Hello FPA
I would like to take this opportunity to further clarify a few points which I feel are relevant to Marlon’s complaint.
Firstly, the withdrawal request was an unmatched credit card withdrawal. This means that Pepperstone had to withdraw the funds in two separate transactions. Those transactions were the initial investment amount and then the subsequent profits that Marlon made trading with Pepperstone. This explains the two separate trace numbers.
Secondly, Pepperstone has provided Marlon with the withdrawal receipts from Pepperstone’s NAB client segregated account which shows the funds did indeed leave our bank account in a prompt manner. This point is now indisputable and agreed by all parties. Whilst it is extremely unfortunate that Marlon’s funds did not promptly arrive at his bank account, it is now clear that the funds did go straight to his bank and were placed in an un-allocated funds account.
Thirdly, Pepperstone is very happy to confirm that after providing Marlon the results of NAB’s investigation, Marlon was able to provide the relevant trace number to his bank. Marlon was then able to forcibly argue his point to his bank, with supporting information, and have his funds located in his bank’s un-allocated account. I am sorry Marlon had to argue this point so passionately with his bank before they did in fact allocate his funds to him.
Fourthly, I personally can understand the frustration Marlon must have felt waiting 2 weeks for the NAB investigation into his transfer. I would also like to note that our General Manager, Phil Horner, was personally liaising with NAB in an attempt to speed up this typically slow process. We are happy to provide the email chain if requested.
Pepperstone maintains that we have done our absolute best to assist Marlon through this process and are pleased to have assisted Marlon in having his funds found and returned to him.
Finally, that through this process, the funds were held by Marlon’s bank. His bank’s lengthy allocation process was outside Pepperstone’s control.
Whilst it was outside Pepperstone's control, we were more than happy to help with the process and did everything we could to have it resolved. Again, we certainly do not ever enjoy seeing any client wait longer than 1-3 business days for their withdrawal and understand this was a frustrating experience. The important thing to note for other clients is that Pepperstone is there to help and help provide evidence to any client, as it has done in Marlon's case who has a bank which holds onto funds in this manner. It was only after they were proved wrong with complete tracing numbers that they released funds within 48 hrs.
Regards,
Mitch
