MikeR397 said:Update request: Has a single person been able to withdraw money via check or wire yet? If so, how?
Not me, other than for amounts in excess of the original deposit.

Placed 34 roundtrip trades (68 total), 20 mini-lots each of USD/JPY, over the past 2 weeks. They still split my withdrawal request in two: refund to CC, and excess by check.
They don't even bother to send me any explanation by e-mail; I don't have to fax in my signature either.

Never got the bonus, still useful for closing out the rewards balance on sock-drawered CCs nonetheless.

Thanks. There has got to be a bright line time cutoff that we have not yet reached.

MikeR397 said:Update request: Has a single person been able to withdraw money via check or wire yet? If so, how?

Update Request #2: Has anyone tried to withdraw after 90 days and been able to get a check or wire? A CSR was quoted earlier saying the cut-off was 90 days instead of 180.

hook it up.. rsbridges1@gmail.com

Doesn't surprise me. Usually six months is the limit for chargebacks. So this has effectively become a 4% six-month CD. Still not a bad deal.

JTFH said:...just cash out the rewards, get the negative rewards balance (via chargeback/return) and abandon the card.I am planning a variation of JTFH's suggestion. My goal (like most others here) is to get the Zecco balance converted to cash. Instead of abandoning the card, however, I am going to try to find NOW accounts which accept CC funding thereby avoiding negative rewards/huge credit balance on rewards CC.

Below is a variation of my planned dance. I currently have a 40,000 balance on my rewards credit card (from Zecco funding). I need to 1st eliminate the balance to free up credit line for the NOW account(s).

Starting day (09/29/09) numbers are:
Rewards CC balance = (40,000)
Zecco Balance = 120,000

09/30/09 request 40,000 via check/wire from Zecco
10/01/09 Zecco sends 40,000 back to Rewards CC

Starting day (10/02/09) numbers are:
Rewards CC balance = 0
Zecco Balance = 80,000
10/02/09 open new 40,000 checking account(1) with CC funding option

Starting day (10/03/09) numbers are:
Rewards CC balance = (40,000)---{checking account(1) balance}
Zecco balance = 80,000
checking account(1) balance = 40,000

10/03/09 request 40,000 via check/wire from Zecco
10/04/09 Zecco sends 40,000 back to Rewards CC
10/05/09 open new 40,000 checking account(2) with CC funding option

Starting day (10/06/09) numbers are:
Rewards CC balance = (40,000)---{checking account(2) balance}
Zecco balance = 40,000
checking account(1) balance = 40,000
checking account(2) balance = 40,000

10/06/09 request 40,000 via check/wire from Zecco
10/07/09 Zecco sends 40,000 back to Rewards CC
10/08/09 open new 40,000 checking account(3) with CC funding option
10/08/09 bill pay 40,000 from checking account(1) to CC

Ending day (10/09/09) numbers are:
Rewards CC balance = 0---{checking account(3) balance is canceled by bill payment}
Zecco balance = 0
checking account(1) balance = 0
checking account(2) balance = 40,000
checking account(3) balance = 40,000

EDIT: 2009-09-23 09:24 removed reference to Commonwealth-like option

Added data point from yesterday...

I requested a withdrawal via wire. I received an email indicating funds will be sent back to originating card. My correspondence with the GAIN Capital agent regarding treatment of returned funds follows. Bottom line: Closing your credit card or waiting 6 months with extensive trading are the two options for getting CASH funds returned to you.

Q:What could I have done differently to avoid having the funds returned to my credit card?

GAIN Capital said:Unfortunately, we are always obligated to return funds back to the original funding source as per our Anti-Money Laundering policy. So, any time you fund with a credit or debit card, we must return funds to that card.

I can certainly sympathize with your situation; regrettably, financial regulations bind us to our present method of processing withdrawals.Q:I understand completely your company's position. However, I would like more information regarding your AML policy. Specifically: 1) is there a magic time line at which funds can no longer be returned to the originating credit card? 2) if the originating credit card is no longer active (i.e., closed by consumer), can Gain Capital still send the funds back to the card?

