Deposits at Betfair

[Alpha322]

I had to make a withdrawal the other week and now want to put the funds back
Betfair are allowing a limit, you then have to prove income etc etc . When you try to your re directed to Paddy Power. Whats going on here, now am busted for Cheltenham and dont trust making this deposit through Paddy Power. This isnt a Prop firm they calling it a Challenge

[Euler]

No idea why they are asking you to deposit through PP, that seems like an error to me.

I never withdraw much, but a deposit allowance would be by month. So it's usually safer to build up a deposit base to work with IMO.

[Alpha322]

No idea why they are asking you to deposit through PP, that seems like an error to me.

I never withdraw much, but a deposit allowance would be by month. So it's usually safer to build up a deposit base to work with IMO.

Your right Euler i withdrew to much and forgot about the deposit limit i set i dont really feel comfortable sending them my credentials again main earning slips etc feel this is quite intrusive like some of the Banks have become, i understand why they do it for out of control Gambling but to a profitable Trader it feels somewhat like a ban on your acount after making a large withdrawal after initial small deposit. I just think smaller stakes up toward Cheltenham and put the maximum deposit on top as the icing and go from there , The Paddy Power misfit part i dont know what that was about but it said come on in i said know thanks i dont even have a PP account

[LeTiss]

I see my Betfair bank as working capital. I never withdraw a large amount anymore with a view to depositing a chunk of it back later. I only withdraw pure profits for personal use. Strangely though.......despite being full-time for nearly 20 years, BF have slapped a £100 per week deposit limit on my account

[Revenant]

Where do I see any deposit limit?

[Alpha322]

I see my Betfair bank as working capital. I never withdraw a large amount anymore with a view to depositing a chunk of it back later. I only withdraw pure profits for personal use. Strangely though.......despite being full-time for nearly 20 years, BF have slapped a £100 per week deposit limit on my account

So you would be in trouble if you had a large open order and they had a outage, but yes your right i made a large withdrawal of profit more than the limit so got caught.

[LeTiss]

Yeah, that's a fair point. On a few occasions in the past, I have covered potential losses on BF from an outage, and then reinvested money made elsewhere to cover those BF outage losses.

I couldn't do that today, I'd immediately fall foul of affordability checks.

I'm sure there are many traders like that, however (touch wood) I haven't been the victim of a BF outage for a very long time now

[Alpha322]

Where do I see any deposit limit?

You probably havnt done the stupid thing of putting one on

[Lynskey888]

Where do I see any deposit limit?

If I go into the My Account section of the website on my mobile there’s deposit limit information at the very top of the page, underneath the balance.

[walshy]

Is there a perceived safe deposit amount that wont trigger affordability checks?
Having checked my account on their website it tells me my account has the default deposit limit on it of which is £5000 on a rolling 30 day basis, but by the sounds of it depositing anything like that amount will set of the affordability checks.

[Alpha322]

I think thats the default which i should of left. I was a bit stupid for asking for limit, this was when i was non profitable, now i need the room to grow my account at a decent pace i would like the fact that i can deposit more than £500 PCM, IE Cheltenham on the horizon, i want to trade with a min of 3K.

[Alpha322]

Guys, i done the challenge as they call it, proof of income etc, but a bit worried now because nothing has come back to say i can have the deposit cap increased. They have sensitive documents i dont know where they end up, i wished i had not of done it, its very intrusive, ive had my account for the best part of 12 years and hardley ever deposit, yes at the start when i wasnt profitable or keeping Banks, i want the cap lifted for Cheltenham want to trade with a bit more because of Volume difference, am actually thinking taking a visit to Hammersmith, does anyone know how long it takes for a cap to be removed. For those of you that haven't been silly like me and didn't trust yourself dont put one on. I think its ridiculous, i didnt know there were problem gamblers on Betfair Bookies yes use to see them all the time back in the day They never knew when to quit and they would be using Funds for housing stuff and asking you to lend them some to cover thank god we dont face all that anymore

[Alpha322]

Guys be very Careful with not blowing your bank, especially if its a large amount. I am having a fight with Betfair asking what are extra funds on my payslips for and having access to my Credit File.

Since when has the Exchange become a loan or Credit lending platform . I can understand the shop problem Gamblers and restrictions being put on them. I actually don’t remember putting in a restriction but ive sent them enough proof of affordability but yet they ask how do you Trade how do you do this whats this for blah de blah

Am gonna have to Trade Cheltenham this year with a 2K Bank rather than the much bigger one i had in mind. I will just withdraw from now on profits and build out on what i have but the point here is dont use those Safer Gambling tools have your account with the Freedom how ever you want to deposit and withdraw.

Alpha

[Euler]

You're just going to have to gently deposit into your account to build up the bank.

Ultimately, it's not Betfair's decision any longer about the amount you can deposit. It's formed by the regulation and legislation, which is basically a total farce!