I got a statement from the new HSBC account and submitted it to Plus500 and it was approved! So, now I tried to withdraw $1,000. They at least allowed me to submit the request now. However, there was a statement that they will refund the original source of the money.... Which would mean they will send it back to the credit card we used to fund the account, even though that is a joint account. Let's see what happens.
P.S. 8 February
The money showed up in the new HSBC account! So we successfully withdrew money from Plus 500.
3 comments:
That seems fairly standard with online trading accounts I think (at least it has been the case for a few of my accounts) - if you added funds to the trading account via CC, they will send withdrawals back to that account. (to avoid fraud, money laundering etc. issues).
It can be a real pain if the CC you originally used has since been closed ;) It should change to the new account you added to the account, but you might need to make it the default linked account, or perhaps remove the CC linked to the account.
BTW, quite a few people that trade CFDs get upset when they get some rewards points from the credit card "payment" to the trading account, but then have rewards points reversed off when they make some money trading CFDs and the withdrawal of funds gets processed to their CC as a 'credit'. You'd think people would have better things to waste time complaining about, but you'd be amazed at some of the customer service calls that are made regarding a few missing/removed CC rewards points...
They actually paid to the new HSBC account! IB let you transfer money to any account you want, though there is a hold on the money for some period of time.
Great, now you just have to set up an autotrading bot using your 'secret sauce' trading algo and wake up each morning to see a few more zeros added to your HSBC account ;)
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