Anybody else had this happen? I moved to make a deposit via credit card in to my OANDA account last night. In the end of the trade, it states my deposit has been diminished, but it won't say why. However, the money is gone from my bank account. I understand it'll be reversed in a few days but....how can they take the amount from your account for a few days when the trade was declined?? Seems like an interest free loan that is illegal. At any rate, it is supremely annoying.
So whatcha do wrong?
No idea. Neither the bank nor the OANDA rep may tell me.
Your credit card company has some filters in place. ...
Make sure to sent in copies of your id proof of identity and have signed their forms. I am pretty sure that happened to me at a single point.
You need to file a dispute with your bank from OANDA.
If your bank is good enough, they'll credit your credit card with whatever money has been deducted from OANDA so you are not out-of-pocket while they investigate the dispute.
Of course they'll debit that 'grace' money in the time OANDA yields the debited money (that is the case most of the time), or your bank investigates the case after a protracted period (e.g. gt; 1 month) and compels OANDA to return your cash.
A deposit from credit card???? That is this isn't risk capital! All traders need to have a big enough margin account to pay their positions over any stop losses with funds that they can afford to drop. A credit card is funds and risk capital, maybe you are too much of a risk?? As you can, quit trading?
That happened to me once, I left a move from my charge card to spare on the cable fees... it was 2% for credit card 20$ for cable, and because I was starting with just $500 it made sense to do a move from my card.
My bank put a hold on the move because they did not recognize my broker. They thought my credit card was compromised that is? I am not sure
Credit card or debit card?
I stopped using credit card a while ago, will use them sparingly for a variety of reasons. If the I.R. is 15% that is a hefty vig you are going to have to make up just to start with. I'm assuming that they're not charging any transaction fee with a plastic card deposit so that I can see the motivation of why some could be motivated to do this but an overnight check with my bank is $15 and is deposited into my account within 2 days. I refuse to pay outrageous interest rates for whatever.
Will they choose a debit card?
I transferred cash into my Oanda account from my PayPal account using the PP debit card. I entered the data as if it were a credit card and everything went through just fine.
Posting Permissions
Reply With Quote