First Deposit - Funds being withheld 3-4 days

Deposit a small amount yesterday evening to test out the service.
Q&A saying that if placed post 16:30 then should clear the next day. Fine. Sounds good.

Arrange the test amount via bank transfer. And check back in the morning to test out the app. No funds on account.

Speak to the live chat who advise they have found the funds, but will take 3-4 days to allocate to my account on Freetrade. They are transferring the case and I get no response on that chat again.
Raise another chat hours later. This will take 3-4 days. No response after this.

Unique code was used correctly. Q&A doesn’t list any details how to handle money getting “lost” outside contact the livechat.

This is money sitting in your bank account for 3-4 days that I have no access to and cannot arrange to be transferred back to my own account either.

I think this is totally acceptable for you to sit on money for 3-4 days. Terrible first experience and will not be using this app at all moving forward.

I want this transferred back to the linked account today.

Hi there, i had issues with my first deposit as well and in the end it took a few days to sort everything out. I accept it is disheartening when you’re excited to try out the service and maybe see the stocks you’re interested in rising in price but once that initial deposit is sorted subsequent ones tend to be credited almost instantly.
With the chat what i’ve noticed is that there is a limited number of staff dealing with that and are in other roles as well so that can lead to delays in responding, resolving issues, etc.
Hang in there, you’ll love Freetrade once everything starts to work well!

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Reach out to in app chat

Is this a case of you having a linked bank account, but transferring funds from another bank account into your Freetrade account? That is usually the case when things take 3-4 days.

When transferred to Freetrade correctly, funds are usually on the account within a couple of hours, so seems odd that it would take 3-4 days if done correctly.

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Sharefu:
Perhaps you are right. But sometimes you really do get what you pay for. If we are to be depositing significant amounts of money into this platform you would expect they have their affairs and processes in order. The fact that it’s not uncommon for a first deposit to get lost or take longer is quite disheartening.
Doesn’t come across as reliable nor professional when they don’t respond for an entire business day.

jspen:
I used the same bank account details as those I provided the details of on the app. I used the correct unique code. Everything done my end was done correctly.
They said they located the transfer this morning and they could see they received the funds. Their reasoning was the name was different than they expected. I can only assume this is either by middle name on my bank account, which was omitted on the app, or that their database is not robust enough to handle double barreled surnames.
Either way for them to say they have located the funds but for me to still have to wait 3-4 days before they allocate them to my account is totally unacceptable to me. Compounded by the non-response from their customer care representatives on the in app live chat.

Hi :wave:

Sorry to hear that you’ve had this experience - would you mind dropping me a DM here so that I can take a look into this for you please? :pray:

When trying to send a DM:

“Sorry, you cannot send a personal message to that user.”

Don’t worry - I’ll message you instead! :+1:

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