Resolved - Pepperstone withdrawal 2 weeks and I still haven't received my money.

[Maflip]

I'm posting this here in hope that FPA can help me and that there will be a faster response from Pepperstone

I made two withdrawals at Pepperstone, the first is on 9/28/2015, and the other 9/30/2015. According to their website, wire and credit card withdrawals would take 3-5 business days but it has been 2 weeks now and I still haven’t received my withdrawal. I contacted support and accounting and their response is there is nothing they can do about it the best I should do is wait and in some rare cases they said this might take more than 10 days and sometimes it could take months sometimes 6 months. Well, I told them if it’s going to take months you should cancel my withdrawal thru your bank and send me a check instead I said common you would allow a customer take months to receive their money? What happened to Customer service?

All in all they keep blaming my bank that my bank is probably holding my money well I called my bank and they said there is no floating or pending deposit on their end and they do not hold incoming deposits going into a customer’s account.

I told them the most I will wait for my deposit is 1 month and nothing more and after 1 month has passed they better send me a check. I said the reason is regardless of who is to blame it is still their company’s responsibility that a customer get their money. Well, support said they cannot do this because they already sent the money. So I responded by saying “so you mean to say I’m on my own and If I don’t get anything sucks for you you are screwed and you should blame your bank?” Well, that doesn’t sound right so here I am I would like to leave this review here for everyone to see and how Pepperstone Accounting treats their customers. Below is a reply from Pepperstone Support. There is more exchange of emails but I think If I include all of them this would become too long.

So far, they keep saying they will get back to me and have their bank trace the transaction but they still haven’t gotten back to me with this trace and it’s two weeks now.

10/11/15

Hi Marlon


This wont be a case of you not receiving you money, just how long this will take. In all case's where this has occurred, which are very few the funds always arrive. As I expressed earlier this generally is held up in your banks un-allocated funds. Which can take 2 weeks to a month or two.


Please stick to the 10 working time frame we discussed as I would like to give my bank enough time to come back with the findings of their investigation. My accounts team have also been in contact with our bank to stress the importance of keeping to this time frame so I do hope we will have a response for you soon.


Many thanks for your patience.


Regards,

Mitch

 

[Maflip]

My latest reply to pepperstone support after telling me it might even take 2 months.

******************************************************************

I still don't have my money. No way I will accept 2 months before I get my money. It's your companies responsibility to have notified me first if it's going to take this long before I have proceed with this type of withdrawal. And 2 weeks before you get a result for investigation from the bank is ridiculously long.
I opened a thread at Forexpeacearmy.com and a review pending approval from their moderator so that everyone will see how long it took to get my withdrawal. The longer it takes for me to get it the worst it will look bad for your company. Again, I will not back down from reporting to FOS if I still don't have it in 30 days.
And no my bank is not holding the deposit. It might even be your bank as I heard you guys have a 3rd intermediary bank. You need to resolve that ASAP.

https://www.forexpeacearmy.com/comm...s-and-i-still-havent-received-my-money.42385/

 

[Pharaoh]

Invite Pepperstone support to come here and explain to everyone why this is taking so long.

 

[Maflip]

Thank you Pharoah. I just sent an invite to Pepperstone.com

 

[Peter Anderson]

Hello Forex Peace Army

Thank you for giving Pepperstone the opportunity to provide information in relation to this complaint.

The following important factors must be considered when assessing Marlon's withdrawal request:

• We have provided Marlon with the withdrawal receipt as proof that Pepperstone promptly actioned the withdrawal request. The receipt also shows that Marlon’s funds left Pepperstone's bank account on 28th September 2015.

• We have also provided Marlon with the 'Acquires Numbers' to allow his bank to trace the transfer on their side. Marlon has informed us they are not investigating this matter but have simply informed him that the funds are not available but may be pending in his account. We expect the funds have made their way to his bank due to the time frame thus far, proof of transfer we have shown and the funds being released from our bank and not being transferred through any intermediary banks.

• After Marlon raised this issue with us again on 8th October 2015, we informed him that we would lodge a request with our bank to investigate this matter immediately. We did just that. Unfortunately though, the bank’s service response time in relation to these matters is largely out of our control and we were advised of an approximate two week time frame.

• Marlon did not find this acceptable, which is why we have further requested that our bank speeds up this process and tracks the transfer sooner than two weeks.

• We provided Marlon with this information less than 3 working days ago, but Marlon has decided to escalate this matter to Forex Peace Army Forums.

