How to withdraw funds to bank account and not a credit card

I suspect it is this, and unfortunately as annoying as it can be, it’s purpose is for our protection.

I have had similar annoying instances with Betfair and Fidelity.

I fixed my withdrawal options by speaking to 212 directly in my in app chat, and providing additional verification documents to remove my unwanted cards. They were very helpful and it only took a couple of days to resolve.

In my case, I used at least 5 different cards to fund Trading212 account.
But the card I used the most, the one linked with my main current account, was NOT an option when I withdrawn money last week…
I only had 2 options, 2 credit cards used recently…
I picked one of them and called my bank to let them know that over 13k pounds will come into credit card just to avoid other problems. Banks are doing a lot of funny things ‘for our protection’.
Also they been very nice and said they can transfer my funds from credit card to debit card in 10-12 working days :))
Which means I will have access to my money in aprox 3 weeks after Friday’s withdrawal.
And I was planning to have some cash available to buy the next dip in Tech/growth sector :))))
I think Trading212 should have a list of cards used for deposit, so you can choose where you want your money. Now they just present you 1 or 2 random options from the payment methods you’ve used… And I don’t find standard situation to contact customer service and ask for help in such fundamental matter. This should be easy as 1+1 . Deposit $, Withdraw $ are main functions on Trading212 platform or any platform.
I am not happy :frowning:

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Chat to 212 on the app, they should be able to delete your cc’s so you can withdraw to your other account. You might be getting limited by the amount you are trying to withdraw as normally you have to withdraw to where you deposited first(can sometimes be a stupid AML rule).

That way you could have waited a day/two to withdraw to where you wanted.

What is money recycling?

Using several cards or banks to circulate (the same) money. E.g. creating a cascade of cashback cards to pay each other, and/or bank accounts just to obtain the cashbacks or any other type of compensation.

When banks or credit/debit cards issuers detect a lot (regular) of money entering after payments, some in the same amount and with short intervals between them, they could it as abusive or as money recycling.

A thread about money recycling of a card issuer, Curve:

Using the T212 example, some people could fund their T212 accounts with credit cards to win cashbacks and after that, withdraw the money to the same card, or another card/bank account, that will transfer to the first card:

  • Funding 5k with credit card A
  • Withdraw 5k to credit card A

→ Result: x.yz% cashback (now there is a T212 funding fee for using cards, so the return for the cashback will be less)

or

  • Funding 5k with credit card A
  • Withdraw 5k to credit card B; C; D and/or to bank account A; B; C; D
  • Pay 5k to credit card A

→ Result: x.yz% cashback (now there is a T212 funding fee for using cards, so the return for the cashback will be less)

The card issuers/banks could found this as an abusive behavior or a breach of their fair use policy and restrict or frozen the accounts and/or cards.

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It’s something annoying certainly. I understand from a point of view that’s is because AML rules and for security reasons.
Nevertheless, I think that activating a 2FA system should allow us to chose the withdrawal destination from already saved funds sources.
It could be trough microsoft authenticator, text message, phone call, email, and so on.
I don’t know how long or how much effort it will take but I guess it’s something achievable.