I would like to withdraw money from GIA account, the money is displayed as settled money, I have my bank account linked to my freetrade account, but I can not withdraw, I have contacted customer rep a week ago but not gotten a response regarding the issue for a week, he then just proceeds to close the chat.
Hi @crun7
Sorry that this is taking a while. Let me get the team to investigate this for you. Can you confirm if the email you used here on the forum is the same as the one associated with your FT account?
Best,
Alex
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Yes it is, your colleagues James just got back to me saying he will look into the issue this morning, thank you for asking
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I have the same issue, and unable to withdraw money. Error message “Unexpected error occured. Please try later”.
I have cleared app cache, restarted my phone and still have the same issue.
Hey @acenikolov - I can see you’ve got an open ticket with out customer service team. I’ve asked them to respond as soon as possible.
Best,
Charlotte
Hi Charlotte,
I don’t know if you can assist. This is the message that I have received on in-app chat from the customer service:
“,A decision has been made that we are unable to continue to offer our services to you, so your GIA account will be closed in 30 days on Thursday 28th November.
In order to facilitate this closure, please either provide us with a request to transfer out or sell down all positions and withdraw the funds from your account.If no response is received by Tuesday 5th of November, your positions will be sold down and funds will be sent to your nominated bank account.”
I’m very confused. I have never requested to close my account and in fact I have thinking of upgrading my account from basic to standard. My issue was that I was not able to withdraw the cash, but the message from customer service is very confusing and strange.
By the way I’m still not able to withdraw cash, and I have no idea if my account will stay open, or will get closed?! I have substantial investment and have not intended to close my account, but …
Let me know if you can assist with both: account closure message, and withdrawal issue.
Regards,
Aleks
This the latest message I have received from Freetrade in-app response.
"Thank you for your message, As per our terms and conditions (no. 31 & 2) we may terminate your Freetrade Account at any time and for any reason by giving you notice.This is the only information I have regarding your account closure.
I will look into the withdrawal issue for you, but please do come back to us to confirm if you wish to transfer out or if you choose to withdraw all funds to your linked bank account to facilitate the account closure"
I’m really confused. I have contacted Freetrade to look at my withdrawal issue and they are closing my account without explanation. I don’t understand as I’ve been a customer for over 2 years and have planned to upgrade my account.
I have substantial investment and I thought Freetrade wants to have more customers.
I have never experienced anything similar and this goes beyond any reasonable explanation.
I still receive messages to introduce a new customer and receive a free share, but on the other hand they are closing my account.
I
Any ideas why they want rid of you?
Do remember you can complain to the FCA.
Keep us informed.
Absolutely no idea and no explanation from their side.
Sounds like something has triggered an Anti Money Laundering issue, if this is the case they won’t tell you the reason as this would considered ‘tipping off’.
Hope you get the answer you need.
Thank you Neil.
That is strange as I’m not sure what can trigger the Anti Money Laundering issue.
The investments are from mine accounts and earned from my salary and savings and the amount I have invested so far is less than £40k.
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Update:
As Freetrade informed they will be closing my GIA Account I have sold all my shares, and the cash is now settled and withdrawable, however I can still not withdraw to my linked Bank Account, and I don’t have any response from Freetrade.
Freetrade are now acting as criminals (this is the only way I can describe).
When I have contacted them about the withdrawal issue their response was that they are unable to provide the services to be any more, and they will close my GIA Account in 1 month time (by 28 November), and to let them know if I want the funds transferred to another platform, or moved to my bank account.
I’ve told them that I will sell my shares (already done even though very inconvenient as the share prices in the stocks I have invested went up by more than 10% in the last 2 days, and I’m still unable to withdraw my cash (even though settled and withdrawable), and I’m completely ignored with no response whatsoever from their side.
I regret the day I’ve decided to use Freetrade as they seem to be awful company with nonexistent customer service and nothing more than a common thiefs.
Hi @acenikolov
I’m sorry about this experience. I’ve just mentioned this to customer service to get someone to urgently help you withdrawing your money.
Please watch out for a message.
Alex
Thank you Alex.
I hope this is resolved quickly but as Finance Professional myself over 15 years of experience ((7 years with an FCA regulated business Fiserv (one of the largest payments solution company in the world) as Accounting manager)), I’m astonished by Freetrade behaviour and very poor customer service.
Even if the issue is resolved quickly, Freetrade have caused me a lot of stress over the last 10 days and I will consider all my options.
I appreciate that. The request has been raised. Bear with us until the morning to get things resolved.
The part that is worrying me as longer term investor is that you say you have done nothing to breach the terms and conditions for this to happen, it’s now worrying me that are they going to start doing this to other users as I am building a portfolio of a fair amount of money and am now worried are they going to suddenly do this to me or others on here as being in this situation would both be unsettling and financially cost money in possible losses at having to sell down especially when the market is in a down turn.
Please note this comment is not to scare or worry people its made out of genuine concern and nothing else (I actually like freetrade as whole, i may not agree with everything but hey no business ia 100% perfect but freetrade is a good company)
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Hi Wayne,
I agree with your sentiment, but the reality is that this isn’t just isolated to FT and is driven by legislation. As NeilB stated there is a fixed process they must adhere to, otherwise I assume they can be fined or similar.
I can only imagine how stressful it must be for the OP and hope it gets resolved swiftly for them.
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Yes that is the worrying part.
I have made most of my investments 3 weeks ago with the intention to keep my investments fit a long term.
I have already lost over $5,000 in the last 2 days as the share price went up by 15-20% in the last few days, and I’m still losing money as awaiting for a cash to be transferred to my account.
I was able to withdraw my cash yesterday (after escalating the problem the issue was fixed in a second), but as it takes 3 working for the cash to land in my account I’m still unable to use my funds, and as mentioned I have already lost $5k (I have never intended to sell my stock that I have purchased just a few weeks ago).
I’m yet to receive explanation from Freetrade for their decision to close my GIA Account, and the poor customer service and complete ignorance goes to another level, as I have chased them for almost 10 days to fix my withdrawal issue.
If the issue was fixed immediately, even though if they stayed on their decision to close my account, I could have sell my shares a week ago, invested from another platform, and avoided the Financial loss and the stress