Filing credit card chargeback against Binary Broker which reason code to use?

[willyboy88]

I am about to file a credit card charge back against a binary broker.
They have been denying my withdrawal for a few weeks and I have not taken any bonus.

https://www.merchantconnect.com/CWRWeb/pdf/CBRReasonCodeListUS0908.pdf

For those that have file a credit card chargeback against your binary broker to recover your fund

Question 1)
Which credit card charge back reason code do you use ( refer attachment)

Question 2)
Are you successful in your chargeback? Any complication say 30 days after your charge back is filed?


PLease share your experience and help me out.

Thanks.

 

[Pharaoh]

Wow! Cool link.

This depends on your exact issue. If you deposited, placed trades yourself (even on bad advice), and lost money, then you really aren't qualified for a chargeback.

If the broker placed trades for you, more details would be needed.

It also depends on the card type.

The services a broker should provide include the ability to deposit, place trades, and withdraw. A good piece of supporting evidence would be anything from the broker's website describing how long withdrawals should take to process.

If you deposited and the broker refuses to let you withdraw funds that legitimately belong to you, I'd say that code Discover card code RG - No Receipt of Goods or Services could fit the description.

For MasterCard, Code 4859 - Services Not Rendered would seem similar, as would Visa Code 30 - Services Not Provided or Merchandise Not Delivered looks appropriate.

If you deposited once and unauthorized additional charges were made, that's a different code for each card provider.

Before entering a code, please double-check everything with the Fraud Department of your issuing bank.

 

[willyboy88]

Thanks Pharaoh for getting back to me so quickly.

In my case, I authorized the deposit, placed the trades myself.
I told the broker I dont want any bonus that could hamper my withdrawal when I first sign up for the account.
I am at break even and do not want to trade any more.
The broker allow me to withdraw some money to gain my trust before persuading me put in more money into the account.
The broker told me that I can withdraw the new funds and old funds anytime since I did not take any bonus money.
I requested withdrawal in mid August 2014. They have been delaying my withdrawal.
I have submitted my email to request for withdrawal multiple times and they keep on delaying it.( 3 weeks now)

I am using a Visa credit card.
If I file a credit card chargeback ....which chargeback code should I use?
a) Visa Chargeback reason code will be 85.- Credit not refunded.

b) Visa Chargeback - Unauthorized transaction --> I doubt I have a case on this one as I did authorize the deposit and the binary option broker has the my verification
document and they could use these documents against me.

c) Visa Chargeback reason code 53 - Not as describe and defective merchandise

d) Visa Code 30 - Services Not Provided or Merchandise Not Delivered looks appropriate.

I dont plan to file a chargeback and then fail in the dispute.
For other forum members that has successfully file a chargeback and win the chargeback dispute...Kindly please help me out and share your experience.
e.g. how does the credit card company categorize your chargeback.

Thank you in advance.

 

[Pharaoh]

Codes 30 and 85 look reasonable. The best bet would be to speak to the fraud department at your credit card's issuing bank. They can give you a final decision on which code is the absolute best option for your specific circumstances.

 

[Master Yoda]

1. Usually you contact your bank and they do the form for you. As for which code to use maybe if you can tell us a bit more about your story I can give you a better advice, for now code 30 seems reasonable

2. Most of banks and credit companies allow you up to 6 months to ask for a chargeback, unless it's AMEX then it's 12 months

 

[willyboy88]

Thank you Eddiger and Pharaoh.
I just sent you a Private Message . Please help me out. I appreciate it.

 

[Pharaoh]

Message received. You're doing an excellent job so far.

 

[Master Yoda]

Thank you Eddiger and Pharaoh.
I just sent you a Private Message . Please help me out. I appreciate it.

Got it.

Update me if any reply from them

 

[Joseph potash]

I've looked up on the cftc's website and it says:
Certain Registration and Regulatory Requirements of the CFTC
It is illegal for entities to solicit, accept offers, offer to or enter into commodity options transactions (for example, foreign currencies, metals such as gold and silver, and agricultural products such as wheat or corn) with U.S. citizens, unless those options transactions are conducted on a designated contract market, an exempt board of trade, or a bona fide foreign board of trade, or are conducted with U.S. customers who have a net worth that exceeds $5 million.

To see the most recent list of exchanges that are designated as contract markets, check the CFTC website. There currently are only three designated contract markets offering binary options in the U.S.: Cantor Exchange LP; Chicago Mercantile Exchange, Inc.; and the North American Derivatives Exchange, Inc. All other entities offering binary options that are commodity options transactions are doing so illegally.

Further entities that solicit or accept orders for commodity options transactions and accept, among other things, money to margin, guarantee, or secure the commodity options transactions must register as a Futures Commission Merchant. Entities that act as the counterparty (that is, they take the other side of the transaction from the customer as opposed to matching orders) for foreign currency options transactions for customers with a net worth of less than $5 million must register as a Retail Foreign Exchange Dealer.

Because of their lack of compliance with applicable laws, if you purchase binary options offered by persons or entities that are not registered with or subject to the oversight of a U.S. regulator, you may not have the full benefit of the safeguards of the federal securities and commodities laws that have been put in place to protect investors, as some safeguards and remedies are available only in the context of registered offerings. In addition, individual investors may not be able to pursue, on their own, some remedies that are available for unregistered offerings.

is this enough of a reason for a chargeback, since it's illegal for an of exchange entity to solicit funds from a u.s citizen?

 

[Joseph potash]

As well as Citrades clearly claims they don't accept u.s. citizens on thier website if you try to register. will the above info i posted be a valid dispute?