Chargeback against XM.com

[forextrader_fire7]

If you won the dispute (with the bank/credit card provider), then the credit card provider issue you a credit for the disputed balance regardless of what the merchant does? Depends also on the country's consumer protection laws. But most developed countries like Canada should refund the disputed amount within a couple of days after ruling in your favor. In many cases, they will issue a provisional credit within 24 hours.



I'm hardly surprised. There is actually a youtube playlist that exposes a few other brokers bucket shops caught doing something similar:

youtube.com/watch?v=uMYxrYC2hNg&index=3&loop=1&list=PLAeDv9ZS_kDM-xKXekrkEWuRIow4QpJc9



When you say XM paid back some of the money: Did they pay it back to mt4 acct, or pay it back to your payment processor (or credit card?)

Hi there, chargebacks only work if the company actually pays it back, regardless if you win or not. For me my chargeback had been going on for a while so i was really losing hope, I think me drawing attention towards it helped for sure. They paid the amount first to visa, who in return credits it to my card as a purchase adjustment. ( As it should be.) I happy to report I received back 100% of the funds to the last penny, so until otherwise stated, I can call this case resolved.

 

[4evermaat]

Hi there, chargebacks only work if the company actually pays it back, regardless if you win or not. For me my chargeback had been going on for a while so i was really losing hope, I think me drawing attention towards it helped for sure. They paid the amount first to visa, who in return credits it to my card as a purchase adjustment. ( As it should be.) I happy to report I received back 100% of the funds to the last penny, so until otherwise stated, I can call this case resolved.

That sucks. In USA and most EU countries, you get almost immediate credit if fraud is established in the instance of a chargeback. Maybe the bank eat the cost or whatever, but they tend to want to promote consumer confidence in the credit system.

Typically what you describe would happen in a more developing country like Thailand, where consumer protection is lacking.

In any case, I'm glad it worked out ok.

 

[Pharaoh]

I was under the impression that a successful chargeback removed the money from the company's account. Ask your bank what's going on with this.

 

[forextrader_fire7]

I had visa's CB specialist explain it to me like this:

CB's have to be paid by the merchant in dispute before CC company will reimburse the client for something like binary options because it falls into a gray area, unlike down right CC left. So it is in the alleged merchant's best interest to pay up, but unfortunately, as you know these forex brokers are sneaky and probably have lots of current CC accepting venues and can burn them as CB's arise, and know just what to do to avoid paying back client fund's.

Merchant`s are usually given 31 days to pay back the disputed charge, and at the very least are required to issue a response.

He told me truthfully, that usually, only 40% Of the Binary Options CB's he's seen have been successful. Meaning that the alleged merchant has paid back the client`s CB amount to Visa, who then, in turn, reimburses the client his funds from the CB. So right off the back the chance of you getting your money back after you win the CB case is less than 50%.

Also, Bank`s usually won`t issue a CB temporary credit to clients over Binary Options because of the high-risk scenario. Doesn`t matter if you're in Canada, China, or France. I had a chat with WINCHARGEBACK once too, and even they told me that getting money back from chargeback`s is tricky and that most of their client wins are usually only like 30, or 40% of the alleged disputes. Basically, just enough back from the merchant to shut them up and take some of the heat off.

THE BEST thing you can do with your chargeback to file fraud as they 9 times out of 10, NOT REGULATED TO DO BUSINESS IN YOUR COUNTRY. It`s great if you have any additional evidence to go with your claim as well, but this is usually the support you need to file a successful CB. Hope this answers your question Pharaoh.

 

[Rookie Guy]

Hey, I'm thinking about filing a chargeback too. I live in ontario, my brokers app would always stop working at the most inconvenient times. Lost a lot of money. Did you get your chargeback approved because the broker was not regulated in canada?

 

[4evermaat]

Hey, I'm thinking about filing a chargeback too. I live in ontario, my brokers app would always stop working at the most inconvenient times. Lost a lot of money. Did you get your chargeback approved because the broker was not regulated in canada?

Was it with XM? Regardless, you should open a new scam alert thread with details of your individual scam situation (and upload evidence).

 

[Rookie Guy]

Was it with XM? Regardless, you should open a new scam alert thread with details of your individual scam situation (and upload evidence).

The problem for me is that its hard to show evidence that the app wasn't working for me those times.