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Has this ever happened to anyone?

  • #1
  • First Post: Jan 30, 2010 9:25am Jan 30, 2010 9:25am
Last night i funded my new live trading account at FXSOL UK, the transaction was not successful cause they do not accept VISA electron payments. I had no idea that this could happen cause i have funded several brokers before with the same card.

So they rejected the payment and said they will send the money back to my account. But it's almost 20 hours since then i did not received any payment back to my account.

Scary part is what they say about it,

"FX Solutions cannot accept payments via PREPAID, VISA ELECTRON or FOR INTERNET/ELECTRONIC USE ONLY credit cards. If a payment is submitted via any of the methods stated above, funds will only be returned to the card and cannot be returned by any other means. FX Solutions will not be held responsible if funds cannot be credited back to the card."

Is that normal?? If so, How much time it will take further??

Any comments, opinions appreciated.

Thanks.
  • #2
  • Jan 30, 2010 9:34am Jan 30, 2010 9:34am
Quoting nasir.khan
Last night i funded my new live trading account at FXSOL UK, the transaction was not successful cause they do not accept VISA electron payments. I had no idea that this could happen cause i have funded several brokers before with the...
My opinion, call them first thing Monday and talk to them about it.

I hope it wasn't a large deposit Nasir, based on the section of the terms and conditions your posted...!

Hope it can be rectified for you.
  • #3
  • Jan 30, 2010 9:57am Jan 30, 2010 9:57am
Quoting >Apocalypto<
My opinion, call them first thing Monday and talk to them about it.

I hope it wasn't a large deposit Nasir, based on the section of the terms and conditions your posted...!

Hope it can be rectified for you.


Amount was not too big but it was not too small either.

I did talk to them at time of the event and they said " we cannot accept payment from you, funds will be sent back to your account and we are doing it now"
  • #4
  • Jan 30, 2010 10:03am Jan 30, 2010 10:03am
It didn't happen to me but there shouldn't be any problems returning funds back to a credit card (problems may be with prepaid cards). Anyway until Monday there is no chance of having back your money. Neither banks nor brokers work these days.
  • #5
  • Jan 30, 2010 10:14am Jan 30, 2010 10:14am
CC returns can take upwards of a week in some cases. 20 hours is not unusual.

If they can't return it for some reason, they'll still owe you a refund. It's not like they can just keep the money because of some technical glitch.
  • #6
  • Jan 30, 2010 10:27am Jan 30, 2010 10:27am
Quoting Rabid
CC returns can take upwards of a week in some cases. 20 hours is not unusual.

If they can't return it for some reason, they'll still owe you a refund. It's not like they can just keep the money because of some technical glitch.
Hmmm that makes sense, If my bank account does not have money then it's in brokers account, if broker does not have it then it must be in my bank account, it can't slip in between somewhere.

But why did they used that line, that they won't be responsible for any issue?
  • #7
  • Jan 30, 2010 10:49am Jan 30, 2010 10:49am
If the funds can't be returned to the card then they'll issue a check. Some times that can cause issues. They obviously don't want to be held liable in that situation.

They can't just take your money and run off with it, that's illegal. If it goes longer than a week then talk w/ them and tell them you're going to file a chargeback for failure to provide service. The Visa network provides buyer protection, and they will reverse the charges if you can support your claim (keep a copy of every communication, record any phone calls, etc).

Doing so hurts the merchant, however, so the broker would probably prefer to deal with it themselves. They either have to add the money to a trading account or refund the money. If they refund the money, they can pay by check, money order or refund it back to your card. The latter is preferable, and depending on their merchant contract, may be a requirement.

Nevertheless, if for some reason it can't be added back to your card, they have to pay you some other way. They can't just keep your money w/o providing service.

None of that's anything to worry about. Just document your encounters with them, keep the card account open (so there's somewhere for the money to return back to) and give them a week.
  • #8
  • Mar 4, 2010 5:24am Mar 4, 2010 5:24am
Quoting Rabid
If the funds can't be returned to the card then they'll issue a check. Some times that can cause issues. They obviously don't want to be held liable in that situation.

They can't just take your money and run off with it, that's illegal. If it goes longer than a week then talk w/ them and tell them you're going to file a chargeback for failure to provide service. The Visa network provides buyer protection, and they will reverse the charges if you can support your claim (keep a copy of every communication, record any phone calls, etc).

Doing...
1 month has gone past and did not received my funds back.
.
  • #9
  • May 11, 2010 11:47pm May 11, 2010 11:47pm
Nasir,
hopefully u got your money back now.
  • #10
  • May 12, 2010 12:30am May 12, 2010 12:30am
Quoting nasir.khan
Last night i funded my new live trading account at FXSOL UK, the transaction was not successful cause they do not accept VISA electron payments. I had no idea that this could happen cause i have funded several brokers before with the...

