Porter Finance not processing withdrawal, hides behind nonstop requests for inapplicable wire info

ronin

Recruit
Messages
8
I made a request to withdraw profits from my account at Porter Finance on 07/15/2016. I was then contacted on 07/18/2016, via email, with a request for details so they could process the wire transaction. I confirmed all required details with my bank and submitted the information to Porter on the same day, 07/18/2016. Information I provided included:
  1. Intermediary bank name
  2. Intermediary bank address
  3. Intermediary bank SWIFT code
  4. Beneficiary bank name
  5. Beneficiary bank address
  6. Beneficiary bank ABA/routing number
  7. Name on the account at the Beneficiary bank
  8. Account number at the Beneficiary bank
I received an email from "Julie S" in the Porter Finance Accounting department on 07/19/2016 stating they received the documents and had "forwarded them to the appropriate department".
Ten days then passed and, on 07/29/2016, I received an email from "Arris U" in the Porter Finance Accounting department requesting all the documentation again. This email was a complete resend of the very first email I received from them, telling me the withdrawal would be a wire transfer and requesting ALL wire details again, as if I had never sent them in.

I was travelling that weekend, so I wasn't able to respond to "Arris U" intil 08/01/2016, but when I did, I provided all the requested details for a second time. I also mentioned that I had already provided this information to "Julie S" and had received confirmation from her that it had been received -- I attached a copy of the confirmation email from "Julie S" for "Arris U".

On 08/01/2016, I also contacted them via phone to try to discuss the situation, but I was told that their Accounting department does not have any phones and that I would have to interact with them via email and/or live chat. I contacted them via live chat and explained the situation to the agent, "Nathan". "Nathan" requested that I forward to him the original email from "Julie S", which I did. Ticket #JZ551 was created in their support system when the email was received on their end.

Later that day, 08/01/2016, after contacting them via chat, I received another email from their accounting department, this time from "Jennifer M". She stated my details were incomplete. Her email stated that I needed to provide:
  1. my account number at the intermediary bank, or IBAN (I don't have one, as they use my bank's ABA/routing number to forward funds to my account at my domestic bank! IBAN numbers do NOT apply to wire transfers coming into the US -- this is banking regulatory FACT!)
  2. an ABA/routing number for the intermediary bank (there is no such thing, as this is what the SWIFT code is for! International banks use SWIFT, domestic banks use ABA/routing -- more banking regulatory FACT!)
  3. re-requested ALL details for the intermediary bank, including their name, address, account number and SWIFT code (all was previously supplied, except for an account number, as that information simply does not exist and is completely unnecessary!)
I responded to "Jennifer M" on the same day, 08/01/2016, providing ALL required information AGAIN -- now the THIRD time! I also contacted my bank to make sure I wasn't misunderstanding what they needed to complete this. My bank confirmed ALL the information I had provided is ALL that is required for international wire transfers. The representative at my bank expressed concern that if they don't process the transaction with the provided information, that they most likely "just didn't want to send me the money".

Next, on 08/02/2016, I now received an email from "Mitchell B", also in their Accounting department, again requesting that I send them the following:
  1. intermediary bank name (provided on 07/18/2016)
  2. intermediary bank address (provided on 07/18/2016)
  3. intermediary bank account number (NOT applicable!!)
  4. intermediary bank SWIFT code (provided on 07/18/2016)
I replied to "Mitchell B" on the same day, 08/03/2016, again providing the information that is relevant and, again, explaining that there is NO "account number" at the intermediary bank, nor is one required for international wire transfers coming into the US!

