What Is A Closed Loop Withdrawal Policy?

Why are withdrawal options limited?

At BoyleSports, we adhere to regulatory guidelines, which means we implement a 'Closed Loop Policy' when it comes to withdrawing funds. This policy requires that withdrawals must be made using the same payment method that was used for the initial deposit.

Here's how it works:

1. Closed Loop Policy: If you've deposited funds into your BoyleSports account using a specific payment method, you are required to withdraw funds back to that same payment method. This is a standard practice in the industry to ensure compliance with regulations.

 

2. Net Deposits: To keep track of your transactions, we use the concept of 'Net Deposits.' Net Deposits are calculated as the difference between your 'Total Deposits' and 'Total Withdrawals' for each payment method you've used. This helps us maintain a transparent record of your financial activity.

 

3. Positive and Negative Net Deposits: Depending on your deposit and withdrawal history for a specific payment method, you can have either 'Positive Net Deposits' or 'Negative Net Deposits.'

 

Positive Net Deposits: If you've deposited more than you've withdrawn using a particular payment method, you'll have a positive net deposit for that method.
Negative Net Deposits: If you've withdrawn more than you've deposited using a particular payment method, you'll have a negative net deposit for that method.

 

4. Multiple Payment Methods: If you've used more than one payment method (e.g., both a debit card and a PayPal account), you'll need to balance any positive net deposits on both methods before you can withdraw more than you've deposited on either method.

 

Suppose you've been using BoyleSports for a while, and you've made several deposits and withdrawals using various payment methods. Let's break down how the Closed Loop Policy works in a different situation:

  1. Initial Deposits:

    • You deposited €100 from your bank card (Method A).
    • You also deposited €50 from your PayPal account (Method B).
  2. Withdrawal Request:

    • Your current 'Available to Withdraw' balance is €300, and you want to withdraw €200.
  3. Closed Loop Policy in Action:

    • If you prefer to withdraw the €200 to your bank card (Method A), you can do so without any issues, as the deposit and withdrawal methods match.
  4. Balancing Net Deposits:

    • Let's say you've had a successful streak and accumulated a total of €500 in your account.
    • If you decide you want to withdraw €250 to your PayPal account (Method B), here's what you'll need to do:
      • Withdraw €100 to your bank card (Method A) to balance the positive net deposit of €100 on that method.
      • After this withdrawal, the net deposit for Method A becomes €0.
      • You can now withdraw the remaining €150 to your PayPal account (Method B).

By following this process, you ensure that you maintain compliance with our Closed Loop Policy while still having flexibility in choosing your withdrawal method.

Remember that the key principle is to balance any positive net deposits on the deposit methods you've used before withdrawing more than you've deposited on any given method.

If you have further questions or need assistance with specific transactions, don't hesitate to contact our Customer Service team for support.

If you need to get in touch with BoyleSports customer service, we provide three recommended options:

 

  1. Click Here (Recommended) : For email inquiries, use our webform. Fill out your name, email address, and a brief message outlining your question or concern. Our customer service team will respond promptly.
     
  2. Chat Link: Our live chat service is available 24/7 and offers the quickest and easiest way to reach us. Just click on the "Live Chat" button at the bottom of this page, and our customer service team will be there to assist you.
     
  3. Call: You can also contact us directly 24/7 through phone. For calls within ROI, dial 1800 22 00 66. UK callers can dial 0800 22 00 66, and international callers can reach us at +353 42 604 1800.

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