I just received another email from Capital City Markets. It looks as tho they might have someone reading this thread. Or, others are voicing the same complaints that we are.
Again, this email does not contain their contact information & advisory warning at the bottom. Which also makes me suspicious.
This is not the “complicated situation” that they are saying it is. It is their job to to vet & do due dilligence in choosing a payment processor.
We apologize for the inconvenience, confusion and frustration that our earlier email and card dispute request may have caused, but our number-one priority always has to be the safety of client funds.
Sadly, recent actions by the payment service provider that processed your deposit has caused us to question their integrity - forcing us to ask affected clients to dispute their transaction via their card issuer (bank/financial institution).
To do so, please reach out to your card issuer (bank/financial institution) and explain that you wish to dispute a charge due to
Services not provided - you will be able to find details of affected transactions on the Funding > Ledgers page of your Client Area.
** This ONLY affects card deposits made to CCM accounts
If your card issuer has follow-up questions (or is unwilling to process the dispute) then please let us know immediately - our prime objective is the safe return of your funds, and we will do whatever is required to ensure that. Please remember that we are available 24 hours per day (UCT) from Monday to Friday, and will be extending support hours this weekend to ensure that all clients get timely responses to their questions.
We particularly wish to thank those clients who have already been in touch and were so understanding of the situation.
Here are answers to some common questions:
Q: How do I know which card(s) / transactions are affected?
A: If in doubt, please email us (firstname.lastname@example.org) right away - we will be able to provide any transaction details you may need, but you should be able to find the information you require by looking on the Funding > Ledgers page of your Client Area.
Q: I deposited months ago! You said the funds the funds were on my account!
A: Yes, but this is a complicated situation. Payment service providers accept payments on behalf of a merchant (i.e. CCM), but the funds charged to a card are not instantly deposited with the merchant. Instead, they are held by the payment service provider for a period of time in case of later disputes between the client and the merchant. It is perfectly normal for payment service providers to hold a large
rolling reserve which merchants are forced to accept, and the perceived risk (Forex is considered
high risk) determines the percentage and hold time of that rolling reserve. In order to offer faster transaction times, merchants take the word of the payment service provider that the transaction was successful and treat the payment as received before they physically have the cash in their own bank account. In the case of brokers, that involves crediting a client’s trading account and allowing trading to begin long before the broker actually receives those deposit funds.
Q: My card issuer is saying that I cannot dispute the charge because it took place more than X days ago - what should I do?
A: That time limit does not apply in cases of fraudulent activity, and we (as the merchant) are asking you to dispute the transaction due to the fraudulent activity of the payment service provider involved - ensuring that your funds are safely returned to you.
Q: My card issuer said this may take longer than a week - what should I do?
A: We would ask you to re-deposit in good time (so that funds are on your account by the 27th), but if that is not possible then please contact us urgently so we can work out a solution and try to speed up the process.
Q: I have deposited using a wire transfer AND a card - what should I do?
A: Please reach out to email@example.com so that your specific case can be reviewed and we can formulate a solution.
If you have any other questions, please do not hesitate to get in touch with us - we appreciate your understanding and are here to help resolve this difficult situation.
Capital City Markets