That's precisely what is happening with my Forex broker (here in the States), withdrawals are only sent to the bank that I used to fund my account.
What is your point. Here is my post. What happens if the bank you made the deposit from no longer exists or you no longer deal with them or you use multi- banks? How does the owner of the account make a withdrawal if it is restricted to withdrawing to the original bank??
Banks usually mail you a check if money is wired to your closed bank account (after deducting any unpaid loan, if any).
Well I am sure the broker can simply mail a check to this customer, in that case. Mailing a check to your home address prevents a lots of frauds, believe it or not.
Dude, what majiks is this you speak of? Mail a check to someone's home? You are a dying breed, and must realize that 40% of our breathing population doesn't know how to write a check. It's all done on the smartphone now.
To make a copy of your check via your smartphone, you still need the physical check. And to get the physical check, the mailman must deliver it to your home first. Even if you live in a van down by the river.
@zdreg wrote: Most brokers will allow you to link a second or even a third bank account to your brokerage account. Or change the relevant data to reflect a new account if you have closed the old account (or if the bank itself closes). But most brokers will not transfer funds to or from a newly identified account until they have taken steps to verify that the bank account has the same name as the brokerage account. Robinhood did not have that safety feature. BMK