RESOLVED - eToro

[PortFPA]

Dear Dales,

You'll be pleased to hear that after looking over your case again we (myself and our support department) have made an appeal to our operations department and they have overturned their initial decision - in other words, you will be receiving compensation for the losses you have incurred due to your account limitations.

It has been recognized that there has been a mishandling on our part, as your account should have been verified a long time prior to the incident. The error arose due to a miscommunication as there was a mismatch between the addresses on the two utility bill you sent us, even though the original bill was addressed to your registered address. As a result your account was not upgraded to the next level and your deposit limit was not raised, which it should have been.

I'd also like to inform you that we have drawn some valuable conclusions from this case, and we will be making some significant differences to our account verification process. For instance, we have made an adjustment to our verification documents request to include a specification regarding the need for the address on the utility bill to match the user's registered address. We are also considering implementing a notification system that will notify our clients in advance when they approach their deposit limit.

Your account manager Adam will be getting in touch with you shortly (if he hasn't already) with all the details of your compensation.

On behalf of the entire eToro team, I'd like to express our sincere regret for having caused you this inconvenience, and I hope that your future experience with us will prove worth your patience.

Kind regards,
Abby, eToro Team

 

[Pharaoh]

Wow. A broker not just admitting and correcting an error, but analyzing what went wrong and taking steps to prevent it from happening again.

I hope a few more brokers will see this and realize that superior customer service is the best way to retain clients and make a profit.

Dales, please leave a followup once everything is finalized.

 

[Dales]

Hi Abby,

Thank you for the update and your effort in resolving this issue. I don't think this would have been achieved, especially in this short space of time, without your efforts. It is very much appreciated. I am currently speaking with Adam about the details of the compensation and will post further information about the outcome once finalised.

Thanks again.

 

[Dales]

As requested by Pharaoh, I would like to give everyone the full details of the compensation eToro have provided me.

Of the approximately $15,000 that was lost due to this error, eToro have stated they will refund $9,000 in two parts. They will be making $4,000 available immediately in the from of withdraw able funds, and the other $5,000 will be subject to their regular bonus policy before qualifying to be withdrawn. The Bonus Policy is available in the below link.

nanoRep Widget

 

[Pharaoh]

Are you satisfied with their solution? If so, this thread can be marked as Resolved.

 

[Dales]

I think I will accept their offer for the simple fact that I have asked for the full $9,000 to be made withdraw able if I chose to do so, but have been told twice that this is not going to happen.

I would rather have this issue finalised and will just minimise the amount of money I keep in my eToro account at any one time.

Thanks to FPA for the providing a medium like this to assist people in communicating issues more effectively. Very much appreciated.