Before i made my initial deposit into my AMP account i contact the AMP support to make sure i could fund the account using TransferWise, but mainly to know it was possible to make a ACH withdrawal to TransferWise to avoid the international wire fee. I was told this was indeed possible. Now yesterday i made a withdrawal request, ACH to my TransferWise account, to my surprise the request came back as denied. Apparently since februari 12th AMP no longer allows deposits or withdrawals to TransferWise. They made this change without giving me and probably any other users a notice, which wouldn't be that hard to do since they have to verify the source of my funds when i make deposit (which is the reason why they no longer allow deposits from TransferWise). So AMP knew i would use TransferWise for deposits and withdrawals, yet they failed to give me any notice. If i knew AMP would stop supporting withdrawals and deposits from TransferWise from a certain date, i would have made sure i made the withdrawal in time. Now i have to pay the $30 international wire fee and a $30 currency conversion fee since my bank account is in EUR and the deposit was made in USD. $60 i have to pay because AMP failed to give me a notice. When i contacted support the reply was: the notice is on the website. So apparently AMP expects all customers to read every single word on the website every other day, read the entire policy every single day, just in case AMP decides to change something for which they feel they don't need to give a notice. Apparently they expected me to read the funding instructions page of their website every single day just in case they decide to make some changes ... I always had a high regard for AMP, but i guess that is changing now. In the end it seems like you are indeed getting what you are paying for, a shitty service when it really matters? If AMP truly cares about their users i would suggest they change the withdrawal policy yet again and give users that used TransferWise in the past a few days notice, so that those customers have a few more days to withdraw before they will have the same issue i am currently having. If it turns out AMP is unwilling to make this right and provide a decent notice, is there anything i can do about this? The money isn't that big of a deal, but the principle is, at least for me it is. Are they allowed to change anything they want without giving a notice? I would expect a notice is required so users that are going to be affected by any changes have time to react. Even if it isn't required, it would be the right thing to do ... I asked for a solution via mail multiple times, however in their replies they have seemed to have ignored that part every single time.
So apparently AMP expects all customers to read every single word on the website every other day, read the entire policy every single day, just in case AMP decides to change something for which they feel they don't need to give a notice. Apparently they expected me to read the funding instructions page of their website every single day just in case they decide to make some changes ... YUP...just like every other broker...read every line
I knew what i was getting in to, that isn't the issue here. The issue is they changed it without giving a notice. Do you read every single word of your brokers website and policy every single day, just in case they make a change they fail to give a notice for?
It seems like they updated the "Money Transfer Services - Not accepted" after i made my withdrawal request as well. Time of withdrawal request received: Time of change on the webpage: However due to lack of information it is impossible to know what was posted before i made my request. Anyway, changing a webpage without giving any notice is a big no no for me. It is unreasonable to expect that all customers read every single word (even if they posted this a day in advance) on every single page every single day, again and again and again for as long as they are customers, just in case they feel like changing something without informing their clients.
Also nothing was posted under announcements: https://support.ampglobal.com/hc/en-us/sections/360000518373-Announcements And nothing was posted under notices: (notice how they say "Notices that we feel are relevant to our customers.") https://support.ampglobal.com/hc/en-us/sections/360000518353-Notices
@FTDK Okay, so what you are really saying is that you expect a large multinational corporation to have some type of moral compass, or an idea of what is fair, or an idea of what is right and wrong. Q1: What planet are you living on? Q2: What century are you living in?
I will not be the only person to be affected by this so i think it is worth it to put it out in the open that AMP might take actions that can cost customers money without being properly notified. Even if it is going nowhere. My hope is that AMP does realize they made a mistake, the only reason they stopped accepting these providers for deposits or withdrawals is because they feel it is too much work to confirm all the required documents, there is no legal reason for them to all of sudden have stopped allowing these services. So the least they can do is give a few days notice so customers can take out their money before they stop accepting it. Even if they aren't going to come back on this i feel it should be known that AMP can be unreliable like this and make changes without notices.
I guess i was naive indeed since i never experienced something like this before. However i still stand by my point that AMP is completely in the wrong here by not giving any notice and i feel other people who have an account with AMP or are considering opening an account with AMP should know this.