I do not trust anything Forex....
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Oanda refuses withdrawal
- Thread starter fmmwabrd
- Start date
I personally have been through something similar. It really creates a bad taste in your mouth. By this time, you've already gone through so many hurdles (bureaucracy), you just want to wrap it up at all cost. I'm sure that's how he feels.
I ave got a response from Oanda Compliance Team;I am not smearing anybody.
This is one of the replies I got from them:
"
Dear Jakab Tanko,
Thank you for contacting OANDA.
Thank you for your ongoing patience whilst we look into resolving this matter.
I understand that you would like to raise a complaint concerning your withdrawal request. I have investigated your concerns and my findings on this matter are explained below:
Please note that whilst we understand that it can be frustrating dealing with your former Bank ( DEUTSCHE POSTBANK AG) and get them to provide you with information that confirms the closure of your account with them, Please note that we must insist that we get this evidence as we are obliged by Anti Money Laundering requirements that are in place to protect clients and their money.
I trust that my explanation has resolved this matter.
However, should you disagree with my findings please contact our Compliance Team at disputes@oanda.com who will carry out an impartial, independent review of your complaint and provide a full written response as per our Complaints Policy (https://www.oanda.com/resources/legal/europe/legal/complaints-policy).
Our client experience team is here to help 24 hours a day from Sunday at 1 p.m. EST to Friday at 6 p.m. EST. If you have any questions, please do not hesitate tocontact us.
Build your Forex trading knowledge
It is my pleasure to assist you,
Client Experience Team
"
Cheers
Same thing: I have to get proof that my old bank account is closed otherwise
no withdrawal is possible to the new account that is registered with
them for both deposits and withdrawals, as I said before.
"
Complaint
I understand that your complaint concerns the problems you have experienced in obtaining a payment from your OANDA account.
Findings
OANDA has a strict return of funds to source policy, as detailed on their website, and you are asking for funds to be returned to an account from which no funds have ever been received.
Your account at DEUTSCHE POSTBANK only closed at some point after 11th March 2019, and as they are BaFiN regulated and subject to MiFID rules they are obligated to retain clients’ records for 5 years after the termination of a relationship. I therefore do not understand the problem in them confirming the closure of
your Bank account. If they charge for this type of confirmation, OANDA will reimburse you.
Further, if they issue you with a letter refusing to confirm the closure of your Bank account, then please forward that documentation.
Conclusion
As your request was processed in accordance with OANDA’s strict return of funds to source policy, as outlined on the website, I have not been able to uphold your complaint.
A request to make a payment to DEUTSCHE POSTBANK would be immediately processed.
In line with the Financial Conduct Authority (FCA) regulatory requirements, I hereby advise you that if you are not satisfied with the results of my investigation you may refer your complaint to the Financial Ombudsman Services (FOS). Any referral to the FOS must be made within 6 months of the date of this Final Response.
Please find below a link to the Financial Ombudsman Service's standard explanatory consumer leaflet which details this process.
http://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm
"
So to the Financial Ombudsman Services (FOS) I go...
Cheers,
Tanko
I ave got a response from Oanda Compliance Team;
Same thing: I have to get proof that my old bank account is closed otherwise
no withdrawal is possible to the new account that is registered with
them for both deposits and withdrawals, as I said before.
"
Complaint
I understand that your complaint concerns the problems you have experienced in obtaining a payment from your OANDA account.
Findings
OANDA has a strict return of funds to source policy, as detailed on their website, and you are asking for funds to be returned to an account from which no funds have ever been received.
Your account at DEUTSCHE POSTBANK only closed at some point after 11th March 2019, and as they are BaFiN regulated and subject to MiFID rules they are obligated to retain clients’ records for 5 years after the termination of a relationship. I therefore do not understand the problem in them confirming the closure of
your Bank account. If they charge for this type of confirmation, OANDA will reimburse you.
Further, if they issue you with a letter refusing to confirm the closure of your Bank account, then please forward that documentation.
Conclusion
As your request was processed in accordance with OANDA’s strict return of funds to source policy, as outlined on the website, I have not been able to uphold your complaint.
A request to make a payment to DEUTSCHE POSTBANK would be immediately processed.
In line with the Financial Conduct Authority (FCA) regulatory requirements, I hereby advise you that if you are not satisfied with the results of my investigation you may refer your complaint to the Financial Ombudsman Services (FOS). Any referral to the FOS must be made within 6 months of the date of this Final Response.
Please find below a link to the Financial Ombudsman Service's standard explanatory consumer leaflet which details this process.
http://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm
"
So to the Financial Ombudsman Services (FOS) I go...
Cheers,
Tanko
So what is the problem then? Just ask the bank for proof, they are even willing to pay for it ...
Edit: just read your other posts again, looks like the bank doesn't want to provide that proof. Which seems very odd to me, try again, if they refuse again ask it via your lawyer.
I ave got a response from Oanda Compliance Team;
Same thing: I have to get proof that my old bank account is closed otherwise
no withdrawal is possible to the new account that is registered with
them for both deposits and withdrawals, as I said before.
