can't withdraw my money from an on line account.

BigXR

I opened an on line f/ex trading account, using a credit card to pay in funds. Before actually using the service I decided that it wasn't for me, and tried to close my account and withdraw my funds.
The option was to have the funds returned to my credit card which I thought was the right way to go.
When I tried (several times) the withdrawal request was rejected. Eventually I was asked for details of the credit card including images of the first 6 and last 4 numbers, plus the rear code number.
Understandably I am not comfortable with this, and cannot understand why my card is accepted for deposits but not withdrawals.
Can I force this on line trading company to return the funds I deposited??  What are my options if the company does not have the ability to pay monies into my bank in a method that I find acceptable (i.e bank transfer)?

davidmcn

Where is this "on line trading company" actually based?

the_lunatic_is_in_my_head

It's likely to be something to do with money laundering regulations.

I may be wrong but I don't think you are classed as a consumer in this either, if so rights will be limited to terms. 

DiddyDavies

How long ago did you make the initial payment into the account?
There may well a period between paying in and withdrawing money to ensure that the funds have cleared and that the initial transfer was legitimate.

bradders1983

BigXR said:

When I tried (several times) the withdrawal request was rejected. Eventually I was asked for details of the credit card including images of the first 6 and last 4 numbers, plus the rear code number.

I dont see the issue. There isnt anything they can do without the 6 digits in the middle, which you simply black out (or put a small piece of paper over it when you take the picture.  Bookmakers often ask for stuff like this as well.

DiddyDavies

bradders1983 said:

I dont see the issue. There isnt anything they can do without the 6 digits in the middle, which you simply black out (or put a small piece of paper over it when you take the picture.  Bookmakers often ask for stuff like this as well.

There is not normally any requirement for a company processing a card refund to require the CCV and they should already have the full card number from the original transaction.

bradders1983

DiddyDavies said:

bradders1983 said:

I dont see the issue. There isnt anything they can do without the 6 digits in the middle, which you simply black out (or put a small piece of paper over it when you take the picture.  Bookmakers often ask for stuff like this as well.

There is not normally any requirement for a company processing a card refund to require the CCV and they should already have the full card number from the original transaction.

Not necessarily, this will be encrypted in their payment system.
Its a money laundering requirement to check you have the card, its in your name and its in your possession, its either jump through these hoops or dont get your money, your choice. As said, absolutely nothing they can do without those missing 6 digits.

DiddyDavies

bradders1983 said:

DiddyDavies said:

bradders1983 said:

I dont see the issue. There isnt anything they can do without the 6 digits in the middle, which you simply black out (or put a small piece of paper over it when you take the picture.  Bookmakers often ask for stuff like this as well.

There is not normally any requirement for a company processing a card refund to require the CCV and they should already have the full card number from the original transaction.

Not necessarily, this will be encrypted in their payment system.
Its a money laundering requirement to check you have the card, its in your name and its in your possession, its either jump through these hoops or dont get your money, your choice. As said, absolutely nothing they can do without those missing 6 digits.

Surely you can see the obvious contradiction in your post.
If there is absolutely nothing that they can do without those missing 6 digits then how can they process the refund?  and if they can get those missing 6 digits from their payment system, they don't need the OP to provide the first 6 land last 4 digits.
Even if the entire number is encrypted in their payment system, this doesn't prevent the original transaction from being reversed.

Also, there is no requirement under any money laundering regulations to ensure that the intended recipient has physical possession of the card. All that may be required is for the payment to be made to a verified and traceable account in the correct name. 

Blackbeard_of_Perranporth

BigXR said:

I opened an on line f/ex trading account, using a credit card to pay in funds. Before actually using the service I decided that it wasn't for me, and tried to close my account and withdraw my funds.
The option was to have the funds returned to my credit card which I thought was the right way to go.
When I tried (several times) the withdrawal request was rejected. Eventually I was asked for details of the credit card including images of the first 6 and last 4 numbers, plus the rear code number.
Understandably I am not comfortable with this, and cannot understand why my card is accepted for deposits but not withdrawals.
Can I force this on line trading company to return the funds I deposited??  What are my options if the company does not have the ability to pay monies into my bank in a method that I find acceptable (i.e bank transfer)?

F Ex trading is unregulated and the warnings I see explain that 75% of traders WILL LOSE MONEY doing so. I suspect that you F Ex bitcoin account is on hold while they determine the validity of your funds.

Next time put your house on the favourite for the 3:15 at Doncaster!

bradders1983

DiddyDavies said:

bradders1983 said:

DiddyDavies said:

bradders1983 said:

I dont see the issue. There isnt anything they can do without the 6 digits in the middle, which you simply black out (or put a small piece of paper over it when you take the picture.  Bookmakers often ask for stuff like this as well.

There is not normally any requirement for a company processing a card refund to require the CCV and they should already have the full card number from the original transaction.

Not necessarily, this will be encrypted in their payment system.
Its a money laundering requirement to check you have the card, its in your name and its in your possession, its either jump through these hoops or dont get your money, your choice. As said, absolutely nothing they can do without those missing 6 digits.

Surely you can see the obvious contradiction in your post.
If there is absolutely nothing that they can do without those missing 6 digits then how can they process the refund? 

They tell the system which holds the encrypted number (which they have no way of seeing) to refund you. I didnt really want to as basic as that in my explanation, tbh.

Anyway, your options are jump through the hoops or get nothing anytime soon.

cymruchris

The name of the company you used would be useful - as there are many scam companies in this arena.