Betfair - major account registered card annoyance

[jimibt]

Morning all,

Got a little betfair grievance that I wanted to share to see if others had experienced a similar scenario.

I deposited my original funds into betfair via both a bank card attached to my personal bank account and via skrill (from my matched betting days). Most of the time, I had been withdrawing betfair funds via my skrill account - all good. However, having literally run down the use of my skrill account, I decided today to withdraw funds via my registered debit card. On going into the account section, I noticed that the registered debit card (although still with a valid expiry date) was actually one that had been lost and since replaced at the end of last year. As a result of this, the new card has a different last 4 digits.

I called the betfair accounts admin to inform them of the replacement card and asked for the records to be updated. Not only were they unable to do this, they also informed me that all transaction net balance on the old card was NOT transferable to the new card. So i effect, the £xxx net deposit balance was only valid for the registered card. I explained that having lost the card, the replacement card was actually the same card, on the same account and with the same purpose/identity. I was told that due to the closed loop policy, betfair would be unable to align my replacement card to the previous card, despite it being literally the same account etc.

So a warning to y'all out there, if you are planning to lose your debit card, ensure that you have properly admin'd your betfair net balance before hand, otherwise, you will lose all benefits that you had built up against said card.

still amazed at the stupidity of this...

[SeaHorseRacing]

I feel your pain. This really irritates me its the same with bookies.
I sued Ladbrokes because they asked me to prove my debit card when my deposit was cash in store with their loyalty cards. They stopped me having my winnings over it.

Betfair are wrong they should allow you to withdraw back on the card, the only thing that concerns me with befair isif this happens you dont really want to get yourself in a position where you are banned for life. With a bookie you just send them a letter before court action letter and there change it.

They claim for security reasons tbh its just a way to keep you turning over commsion.

[jimibt]

Betfair are wrong they should allow you to withdraw back on the card, the only thing that concerns me with befair isif this happens you dont really want to get yourself in a position where you are banned for life.

i don't see any issue in questioning a ridiculous (closed loop) policy made by betfair and have no fear in being banned for pursuing a reasonable request. Had it been for a card registered to a completely different account, then I would of course completely *get it*. as it stands, it looks to me like a poorly systemised process that they are unwilling to invest into. I can't be the 1st user to have lost a registered card -surely??

[SeaHorseRacing]

Its not a poorly invested system. It is what bookmakers do purposely.

It happpens far more thn you think and it is there way of keeping your money.

Send a letter before action and I am 100% sure you be able to withdraw it. This will only take 14 days.

They might see you as a pain and close your account though. I have been banned from 2 out of 3 bokmakers for similar reasons.. they see me as someone that dont want business with you because as soon as a market is voided or some fault of theres they will know they will have to pay you ect..

[SeaHorseRacing]

Simlar case buddy...

Wouldnt allow me to have my account back. This whole case was because they asked me for documentation which was not in there own terms and conditions.
They were never going to win the case in a billion years yet they still do this because a) it opens the flood gates to be sued by everyone b) most people just put up with it and throw there money away.

[jimibt]

SHR, it's not that they are not letting me withdraw (I could still take funds via skrill or even, wait for it, by cheque). my beef is with the fact that this issue must happen to everyone at some time, be it a new card issued due to old one expiring, loss of card etc... the essence of modern banking is built on multiple levels of security and if betfair don't have a system in place that recognises that my card is in fact a replacement/update to an existing card on my registered bank account, then they are proving that they are not investing in the customer experience.

[SeaHorseRacing]

No i understand what your saying but its not because they out of date or not investing its simple maths why they do it.

They wont do it because it makes them more money not because they wont invest. Its part of their busness. All bookies are doing it. I know you can get your money but it makes it more difficult its the same reason why they ask you to provide ID when you win. Delaying tactic because most people can resist the urge or have the patience so they continue to gamble resulting in more turn over.

[jimibt]

No i understand what your saying but its not because they out of date or not investing its simple maths why they do it.

i'm not strictly talking about £cash investment per se, more just a philosophy of engineering your business to match your customers needs - philosophical investment.

anyway, will keep you posted.

[SeaHorseRacing]

I fully agree with you 100% but I am defently an expert on this topic. They dont allow you to change your card because they know people lose their cards and lets face it the type of people who lose the bank cards often usually lose there money.

No offence intended as we all do lose out bank card time for time but its a clever system these companys run. If your not allowed to change your card (same account to enable a withdrawal onto it) why are you allowed to have a cheuqe> Lets face it also it wouldnt cost much to change this system would it.

These payment applications on the betfar website are probably used for millions of other businesses pretty sure they allow you to change your card with them.

Its 100% purosely chosen this way.

[pfc304]

This is an interesting post and something that has crossed my mind a few times before.

So effectively, Betfair are saying that you cannot withdraw any of the funds in the account, or at least pro rata deposited via debit card vs Skrill?

Would the solution to this be to completely empty your Betfair account to a balance of zero before changing the registered debit card over if you lose it or the bank send a routine replacement?

[jimibt]

This is an interesting post and something that has crossed my mind a few times before.

So effectively, Betfair are saying that you cannot withdraw any of the funds in the account, or at least pro rata deposited via debit card vs Skrill?

Would the solution to this be to completely empty your Betfair account to a balance of zero before changing the registered debit card over if you lose it or the bank send a routine replacement?

this in a nutshell is EXACTLY what they are saying. the poor support girl even expressed her understanding as to why it was baffling to me and re-iterated the closed loop system argument that states that only funds lodged by a certain vehicle can be used to withdraw cash equivilent. sure, i can still take out via skrill and could in theory then loop back in (joke at betfair expense reference!!) from my bank - all for a minor handling cost. but this is surely absurd

[Dallas]

They know how to rub salt in it thats for sure!

[jimibt]

They know how to rub salt in it thats for sure!

by way of example, consider this scene from trainspotting. sums up betfairs insistance on keeping to the *rules*, no matter what the cost

https://www.youtube.com/watch?v=cMZmNG_DRJA

[chambo]

I read your post ealy this morning with a modicum of understanding and interest and then, unbelievably, exactly the same thing has happened to me this afternoon! I have spent the last year 'learning the ropes' on Betfair/BetAngel and have built up quite a significant ( ) net deposit on my bank card. I now have a strategy that is working well (at last!!) and my balance is starting to look healthy. Last week I lost the said bank card and cancelled it with my bank. Today my new bank card arrived, I registered it with Betfair, made a deposit and then tried to withdraw some 'income' - and I experienced the 'closed loop' refusal.

If I understand things correctly, this effectively means that I will never be able to withdraw any money from my Betfair account as I will never be able to clear off the net deposit from my old, cancelled card.

WTF?

[SeaHorseRacing]

Request a cheque. They should send it by the post.