"
Complaint
I understand that your complaint concerns the problems you have experienced in obtaining a payment from your OANDA account.
Findings
OANDA has a strict return of funds to source policy, as detailed on their website, and you are asking for funds to be returned to an account from which no funds have ever been received.
Your account at DEUTSCHE POSTBANK only closed at some point after 11th March 2019, and as they are BaFiN regulated and subject to MiFID rules they are obligated to retain clients’ records for 5 years after the termination of a relationship. I therefore do not understand the problem in them confirming the closure of
your Bank account. If they charge for this type of confirmation, OANDA will reimburse you.
Further, if they issue you with a letter refusing to confirm the closure of your Bank account, then please forward that documentation.
Conclusion
As your request was processed in accordance with OANDA’s strict return of funds to source policy, as outlined on the website, I have not been able to uphold your complaint.
A request to make a payment to DEUTSCHE POSTBANK would be immediately processed.
In line with the Financial Conduct Authority (FCA) regulatory requirements, I hereby advise you that if you are not satisfied with the results of my investigation you may refer your complaint to the Financial Ombudsman Services (FOS). Any referral to the FOS must be made within 6 months of the date of this Final Response.
Please find below a link to the Financial Ombudsman Service's standard explanatory consumer leaflet which details this process.
http://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm
"
So to the Financial Ombudsman Services (FOS) I go...
Cheers,
Tanko
Contacting the FOS isn't going to change anything, Oanda is following FCA regulatory requirements.
I ave got a response from Oanda Compliance Team;
Same thing: I have to get proof that my old bank account is closed otherwise
no withdrawal is possible to the new account that is registered with
them for both deposits and withdrawals, as I said before.
"
Complaint
I understand that your complaint concerns the problems you have experienced in obtaining a payment from your OANDA account.
Findings
OANDA has a strict return of funds to source policy, as detailed on their website, and you are asking for funds to be returned to an account from which no funds have ever been received.
Your account at DEUTSCHE POSTBANK only closed at some point after 11th March 2019, and as they are BaFiN regulated and subject to MiFID rules they are obligated to retain clients’ records for 5 years after the termination of a relationship. I therefore do not understand the problem in them confirming the closure of
your Bank account. If they charge for this type of confirmation, OANDA will reimburse you.
Further, if they issue you with a letter refusing to confirm the closure of your Bank account, then please forward that documentation.
Conclusion
As your request was processed in accordance with OANDA’s strict return of funds to source policy, as outlined on the website, I have not been able to uphold your complaint.
A request to make a payment to DEUTSCHE POSTBANK would be immediately processed.
In line with the Financial Conduct Authority (FCA) regulatory requirements, I hereby advise you that if you are not satisfied with the results of my investigation you may refer your complaint to the Financial Ombudsman Services (FOS). Any referral to the FOS must be made within 6 months of the date of this Final Response.
Please find below a link to the Financial Ombudsman Service's standard explanatory consumer leaflet which details this process.
http://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm
"
So to the Financial Ombudsman Services (FOS) I go...
Cheers,
Tanko
What regulations do you believe Oanda have contravened?
Didn’t you receive such a letter already from the Postbank? Simply forward that to Oanda, as they suggest. Alternatively, you could start a complaint procedure at the Postbank, as they are apparently obliged to give you the requested documentation until 5 years after ending your account with them.Further, if they issue you with a letter refusing to confirm the closure of your Bank account, then please forward that documentation.
I don't understand why Oanda would not accept a statement from your new account, photo copy of your ID and perhaps proof of address showing the same address as the new account. You should offer that if they don't accept it, make a formal complaint. I can't see how an arbitrator would rule in their favor if you provide that info.
I don't understand why Oanda would not accept a statement from your new account, photo copy of your ID and perhaps proof of address showing the same address as the new account. You should offer that if they don't accept it, make a formal complaint. I can't see how an arbitrator would rule in their favor if you provide that info.
Possibly simply because their T&C's are like mine -
Where bank accounts have been closed we may require a letter from the originating bank stating that the account has been closed and there are no funds owing to the bank. Before we will refund to a new bank account we may require sight of the original deposit transfer statement from the closed account and sight of an original new bank account statement.
It seems possible not only do they wish to verify that money-laundering is not being attempted but also that the old bank account has no liabilities attached. Seems very sensible.
Possibly simply because their T&C's are like mine -
Where bank accounts have been closed we may require a letter from the originating bank stating that the account has been closed and there are no funds owing to the bank. Before we will refund to a new bank account we may require sight of the original deposit transfer statement from the closed account and sight of an original new bank account statement.
It seems possible not only do they wish to verify that money-laundering is not being attempted but also that the old bank account has no liabilities attached. Seems very sensible.
Seems sensible but can't see how a regulator or arbitrator would rule in their favor.
Seems sensible but can't see how a regulator or arbitrator would rule in their favor.
Because its a fair requirement and its in their T&C's. If this guy didn't like the terms of his contract he should never have signed up, but having signed up he's bound to comply.
Instead he has decided he signed up to something which now causes him some inconvenience. He has come over to ET to blacken the name of a widely known firm with no justification. I hope he might just mature a little after this experience.