I have been personally working with Marlon since Thursday last week, 8th October 2015, in relation to his withdrawal request made on 28th September 2015. It is very regrettable that he has not received his funds and we are diligently working to find an acceptable outcome for him. Thus far, we have spent a significant amount of time on the phone with Marlon explaining the process. We have also spent time on the phone to our bank in an attempt to speed up a slow investigation process. Pepperstone cares about its client’s withdrawal requests and is doing everything possible to assist in this matter. We understand the frustration that Marlon must be feeling.

Marlon has suggested that we cancel the original withdrawal and re-send the funds. Unfortunately this option is not possible as Pepperstone is no longer in possession of Marlon's funds. Pepperstone is truly doing all that it can to assist in a situation we have little control over. Again, I would like to emphasise that Pepperstone is not in possession of Marlon's funds.

We are currently waiting to hear back from our bank in relation to its investigation so that we can provide clarity to Marlon on the status of his withdrawal. Once we have this information, we will be in a position to properly and carefully consider what actions to take next, including whether we need to compensate Marlon for the undoubtedly frustrating circumstance he is facing.

Regards,
Mitch

 

[RahmanSL]

Where is Marlon bank located? Banks in some countries can be frustratingly slow.

Glad to know transparency with Pepperstones which was one of my favorite broker at one time but which, most unfortunately, I had to discontinued due to frequent platform freezing problems (back in 2012-13). Hope that annoying problem has been solved.
Do keep us posted on Marlon withdrawal progress.

 

[Maflip]

Mitch what are you saying my bank said something might be pending? My bank said nothing is pending nothing is on hold and you have not sent a deposit according to them.

And what ARN number you guys have not given me an ARN number!? This is an ARN number "NsrdMcRfn#1067501*********". That is the same ARN number that came in from your bank before when I made a previous withdrawal request and it only took 3 days and it's in my account. But now that I am withdrawing my entire fund this is taking too long. Why?

Who should I believe here my bank? Or you're company that can't even give me a correct ARN number?

Whoever is at fault all I know is I don't have my money yet and someone needs to compensate for this.

 

[Maflip]

Hello Forex Peace Army

Thank you for giving Pepperstone the opportunity to provide information in relation to this complaint.

The following important factors must be considered when assessing Marlon's withdrawal request:

• We have provided Marlon with the withdrawal receipt as proof that Pepperstone promptly actioned the withdrawal request. The receipt also shows that Marlon’s funds left Pepperstone's bank account on 28th September 2015.

• We have also provided Marlon with the 'Acquires Numbers' to allow his bank to trace the transfer on their side. Marlon has informed us they are not investigating this matter but have simply informed him that the funds are not available but may be pending in his account. We expect the funds have made their way to his bank due to the time frame thus far, proof of transfer we have shown and the funds being released from our bank and not being transferred through any intermediary banks.

• After Marlon raised this issue with us again on 8th October 2015, we informed him that we would lodge a request with our bank to investigate this matter immediately. We did just that. Unfortunately though, the bank’s service response time in relation to these matters is largely out of our control and we were advised of an approximate two week time frame.

• Marlon did not find this acceptable, which is why we have further requested that our bank speeds up this process and tracks the transfer sooner than two weeks.

• We provided Marlon with this information less than 3 working days ago, but Marlon has decided to escalate this matter to Forex Peace Army Forums.

I have been personally working with Marlon since Thursday last week, 8th October 2015, in relation to his withdrawal request made on 28th September 2015. It is very regrettable that he has not received his funds and we are diligently working to find an acceptable outcome for him. Thus far, we have spent a significant amount of time on the phone with Marlon explaining the process. We have also spent time on the phone to our bank in an attempt to speed up a slow investigation process. Pepperstone cares about its client’s withdrawal requests and is doing everything possible to assist in this matter. We understand the frustration that Marlon must be feeling.

Marlon has suggested that we cancel the original withdrawal and re-send the funds. Unfortunately this option is not possible as Pepperstone is no longer in possession of Marlon's funds. Pepperstone is truly doing all that it can to assist in a situation we have little control over. Again, I would like to emphasise that Pepperstone is not in possession of Marlon's funds.

We are currently waiting to hear back from our bank in relation to its investigation so that we can provide clarity to Marlon on the status of his withdrawal. Once we have this information, we will be in a position to properly and carefully consider what actions to take next, including whether we need to compensate Marlon for the undoubtedly frustrating circumstance he is facing.

Regards,
Mitch

See my post above.

Keep you're facts straight and make sure I get my money in 30 days time. Else this is going to FOS.

 

[Maflip]

By the way there is also a case opened on my bank regarding this. However, my bank explained if Pepperstone really did send money they would have seen it in processing.

 

[navyseal]

It meant you haven't got any buck yet?