THE LAST LETTER FROM WAVECREST
The Closure of WaveCrest issued MasterCard prepaid cards
As you know, as of January 5th, 2018 VISA suspended its relationship with WaveCrest. All VISA cards issued by WaveCrest, including the Xapo VISA card that we ourselves have used and recommended in a previous article, ceased working on January 5th.
In our January 5th article we published Xapo's official statement. It summed up the situation and clarified the most important information for Xapo users.
On January 24th, WaveCrest sent a letter to all cardholders, with the subject: ” Closure of your WaveCrest issued MasterCard prepaid card”. The letter informs cardholders about the following:
We regret to inform you that from the 27 February 2018, we will no longer be able to service your MyChoice Prepaid Debit Card.
You should, therefore, use up or remove any balance on your card before that date. We will block the loading of new funds to your card effective immediately to help avoid any balance remaining on your card. You will be able to request that any remaining balance on your card after 27 February 2018 be refunded to you in line with the Cardholder Agreement.
Unverified cards must be verified in order to be eligible for a refund. Please note that any funds that remain on your account after this date will continue to be subject to the terms of the Cardholder Agreement (other than as set out in this email). You can find the Cardholder Terms here.
Please also note that we have taken the decision to set new daily ATM limits to EUR 1000/USD 1000/GBP 800 for transaction inside the SEPA region; transaction outside of SEPA will be limited to EUR 500/USD 500/GBP 400.
We apologize for any inconvenience caused. If you have any questions, please contact us at firstname.lastname@example.org.
Whether it was WaveCrest’s fault or not, whether VISA realized the threat that crypto-compatible cards pose on the traditional banking system or not, we don’t know. Maybe we will find out one day.
As soon as we read about VISA's decision on January 5th, we started our research looking for alternative solutions. We continue to publish our findings here on coinvasion.com and on our facebook page, as well.