Withdrawal in case of having used multiple cards?

Hi all,
Have gone through a lot of threads here on the topic but might need help in resolving a tricky case around withdrawal policy.

Case/Scenario
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 :slight_smile:

Hey :wave:,

See the answer here:

Long story short: we cannot just remove a card as this will be in contradiction with the AML procedures that we’re complying with. I understand your point of view, yet all those precautions ensure the reliability of our service in the long term.

On a side note - information about the withdrawals is available in our Help Centre, along with a disclaimer in the Manage funds > Withdraw Funds tab:

I wonder if we could get, ideally in writing from a T212 representative, the exact rules for what withdrawal method is selected? I’ve had conflicting answers on my support ticket and haven’t managed to find anything online.

My exact situation:
I mostly fund T212 via my Debit Card, via GooglePay. I have had withdrawals to this with no problems.
I once funded my account via a Credit Card. I deposited and then withdrew the same amount and as expected, it went back to the card. To be honest, this was mostly as a test to see if my card provider treated it as a cash transaction.
I then carried on depositing and withdrawing via my Debit Card, no problem.
My account got to the point where I could withdraw all the money I had deposited and have enough profit to carry on playing around with (very lucky, I know!).

I then did 2 withdrawals, and one went to my debit card, but the second went to my credit card. This is obviously pretty annoying, as it means I have to deal with a large credit balance on a credit card.
I’m talking to support about getting the credit card removed to force all withdrawals to go via the debit card, that’s all fine, I just want some clarity about the actual logic.

So: how should this work?
I’ve received 2 conflicting answers from support.
One said:

When more than a single card was used to fund the account you have with us, the system picks at random to which one the funds will get sent to - regardless of whether it is a debit or a credit card.

Another said:

once you receive a refund in all cards used for the account funding, just then you’ll have available the option to select on which card will be issued the next refunds

The first one seems to line up more to my experience - I’ve just done another test and haven’t been given the choice to choose a card, even though I’ve received withdrawals on both cards now - but I can’t believe that the actual logic is “randomly choose one”!

I think this would be useful information to have easily available on the web.

Thanks!

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