UPDATE: James Deakin Has Gotten Some of His Money Back
Read the first part of this story here.
James Deakin has posted an update about supposedly losing money over an online trading app. On Thursday (September 16), the influencer and host said representatives from eToro, the online trading platform he’s been using since April, reached out to him about an hour after his first post went online.
After the representative apologized for the company’s shortcomings, eToro immediately transferred $940 (about P47,000) into Deakin’s PayPal account. Deakin had said he was missing a total of $12,940.25 from his eToro account. In eToro’s email, screesnhots of which Deakin included in his update post, the company said the remaining balance will be credited back to his credit card through staggered payments in the following amounts: $4,000, $1,000, $5, $2,000, $3,000, $2,000, for a total of $12,005.
“To give you a bit of clarity, purchase refunds are essentially your ‘purchase’ or deposit to eToro being reversed back,” eToro said in the email.
Deakin acknowledged that there were lapses on both sides and offered lessons from the experience that he said would benefit others.
“First lesson, regardless how tedious the process is, always read the terms and conditions,” he said. “I know, I know…it’s like reading the manual for your car or new fridge, and companies really should find an easier way to communicate the key points in the sign up page as nobody reads the T&C, but ultimately, whether we like it or not, it is our responsibility as account holders to also know the process in advance.”
Deakin admitted that, like most people, he did not read the company’s T&Cs before signing up to use the service. While he insists that eToro should have flagged the deposit instead of the withdrawal, which he said would have avoided the whole problem in the first place, he says he bears responsibility for the oversight.
Deakin also exhorted eToro and other similar trading apps to improve its customer communication and suggested that the withdrawal process for such transactions to be “more prominently featured in the sign-up process.”
He ended with advice that he got from one of his readers, which you can read in full on his blog. He also promised to post another update once the credit card reversal is completed.