Is this a joke?! CMC

M

Michael8667

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I yesterday asked to withdraw £4,000 from a CMC account that had not been traded on for around one year.

I asked them to transfer it into my only UK account with Card One Banking. I included multiple screenshots and scanned copies of my banking statements and details clearly showing.

They have stated that for security they can not send the money back into that account. They didn't supply me with a reason as to why.

I have called this morning to ask what my options are and they keep giving the same answer: We will call you in one hour.

I have asked over 24hours ago for a withdrawal and they haven't executed it what so ever? Yet I can still trade on the account.

What can I do?
 
The quickest way to get it back is to use the same method you deposited the funds with in the first place.
 
If you didn't fund your account with that card or it isn't a co-sponsored card with the broker then most brokers won't send money to a credit card, debit card, or prepaid debit card. Too much fraud.

How did you initially ask for your money? over the phone or via an online form?

Peter
 
wackypete2 said:
If you didn't fund your account with that card or it isn't a co-sponsored card with the broker then most brokers won't send money to a credit card, debit card, or prepaid debit card. Too much fraud.

How did you initially ask for your money? over the phone or via an online form?

Peter
Click to expand...

I funded the account by bank transfer but due to a poor credit rating and a few CCJ's all my accounts were closed. I have a UK account with CardOne that they won't withdraw to for fraud.

I've asked for a direct bank transfer and sent about 10 forms proving this account is mine and even a recent statement.
 
it will take a few days whilst they do the checks required.
 
Your best option is to have them send you a check to the address listed on your brokerage account.

Peter
 
These things are a pain in the azz because everyone is trying to avoid getting scammed. Generally it's not because the broker is trying to cheat you unless you are with the sketchy, unregulated brokers from Cyprus.

Peter
 
Yeah all the AML and regulation these guys go through is the only reason it's just a bit of a problem when you really need the money and you have it sitting there.
 
CMC have messed up on few things but have always been prompt about getting money from them. (y)
 
MoonRocket said:
CMC have messed up on few things but have always been prompt about getting money from them. (y)
Click to expand...

I've never had any issues with CMC, this is my first one but you feel it more when you're in a desperate situation and they don't seem to be doing anything to help.

I've spoken to a friend at the FSA who said he can't say/advise too much but it's a lengthy process that can take 8weeks before anything can happen.

So technically they could take 8weeks to give me my money back.

Hoping to get it out before the weekend.
 
The normal AML identification requirements are a recent utility bill and official photo ID. I'd ask for a bank letter, get my passport and a recent utility bill signed/stamped by bank and attach a covering letter explaining the situation.
 
Many of these companies are such ******s when it comes to withdrawing money and they use little if any common sense. Plus a matter that could be cleared up withinthe hour can take a few weeks.

This is what I'd do if I were in charge -

1. Look at the past deposits/withdrawals in the account, does anything look dodgy. Not in this case as it looks like no money has been coming and going for some time. Positive tick

2. is the new account name in the same name as the old, and is it a UK acount. Again, positive tick

3. Get the client to send a copy of his passport in, does it match up with the copy we've already got on file? Positive tick.

AUTHORISE THE DAMN PAYMENT.

See how easy and eefficient it can be with a little bit of simple thought and common sense.
 
anley said:
Many of these companies are such ******s when it comes to withdrawing money and they use little if any common sense. Plus a matter that could be cleared up withinthe hour can take a few weeks.


This is what I'd do if I were in charge -

1. Look at the past deposits/withdrawals in the account, does anything look dodgy. Not in this case as it looks like no money has been coming and going for some time. Positive tick

2. is the new account name in the same name as the old, and is it a UK acount. Again, positive tick

3. Get the client to send a copy of his passport in, does it match up with the copy we've already got on file? Positive tick.

AUTHORISE THE DAMN PAYMENT.

See how easy and eefficient it can be with a little bit of simple thought and common sense.
Click to expand...

lets say you have been burgled, *******s take your passport and some utility bills.

They open a uk account using the docs they stole.

tick no 1.

they fax in your passport.

tick 2.

They clear your account out empty it out of the account they opened and disappear.

You may not realise it has happened untill too late because you dont frequent your cmc account.

see how simple and efficient it can be.
 
Vaco said:
lets say you have been burgled, *******s take your passport and some utility bills.

They open a uk account using the docs they stole.

tick no 1.

they fax in your passport.

tick 2.

They clear your account out empty it out of the account they opened and disappear.

You may not realise it has happened untill too late because you dont frequent your cmc account.

see how simple and efficient it can be.
Click to expand...

For everyone 1 times that happens I'll show you 10,001+ that it doesn't. Plus, look at the amount of money, a few grand. if it was 5 figures or more I'd do more checks.

Also, another cheque you could do is send the fella a letter and home at ask him to sign. granted though that wouldn't work if the ID mobsters had him tied up in the front room, putting a gun to his head to sign.

Don't believe all the scare marketing you read about ID Theft, it's of no real problem for 99.9% of the population.
 
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