The Cashback for Bank or Investment Accounts Discussion Thread

TheBanker

soulsaver said:

eToro

For me, a simple response to the withdrawal request saying 'Refer to the terms - your qualifying funds need to remain on deposit for 90 days..' would suffice.

Why should transferring out to a different ac than originally funded from, automatically trigger AML checks?

Why don't they declare that would be the case and save themselves the bad press & the drain on resources?

Aren't competent enough to write that simple functionality and are giving out mixed messages about the verification needed. 

You then wonder about the security of the information you're providing. And whether you're going to get your money back even after the 90 days.

That isn't unusual, to be fair. With Trading212 you have to verify before you can withdraw to a different account to the one you paid in through, and a lot of the traditional brokers restrict withdrawels to a specific nominated account that you verify, normally by making your deposits from the same account.

They could be more transparant, sure, and if they're using this as a way to delay payments due to a problem with their promotion that's not on - but the request of its self is aligned to AML standards. 

Altior

soulsaver said:

eToro

For me, a simple response to the withdrawal request saying 'Refer to the terms - your qualifying funds need to remain on deposit for 90 days..' would suffice.

Why should transferring out to a different ac than originally funded from, automatically trigger AML checks?

Why don't they declare that would be the case and save themselves the bad press & the drain on resources?

Aren't competent enough to write that simple functionality and are giving out mixed messages about the verification needed. 

You then wonder about the security of the information you're providing. And whether you're going to get your money back even after the 90 days.

As far as I know, there's nothing that states access to your primary funds being contingent on seeing out the 90 days related to the welcome bonus. The bonus was predicated on that. They could plausibly hold on to the bonus shares, or the value that was realised if they were disposed in the interim. 

It's a very oddly structured incentive all over. Even a 10% bonus on £5K for holding funds/being invested for 90 days is huge. It was never critical for me to do what some others were doing by gaming it and instantly withdrawing their primary deposit and the realised bonus. I just wanted to get in before the incentive was withdrawn.

One would have thought, if they genuinely wanted to give away such an attractive incentive, it would have been pretty simple to deliver the welcome bonus shares once the account holder had met the stated terms, ie after 90 days. 

crumpet_man

callum9999 said:

clivep said:

clivep said:

hgt said:

eToro - So after successfully receiving the bonus shares last Friday and attempting to transfer the funds out, my transfer was blocked. For the last week I have been providing various statements and proof of identity etc. 

Today they have contacted me to say I'm not eligible for the promotion and they will reverse the bonus... a pain but not entirely unexpected. 

However my account is now in a 'blocked' state and I can't logon to eToro, yet they still have my deposit!

Anyone else in the same boat? I don't hold out much hope of a quick resolution as their customer service is dire.  

Yep, same email and account access blocked.

Have you checked your bank a/c that you sent the funds from? Mine showed up there unannounced yesterday.

I recommend anyone who has received the bonus and wants to withdraw it should do so now TO THE BANK A/C THEY FUNDED FROM, and then close their account.

We finally received a sensible reply to my wife's support ticket about not getting her free shares...

"there is already another eToro trading account registered from the same household/address"

“Eligibility to participate in this Promotion is limited to one account per person/household.”

I know she should not have been eligible, so why was she able to select the free shares and get the banner saying to make a deposit to receive them? One could argue that since they took back my bonus shares, then she should qualify.

At least the withdrawal of her £5,000 to the Santander a/c that the funding came from went through OK. eToro a/c now closed. Negative Trustpilot review will be left.

A bad experience but time to move on.

You could argue that. Equally, you could argue that you were caught attempting to scam them and are therefore suffering the consequences of your actions... 

Don't get me wrong, I hope they show some basic competence and allow you to get your money back ASAP, but I'm not sure you can claim to be the innocent victim of this interaction! 

The one per household thing is not entirely fair to the individual customer.  Everyone who lives in the same household should not be expected to inform the others of their finances.

It is possible that someone could apply for an account/promotion and have no knowledge that someone else in their household has already done it.

flaneurs_lobster

crumpet_man said:

The one per household thing is not entirely fair to the individual customer.  Everyone who lives in the same household should not be expected to inform the others of their finances.

It is possible that someone could apply for an account/promotion and have no knowledge that someone else in their household has already done it.

Not sure that there is any compunction on eToro to be "fair", it's a promotion where they are giving stuff away for free, how they choose to do so is entirely their choice (within the discrimination laws). 

There's no entitlement to free stuff, if your housemate managed to get an application in first then tough luck. 

crumpet_man

flaneurs_lobster said:

crumpet_man said:

The one per household thing is not entirely fair to the individual customer.  Everyone who lives in the same household should not be expected to inform the others of their finances.

It is possible that someone could apply for an account/promotion and have no knowledge that someone else in their household has already done it.

Not sure that there is any compunction on eToro to be "fair", it's a promotion where they are giving stuff away for free, how they choose to do so is entirely their choice (within the discrimination laws). 

There's no entitlement to free stuff, if your housemate managed to get an application in first then tough luck. 

I should have worded it better.   I do not think anyone has an entitlement to these promotions.

I do not think it is fair to accuse someone of scamming a company/bank/organisation because they applied for an account after someone in the same household had applied for an account.

For instances where an organisation has a "one per household" T&C they should block the application at the point of inputting the address.  They are in a better position to know if someone at that address already has an account.

If they notice later on then it should not be such a big deal and there should not be an automatic assumption that the customer was up to no good as they have no right to knowledge of their housemates financials.

flaneurs_lobster

crumpet_man said:

I do not think it is fair to accuse someone of scamming a company/bank/organisation because they applied for an account after someone in the same household had applied for an account.

For instances where an organisation has a "one per household" T&C they should block the application at the point of inputting the address.  They are in a better position to know if someone at that address already has an account.

If they notice later on then it should not be such a big deal and there should not be an automatic assumption that the customer was up to no good as they have no right to knowledge of their housemates financials.

Think that the reference to "scamming" (by a poster here, not by eToro) was because a second application was made by the partner of the first applicant in full knowledge of the terms re "same household".

Scamming is the wrong term (as it usually is when used on this forum), "gaming" maybe? Or "highly speculative"? 

You're right, throwing out duplicate addresses at an earlier stage of the application process might be more desirable, but not knowing how these systems are structured there may be good reasons why this can't happen earlier. 

solartom

ETORO
 was able to withdraw
the fix was applied to my account 
hope that is good news for others aswell 

soulsaver

solartom said:

ETORO
 was able to withdraw
the fix was applied to my account 
hope that is good news for others aswell 

@solartom

Hi Tom
Was your initial attempts to withdraw denied? What was the fix that was applied? What action did you take to get the fix applied?

Rheumatoid

Just had email saying there was a problem with crediting my shares and $500 would be credited to my a/c to use as I wish. Have reminded them I am entitled to £500 and hope the USD figure is a typo.

flaneurs_lobster

Rheumatoid said:

 Have reminded them I am entitled to £500 and hope the USD figure is a typo.

Entitled? Really?

Hope they agree and you get your cash.