On 08/04/2016, I received another email from the "Julie S" email account, but the contents were now signed by "Kim M". This email requested the following information, again:
  1. account number at the intermediary bank (IBAN) -- she stated they have one account number, but that I needed to "provide the other one please")
  2. SWIFT code of the Beneficiary bank -- (domestic banks, i.e. "beneficiaries" don't use SWIFT!!)
  3. address of the Intermediary bank
  4. ABA/routing number of the Intermediary bank -- (international banks, i.e. "intermediaries" don't use ABA!!)
  5. my IBAN number -- (I do not have, or need one for this and have stated such MULTIPLE TIMES!!)
I responded to "Kim M" immediately, confirming the information I have now given them FOUR times and stating the appropriate portions as NOT APPLICABLE (IBAN, Intermediary ABA, Beneficiary SWIFT).
I also contacted their phone support again, knowing it's impossible to speak to anyone in Accounting, but electing to work with one of their "support agents". I spoke to "Mark Lind". He listened to the situation I described and was quite helpful in putting me on hold so he could "go talk to someone in Accounting". While this rep did listen, he admitted to having zero knowledge of how bank transfers work, so when I was describing the scenario and why the repeated requests for some of this information were out of place, all he could do was listen -- he was helpful, but his lack of knowledge about banking process was a true hindrance. When Mark came back from speaking with Accounting, he confirmed that they only needed 3 pieces of information. He created ticket #PRM66 in their support system and sent me an email confirming what they needed:
  1. the full street address for the Intermediary bank
  2. the "account number of the Intermediary bank"
  3. verify if there is a SWIFT code for the Beneficiary bank
I received Mark's email from their support system at 16:59 on 08/04/2016. At 18:30 on 08/04/2016, I received another email from "Kim Moor", seemingly reiterating the information Mark confirmed they were requesting:
  1. "the SWIFT code of your Beneficiary bank"
  2. "the account number of your Intermediary bank"
  3. "Intermediary bank full address"
I contacted my bank again to discuss the situation and to be ABSOLUTELY positive that I wasn't misinterpreting what Porter was asking for -- again, my bank confirmed that "some of the information they are asking for sounds made up", such as their SWIFT, as a domestic bank, and the account number of the Intermediary bank, as those don't exist in the US. The rep at my bank again stated that is sounds like Porter just didn't want to process the transfer and were making up reasons not to. I replied to "Kim Moor" with the information she requested, now for the 5th or 6th time and am now awaiting their response again.

I have decided to open this case at FPA in the hopes of getting someone from Porter to take this issue seriously and to complete my request. I also hope that others can learn from my experience and NOT use Porter Finance. The binary options industry does NOT actors like this.
 

ronin

Recruit
Messages
8
{attached original withdrawal confirmation email}
 

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FxMaster

Lt. Colonel
Messages
10,779
I made a request to withdraw profits from my account at Porter Finance on 07/15/2016. I was then contacted on 07/18/2016, via email, with a request for details so they could process the wire transaction. I confirmed all required details with my bank and submitted the information to Porter on the same day, 07/18/2016. Information I provided included:
  1. Intermediary bank name
  2. Intermediary bank address
  3. Intermediary bank SWIFT code
  4. Beneficiary bank name
  5. Beneficiary bank address
  6. Beneficiary bank ABA/routing number
  7. Name on the account at the Beneficiary bank
  8. Account number at the Beneficiary bank
I received an email from "Julie S" in the Porter Finance Accounting department on 07/19/2016 stating they received the documents and had "forwarded them to the appropriate department".
Ten days then passed and, on 07/29/2016, I received an email from "Arris U" in the Porter Finance Accounting department requesting all the documentation again. This email was a complete resend of the very first email I received from them, telling me the withdrawal would be a wire transfer and requesting ALL wire details again, as if I had never sent them in.

I was travelling that weekend, so I wasn't able to respond to "Arris U" intil 08/01/2016, but when I did, I provided all the requested details for a second time. I also mentioned that I had already provided this information to "Julie S" and had received confirmation from her that it had been received -- I attached a copy of the confirmation email from "Julie S" for "Arris U".

On 08/01/2016, I also contacted them via phone to try to discuss the situation, but I was told that their Accounting department does not have any phones and that I would have to interact with them via email and/or live chat. I contacted them via live chat and explained the situation to the agent, "Nathan". "Nathan" requested that I forward to him the original email from "Julie S", which I did. Ticket #JZ551 was created in their support system when the email was received on their end.

Later that day, 08/01/2016, after contacting them via chat, I received another email from their accounting department, this time from "Jennifer M". She stated my details were incomplete. Her email stated that I needed to provide:
  1. my account number at the intermediary bank, or IBAN (I don't have one, as they use my bank's ABA/routing number to forward funds to my account at my domestic bank! IBAN numbers do NOT apply to wire transfers coming into the US -- this is banking regulatory FACT!)
  2. an ABA/routing number for the intermediary bank (there is no such thing, as this is what the SWIFT code is for! International banks use SWIFT, domestic banks use ABA/routing -- more banking regulatory FACT!)
  3. re-requested ALL details for the intermediary bank, including their name, address, account number and SWIFT code (all was previously supplied, except for an account number, as that information simply does not exist and is completely unnecessary!)
I responded to "Jennifer M" on the same day, 08/01/2016, providing ALL required information AGAIN -- now the THIRD time! I also contacted my bank to make sure I wasn't misunderstanding what they needed to complete this. My bank confirmed ALL the information I had provided is ALL that is required for international wire transfers. The representative at my bank expressed concern that if they don't process the transaction with the provided information, that they most likely "just didn't want to send me the money".

Next, on 08/02/2016, I now received an email from "Mitchell B", also in their Accounting department, again requesting that I send them the following:
  1. intermediary bank name (provided on 07/18/2016)
  2. intermediary bank address (provided on 07/18/2016)
  3. intermediary bank account number (NOT applicable!!)
  4. intermediary bank SWIFT code (provided on 07/18/2016)
I replied to "Mitchell B" on the same day, 08/03/2016, again providing the information that is relevant and, again, explaining that there is NO "account number" at the intermediary bank, nor is one required for international wire transfers coming into the US!

