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- 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:
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:
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:
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:
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:
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.
- Intermediary bank name
- Intermediary bank address
- Intermediary bank SWIFT code
- Beneficiary bank name
- Beneficiary bank address
- Beneficiary bank ABA/routing number
- Name on the account at the Beneficiary bank
- Account number at the Beneficiary bank
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:
- 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!)
- 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!)
- 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!)
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:
- intermediary bank name (provided on 07/18/2016)
- intermediary bank address (provided on 07/18/2016)
- intermediary bank account number (NOT applicable!!)
- intermediary bank SWIFT code (provided on 07/18/2016)
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:
- account number at the intermediary bank (IBAN) -- she stated they have one account number, but that I needed to "provide the other one please")
- SWIFT code of the Beneficiary bank -- (domestic banks, i.e. "beneficiaries" don't use SWIFT!!)
- address of the Intermediary bank
- ABA/routing number of the Intermediary bank -- (international banks, i.e. "intermediaries" don't use ABA!!)
- my IBAN number -- (I do not have, or need one for this and have stated such MULTIPLE TIMES!!)
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:
- the full street address for the Intermediary bank
- the "account number of the Intermediary bank"
- verify if there is a SWIFT code for the Beneficiary bank
- "the SWIFT code of your Beneficiary bank"
- "the account number of your Intermediary bank"
- "Intermediary bank full address"
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.