Consumer complaint received 2017-08-18 00:00:00
Product: Credit card or prepaid card — General-purpose credit card or charge card
Issue: Problem with a purchase shown on your statement — Credit card company isn't resolving a dispute about a purchase on your statement
Company: DISCOVER BANK
State: TN

Complaint narrative:
I am submitting this complaint to let you know about a merchants transaction processing. I have a billing dispute with this merchant for 22 transactions and was informed the transactions are valid. One of the case numbers is XXXX ( each transaction has a different case number ). The merchants response to the chargebacks did not address the allegation I made in my dispute, but Discover still decided against me. The merchant, XXXX, operates prediction markets at XXXX The transactions are for deposits in an online trading account. On my credit card statement, these transactions post as purchases and not cash advances. Shouldnt transactions like this be considered cash advances? I have seen other online ( non ATM )  transactions processed as cash advances. Any time money is loaded to an online account, it is usually treated as a cash advance. If these transactions posted as cash advances and due to the lower cash advance limit ( that is a portion of the full credit line ), it would not have been possible for me to deposit as much as I did on this site. I have lost over {$83000.00} on this site through deposits on seven credit cards, with over {$16000.00} on Discover card. During the month of XX/XX/XXXX alone, I have made over {$44000.00} in deposits. During the month of XXXX, I have made about {$27000.00} in deposits. This site takes unlimited amounts of deposits, only accepts deposits by credit card, and does not offer other options to fund their accounts, such as electric bank transfers. Most online trading sites do not accept credit card deposits or have low limits in how much one person can deposit by credit card. The only way to fund most online trading accounts are by ACH bank transfers or wire transfers. My main reason for my dispute is not about losing money, but about the amounts of funds they allowed me to deposit. While I should not have deposited these amounts, XXXX should not have accepted unlimited deposits and/or Discover should not have approved all of the transactions. I noticed recently the merchant violated their own terms of service by accepting too much money. These terms are available at XXXX that state, a limit on investment by any single participant in any particular contract [ of ] {$850.00} and You must not deposit more than the permitted amount with the Clearing House. The permitted amounts for any Market are set forth on the Website. Where you deposit ( or attempt to deposit ) more than this amount, the Clearing House will be entitled to reject or return your funds. They took deposits that far exceeded this {$850.00} limit per market on multiple credit cards. I discovered that there were several markets that I lost a lot more than {$850.00} and I counted 19 of these as follows ( all amounts identified are loses ) : XXXX XXXX   {$7900.00}, XXXX XXXX {$2200.00}, XXXX XXXX {$1100.00}, XXXX XXXX {$4800.00}, XXXX XXXX {$2500.00}, XXXX XXXX {$1800.00}, XXXX  XXXX {$4900.00}, XXXX XXXX {$3300.00}, XXXX   VA {$1800.00}, XXXX XXXX {$1400.00}, XXXX XXXX {$1300.00}, XXXX {$2100.00}, XXXX XXXX {$3000.00}, XXXX {$1400.00}, XXXX XXXX XXXX {$4900.00}, XXXX XXXX {$2500.00}, XXXX XXXX {$1000.00}, XXXX {$2000.00}, and XXXX XXXX {$1000.00}. These add up to over {$50000.00} and more than {$35000.00} over the {$850.00} limit. Do you think it is reasonable for a web site to take over {$70000.00} in deposits on credit cards from the same user from XX/XX/XXXX ( when I opened my account ) to the end of the year? And this is not even counting deposits made in XX/XX/XXXXand XXXX. I got over my head, accumulated about {$50000.00} of credit card debt, and lost my life savings on this site.

Company response to consumer: Closed with explanation