How do they return the funds to your credit card? If they issue it as a refund, I guess that would wipe out the rewards. Or do they issue it in another way?

I am still thinking of funding with a rewards debit card. The rewards or not as high. But then would the withdrawal be sent to the bank account the funds were withdrawn from, or issued back to the debit card the same way they are issued back to a crdit card?

mothra0 said:mogambo said:If this is the same setup as forex.com, I can confirm that there is no way to get money out unless it goes back to the same credit card from which the account was funded. And this was when I tried to withdraw the money more than a year after funding with the credit card.

Well, that kills the idea of turning this into a CC rewards mill.

Be careful. Despite press releases stating that funds in GAIN Capital's accounts (Zecco is reselling for GAIN Capital) are FDIC insured, I have been unable to find evidence that this or any other insurance applies to your money.

When emailed about this issue, GAIN capital referenced itself as an industry leader without stating that client funds are insured or whom by.

Odds are that you would be fine but $10,000 is a lot to lose should something go wrong.

Bonus appeared this morning, 1.5 business days after making the trade.
I did not receive the original email, but I applied before the new terms went into affect. Also, Fidelity Visa and Amzon.com Visa both count as purchase.
Now to the withdrawal phase.....

Yeah I plan to let it sit beyond the end my CC statement so that I bank the rewards. If they send money back to my CC at that point, then I can just request a balance refund.

If I charged my credit card 10k, and wait the statement and get the CashBack. Then I request the check from zecco, and got charge back to CC. The CC balance is zero now. What should I do?
Pay the statement balance and request a refund. or do nothing?

kenfeyl said:Yeah I plan to let it sit beyond the end my CC statement so that I bank the rewards. If they send money back to my CC at that point, then I can just request a balance refund.

Please note that withdrawal requests are typically processed within two (2) business days of receipt.

Wire – All wire transfer incur a standard bank charge of $25 within the United States or $40 for international requests. Please note that transfers can only be sent to an account in the same name as the accountholder of this trading account.

Check – Funds will be mailed out via the United States Postal System. PO Box addresses are not accepted. All information provided by the customer may be subject to errors and can result in processing delays.

Click here to view the status of your withdrawal request(s).

diannesdesigns said:kenfeyl said:Yeah I plan to let it sit beyond the end my CC statement so that I bank the rewards. If they send money back to my CC at that point, then I can just request a balance refund.if a Citi card is used be advised that the credit to the account balance also affects the account rewards balance (to the negative side).

In 2008 a Citibank savings account (funded by credit card) was closed. The balance was refunded to my Citi credit card (eventually I got the credit balance refund). After consolidating that credit card to a new card, the negative rewards balance followed me.

Lesson: Never plan on using the funding credit card again (perhaps only option is to reallocate line).

Interesting. Thanks for the info. Another question: if I pay my CC before the statement comes out, do I still get rewards on all my purchases? I ask because of this: I was so scared of a cash advance on one particular card that I paid $5,000 on it before charging it $5,000 from Zecco Forex (so that even if it was a cash advance, I wouldn't get hit with any days of interest).

Now about your comment. What would Citi do with a chargeback that went beyond the purchase amount? I funded $10,250 using three CCs from three different issuers. What remains to be seen is where they will stick my $10,446 when I withdraw. If they send it all to the Citi card even though I only put $250 on it, will Citi still deduct 10,250 TYP?

This is all uncharted territory here in the world of rewards. It's exciting! If this works, it has the potential to absolutely kill the Teen Current card. Why would anyone go to the ATM to get money out of a CC, when you can do it with a few clicks on Zecco Forex?

I funded account with $15000. Then I immediately requested a withdrawal for USD 14,900 on 7/8/2009.

Showing pending as of 7/9/2009, I canceled my wire request online.

I am now waiting (as some here are) until my CC statement gives my rewards...

carefreeninja said:Be careful. Forex.com fine print says -
To withdraw cash bonus, initial deposit must not be withdrawn for a minimum of 90 days from the first trade.
It'd mean that if you withdraw initial deposit within 90 days then you'll have to use your bonus for trading with them.

ianxxi said:

Since I didn't get the Zecco email, I think I'll have to take the plunge on the Forex.com deal.
I chatted with a CSR regarding the bonus and this is the response I got on several issues:

where did you see that? It that specific to Zecco Forex?

jteef1 said:http://www.gainsecurities.com/faq.shtml#question6

Does GAIN offer insurance protection on brokerage accounts?back to top Both GAIN and our clearing firm, Ridge Clearing & Outsourcing Solutions, Inc. are members of the Securities Investor Protection Corporation (SIPC), which protects securities and cash of the customers of its members up to a maximum of $500,000, of which $100,000 may be cash. More information about SIPC coverage is available at www.sipc.org.

Through our clearing firm we offer additional insurance through a group of London Underwriters (with Lloyd's of London Syndicates as the Lead Underwriter) to supplement SIPC protection. This additional insurance becomes available to customers in the event that SIPC limits are exhausted and will provide account protection for securities and cash up to an aggregate of $600 million. This is provided to pay amounts in addition to those returned in a SIPC liquidation. This additional insurance is limited to a combined return to any customer from a Trustee, SIPC and London Underwriters of $150 million, including cash of up to $2 million. We also offer FDIC insured bank sweeps that are insured up to at least $250,000 per depositor until December 31, 2009. On January 1, 2010, FDIC deposit insurance for all deposit accounts-except for certain retirement accounts-will return to at least $100,000 per depositor. Insurance coverage for certain retirement accounts, which include all IRA deposit accounts, was increased permanently to $250,000 per depositor in 2006.

Thats an improvement. The email from them said that they were members of variousindustry groups but didn't mention the insurance.