Initial Business Response / [redacted] (1000, 5, 2015/12/22) */ We are writing in response to the recent inquiry concerning the above-referenced matterTo begin, we want to confirm that on December 10, 2015, Motif responded to the customer's request to transfer all funds to Customer's bank account at JP Morgan Chase Those funds ($230.32) were received in good order by ACH transfer on December 11, The account has remained closed with a $balance since that timeThus, customer requested funds and Motif, based on customer's instructions, issued her funds to her bank account as instructed Customer is correct that on December 1, 2015, she sold shares of WTW for a total of $and she sold her Biotech Bay motif, with proceeds totaling $Those shares would typically be available for distribution on trade date, plus daysCustomer then sold shares of SQ on December 4, for $in proceedsCustomer also requested a full distribution from her accountUnfortunately, the full transfer of funds would have to wait until the SQ trade settled in her account Customer emailed Motif on December 2, 2015, using a new email address, with a question about timing for available funds and was informed of our T+policyMotif attempted to call Customer at the phone number provided but, as it turned out, that the phone number was not in serviceCustomer emailed Motif on December 9, requesting a transferBecause the third sell order (SQ) was still pending settlement, the only way to distribute all funds was to obtain a verbal confirmation from the customer, as a customer accommodationOnce again, Motif attempted to call the customer using the number of record and, again, the customer's phone number was not in service On December 10, 2015, customer submitted a completed withdrawal requestMotif was able to comply with that request and issue the funds to the JPM Chase account as requested Motif's stated policy regarding transfers is that outbound transfers incur a 60-day hold for funds that are going to a second institutionCustomer's initial transfer was received from Wells Fargo - those funds would typically be required to be held for days before they could be transferred to a non-Wells Fargo accountAs an accommodation to the customer, Motif processed all funds to the JMP Chase accountThose funds were transferred as soon as funds for all three sell orders had settled and the entire balance of funds were available to be transferred, as the customer requested Given that Motif responded to Customer's transfer instructions in an timely manner, Customer is not entitled to any additional compensationFurther, as a concession, Motif allowed all funds to be transferred, rather than enforce the 60-day holdLast, Customer could have been contacted more expediently had her contact information been current - including her telephone number and contact email address If you have any further questions or require additional information, please feel free to contact me
Revdex.com:I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution is satisfactory to meI'm still disgusted, but don't want to make enemies.Sincerely, [redacted] ***
Initial Business Response / [redacted] (1000, 5, 2015/12/22) */ We are writing in response to the recent inquiry concerning the above-referenced matterTo begin, we want to confirm that on December 10, 2015, Motif responded to the customer's request to transfer all funds to Customer's bank account at JP Morgan Chase Those funds ($230.32) were received in good order by ACH transfer on December 11, The account has remained closed with a $balance since that timeThus, customer requested funds and Motif, based on customer's instructions, issued her funds to her bank account as instructed Customer is correct that on December 1, 2015, she sold shares of WTW for a total of $and she sold her Biotech Bay motif, with proceeds totaling $Those shares would typically be available for distribution on trade date, plus daysCustomer then sold shares of SQ on December 4, for $in proceedsCustomer also requested a full distribution from her accountUnfortunately, the full transfer of funds would have to wait until the SQ trade settled in her account Customer emailed Motif on December 2, 2015, using a new email address, with a question about timing for available funds and was informed of our T+policyMotif attempted to call Customer at the phone number provided but, as it turned out, that the phone number was not in serviceCustomer emailed Motif on December 9, requesting a transferBecause the third sell order (SQ) was still pending settlement, the only way to distribute all funds was to obtain a verbal confirmation from the customer, as a customer accommodationOnce again, Motif attempted to call the customer using the number of record and, again, the customer's phone number was not in service On December 10, 2015, customer submitted a completed withdrawal requestMotif was able to comply with that request and issue the funds to the JPM Chase account as requested Motif's stated policy regarding transfers is that outbound transfers incur a 60-day hold for funds that are going to a second institutionCustomer's initial transfer was received from Wells Fargo - those funds would typically be required to be held for days before they could be transferred to a non-Wells Fargo accountAs an accommodation to the customer, Motif processed all funds to the JMP Chase accountThose funds were transferred as soon as funds for all three sell orders had settled and the entire balance of funds were available to be transferred, as the customer requested Given that Motif responded to Customer's transfer instructions in an timely manner, Customer is not entitled to any additional compensationFurther, as a concession, Motif allowed all funds to be transferred, rather than enforce the 60-day holdLast, Customer could have been contacted more expediently had her contact information been current - including her telephone number and contact email address If you have any further questions or require additional information, please feel free to contact me
Revdex.com:I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution is satisfactory to meI'm still disgusted, but don't want to make enemies.Sincerely, [redacted] ***
Please contact me with any further questions concerning this matter at [redacted] or [redacted]