Source Of Funds

[ShaunWhite]

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[wearthefoxhat]

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So, I was right the first time....

or maybe not....

I asked Bing, it seems to side with Chat GPT.

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[Derek27]

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So, I was right the first time....

or maybe not....

I asked Bing, it seems to side with Chat GPT.


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That is complete bollocks! If you win £1000 your budget hasn't changed because you haven't deposited or withdrawn anything.

[ShaunWhite]

I asked Bing, it seems to side with Chat GPT.

Well ChatGPT came up with 2 different answers so Bing was probably going to agree with one of them. I'd take the financial industry standard description of 'net' and dispute an alternate interpretation that didn't have an explanation in the Terms.

Tbh the ChatGPT training data cutoff is Sept 2021 so I don't know where its getting all the "Betfair would blah blah blah" stuff from. The way the AI works if it found 10 wrong references and one right reference it would tell you the wrong one anyway.

I think it's time for PW to get some on-the-record answers from Betfair management at his next meeting.

[Derek27]

I actually find what WTFH posted reassuring because it suggests people who don't deposit will have no issues. I think Peter alluded to that previously.

But what does Betfair mean when they say "in our app settings"? Is there a place where you can see your deposit limit?

[ShaunWhite]

I think Peter alluded to that previously.

"alluded to" isn't helpful at all. What's needed is Mr X says "whatever" and you can quote him on that.

[LeTiss]

I've probably said this before, but 2-step authenticator has helped. Previously, for security reasons I'd withdraw large amounts for safety, whereas now I'm more confident that my money is safe. Withdrawing large sums and then re-depositing them would probably flag my account these days.

If you're self-employed, then you need to treat your BF bank as working capital. If you do, you should be safe from BF making requests for 'source of funds'

[Derek27]

I've probably said this before, but 2-step authenticator has helped. Previously, for security reasons I'd withdraw large amounts for safety, whereas now I'm more confident that my money is safe. Withdrawing large sums and then re-depositing them would probably flag my account these days.

If you're self-employed, then you need to treat your BF bank as working capital. If you do, you should be safe from BF making requests for 'source of funds'

There was a news report a year ago where somebody deposited £100K into his Betfair account that went missing. It took him over six months to get it back. He was taking them to court over it but no doubt, he wouldn't have got anywhere with direct communications with Betfair.

Occasionally, when I see my account balance is £0.00, refreshing the page usually solves the problem, but one day, maybe even tomorrow, I might log in and find all the money's really gone!

[wearthefoxhat]

I actually find what WTFH posted reassuring because it suggests people who don't deposit will have no issues. I think Peter alluded to that previously.

But what does Betfair mean when they say "in our app settings"? Is there a place where you can see your deposit limit?

Yep, not depositing is the answer for sure, but being careful not to withdraw too much in one go, unless you need to of course, is also a big consideration.

If anyone throws a wobbly and cashes out, then decides to re-deposit the same amount, reckon that'll trigger the Betfair checks. (and may not be possible anyway)

Couldn't find a place where you could see your deposit limit, reckon the old deposit limits still apply, unless you've changed it recently.

[motorhead]

so I've doubled the break even point of my deposits and as I'm withdrawing on a regular basis, they upped my (monthly) deposit allowance to a bit over 2k which is great.

Good news. Did they do this automatically or did you ask them for a review?

Automatically.
I, in fact, didn't consider this could only be temporarily for this month and I'd be sent back to 100/month coming July. I'll update you guys.

[motorhead]

Yup, back to square one at 100£/month. Oh well.



off topic: I've noticed for bank wires withdraws bf allows to insert a name different than the account's owner which I find quite bizarre. has anyone had a wire transfer to a different person?

[ShaunWhite]

Yup, back to square one at 100£/month. Oh well.



off topic: I've noticed for bank wires withdraws bf allows to insert a name different than the account's owner which I find quite bizarre.

The target account might have a different name to the Betfair account name, such as a joint account, a business account, or just something like using an initial vs a full forename.

[ShaunWhite]

I based my reasoning on the NDL info within the Betfair Help section.

I was just taking my wages clicked the "What are Net Deposits" link. It confirms your original interpretation and puts any doubt to bed.

The only consideration I can see is the "using a specific payment method", so juggling a number of different accounts would be an issue as they'd be netted off individually and presumably summed to make your overall Net.
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[Derek27]

Hi all,

I am being asked by Betfair Exchange for source of funds evidence.

I actually used part of a Coronavirus Bounce Back Loan to place a bet.

Would that suffice as a legitimate source of funds?

Thanks.

Bad news mate! Labour will be coming after you when they're in power. They want the money back!

[motorhead]

I've probably said this before, but 2-step authenticator has helped. Previously, for security reasons I'd withdraw large amounts for safety, whereas now I'm more confident that my money is safe. Withdrawing large sums and then re-depositing them would probably flag my account these days.

If you're self-employed, then you need to treat your BF bank as working capital. If you do, you should be safe from BF making requests for 'source of funds'

too they still have to implement it for mobile.