It can take 3-5 business days to refund a transaction on a CC card. I wouldn't worry about it until after 5 business days.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #11
  • May 12, 2010 12:31am May 12, 2010 12:31am
Quoting nasir.khan
1 month has gone past and did not received my funds back.
.
Put in a claim with the CC company, they will do a temporary refund and investigate the transaction.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #12
  • May 13, 2010 12:53pm May 13, 2010 12:53pm
If you still do not have your money I would send them a polite email detailing the situation. set a date of 10 days and let them know you will file a charge back with your credit card company if the refund is not posted to your account by that date. Be sure to document everything. Go back now and save copies of your previous messages to them (from your sent items folder) and their replies - you may need it for your chargeback case so save them in a safe place. then, after 10 days if the funds are still not posted to your account, call the credit card company and tell them you need to file a chargeback. If your card is issued in the USA then the law is on your side. I am not sure about other jurisdictions but I suspect there is still protection under the Visa International regulations.

be careful not to be rude or confrontational in your email. You want the person reading it to work for you and not against you. Understand this may be the very first time that the person reading your email has heard about your problem.

Also be careful not to let it go too long before submitting the chargeback. You will eventually lose the ability to do so. I think it's 6 months or so max.

all this being said, I have never heard of any type of problem like this with FX Sol. One of our biggest resellers uses them and I have not heard of this type of complaint so my initial thought is it's a simple human error somewhere.
BarrySDCA Commercial Network Services
  • #13
  • Sep 22, 2012 2:47am Sep 22, 2012 2:47am
I got the money. All i had to do was to fill and fax a Credit Card Dispute Resolution Form, took less than a week and my money was back. this was 2-3 years ago Btw.

Reason i bumping this thread is that i have the same problem again.

I funded an account at FXpro. Did good and now withdraw some profits 2 weeks ago and some more yesterday.

There is no other way to withdraw the money other than back to my Visa Debit card until i have withdrawn funds = my deposit.

Now Fxpro has processed the transaction and i got the confirmation email. But there is no sign of the money in my debit card account after 2 weeks now (depositing funds take 10 mins). I think whats happening here is that my bank does not know that there is a withdrawal or a refund/cancellation of payment in the pipeline and i need to inform them.

So it seems i have to fill that CC dispute resolution form again and every time i need to withdraw funds.

But here is another thing i had like 6$ in an IBFX account some time ago. They closed my account out when they merged with Tradestation. They sent that money back and i got it after 2 weeks.

So i just wanted to share this and want know if someone else have similar experiences?
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  • #14
  • Sep 22, 2012 3:02am Sep 22, 2012 3:02am
Quoting LasVahGoose
Put in a claim with the CC company, they will do a temporary refund and investigate the transaction.
yeah that was what i had to do.
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  • #15
  • Sep 22, 2012 3:03am Sep 22, 2012 3:03am
Quoting nasir.khan
I got the money. All i had to do was to fill and fax a Credit Card Dispute Resolution Form, took less than a week and my money was back. this was 2-3 years ago Btw.

Reason i bumping this thread is that i have the same problem again.

I funded an account at FXpro. Did good and now withdraw some profits 2 weeks ago and some more yesterday.

There is no other way to withdraw the money other than back to my Visa Debit card until i have withdrawn funds = my deposit.

Now Fxpro has processed the transaction and i got the confirmation email....
FXPro should give you your money back. A few years back I had an account there as well, and the length of withdrawals depended on where the money was sent (country-wise).

I dont remember where exactly was the fastest though. 2 weeks is a long time, and remember that it is probably wise to contact regulatory institutions if there are any profits, as Visa will only be liable for the purchase amount. In addition to that, there might be a claim period, meaning that you may not be able to claim anything after 90 days for example.

You are right about reaching the deposit via card = withdrawal amount. I think they have to issue 'refunds', and then they can process them by wire.

FXPro is a bit of a bucket shop. I dont know about their new stuff, but I dont expect they are getting serious.. are they?
  • #16
  • Sep 26, 2012 8:44am Sep 26, 2012 8:44am
Quoting darimik
FXPro should give you your money back. A few years back I had an account there as well, and the length of withdrawals depended on where the money was sent (country-wise).

I dont remember where exactly was the fastest though. 2 weeks is a long time, and remember that it is probably wise to contact regulatory institutions if there are any profits, as Visa will only be liable for the purchase amount. In addition to that, there might be a claim period, meaning that you may not be able to claim anything after 90 days for example.

You are right...
ok just got my first withdrawal money today. So it took 8 working days + 3-4 days to verify my card (one time thing).

I am very happy with them until now. Execution is super, i always trade with market orders and Alpariuk being my other broker i see a big difference.

re-quote rate is only 5-10%, and that's when market actually moves away 3-4 pips from your requested price unlike Alpari where 70% of my trades have to go through re-quotes. I also noticed that i never get the advantage of re-quotes on my side on Alpari whereas Fxpro do ask meto buy at a lower price than i ordered and vice versa.
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  • #17
  • Last Post: Sep 26, 2012 8:46am Sep 26, 2012 8:46am
Quoting forexandalex
Hi Nasir, What an experience! It’s scary especially if you did deposit a large sum of money, but even if it is not high of an amount, as a trader, you don’t deserve the stress and hassle of either your broker’s or your credit card system glitches. I do hope you get your money back. Good luck.
thanks for the concern mate.
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