Just to update my forum post about the funds withdrawal from Upstreet via Rewardle - I had already posted the screenshot of the email saying that they were processing a withdrawl of 843.9 units in the relevant ETF at $1.2743 for $1,075.38. I said I'd update when the money hit my account - and it did this afternoon, and it was slightly higher than that - being $1,080.36, so it looks like the ETF units were sold at $1.2802, or thereabouts, being a little higher than their estimate, and they gave me the higher amount.
So, yes, they did pay me in full and on time, after I supplied all of the relevant documents to them as I've previously explained, so @Jimmy I recommend you read my earlier post in this forum thread that explains how I got my bank account details added in to my account to allow me to withdraw the funds from Rewardle to my own bank account. It starts with an email to them at support@rewardle.com explaining:
- Your Name;
- That you have the rewardle App on your phone already and an "Investing"/Upstreet balance that you would like to withdraw; and
- that you want to add your bank account details to the App to allow this.
They replied to my email overnight requesting copies of:
- Proof of ID, such as drivers' licence;
- Your bank account details (bank name, BSB, Account Number and account name); and
- Proof of the account being in your name, such as a copy of a recent bank statement.
With #3 there, I went into my online banking and requested a copy of recent transactions which I downloaded as a .pdf file - a screenshot would also work - and that contained the bank logo, and my name and the account number, which is all they need to prove that it's your account. That is what I provided to them. In my email with those attachments (the proof of ID photo of my DL and passport plus the bank transaction list), I also clearly stated my bank account details (as specified at #2 above), and that was all they needed. They replied saying they had raised a job order or something to get that bank account added to my profile on Rewardle and that it could take a few days. It took about 3 or 4 business days and they then replied saying it was done, but I'd already checked earlier in the day and found that it had been done (before they notified me that it had been done) and I had already stepped through the withdrawal process within the app.
Clearly there is a concern when supplying that much info, that it could be used to steal your identity or sold to scammers or added to a list that ends up in the hands of scammers, but I thought it was worth the risk considering it was the only way to get that money out, and if Rewardle goes broke eventually like Upstreet did, then the chance of getting the money out eventually would decrease significantly, so happy to have got the money out. Also, if my bank account becomes compromised I can close it and open a different account. It would be a hassle but it would be doable. I also looked at it from their POV - they have a duty of care to not give my money to anybody who claims to be me and has access to my profile within Rewardle; there are certain requirements with opening bank accounts with banks, and I generally expect similar hoops to jump through when adding a bank account to an App to withdraw more than $1K, or any amount really. So it didn't phase me a whole heap, even though there is clearly risk with providing that level of detailed info to anyone you don't fully trust or know well.
Hope that helps.