Payment service provider WEX, has shut down services to Uphold customers without warning and while many customers had pending transactions.
In a bitch move, WEX has frozen all customers funds stating it may take over a month to refund everyone's money.
Uphold stated in a blog post.
"...all VMC cards have been canceled and any pending transactions may be rejected. As such, we are working with WEX to facilitate the refund process which they state may take 4 -5 weeks. If you were not able to use the VMC prior to the service being suspended, you will receive a refund of the card creation fee...."Upholds virtual card service allows users to fund payment cards with bitcoin and other virtual currency.
Heading for an EXIT? Surely they cannot just steal funds and leisurely return them a month or two later when they feel like getting around to it can they?
Is WEX a SCAM?
Of course they can, PayPal has been doing it for years. It's legal scamming.
Uphold also said that:
"On Friday, January 19, and without notice until late Monday morning, WEX, the service provider Uphold uses to issue Virtual debit card products, closed our account in response to similar actions taken by Visa and its processors against cryptocurrency companies.
We have been working to finalize an alternative that will bring better service and options for our customers by late Q2, early Q3 of 2018. We apologize for the inconvenience and look forward to bringing an optimal product offering to our members."
Well, yes, there were similiar actions, however those were violations of Visa's member agreement by Westlake and apparently there has been a history of the behavior. So say what you will, but it's not Visa or Mastercard, both of which are actively engaged in blockchain technology, who is calling the shots on this one.
In fact Visa even made the comment that plenty of card providers offer virtual currency funded cards in the area Westlake covered.
WEX just decided to steal people money for no reason stated and without warning it appears.
Apparently there's allot of turmoil at WEX, according to employees who posted on Glassdoor:
Training was terrible. Trainers are nice but hardly know what they try to teach. They do not invest ENOUGH time and training in employees, or new hires. They wouldnt have to train 20 newhires every 2 to 3 weeks if they were more consistent in the employees that wanted to be there and can do their job if they didnt put so little effort into their employees.They don't appear to be well trained staff and management is very questionable per several employees:
"Negative employee experience, leadership says one thing and does another. Culture is toxic, moral is low and you are constantly looking over your shoulder."
"Awful department level senior leadership qualities - play favorites, shady communication practices, morals and ethics are not aligned with my own."
"Managers assume communication has taken place and that you know everything going on in the company and the inner workings of the company. Many people are missing from important distribution lists and email is a plague of miscommunication.
Dictated processes arrive on employees’ desks that do not fit the reality. It is creating so much administrative work it is going to bury the company."
Looks like WEX has some internal issues as well as questionable practices.
That's not the only problem with WEX (Wex, Wex Bank, Wex Fleet One, etc...), they have piles of complaints from various other companies as well. They have 30 complaints on BBB with 5 full reviews, all negative, yet somehow manage to still have gotten 3.98 stars out of the 5 with no positive reviews, 5 negative reviews, and 30 complaints. Over 1/3 of those in the last 12 months.
Their other aliases also all have bad reviews on BBB.
They also have a colorful RipOff Report and all reviews and complaints are about the same. Terrible management, shady business practices, and company focus more on stock price than its services.
With a score card like that, it's not hard to believe they've locked up everyone's funds for for 1 or 2 months.
The worse part of this is that customers literally have no option and are just stuck without their money....and companies like this wonder why bitcoin exists.
[accordion] [item title="Author and Credits"] Article by dinbits
Image Credits: Banner Image by dinbits.com staff