On 08/04/2016, I received another email from the "Julie S" email account, but the contents were now signed by "Kim M". This email requested the following information, again:
  1. account number at the intermediary bank (IBAN) -- she stated they have one account number, but that I needed to "provide the other one please")
  2. SWIFT code of the Beneficiary bank -- (domestic banks, i.e. "beneficiaries" don't use SWIFT!!)
  3. address of the Intermediary bank
  4. ABA/routing number of the Intermediary bank -- (international banks, i.e. "intermediaries" don't use ABA!!)
  5. my IBAN number -- (I do not have, or need one for this and have stated such MULTIPLE TIMES!!)
I responded to "Kim M" immediately, confirming the information I have now given them FOUR times and stating the appropriate portions as NOT APPLICABLE (IBAN, Intermediary ABA, Beneficiary SWIFT).
I also contacted their phone support again, knowing it's impossible to speak to anyone in Accounting, but electing to work with one of their "support agents". I spoke to "Mark Lind". He listened to the situation I described and was quite helpful in putting me on hold so he could "go talk to someone in Accounting". While this rep did listen, he admitted to having zero knowledge of how bank transfers work, so when I was describing the scenario and why the repeated requests for some of this information were out of place, all he could do was listen -- he was helpful, but his lack of knowledge about banking process was a true hindrance. When Mark came back from speaking with Accounting, he confirmed that they only needed 3 pieces of information. He created ticket #PRM66 in their support system and sent me an email confirming what they needed:
  1. the full street address for the Intermediary bank
  2. the "account number of the Intermediary bank"
  3. verify if there is a SWIFT code for the Beneficiary bank
I received Mark's email from their support system at 16:59 on 08/04/2016. At 18:30 on 08/04/2016, I received another email from "Kim Moor", seemingly reiterating the information Mark confirmed they were requesting:
  1. "the SWIFT code of your Beneficiary bank"
  2. "the account number of your Intermediary bank"
  3. "Intermediary bank full address"
I contacted my bank again to discuss the situation and to be ABSOLUTELY positive that I wasn't misinterpreting what Porter was asking for -- again, my bank confirmed that "some of the information they are asking for sounds made up", such as their SWIFT, as a domestic bank, and the account number of the Intermediary bank, as those don't exist in the US. The rep at my bank again stated that is sounds like Porter just didn't want to process the transfer and were making up reasons not to. I replied to "Kim Moor" with the information she requested, now for the 5th or 6th time and am now awaiting their response again.

I have decided to open this case at FPA in the hopes of getting someone from Porter to take this issue seriously and to complete my request. I also hope that others can learn from my experience and NOT use Porter Finance. The binary options industry does NOT actors like this.
Two steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Go to their website and invite them to here via Live Chat
 

Pharaoh

Colonel
Messages
20,127
How, when, and how much did you deposit.

If you are in the US, a phone call to the CFTC and SEC would be a good idea.
 

ronin

Recruit
Messages
8
I was traveling for the end of summer and was unable to pursue this other than trading a few emails with the Porter Finance people. I am now back in my home country and need to continue working for getting my withdrawal processed. I have provided Porter with all required wire transfer information 2 more times since opening this case. I have now been able to invite them to this thread. STILL waiting for any positive action on their part.
 

ronin

Recruit
Messages
8
Hi all -- received the following from Porter in response to my invitation:

======
dated Mon, 09/12/16 12:40 am
======
Dear Robert,

Thank you for contacting the Porter Finance Customer Support Team.

According to our records, your first withdraw request of $200.00 was already processed. Your second withdraw request of $300.00 will be refunded to you via wire transfer. However, the details were only provided to us as early as August 24th. Wire transfers can take a maximum of 20 days depending on the bank that you work with. For more information about your withdraw status please email our accounting department directly at accounting@porterfinance.com.

Please feel free to contact us if you have any further questions.

Kind regards,
Nathan Hill,
Porter Finance Customer Support
======
end
======

Clearly, I've provided this information several times prior to August 24th, but at least this response seems to recognize it in it's entirety and without request for additional clarification, so perhaps they'll proceed this time(?). I'll update again with any further information received from them, or when the "maximum of 20 days" has passed. Counting business days only should make this September 21st, according to my calculations.
 

Pharaoh

Colonel
Messages
20,127
I believe if you exclude war zones and a handful of countries without much of a government left, bank wires shouldn't take more than 10 days at the outside.

Ask them for tracking info on the wire. If they can't/won't provide it, then they probably never sent it.
 
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