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Betfair closed account and withholding funds
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grace.gardiner1
Posts: 4 Newbie
I've had a betfair exchange account for a few months now. Fully verified, reguler withdrawals and deposits. Last night i attempted to log in and was welcomed with a closed account message. Checked emails and says account has closed on business grounds. I messaged livechat and they confirmed my account is closed with no chance of reversal. I asked them to withdraw my funds and they said they are withholding my funds which roughly equals to £1,294ish. Any advice?
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Ask them why they are withholding the funds.0
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As above. There's more to this than they or you are letting on. You'll only find out by asking them.0
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For the avoidance of doubt, they are free to close your account if they choose to, but holding onto your funds is a different matter.0
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For the avoidance of doubt, they are free to close your account if they choose to, but holding onto your funds is a different matter.
Unless of course there is an investigation taking place (such as money laundering) in which case, they won't be able to tell the OP about this nor will they be able to release the funds until the investigation is complete.0 -
shaun_from_Africa wrote: »Unless of course there is an investigation taking place (such as money laundering) in which case, they won't be able to tell the OP about this nor will they be able to release the funds until the investigation is complete.0
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I honestly couldn't care if they keep the account or not. Matched betting, trading, arb betting is too much hassle when it's this easy for Betfair to close my account and withhold the funds. Just want my money back
I've spoken to their live chat numerous amount of times. They all say the same thing - Account closed on business grounds, nothing we can do, also funds are being withheld. I ask them why and they simply say Buisness grounds and they dont have that sort of information to give me0 -
Have you checked the T/C?
If they are investigating your account. You will not get a answer.Suspension or termination
Either we or you may suspend or terminate your account at any time, either with or without cause, upon notice (we will use our reasonable endeavours to give such notice to you either before or after suspending or terminating your account). Please contact the Betfair Helpdesk if you would like to close your account.
We may take steps to block you from betting on or using our site (or any part of it) if you are located in certain jurisdictions, for example the United States of America.
Following termination or suspension of your account, the Trustee will, in the normal course of events, return any funds in your account to you in accordance with the Trust Deed. Please contact the Betfair Helpdesk to recover any funds held in suspended or closed accounts.
However, we reserve the right to notify the Trustee to withhold the funds in your account from you pending the determination of any investigation (including any relevant external investigation) where:
we suspect you have acted in breach of these Terms and Conditions or any other agreement relevant to your activities on our site, including where we suspect the account has been linked with fraudulent or dishonest activity; and/or
we have to notify the Trustee to withhold the funds in your account by law or to comply with any advice, request or instruction from any governmental, regulatory or enforcement authority.
Following the determination of any such investigation we reserve the right to seize some or all of the funds in your account (by notifying the Trustee that the funds in your account should be released to us) if we are satisfied that you have acted in breach of these Terms and Conditions or any other agreement relevant to your activities on our site. We will deal with any funds obtained by us in this manner at our sole and absolute discretion and/or in accordance with any advice, request or instruction from any governmental, regulatory or enforcement authority.
In addition, if formally requested by the police, gambling regulators or taxation or other authorities or in the event that you fail to provide us with sufficient information to identify yourself in accordance with our own internal procedures or those imposed on us by regulatory authorities (wherever based) we may suspend your account and all functionality relating to the use of your account (e.g. bet management and withdrawal of funds) and notify the Trustee to withhold from you any funds in your account pending determination of any criminal or other legal proceedings or investigation to which such a request may relate or until you provide the necessary 'know your client' or 'age verification' information as appropriate.
For the avoidance of doubt at no point during any such period will interest accrue to you on any funds in your account.
For all customers other than customers of Betfair Pty Limited ("Australasian Customers") and UK registered customers, if you do not use your account for a continuous period of 30 months, any funds remaining in your account may be forfeited to the Malta Gaming Authority pursuant to Maltese gaming regulations. For further information about the MGA please go to https://www.mga.org.mt.Life in the slow lane0 -
born_again wrote: »Have you checked the T/C?
If they are investigating your account. You will not get a answer.
So from the sounds of that, they are investigating my account? I talked to live chat again last night. Same story, your account has been closed on business grounds, cannot be reversed. Asked about returning my funds and they say they are withholding them. I asked why, and they say that's all the information they have at the minute and cannot give me anymore.0 -
grace.gardiner1 wrote: »Asked about returning my funds and they say they are withholding them. I asked why, and they say that's all the information they have at the minute and cannot give me anymore.
So you'll just have to wait.0 -
Moneyineptitude wrote: »Your account is definitely under investigation. If they find no wrong-doing, your money will be returned to you in due course. In the meantime, they won't be able to enter into any discussion about it.
So you'll just have to wait.
Thank you for your prompt reply.0
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