I joined Trading 212 earlier this year and used my HSBC debit card to deposit into my account. The majority of my funds (Ā£15,000) had come from this debit card.
Last month, I switched my bank account to Starling and removed the HSBC debit card as my payment method and added Starlingās bank account as my preferred method of payment. I then made a couple of deposits totalling Ā£900.
I then made a withdrawal request for my full balance and it has just been approved.
Will Trading 212 send all of my balance to my Starling account? Iām slightly paranoid that they might send the funds that I deposited through my HSBC debit card back to that debit card, which is obviously no longer active.
On my app, I only have one method of payment, which is my Starling account.
This isnāt worth panicking over, money cannot be sent to a closed account so will just remain pending on your account with t212.
This seems to be a bit of a weak spot though with t212 Iām hearing problems like this a lot.
Surely if all your accounts are verified you should be able to send it wherever you want I thought this was the point of identity verification in the first place? @Team212
If the money is sent to my old account, it should move over automatically as part of my switch. Not sure what the process is if itās sent to my old debit card.
Iāve just flagged it for staff attention to get help from one of the T212 team, as it is in regards to money / withdrawal etc - should have a reply from @Team212 soon I imagine.
The bank should bounce it back if the card is no longer valid otherwise it will sit in a clients account until you claim it. My advice call HSBC im sure they will help.
It really would be worth knowing what the rules are on withdrawing though as Iāve said this problem seems to be coming up constantly especially for those that fund via different cards/accounts and want to withdraw either profits or the whole account back to one account or they donāt know which account they used and/or for what amount. @Team212 could do with posting an answer
To start with - I believe that the confusion with the card removal is coming from the fact that you have actually deleted the card from the āSaved payment methodsā tab. Nonetheless, this doesnāt exclude the card from the withdrawal options.
If the funds were sent to an expired card, then theyāll bounce back to us, and weāll send over the sum towards an active bank account. In other words: thereās no room for panic.
One small request. When withdrawing over a certain amount there is no option to choose which payment method to refund to. Presumably because the system is selecting the funding source you used the most?
It would be helpful if it said which source was selected. āYour refund has been sent to your card ending 1234ā for example.
Massively agree with this, all verified account types should be allowed to receive funds of any value regardless of the origin just like any other bank account would
Glad to hear that, thankfully Iām not in a rush for the funds.
Iāve just emailed Trading212 with the bank statement for my new account. Hopefully, the funds bounce back to them and they can then be sent to my new account.
Good news, a bit more transparency from @Team212 would be useful though as they seem to be responding on a case by case basis with no global answers received. Can we choose where our money goes and the amounts regardless of origin?
I have also used other brokers where you can pay an extra fee, Ā£15, to have an extra fast withdrawal that is processed same day normally within a couple of hrs.
HSBC have just forwarded the payment onto me. I guess because I switched bank accounts, the payments automatically redirected.
I have to say that the support from Trading 212 was very good. They responded to my email within hours and they actually sent me a statement of them sending the payment, just in case HSBC asked for proof and didnāt re-direct the payment.
I will definitely continue using Trading212 as my platform once Iām in a position to invest again.