Since funding my account (UK), I’ve changed bank accounts. However, it appears that you can only withdraw to each account/card, the value that you have paid in. This brings up 2 questions?
If you add a new bank account that you’ve never paid in funds from, how do you withdraw money to it?
If the account is in profit and you close all your positions, how can you ever withdraw the full amount, if you are limited to taking out only what you’ve put in???
Some help on how to overcome these 2 issues would be appreciated.
I have tried this but it is so complicated. and I’ve still not got a resolution where I can just withdraw to my bank account. I cannot believe how complicated this is. It’s far from simple. At the moment I am thinking of closing down all my positions and moving from 212. If I can’t just withdraw money to my bank account, what is the point???
Would you prefer it to be easy? So that when someone logs into your account maliciously they can easily add a new account sell you down and withdraw it?
No.
Go through the steps with support and complete it.
Please don’t be silly or condescending, It’s not a good look.
Of course I don’t want it to be easy. However, having supplied a picture of my passport, taken a selfie with the passport in question and provided a bank statement from June 2023, I would expect this to be enough to now be able to withdraw “my” funds to “my” bank account. This is what I’m getting frustrated with. I’m not sure what more steps I can possibly follow here to prove my identity and address details are correct. Hopefully support will complete what I’m asking for shortly.
Although separate questions, they have a similar answer.
To provide services in the UK, 212 and other brokers, etc. have to comply with all the UK regulations that in general are there to protect you as a user. Anti Money Laundering rules is one of several that apply here.
To withdraw funds from your account, you have to withdraw to the source first before you withdraw any profit. Let us say you deposit £20 on card A, £30 on card B, and £50 on card C. Now lets say your account value has increased 100%, so you now have £200. You need to withdraw £20 on card A, £30 on card B, and £50 on card C, then you can withdraw the remaining £100 to any combination of your 3 cards.
The reason I mention AML, and why it works like this is to stop people trying to rinse and clean ‘dirty’ funds.
The downside to this is there will be valid reasons that you dont want to withdraw to say card C - you closed your account for example. In this case, for your protection you will need to contact the companies relevant customer service and request the card/record to be removed from your account to withdraw to card A or B.
This might seem annoying, but if it is a faff for yourself, even though you know ‘you’ are ‘you’, it makes it much more awkward if say someone gained access to your account, deposited on card D, removed cards A,B,C and then withdrew all your account balance to card D.
Speak with customer services. You will likely need to prove you ‘are who you are’ and so on, and that will take time, but understand as annoying as it may be, its for your protection.
If you’ve changed bank accounts, and the previous one used is now inactive - you’d have to contact us via chat or mail so we can have it removed. You’ll then be able to withdraw to your new account.
At that point, the funds will be distributed to all payment methods on file (if more than one) according to the proportion in which they were deposited.
Either way, we’ll have to run a few checks on the backend before we can determine what is possible and what is not (in terms of AML policies) when it comes to managing your payment methods. So, it’s best you use the above form or DM me so I can personally move the case forward.
I’ve just read this out of curiosity did you fund the account with a debit card or via your bank account true pay or true layer or something? Im sitting here thinking if my card expires Is it going to be a ball ache to get money out if needs be. And it certainly looks like I’m now tied to my bank account. What a nightmare feel your pain very frustrating.
