Junior Arthur
Regular Member
- Feb 13, 2018
- 495
- 80
I just got the following email about the insolvency of the prepaid card issuer Wirecard Card Solutions Limited:
"As you may have seen on the news, Wirecard AG filed for insolvency on Thursday. Your Payoneer Prepaid Mastercard® Card is issued by its subsidiary, Wirecard Card Solutions Limited (WCSL) in the UK. Today, the Financial Conduct Authority (FCA) regulates WCSL, issued requirements on WCSL, freezing all prepaid card activity for the time being. We believe that cardholder funds are properly safeguarded and that the freeze will be temporary.
What does this mean?
The FCA has communicated that they have taken these measures with the primary objective of protecting the interests and money of consumers who use Wirecard. Pending further actions from the FCA, you will temporarily be unable to withdraw the funds on your card, nor receive new payments onto your card.
Any funds that are in excess of the maximum balance of your card are held by Payoneer and are therefore not impacted by the FCA’s temporary freeze.
How can I get paid during this time?
Any future payments that you receive from marketplaces, platforms, and clients will not be affected by the freeze. These funds, and any others already on your virtual currency balance, are available for bank withdrawal.
We are actively working on other solutions for you and your patience and understanding are highly appreciated. We apologize for any inconvenience this may cause and we’ll update you with more information as soon as we have it."
All my funds are frozen and I can't withdraw anything.
Do you guys have any idea what's going on?
"As you may have seen on the news, Wirecard AG filed for insolvency on Thursday. Your Payoneer Prepaid Mastercard® Card is issued by its subsidiary, Wirecard Card Solutions Limited (WCSL) in the UK. Today, the Financial Conduct Authority (FCA) regulates WCSL, issued requirements on WCSL, freezing all prepaid card activity for the time being. We believe that cardholder funds are properly safeguarded and that the freeze will be temporary.
What does this mean?
The FCA has communicated that they have taken these measures with the primary objective of protecting the interests and money of consumers who use Wirecard. Pending further actions from the FCA, you will temporarily be unable to withdraw the funds on your card, nor receive new payments onto your card.
Any funds that are in excess of the maximum balance of your card are held by Payoneer and are therefore not impacted by the FCA’s temporary freeze.
How can I get paid during this time?
Any future payments that you receive from marketplaces, platforms, and clients will not be affected by the freeze. These funds, and any others already on your virtual currency balance, are available for bank withdrawal.
We are actively working on other solutions for you and your patience and understanding are highly appreciated. We apologize for any inconvenience this may cause and we’ll update you with more information as soon as we have it."
All my funds are frozen and I can't withdraw anything.
Do you guys have any idea what's going on?
