Premium Tradings - Theft

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jarb
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jarb

Premium Tradings - Theft
« on: April 22, 2020, 07:15:57 PM »

Premium Tradings have deducted 5945 Euros from my account in inactivity fees. Not only have they done so unlawfully, they have also acted in breach of their own Terms and Conditions.

I see from other topics on here that this not the first time they have engaged in such disgusting behaviour against their clients.

I will be taking legal action against them.

Details:

Nick <****@gmail.com>
Mon, Apr 6, 7:50 PM
to pt-support

Dear Premium Tradings,

Following on from our recent Live-Chat discussion earlier this afternoon, I'm contacting you to request that you immediately:

(1) Reinstate my Premium Tradings balance to EUR 9908; the level it was at when you ended Betdaq provision, less than 3 months after my last betting activity.

(2) Justify why you have attempted to deduct EUR 5945 from my account in 'inactivity fees' in breach of UK law and your own Terms and Conditions.

In the nearly 5 years I have been with Premium Tradings, I have turned over my deposits and balance hundreds of times and placed cumulative bets running into several million Euros. I have paid you thousands of Euros in commission for your services. I therefore find it very disappointing that you have chosen to act in a manner more befitting a scam operation.

I consider it outrageous that you should seek to attempt to impose inactivity fees of EUR 5945 on me, without any prior notification stating your intent to do so, nor any ongoing notification of such fees being applied. I find it particularly repugnant given that the inactivity was almost entirely the result of the end of the provision of Betdaq accounts by Premium Tradings.

I would further observe that your actions are in breach of your own Terms and Conditions. Your current Terms and Conditions, in Membership Section 1.12, state:

If customer's account is “inactive” for 3 consecutive months or more, PremiumTradings reserves the right to apply on them an administrative fee of 5% of the account’s current balance on a monthly basis for each of their betting accounts. An account shall be deemed as “inactive” if during 3 consecutive months there was no bet placed in the account/s or no successful deposit for crediting the account was performed.

At the point you ended Betdaq provision, less than 3 months after my last active bet, I immediately had no Betting Accounts with Premium Tradings. Therefore, no inactivity fees were applicable.

Secondly, even if inactivity fees had been justified, you have quite blatantly applied fees that are much higher than and entirely inconsistent with the above condition. If inactivity fees had been justified, my account would need to have been inactive for 21 months for cumulative fees of EUR 5945 to be applied on my original balance of EUR 9908, under your own terms and conditions.

My Premium Tradings account has been inactive since May 2019. Therefore, my Premium Tradings account has been inactive for a maximum of 11 months. I will expand below on the relatively simple mathematics as to how, as your own terms and conditions state, inactivity fees should be applied (I have rounded figures to the nearest whole Euro for simplicity):

Original Balance: EUR 9908.00
Inactive Month 1: New Fees 0; New Balance 9908
Inactive Month 2: New Fees 0; New Balance 9908
Inactive Month 3: New Fees 0; New Balance 9908
Inactive Month 4: New Fees 495 [Fees = 0.05 * 9908 Current Balance]; New Balance 9413
Inactive Month 5: New Fees  471 [Fees = 0.05 * 9413 Current Balance]; New Balance 8942
Inactive Month 6: New Fees 447 [Fees = 0.05 * 8942 Current Balance]; New Balance 8494
Inactive Month 7: New Fees 425 [Fees = 0.05 * 8494 Current Balance]; New Balance 8069
Inactive Month 8: New Fees 403 [Fees = 0.05 * 8069 Current Balance]; New Balance 7666
Inactive Month 9: New Fees 383 [Fees = 0.05 * 7666 Current Balance]; New Balance 7283
Inactive Month 10: New Fees 364 [Fees = 0.05 * 7283 Current Balance]; New Balance 6919
Inactive Month 11: New Fees 346 [Fees = 0.05 * 6919 Current Balance]; New Balance 6573

Original Balance: EUR 9908
Cumulative Fees (as accurately applied according to your own terms): EUR -3335
Current Balance: EUR 6573

Therefore, even if inactivity fees were justified, my balance is currently almost EUR 2600 short of what it should be.

I regard your current choice of actions as both morally repugnant and in breach of your own Terms and Conditions. I further regard your terms and actions as contrary to UK law. As a UK resident, I will therefore pursue legal action against you and seek all costs, should it prove necessary.

I look forward to your response.

Regards,
Nick


[No response has been received from Premium Tradings to this email to date]
« Last Edit: April 22, 2020, 07:28:42 PM by jarb » Logged
arbusers
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Re: Premium Tradings - Theft
« Reply #1 on: April 22, 2020, 08:13:36 PM »

I brought this thread to the attention of PremiumTradings.
Meanwhile, if your account is referred by arbusers, send me the account e-mail via PM and we will look deeper.
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risilloch
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Re: Premium Tradings - Theft
« Reply #2 on: April 22, 2020, 09:32:04 PM »

So, if I am inactive with Premium Tradings due to there being nothing to bet on because of Covid-19 pandemic i will then be liable to 'inactivity fees' even though i want to withdraw from my account but Premium Tradings does not currently support the withdrawal mechanism (Bank) that i require?
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premiumtradings
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Re: Premium Tradings - Theft
« Reply #3 on: April 23, 2020, 01:23:49 PM »

To the point of risilloch, you should be calm and not to worry about it, we consider the period of worldwide pandemic and the impact on the sports calendar.
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premiumtradings
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Re: Premium Tradings - Theft
« Reply #4 on: April 23, 2020, 01:27:37 PM »

