Velocy Futures would only wire out funds - no more checks

Discussion in 'Index Futures' started by DarthSidious, Jan 25, 2013.

  1. See below. What is the point in asking us to "write or call"? It's done right? Why is it fair for me to pay $30 to velocity & $15 to my bank, a total of $45 every time I withdraw money? A $540 per year expense even if I withdraw money monthly? Agreed, checks suck. But why not provide ACH option to push money to my bank account before getting rid of checks? Completely free for everyone involved with no mess.

    A major chunk of my money that I am not actively using for margin is leaving VF by the end of the month. Yes, it will be a paper check. :mad:

    Outgoing Check Policy Change

    Effective 2/1/2013, all withdrawals for funds from trading accounts must be transacted via outgoing wire transfers as we will no longer support the option to request outgoing checks. Please note that before requesting an outgoing wire from your account, you will need to add complete banking information to your customer portal.

    We regret any inconvenience to you; however, this change has become necessary due to various service issues surrounding the issuance and delivery of checks. Please write or call if you have any questions concerning this policy change.
  2. WS_MJH


    Use a broker that does ACH. Crossland, Advantage.
  3. Thanks for the correction. Yes, ACH. Well, I am not about to go broker shopping right now, but they increase r/t comm. by 13 cents as well. But VF is no more "super duper awesome" in my books any more. They are just about okay. Actually, it's not just VF that I liked. I use Sierra Chart + VF, and this combo has proven the best one for me for quite sometime. Zero overhead, zero data cost or maintenance and all that bullcrap, but a platform I really like and have no complaints about the execution
  4. emg


    why don't u start a petition

    similiar to herbalife followers

    we petition the obama administration to:
    Please have the FTC investigate Herbalife. This company is scamming middle America out of billions of dollars.

    Herbalife has build a pyramid scheme out of attracting middle America with promises of big pay days by selling their products. However, unsuspecting participants soon find out that they need to invest a lot of their own money in upfront inventory purchases, expensive and mostly useless "lead lists" sold by corporate and hefty membership fees that result in most new members losing thousands or tens of thousands of dollars in savings after only a few months. Instead of helping these members attain the financial goals originally promised in their marketing material, Herbalife simply moves on to the next new crop of members and repeats the same scam.

    Mr. Obama, please help keep this company from continuing to drain billions from the savings of Middle America and ask the FTC to investigate.
    Created: Jan 11, 2013
  5. You are right, emg. But,

    99% of petitions go nowhere. They just go nowhere.
    99% of futures trades lose. They just lose.
  6. Read... "We don't make a $30 fee on checks like we do wire transfers."
  7. Hmm this broker appears to be desperate for the small profits from service fees on wire transfers, or alternatively unable to afford the costs of writing checks.

    Could this be an indication of deeper problems?

    Aren't you entitled under CFTC regulations or the CEA to have your funds via check?
  8. wrbtrader


    When there are LESS traders in comparison to their operational costs versus a few years ago and/or traders are trading less...

    These types of fees and/or decline in services are just the tip of the iceberg for many brokers besides Velocity. All you need is just one to do something and others will follow.
  9. rollover


    Velocity raises also its commission and that's far more interesting. 8-20% depending on the mkt and instrument. It seems that they think they can afford it without losing to much customers.

  10. Did you try negotiating, ie. telling them that with your particular approach to trading you need them to stick to the commissions previously agreed to for your own account or you would move your account?

    You probably have to actually be prepared to move your account for this to work.
    #10     Feb 1, 2013