T212 Security (withdrawals)

Lads/ladies,

I know there is dual checks for entry password and authentication code but do T212 monitor withdrawals.

Say you got hacked, everyone sold every position and then setup a new debit card, can they withdraw same day or is this monitored or withdrawal intentionally lagged?

@obrienciaran @phildawson @Dougal1984 @Jobloggs

This is a good one for @Jobloggs

I had to change my card details and provide some backup over chat to verify it was my details (photo of myself holding my bank card and passport I think), to remove an old card and add a new one. A little over 24 hours later I was all sorted.

The AML checks although annoying work quite well in terms of protecting consumers.

Firstly you have to withdraw all your deposits to where they came from first, and then you can withdraw profit to your main card. It’s a bit more awkward to do otherwise.

If someone hacked your account, there should be appropriate barriers for them to remove your own cards and withdraw your full account balance to their own card as cash deposits have to go back to the original source first.

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So if someone liquidated all your positions, the cash would have to be withdrawn to last deposit account? Unless obviously you contact T212 and prove otherwise and ask for it to go elsewhere.

@Dougal1984

If you Deposited the following:

Card A £50
Card B £100
Card C £1000

And then your account balance had grown to £1200, to withdraw that full amount, you would need to withdraw the same amounts as above to each card first. The remaining £50 could then be withdrawn to any card.

If you wanted to do any different, you can contact 212 and go through further verification checks.

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That pretty much sums it up.

Your withdrawals will be apportioned to the deposit method as Dougal points out with card a, b, c. This is good in principle for security reasons.

The downside is that if you’ve cancelled a bank account in which a deposit was made, the funds would be transferred to this and lost.

In order to negate this the only real way I established was to contact 212 in chat and clarify the accounts and have any account no longer in use removed. To do this you’ll need a letter from your bank.

Additionally, if you deposited from Apple Pay on the now cancelled account, you’ll also need the Apple Pay “account” removed.

It has its pros and cons but they really should put a warning on the procedure as you’re about to withdraw, opposed to buried in the terms and conditions.

If I didn’t check I’d be a considerable amount of money down.

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Is this because you may have withdrawn into a black hole, and the funds might have bounced around for a bit until someone claimed them?

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I’m not really sure about the ins and outs to be honest, all I know is that it wouldn’t of been in my back pocket

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I am currently on chat with 212 trying to remove an expired card and add my new one, even though I don’t want to add funds via card anymore I would prefer instant bank transfer as thats my funding method now. But I don’t want to have no card linked in case my funds go in to a black hole if/when I decided to withdraw something.

This withdrawal system shouldn’t be this complicated.

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If it helps, I’ve stupidly withdrawn to expired cards before on other platforms. They did end up back in my account as that’s what my expired card was linked to.

Some kind of open banking would be good, a bit like how we can deposit for ‘free’.

I do think the ‘complication’ is around the AML regulations which are set for our protection. The checks can be done on the way in, or out. They’re designed on older infrastructure so probably need updated a bit.

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Hey :wave:,

Еverything mentioned by @Dougal1984 is on point.

What’s more, withdrawals are executed towards one of the cards used for deposits. Sending money towards a card/bank account that has not been used previously for deposits is not an option. As an additional security measure, the names on the T212 account and the names on the card/bank account should be identical otherwise, the withdrawal will not be processed - it will be considered as a third-party transaction which is not allowed.

As for any inactive cards, here is a very useful article. In case the withdrawal is sent towards an inactive card still linked to the Trading 212 account, it will either bounce back, or you can rely on the processing bank to allocate the payment.

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@Bogi.H Would really appreciate clarification, last year I’ve used only one card for deposits last year I’ve moved all funds back to that card. This year I will use instant bank transfers only and here came my question is there any chance any cash withdrawal made later this year could be returned to my card used last year? Example let’s say I’ve deposited 1000£ value of investment grown to 2000£ as already mentioned in one of posts above amount equal to my deposit will go to bank I’ve made transfer from but what happens with the rest can it be allocated automatically to my old card or other bank account I’ve made transfers previous year? Or all amount will be returned to account which I’ll start using this year?

Hey @Ashige, I will DM you so we can check that together. :v:

Hi @Bogi.H, what about a situation where the T212 account was funded via an ISA transfer from another provider and one has never deposited via card or bank transfer. I’ll yet to test the withdrawal so this thread has got me thinking.
Thanks.

@Ephi If there is a saved payment method in any of your associated accounts (CFD or/and Invest), then we’ll use that one for the withdrawal.

If not, we’ll reach out to you and ask for details of a preferred bank account, where we’ll process the transaction.

In any case, you can be certain that the process will be seamless. We’re flexible and we’ll assist you throughout the entire way.

Myself and the team are always there, to help, if necessary :v:

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