GAIN Capital said:Here are the answers to your questions:
1) If a withdrawal is submitted within 6 months of deposit, we must always return funds back to the credit / debit card. If the withdrawal is submitted beyond 6 months of deposit and there has been extensive trading activity on the account, we would be able to issue a check or a wire.
2) If the original funding card has been closed, we would be able to send funds by check or wire only if we are provided with a document from the bank / credit card company stating the account has been closed.

Also, please keep in mind that if you fund, for example, $1000 from a credit card – we can only return $1000 to that card. Any trading profits can be sent back by a different method.

You are the man!
But didn't your rewards credit card get closed by the issuer?
Usually this will happen very quickly, am I right?

jackcrawfish said:JTFH said:...just cash out the rewards, get the negative rewards balance (via chargeback/return) and abandon the card.I am planning a variation of JTFH's suggestion. My goal (like most others here) is to get the Zecco balance converted to cash. Instead of abandoning the card, however, I am going to try to find NOW accounts which accept CC funding thereby avoiding negative rewards/huge credit balance on rewards CC.

Below is a variation of my planned dance. I currently have a 40,000 balance on my rewards credit card (from Zecco funding). I need to 1st eliminate the balance to free up credit line for the NOW account(s).

Starting day (09/29/09) numbers are:
Rewards CC balance = (40,000)
Zecco Balance = 120,000

09/30/09 request 40,000 via check/wire from Zecco
10/01/09 Zecco sends 40,000 back to Rewards CC

Starting day (10/02/09) numbers are:
Rewards CC balance = 0
Zecco Balance = 80,000
10/02/09 open new 40,000 checking account(1) with CC funding option

Starting day (10/03/09) numbers are:
Rewards CC balance = (40,000)---{checking account(1) balance}
Zecco balance = 80,000
checking account(1) balance = 40,000

10/03/09 request 40,000 via check/wire from Zecco
10/04/09 Zecco sends 40,000 back to Rewards CC
10/05/09 open new 40,000 checking account(2) with CC funding option

Starting day (10/06/09) numbers are:
Rewards CC balance = (40,000)---{checking account(2) balance}
Zecco balance = 40,000
checking account(1) balance = 40,000
checking account(2) balance = 40,000

10/06/09 request 40,000 via check/wire from Zecco
10/07/09 Zecco sends 40,000 back to Rewards CC
10/08/09 open new 40,000 checking account(3) with CC funding option
10/08/09 bill pay 40,000 from checking account(1) to CC

Ending day (10/09/09) numbers are:
Rewards CC balance = 0---{checking account(3) balance is canceled by bill payment}
Zecco balance = 0
checking account(1) balance = 0
checking account(2) balance = 40,000
checking account(3) balance = 40,000

EDIT: 2009-09-23 09:24 removed reference to Commonwealth-like option

Remember the classic Styx hit song Mr Roboto?

Wikipedia said:The Japanese lyrics at the beginning of the song are as follows:

どうもありがとうミスターロボット (dōmo arigatō misutā robotto)
また会う日まで (mata au hi made)
どうもありがとうミスターロボット (dōmo arigatō misutā robotto)
秘密を知りたい (himitsu wo shiritai)

The lyrics translate into English as follows:

Thank you very much, Mr. Roboto
Until the day (we) meet again
Thank you very much, Mr. Roboto
I want to know (your) secret
Remember the chorus? (secret,secret.i gotta secret)

CLUE:
search the archived FWF threads using the following phrase (no quotes around search):
credit card funding purchase max

CLUE2:
R:6x3 GoddedBy:<>NightmareMoon

jackcrawfish said:Remember the classic Styx hit song Mr Roboto?

Wikipedia said:The Japanese lyrics at the beginning of the song are as follows:

どうもありがとうミスターロボット (dōmo arigatō misutā robotto)
また会う日まで (mata au hi made)
どうもありがとうミスターロボット (dōmo arigatō misutā robotto)
秘密を知りたい (himitsu wo shiritai)

The lyrics translate into English as follows:

Thank you very much, Mr. Roboto
Until the day (we) meet again
Thank you very much, Mr. Roboto
I want to know (your) secret
Remember the chorus? (secret,secret.i gotta secret)

CLUE:
search the archived FWF threads using the following phrase (no quotes around search):
credit card funding purchase max

CLUE2:
R:6x3 GoddedBy:<>NightmareMoon

I think all advice on FWF should be structured in this way.