Foolish teenager - should bank have done more?

sevenhills

Parent_of_teenagers said:

My son is 18 and one month old - he hasn't had to sell his house or his car or ....

So all a horrible experience - and an expensive lesson to learn...

If this was my 85 year old father making stupid decisions - I might expect the bank to help?
Thanks

He sounds quite comfortable for an 18-year-old, people need to learn lessons.

boingy

It might feel like a harsh lesson but imagine how much worse it would have been if he'd doubled his money in those few days. I guarantee he would not have stopped. He'd have put even more money into the account and maybe even taken out a loan or used a credit card in order to make bigger trades. That could have been much more serious. 

I also have to say that if it had been me at that age I would have been too embarrassed to tell my dad!

penners324

Sounds like a gambling site. This is possible with shares and fx....

friolento

If he had doubled his money, or even just made a modest gain, would you have come on the MSE Forum to praise the trading app? Would you have praised the bank for letting him make deposits to the trading app?

Grumpy_chap

friolento said:

If he had doubled his money, or even just made a modest gain, would you have come on the MSE Forum to praise the trading app? Would you have praised the bank for letting him make deposits to the trading app?

If he had doubled his money, I assume the OP would have asked how the profit can be given to the bank

On a serious note, the OP would do well to find out which platform it was. 
If it was an established platform then it was genuine "investing" in shares with a poor selection of stocks. 
If it was a dubious platform, the possibility of a scam may be higher and, if this was a scam, then the possibility that the bank should have done more may exist.
Sorry that the second of the two scenarios is so uncommittal but, unless the site is known I do not see how anyone could say anything more.

Parent_of_teenagers

Thank you all - seems like a genuine platform / app - and one that lets you make all kinds of complex investments...  The system has returned the remaining funds.

I think app banking transfers don't merit follow up phone calls - in the way that a phone call conversation might trigger more questions.

So - an expensive lesson....

artyboy

OP - it may not seem like any consolation now, but I made quite a lot of very expensive and stupid mistakes when I was in my late teens and twenties. It taught me a great deal - fair to say that in hindsight, whilst I shudder from time to time, it got me to the (much much more) secure position I am in today. 

And that was without anyone telling me that I should see what I did as a 'learning opportunity' (don't get me started on some of my parents own decisions...). So your son already has one up on me at that age. Hopefully he will learn even more...

GrubbyGirl_2

Parent_of_teenagers said:

Thank you all - seems like a genuine platform / app - and one that lets you make all kinds of complex investments...  The system has returned the remaining funds.

I think app banking transfers don't merit follow up phone calls - in the way that a phone call conversation might trigger more questions.

So - an expensive lesson....

Indeed an expensive lesson but there is a positive side in as much as he was trying to better himself rather than spending it on booze and drugs which is so often the way with youngsters these days!  Just need to get him to educate himself better in future and understand the mantra that if it looks too go to be true, it is too good to be true

Lions_89

He is 18 and an adult. Not sure what you expect the bank to do. 

robatwork

MattMattMattUK said:

I agree with Fired, if it was a scam platform then maybe, but only maybe, if it was to a legitimate trading platform then there is no reason for the bank to block the transaction, it is entirely legitimate, if ultimately an unwise choice of action. 

I slightly enjoyed that you thought the username was "Fired reamer" rather than what it obviously is "FIRE dreamer"