What is the bank's response? Seems like the issue is with the bank. Will they let you reopen the account?
Oanda have clearly explained the issue and they are just doing what any other reputable and well regulated broker would do. Which is to ask for proof of what you say before they believe it. As you have closed the first account with Deutsche, you must have some evidence from Deutsche that the account has been closed. Else how do you know it is closed? If you have now discarded the evidence that Deutsche provided when you closed the account, I am sure you will be able to obtain something documentary from them. I guess they may make an admin charge for doing this. I have to suspect that this is not a broker trying to cheat you, it is just a case of an unfortunate misunderstanding on your part.
Pretty sure I have read it in their T&C that the amount you first deposited must be refunded to the account you used to deposit the the money, and the bank account holder must be the same person opening the Oanda account.
This is a standard term in all T&C's as a protection against money laundering. In a case where e.g. a credit card has expired in the time period between deposit and withdrawal, all the client needs to do is secure documentation from the old credit card issuer to that effect and the re-payment will be made to them by whatever means they agree with the broker. But it is up to the client to get off the couch and do the leg-work.
Sounds crazy for a brokerage, is that limited to forex shops? Haven t heard about that rule before from a brokerage acct, defo not from IB where I've used a bunch of bank accounts from several countries.it is obviously a source of problems Sounds strange from oanda as well, they used to advertise the option to open an account to transfer funds through it internationally, which doesn't make much sense with such a rule Not talking about credit card btw, funding rules with a cc might be different One can also transfer one s assets from one broker to the next btw, might not be the case with forex shops
I guess it was you who decided that you wanted to close the bank account. Do you have communication (e.g. email), in which you ask for the account to be closed? And a confirmation by the bank that they've closed the account? That confirmation could be helpful for Oanda.
Of course you can deposit money into a forex account from almost anywhere with very little obstacles to overcome. The broker is obliged to send withdrawals to their account-holder. All the client needs to do is provide the verification that they are the holder of both accounts. What does forex shop mean?
Sure. And the firm at no point disputed that its his money, they just need to fulfil their legal obligations, I'm sure it'll all be sorted out soon. If not already.
I personally have been through something similar. It really creates a bad taste in your mouth. By this time, you've already gone through so many hurdles (bureaucracy), you just want to wrap it up at all cost. I'm sure that's how he feels.