Have gone through a lot of threads here on the topic but might need help in resolving a tricky case around withdrawal policy.
The user uses multiple deposit methods to load money into the account:
First transaction (10$) was using a debit card (DC currency: EUR | T212 Account currency: USD)
User notices at the end of the month that the bank has charged a currency conversion fee & decides to add another deposit method
Second transaction (10$) is done using a forex/travellers’ card (USD denominated | considered by the system as a CC)
However, the forex card has an upper limit of the amount that can be stored in it
Third transaction (5000$) done using a USD denominated borderless debit card
After an year’s investing, the user accumulates (6000$) in total account value & wants to withdraw the amount. Official policy states that the refund would go to any of the cards used for depositing (chosen by the system).
Cost for User
However, choice of refund card carries a major overhead for the user:
- If sent to EUR Debit Card there’d be a currency conversion charges applicable
- If sent to Forex Card: the money would be as good as useless as one can’t transfer funds to other accounts from such cards & there’s an upper limit on how much such cards can hold
- If sent to the USD Debit Card everything makes sense
Policy on Removal of Cards:
Talking to support revealed that they can remove cards only with a bank letter stating that a card is lost/damaged/invalid:
That could work for the EUR debit if user contacts their bank and orders a new card by paying some money. However, for a Forex card, one has to go back to the country of issue and file an official police complaint (etc) & risk losing the amount of money held in the card.
Is there any insight on how the system decides on which card gets chosen?
The UI step to choose the card currently works for me as mentioned in this topic However, it would be great to know the limitations if any, before one loads a bigger amount into the system.
Is there any way that the user can remove a Card without having to lose/destroy it in the process?
PS: Trading212 is probably one of the most streamlined app experiences in the FinTech world. Maybe including a small text mentioning this withdrawal rules might be helpful to some