Dear all,

We hope this message finds you well.
To the main topic above, this is an absolutely inconsistent statement.
We acted as per our Terms and Conditions at each point and stage. We are very sorry to see that despite our previous correspondence and thorough audit of customer’s account, a piece of conflicting and untrue information is published above.
For more details around the case, the user has been notified a couple of times via e-mails before the rule getting into force and none of our notifications was taken into consideration, no action was taken on customer’s side, nor did we receive a reply. In addition, our Terms and Conditions are transparent and displayed on our website which is the users’ responsibility to follow them and never the less we are not obliged to do so, we keep sending notifications for the wellbeing of our customers. PremiumTradings hold all the relevant records, e-mails and chats along with the GDPR consent and in case of a need, we keep the right to defend ourselves by exposing the demanded data to do so.
With this in mind, we would like to conclude that PremiumTradings had taken all the necessary measures to ensure customer’s prior knowledge on the rules that will come in force and in accordance to our Terms & Conditions.
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jarb
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jarb

Re: Premium Tradings - Theft
« Reply #5 on: April 23, 2020, 02:59:01 PM »

In response to Premium Tradings:

I note that you have chosen to publish yet more falsehoods in an attempt to justify your unlawful and repugnant behaviour.

I have a full record of all communications with Premium Tradings. The only notifications I received from Premium Tradings with reference to the potential application of inactivity fees, other than in their Terms and Conditions, where emails on 04 June 2019 and 07 June 2019. The first email buried reference to the possibility of inactivity fees being applied in future at the bottom. The 2nd email, received three days later, informed me that my Betdaq account was being disabled and included a copy of the first email with no additional reference to inactivity fees.

Since 07 June 2019 and prior to raising this matter in March 2020, the only email I received from Premium Tradings other than statements, was an invitation, on 23 June 2019 to use a test 'Fair Exchange' account.

I received Status Reports weekly from Premium Tradings until 22 July 2019, at which point my balance remained EUR 9908.92 i.e. no inactivity fees had been applied.

I would be very happy for you, Premium Tradings, to disclose all relevant communications here (subject to reasonable security precautions such as the omission of my usernames, passwords, email address, financial details and surname).

Perhaps in the meantime you can explain why, even if inactivity fees had been justified, you have deducted approximately EUR 2600 more from my account than should have been applied if you had acted in accordance with your own Terms and Condition as detailed above?

« Last Edit: April 23, 2020, 03:17:59 PM by jarb » Logged
arctrading
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Re: Premium Tradings - Theft
« Reply #6 on: April 23, 2020, 07:31:43 PM »

Just use normal broker like Sportmarket etc which have very good customer support. This is nonsense to have inactivity fees... Its not API access its just for betting. I feel really sorry about that, few k is pretty big amount tho to be deducted this way...
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Re: Premium Tradings - Theft
« Reply #7 on: April 24, 2020, 12:21:45 AM »

This is an outrageous situation, and if its true as it seems, I think arbusers should remove PT as a recommended broker, Asap.
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Re: Premium Tradings - Theft
« Reply #8 on: April 24, 2020, 12:33:37 AM »

There is inactivity fees all over the internet.   Top tip, read the t&cs and dont leave accounts inactive for months on end.  Having said that I think during the China Virus sports suspension, agents and sportsbooks should suspend inactivity fees as there is not much to bet on.
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arbusers
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Re: Premium Tradings - Theft
« Reply #9 on: April 24, 2020, 06:04:28 AM »

To avoid the abusive use of our forum, only members with 10+ posts will be allowed to post in this thread. The OP is of course excluded.

This is an outrageous situation, and if its true as it seems, I think arbusers should remove PT as a recommended broker, Asap.

If you take a look at the history of your posts, you will find out that you encouraged people and the forum to stop working asap with BetOnValue, BetBurger, ecoPayz, Neteller, Skrill, all PaySafe group, AsianConnect, PremiumTradings and of course all types of betting automation. If you practice what you preach, you must be the Higher Being of the smart betting world.
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Yngwie/Sawyer
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Re: Premium Tradings - Theft
« Reply #10 on: April 24, 2020, 09:18:06 AM »

I'm not surprised. This is not the first case about PT. I remember there was a case about PT which they refuse to pay 250k. I had warned people about PT many times. Before using an agent, make sure you searched thru the old posts. PT is not a reliable agent.
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gamblehappier
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Re: Premium Tradings - Theft
« Reply #11 on: April 24, 2020, 05:17:57 PM »

Jarb is right,this is crazy.These fees are really too high.I cannot understand this behavior,as these fees will only damage reputation of the broker(which is not good for the agent in the longrun).
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jarb
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jarb

Re: Premium Tradings - Theft
« Reply #12 on: October 05, 2020, 06:16:19 PM »

Update:

As a result of Arbusers' intervention, Premium Tradings (PT) agreed to refund approximately €1400 of the inactivity fees they had wrongfully deducted from my account.

The addition of €1400 to my account meant that the inactivity fees applied by PT were corrected to the amount that should have originally been applied under their own Terms & Conditions; notably only if those T&Cs were interpreted in the most favourable manner possible to Premium Tradings.

I have recently closed my PT account. I have withdrawn and received my remaining balance of approximately €5000 by bank transfer (this withdrawal was subject to a 3% bank transfer fee and 1% account closure fee). I thank PT for processing my withdrawal.

However, I remain very concerned by PT's failure to abide by their own T&Cs prior to the intervention of Arbusers. I also continue to consider the remaining inactivity fees they applied to my account to be both unreasonable and unlawful under UK law. I reserve the right to contest those fees in court.

I'm grateful for the intervention of Arbusers. Without that intervention, it's almost certain that Premium Tradings would not have refunded the €1400 of inactivity fees they had wrongfully deducted from my account in excess of those applicable under their own T&Cs.

Good luck all. 






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