Is this a joke?! CMC

Michael8667

Member
79 1
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?
 

wackypete2

Legendary member
10,210 2,045
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
 

Michael8667

Member
79 1
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
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.
 

wackypete2

Legendary member
10,210 2,045
Your best option is to have them send you a check to the address listed on your brokerage account.

Peter
 

wackypete2

Legendary member
10,210 2,045
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
 

Michael8667

Member
79 1
Just spoken to the customer service: "unfortunately CMC does not do that"
 

Michael8667

Member
79 1
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.
 

Michael8667

Member
79 1
CMC have messed up on few things but have always been prompt about getting money from them. (y)
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.
 

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