Finfx is retarded.
Payable On Death (POD) Definition | Investopedia
https://www.ohiobar.org/ForPublic/Resources/LawYouCanUse/Pages/LawYouCanUse-491.aspx
Enough of the self-serving "opinions" rendered by persons having a direct financial interest in finfx and with a hefty total of 5 (five) prior contributions to this forum (all extolling the praises of finfx!).
Some of us, actually living on planet earth, actually have to deal with this broker as clients, rather than being dependent on them for dinner. A POD account is a method savvy individuals in the USA use to directly pass an account to a relative after death without need for months of probate. Nobody in his right mind would argue the owner of such a bank account is anything but the full and beneficial owner. And Texas Statute (where the account is domiciled) is pretty explicit on this point:
>Text of article effective until January 01, 2014
Sec. 438. OWNERSHIP DURING LIFETIME. (a) A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent.
(b) A P.O.D. account belongs to the original payee during his lifetime and not to the P.O.D. payee or payees. If two or more parties are named as original payees, during their lifetimes rights as between them are governed by Subsection (a) of this section.<
http://www.statutes.legis.state.tx.us/Docs/PB/htm/PB.XI.htm
Yet, incredibly Finfx is arguing the ownership of such an account is unclear. I have had the account for 3 years. Finfx has received wires from the account and has wired money to the account on numerous occasions without a peep. But today, while trying to upgrade my account to an ECN pro account, this:
Thank you for contacting us concerning the situation with your bank account. Unfortunately we are not able to accept BOD bank account. FinFX’s policy is to verify that bank account is owned by client as we do not accept third party money transfers. We understand the nature of BOD bank account and because in case of death the bank account ownership can be transferred to other person, FinFX has decided to not to accept BOD bank accounts. All payments to/from clients must be processed via bank account which is held in the same name as the trading account.
FinFX’s document requirements have changed since your first trading account was opened. It is unfortunate that we did not know that your bank account 58xxxxxxxx37 has the BOD feature and could not ask you to change the bank details earlier. We need you to to provide us a new original bank account which will be used for your money transfers from/to FinFX in future. Or if it is possible in Bank of America you may also ask the bank to remove BOD feature from your account 58xxxxxxxx37.
If you prefer to provide us a new bank account in Bank of America or in some other bank please send us a bank statement in order to verify your ownership to the new original bank account. The bank document must show complete account number, your name, bank’s name/logo and it can be max. 3 months old. Please also advise a Swift code or Routing number if new bank account is not in Back if America. Or in case you choose to remove the POD feature from 58xxxxxxxx37 please provide us a new bank statement which shows that account is not POD anymore or a confirmation letter from your bank with bank officer’s signature and stamp.
FinFX’s Onboarding Department will continue your trading account opening process after you have provided us the new bank details.
We thank you for your cooperation and welcome you to contact us for further advises if needed.
Yours Sincerely,
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FinFx Trading Oy | XXXXXXXX
| Back Office Manager | +358 10 281 0101
| Tainionkoskentie 14, 55100 Imatra, Finland
| backoffice@finfx.fi | www.finfx.fi
The ownership of a POD account does pass after my death. And precisely the same thing will happen without a POD designation, but only after a multi-month delay and an expensive probate process, which is precisely the point of the POD designation. If you want to pass a bit of money, say to your brother quickly perhaps to bury you before your body rots, this does make a great deal of sense. And the probate process, and added expense to my estate is where finfx is basing a decision concerning beneficial ownership... Maybe I should just stick a knife in my brother's heart because it will make finfx happy... Yeah, that's the ticket.
I spent an hour of my valuable time at Bank of America today. The lady I spoke with was shaking her head while reading the above email. And I don't think it was merely because of the misspellings and other indications of sloppiness at best and brain damage at worst. I can remove the POD designation with my signature. And I did so. And I can reintroduce it with a signature. That's what full beneficial ownership of a bank account means.
Furthermore, isn't it interesting how these jokers demand that I change my bank account (the one from which they've received funds over a period of YEARS) before they'll condescend to giving me MY money back!!! So maybe they're not retarded after all and the broker is just a scam.
It has taken more work and aggravation than I imagined possible to merely get a faster connection to finfx servers. And I'm not done yet! They can still rake me over the coals getting 200:1 leverage as I have with my current ECN account and as I require. I am seriously considering simply pulling funds and closing the account after 3 years with these jokers. I've opened an ECN account with FXChoice at 200:1 leverage and note they have a similar deal with offer of a free VPS with very low latency (7 ms)to their servers. Has anybody been trading with them?