Open Zecco Forex Get $200

anyone use a citicard to fund? I'm gonna use the citidividends card.

Yes, you can.

canhelp said: Can we use 3 or 4 credit cards do the funding? I don't have a card more than $10,000 credit line.

ummm i don't think so.

multiple cards raise fraud concerns....

just don't do it.

i used the same citicard to fund 4x$5000. Balance is still zero

nicetimes, why $20k?

You need a call or there is option in the account to use credit card as funding?

What card was hit with the cash advance?

Could we get some people who saw it as a purchase to chime in with what CC they used?
Either in here, or the wiki would be great.

That's scary. My cash advance limit is well below $5000. So my three $5000 charges won't count as cash advance.

kenfeyl said: nicetimes said: joec1960 said: nicetimes, why $20k?
i am to greedy. I want to get the 1% credit card CashBack as well (since they are counted as purchases).

That sounds like a big risk. What if it gets marked as a cash advance? You'll be out 3% * $20k = $600, or $400 after the bonus. With $10k, you'll only be out $100 in the worst-case scenario.

teammjs said: People please: those of you in a panic over a possible cash advance, just call your card issuer and LOWER your cash advance limit BELOW what you're going to try to fund at. Worst case is the transaction doesn't go through if they try to run it as a cash advance then. CC companies don't let you blow through a cash advance limit like they might on your overall credit line.

You all are so worked up over this, when the bigger cloud is whether anyone who didn't get the e-mail will actually get the bonus considering the T&Cs indicate the intent was as a targeted offer.

My cash advance limit is only $1000 (while credit limit is $30000). If the transaction went through, it can not be counted as cash advance. But, who knows. Fortunately (or unfortunately), my zecco balance is still zero..

There is a option to fund your account using ACH (after your account is approved and you get your user id).

Also I got a call from someone named Tony, he told me that as I am opening my acount with $10000, I am eligible for a free one-on-one session explaining basics of Forex Trading by someone like him. So if you are interested, you can ask for it too (call customer Support)

fatbill said: nicetimes said: joec1960 said: nicetimes, why $20k?
i am to greedy. I want to get the 1% credit card CashBack as well (since they are counted as purchases).

Report back your success/failure. I tried this at fxcm and on withdrawl they charged back the credit card.

I am going to request withdraw with check (if my funding finally goes through). Did you request for check withdraw?

fatbill said: nicetimes said: fatbill said: nicetimes said: joec1960 said: nicetimes, why $20k?
i am to greedy. I want to get the 1% credit card CashBack as well (since they are counted as purchases).

Report back your success/failure. I tried this at fxcm and on withdrawl they charged back the credit card.

I am going to request withdraw with check (if my funding finally goes through). Did you request for check withdraw?

Yes. Requested check. FXCM said no because credit card funding used, I get a chargeback.
Now maybe if I had actually used the money to trade (I did not).

YMMV. Please report back.

Damn! I should have used ACH to fund the account then. Anyway, I'll report back once there is an update.

I tried to withdraw the funds and it basically gave me a sheet to print out and sign and fax it back to them. Does that mean it was successful? I left my small profit in the account...

Look what just showed up in my e-mail.

Zecco CSR said: You are all set up with the promotion. As long as you place the trade sometime this month you will be set up with the $200 cash promotion. It takes about 3-5 business days for the funds to hit the account after the first trade is placed. Please let me know if you have any additional questions.

Over the phone, she also promised me that it would be a purchase, not a cash advance. So far, I have not gotten cash advance fees in any of the three cards (I diversified to spread the cash advance risk) I used to fund my $10,250. These were my Chase Freedom card, my Citi Forward card and my BofA Worldpoints card. Don't laught at me for having a BofA Worldpoints card... it's my oldest card, I got it in college, I haven't used it in years before today and I wanted to diversify rather than use only Chase and Citi.

teammjs said: when i called them yesterday, the lady claimed that if you fund using your cc, it only goes back to the cc if you DON'T make a trade. take it for what a CSR is worth...

Isn't it possible to trade the entire 10k for 1 transaction (buy & sell immediately) then get the remaining balance back by check?

Yes, when you log in, under funding options there, there is an ACH option. However, the range to fund is $250-5000. Don't do what I did. I did $5k then $5k, then tried to do $1, but you have to do a min of $250. So, I had to ACH a total of $10250.

There has been a report of one member having been assessed a cash advance fee.

If you fund via credit card, please post your issuer, and whether the transaction was classified as a purchase or a cash advance. With a few datapoints, we can identify the safe issuers to use.

So, can you fund more than $20k with a credit card? Can I fund $100k, make one trade, wire the money back, then fund $80k-$100k again?

kenfeyl said: I have the same story walletfart did, but with CCs, not ACH. However, I would add that a CSR personally called me to inform me that the money had to be in the account by 72 hours after the account is opened to qualify for the bonus. She said the only transfers that would hit that limit were CCs and wire transfers, so I did CCs.

Then why do they offer a check funding option? I didn't see anything in the terms saying when the funds need to be there, just that you need to make your first trade by july 31.

The terms in the email make no mention, so I think it's safe:
To qualify for cash bonus, you must open and fund a new Zecco Forex trading account by July 31, 2009. After first trade is initiated, cash bonus will be deposited to your account within 3-5 business days. Bonus amount varies based on amount of deposit according to the following schedule: $200 bonus with deposit of 10,000 or more; $100 bonus with deposit of $2500 -$9999; $75 bonus with deposit of $1001-$2500, $50 bonus with deposit up to $1000. Cash bonus cannot be withdrawn within 90 days of initial funding. Existing Zecco Forex customers who have funded and traded are not eligible to receive this promotion. Self-directed trading accounts only; managed accounts and accounts referred by an Introducing Broker are not eligible to receive this promotion. Limit one cash bonus per customer. This offer is non-transferable.

If this is the same setup as forex.com, I can confirm that there is no way to get money out unless it goes back to the same credit card from which the account was funded. And this was when I tried to withdraw the money more than a year after funding with the credit card.