fee with a plastic card deposit so I can see the motivation of why some might be motivated to do so but an overnight check with my bank is $15 and is deposited in my account within 2 days. I refuse to pay outrageous interest rates for anything.

Will they take a debit card?

I just transferred money into my Oanda account from my PayPal account using the PP debit card. I just entered the information as if it were a credit card and everything went through just fine, no fees.

How do you know he doesn't use his card for convenience and pay it off immediately. Or that it isn't a prepaid card? Normally a credit/debit card transfer to Oanda is instantaneous, so some folks would rather fund Oanda with a card, then immediately repay their card.

Lizzard, so did you find out why your deposit was declined?

Same exact thing happened to me to bud,

I actually had to look at this post creator, thinking it was me..

I use greendot for all my online purchases, and have deposited like this before, like really recent, but this time, I got declined, using the SAME card as last time, that took like 20 seconds to show up in my Oanda account.. This time, Decline, and now I cant get my money back till Aug 9th..

i called both, greendot and oanda, oanda said they use a third party to take CC orders, and they declined it for some reason, and Oanda has nothing to do with it. If its approved, oanda adds the amou t to the account, if not, nothing happens.

Greendot, on the other hand, Holds the money in Pending fashion, waiting for oanda to OK the transaction, but Oanda says they have nothing to do with the transaction.

Its instant credited, if not, then it just plainly didnt go thru, and there hands are clean of the matter.

Then, I asked Oanda to check my recent deposit requests. they had all of them, even a few declined from when I first tryed, and messed up, but they didnt have anything on my most recent decline, found that Odd..

I asked Greendot about everything, they said the money was there, then Oanda put a hold on it, so its pending, till the 9th of Aug.. If Oanda dont take it by then, it will get put back into my account.

I should have used paypal, but the first time was so easy, i figured, why not use the same method.

So, I will see what happens on Aug 9th I guess..

What rubbish. If he's using it as money that indeed he doesn't have than yes, you're correct but my cards come with great rewards. On one of them, rushing $1,000 through my card is worth $50 in purchases at my favourite retailer, no matter if I carry a balance or pay it off every month with no balance.

Air fare, retail credit, promo items...and all with zero interest. Why WOULDN'T you use a credit card?

That is a good point. I do all my shopping with my credit card rather than my debit card because of the points. The fact that I pay off the balance almost immediately via my current account means that my credit card is like a debit card that I only need to load after use, not before. And I get free stuff (like fuel) from the points

plus a debit card gives you no protection... if someone gets your debit and pin they can drain your bank acct. Then you're in trouble. Your cc liability is $50 and in most cases the card won't even charge you this if you are a long time customer.

There have been countless stories of debit info being stored and being compromised why anyone would carry a debit card is beyond me.

Not saying you wouldn't eventually be made whole with a debit card but in my mind you are way more vulnerable especially if all you have is a debit card. It could be days before the bank sorts everything out.

A credit card company would issue you a new card within 24 hrs... maybe even sooner than this.

This just happened with me, I tried using my debit card though. They said my address didn't match but it actually did. The money was taking out of my bank (TD), now I have launched an investigation to get it back. I hope it doesn't take too long.