I made a deposit a week ago which never arrived into my Kraken account. i then received an email from Support saying my "Withdrawal" (remember i actually made a deposit) was being scrutinized by Paycash. I was then asked if I could think of some documentation to provide as proof of income.
This is utterly crazy. After some vague requests - I've now had to submit two bank statement and two payslips- and still no word. It IS easier to get a mortgage. For the record my deposit was < £10k and I'm Tier 3 verified.
I missed my trading window, and BTC price has pumped and I'm in danger of Paycash simply returning my funds (which i paid my bank £20 to transfer via SWIFT).
This service is impractical, unprofessional, and totally unreliable. Kraken is literally costing me money and this isn't the first time my small deposits have been held up.
Can someome please help ASAP?
Yes, funding through PayCash can be problematic because they often request extra documentation. There's not much we can do though except work with their requirements as best we can. If you PM me your ticket number I'll be happy to take a look though and see if there's anything we can do to speed things up.
So another 2 weeks later and your company is still unable to resolve this.
Let me explain what I've provided:
27 Current Account statements going back to 2014.
2 Savings account statements.
A dictation on each statement explaining all the major payments.
Now I'm being asked for more statements OR they will return my funds with fees deducted. Deducted for what I ask?
I'm trying to deposit £9K and have supplied proof of earnings for way over £25k.
I made this deposit back in September when BTC was < £500 in an attempt to get in early. I've missed that boat.
I've paid my own bank £20 to process this SWIFT payment which is non refundable.
I've lost money in this fiasco.
This is surely a scam.
Nobody will speak to me to resolve.
@Dargo/Kraken
Do you really believe this statement is still acceptable?.... "There's not much we can do though except work with their requirements as best we can"
I would be banging on Jesses front door at 3AM, if i would have been made to jump through so many stupid hoops.
Do something useful today.
thank you for your support. I'm simply outraged by the sheer apathy shown from Kraken. It seems the little customer is irrelevant to them. Hiding behind a supplier as a scapegoat for ineptitude is not acceptable. Refusing to pick up the phone to call me is pathetic. I've asked to speak to someone senior numerous times - and been ignored.
Just think about what documentation we all provide in order to buy a car or arrange a mortgage. I've supplied that 5 times over and still the goal posts are moved.
Totally incredulous!
PayCash requires "proof of source of funds" documentation and they are exceedingly strict about it. Our CEO has done a call with them in an effort to get them to relax their requirements, so we have previously escalated the issue as high as we can with no luck. This is why I say that there isn't much we can do about the requirements at this point except work with them as best we can. We are always working to find better payment options for our clients, but it is not easy to find payment providers willing to work with exchanges. The ones that do are very cautious about it and often have extra requirements they might not have for other partnerships.
To document source of funds PayCash requires documentation not just for the current payment, but also for previous payments. So, for example, if your current deposit is for £6K, bringing your total deposits for the past year to £18K, and you provide documentation for £20k in source of funds over the past year, this would not be sufficient for PayCash to explain where the £18K came from to buy digital assets because they assume you need more than £2K for other expenses in the past year. So even though your current deposit is only for £6K and you have provided documentation for £20k it is not sufficient for the standard PayCash requires. My understanding is that the situation @DaddyH is in is similar to this, so even though over £25k has been documented, it needs to explain more than a £9K deposit and is not enough for PayCash to explain the source of all the deposits over time. I'm saying all this to explain what PayCash requires, not to justify what they require.
@DaddyH has had a terrible experience with the deposit and although we can't change the PayCash requirements I think we could have done a better job with this case. @DaddyH did in effect jump through a series of hoops only to find that each hoop wasn't sufficient to clear the deposit. Although we are sometimes learning as we go about what PayCash will require, I think we can do a better job of explaining in advance to clients what will be needed. In the case where a client has made several deposits, we need to be clear up front that they will need documentation of source of funds for the deposits as a whole.
@DaddyH has requested that the deposit be returned and we are processing this request as quickly as possible. And a senior person will be in touch soon through the support ticket. We understand that clients would like the option of phone support and we are considering this for the future, but do not offer it at the present time.
Firstly thanks for the response - I eagerly await contact from someone senior in Kraken.
The big issue is that Paycash are actually demanding a financial profile of me as individual - going back through my entire life. 2+ years of earnings and proof of funding wasn't enough for them. This isn't a viable relationship, and while I understand these are Paycash requirements, not Kraken's. My relationship is with kraken, therefore by proxy Paycash is part of your business interfacing with us the customer.
The demand for a complete financial profile is not just unreasonable, it is an invasion of privacy. How I manage my personal finances shouldnt be their concern. All they need be concerned about is that I'm not funneling ill-gotten funds or part of a criminal enterprise.
However what really now irks is the financial loss I suffer because of this episode.
1. £20 SWIFT fee paid to my bank to make the initial deposit which will now not complete.
2. Extra cancellation fees made by Paycash's partners for returning the deposit (like I had any other choice).
3. Time and money spent collecting 30 pieces of "proof of funding", writing dozens of emails answering questions - all in vain.
4. Finally - most importantly. I made this attempted deposit in early October when BTC < £500. I wanted to buy £9000 worth of BTC in anticipation of the inevitable rise. Well many weeks later, the rise happened (currently at £560 per BTC) and I still can't trade. This just isn't acceptable from a company billing itself as "serious and professional exchange". Irrelevant of whether the issue lies with Kraken or its supplier.
I'd like to hear if there is any recompense for any of the above?
