Oanda - Visa/Debit

[SimpleTrades]

I've had a very odd event occur while attempting a deposit into my Oanda trading account. Wondering if anybody else has experienced this.

I have been gradually adding cash into my Oanda account. Last week on August the 20th, I attempted a $2000 deposit. Up to this point I had been using my credit card to load my account, however this time because there was cash in my bank account, I attempt to used my CIBC Visa/Debit card. This is in Canada, by the way.

For whatever reason, the address didn't match perfectly. Therefore Oanda declined the transaction. However, the $2000 nonetheless, disappeared from my bank account. Oanda said its out of their hands now and I have to wait patiently for CIBC to redeposit the money. CIBC said its Oanda's problem, however they've initiated an investigation.

Hopefully this resolves itself soon (6 business days have gone by), but I still find it very odd that a transaction can be declined yet the money still withdrawn from my bank account.

Anybody else experience this?

 

[SimpleTrades]

Be warned. Do NOT use your VISA/DEBIT card to load your account with OANDA! If there is even one letter wrong, or some slight difference in the presentation of your address, your transaction will be declined! HOWEVER, the money will still be withdrawn from your bank account. You will wait and wait while their merchant bank cancels the authorization and sends the request back to your bank. This can take as much as a full "statement period".

My bank claims this isn't their problem. Oanda has wiped their hands of the problem claiming their merchant bank has already sent the cancellation. I sit here wondering if I'll ever see my money again.

I would also advise that whenever you change your deposit method, test it first with a small amount of money.

 

[wjk]

Be warned. Do NOT use your VISA/DEBIT card to load your account with OANDA! If there is even one letter wrong, or some slight difference in the presentation of your address, your transaction will be declined! HOWEVER, the money will still be withdrawn from your bank account. You will wait and wait while their merchant bank cancels the authorization and sends the request back to your bank. This can take as much as a full "statement period".

My bank claims this isn't their problem. Oanda has wiped their hands of the problem claiming their merchant bank has already sent the cancellation. I sit here wondering if I'll ever see my money again.

I would also advise that whenever you change your deposit method, test it first with a small amount of money.

Not sure why you would have this issue from Canada, however, card deposits are no longer allowed in the US as of Jan for funding FX accounts. Your not going through an American bank, are you? I'm not sure that would matter, but it's possible. Here is an article regarding the new credit rules for American FX traders, such as myself. I am an Oanda and Tradestation client.

http://leaprate.com/2014/12/breakin...its-to-fx-firms-in-the-us-after-january-2015/

 

[SimpleTrades]

Not sure why you would have this issue from Canada, however, card deposits are no longer allowed in the US as of Jan for funding FX accounts. Your not going through an American bank, are you? I'm not sure that would matter, but it's possible. Here is an article regarding the new credit rules for American FX traders, such as myself. I am an Oanda and Tradestation client.

http://leaprate.com/2014/12/breakin...its-to-fx-firms-in-the-us-after-january-2015/

No its a Canadian bank. I've always used my CIBC Visa card which has worked fine. This time I used my CIBC Visa/Debit card which is directly linked to my bank account.

So far Canada continues to allow credit card deposits. I've never had any issue with my credit card. It wasn't until I attempted to use my Debit card with a Visa logo, that I ran into trouble. I was actually really hopeful this method would work easily given that Oanda insists that I withdraw back onto the same instrument I used to deposit. In other words I'd rather withdraw back into my bank account rather than my credit card. However, due to an ever so slight difference in the presentation of my address, the transaction was declined.

And here I sit, 8 days later, still waiting for my money to be returned to me. I find it so very strange that my transaction can be declined by Oanda yet the money was still withdrawn from my bank account.

 

[wjk]

No its a Canadian bank. I've always used my CIBC Visa card which has worked fine. This time I used my CIBC Visa/Debit card which is directly linked to my bank account.

So far Canada continues to allow credit card deposits. I've never had any issue with my credit card. It wasn't until I attempted to use my Debit card with a Visa logo, that I ran into trouble. I was actually really hopeful this method would work easily given that Oanda insists that I withdraw back onto the same instrument I used to deposit. In other words I'd rather withdraw back into my bank account rather than my credit card. However, due to an ever so slight difference in the presentation of my address, the transaction was declined.

And here I sit, 8 days later, still waiting for my money to be returned to me. I find it so very strange that my transaction can be declined by Oanda yet the money was still withdrawn from my bank account.

I see. They declined the transaction, but the money disappeared anyway? Best wishes on regaining your funds. I do recall that before the US rule change, credit deposit was instant, but withdraw to the same card took several frustrating days. Not the same situation, though, as there was never a declination. I do find that odd. Perhaps the address difference presented was enough to flag it as a security matter regarding your identity.

 

[OTM-Options]

I assume the address difference was minor, something like:

1. #101 1234 East Main Street V5T 4R4
2. 1234 Main Street E. #101 V5T4R4
3. #101-1234 East Main Street V5T-4R4

 

[SimpleTrades]

I see. They declined the transaction, but the money disappeared anyway? Best wishes on regaining your funds. I do recall that before the US rule change, credit deposit was instant, but withdraw to the same card took several frustrating days. Not the same situation, though, as there was never a declination. I do find that odd. Perhaps the address difference presented was enough to flag it as a security matter regarding your identity.

Security? I'd be surprised.

Instead of house unit being 14B, it was entered Unit 14, Apartment B. Everything else in the address was identical. I can't even modify the address online. I have to call it in. Pain in the neck. There is no Apartment. This is just a mistake in the way it was entered when I called it in the last time. Unfortunately, I didn't check carefully the billing information when completing the transaction because it had worked fine on numerous earlier deposits with my credit card.

I'm actually more perturbed about the fact that this is not documented on their website. People absolutely must know that there funds WILL be withdrawn even if the transaction is declined due to slight address difference. Until now, my assumption would have been: "Oh, it will just be declined. I'll try again with the corrected address."

 

[SimpleTrades]

I assume the address difference was minor, something like:

1. #101 1234 East Main Street V5T 4R4
2. 1234 Main Street E. #101 V5T4R4
3. #101-1234 East Main Street V5T-4R4

That is correct.

 

[wjk]

I assume the address difference was minor, something like:

1. #101 1234 East Main Street V5T 4R4
2. 1234 Main Street E. #101 V5T4R4
3. #101-1234 East Main Street V5T-4R4

I like your avatar OTM. For some reason, Paul Rotter comes to mind when I see it?

 

[wjk]

I'm actually more perturbed about the fact that this is not documented on their website. People absolutely must know that there funds WILL be withdrawn even if the transaction is declined due to slight address difference. Until now, my assumption would have been: "Oh, it will just be declined. I'll try again with the corrected address."

That should be the way it works. It will be interesting to see how it finishes. I hope you'll keep us posted. I'm not exactly sure how I will withdraw, as my last deposit was done with a credit card a few years back before the new rule. I haven't checked how that's going to work with oanda yet.