Advcash / Volet update (not looking good).

[Wellington]

Recently see this.

⚠️ Introducing inactivity fee for personal accounts
Please note that starting June 30th 2024 we will start charging inactivity fees of $1 a month from personal accounts that did not have any transactions for the past 6 months.

It means that on June 30th 2024 $1 will be deducted from the fiat balance of personal accounts with sufficient balance that did not have any transactions for 6 consecutive months before June 30th 2024.

Your Volet.com account remains free to use as long as you make at least one transaction every 6 months. Transactions that keep your account active include deposits, withdrawals, incoming or outgoing P2P transactions as well as buying or selling crypto.

Charges for SMS notifications, SMS login confirmations or inactivity fees are not considered account activity.

• Inactivity fees apply to personal accounts only.
• They are charged on the last day of the month after 6 full consecutive months of inactivity.
• They are charged from any fiat wallet with sufficient balance.
• Inactivity fees are not charged when there is no fiat balance.
• No inactivity fees for accounts closed by the user.
• No inactivity fees for accounts blocked before December 18th 2023.

Got questions about inactivity fees or any other aspects of your Volet.com experience?
Click to expand...

Note, users are unable to SEPA, or withdraw to European account (etc)
Note, users are unable to credit to card(s) (union/master etc) and spend.

So basically a fee monthly for a service that can't be used lol.

 

[JohnLocke]

Is that the situation right now with Advcash eek¤%&

 

[Alexmorgan]

When i tried to register with them something in my mind hold me back

I felt like as they are not part of Mastercard or Visa system thats means there‌ is a problem besides there was no Iban and Swift system to wire in or‍ out

Thank god i didnt use them

 

[Marshal]

Right now any⁤ company with the connection to RU is better avoided.

 

[jafo]

So, what is the purpose of the account?
Which residents/countries do they prefer?

 

[thaowessuwan]

Time to close the account.

 

[TheCryptoAnt]

At this point its only utility is for crypto spending with their Global card if‌ you don't want to use a bank, honestly.

Keep in mind that their card offerings‍ go offline regularly too so damn_(

 

[redeye]

They are still useless not fixing their problems!!

 

[sharklasers]

Now the inactive UnionPay card and its balance have disappeared from dashboard altogether, way to‌ go Advcash/Volet!

 

[Wellington]

Just checked - mine still there

But showing as “Closed”

Disappeared after though lol -‌ I guess those trapped funds are now gone lol.

 

[Marshal]

Nothing to be surprised about.

 

[Compliance Circle]

Unfortunately, AdvCash and their "reincarnation" Volet are mostly ghosts of incredible past.

When there's a‌ combination of Russian founders, Belizean offshore past, piles of adverse media information, dozens of different‍ card and banking service providers changed over the lifespan there's no road to stable and⁠ uninterrupted operations on the same scale as it used to be 5-6 years ago.

Even if you swap your Belizean entity for Canadian MSB, even if you rename AdvCash to⁤ Volet, you're still AdvCash.

Very limited use for higher risk financial workflows recommended.

 

[Ibus]

Same here.

 

[dany]

Have we lost our money? I can't see my balance, checking after reading the lasts‌ posts....chocked

 

[JackAlabama]

union pay card just gone, poofff and disappeared.

 

[Ibus]

Volet staff claims they will come back soon with‍ some informations

 

[dany]

I heard this often from payment processors who never came back and money is lost!‌

 

[Ibus]

To be fair, I was expecting an ending like this.‍

 

[Wellington]

You asked directly or that’s a public statement ?

Crazy thing is they used third party processors that was rather strict - negative publicity fucked︁ them

 

[ilke]

It happens, looks like a similar situation to‍ DEK-CO (aka Paydek aka Paxum UK PI) where working with the wrong people (Russian involvement⁠ in both cases, Tate brothers on DEK-CO as well) brought so much negative attention that⁤ they're in a bad place now. Even with the move over to the Canadian license,⁣ they still don't seem to have found a suitable provider. In fact, ADV2 or Rocken⁢ also has no dedicated IBANs and bank transfers - and that one even has both︀ types of Lithuanian VASP licenses.

Ever since the Slovak-Lithuanian Majestic Financial lost its PI license,︁ it has been seemingly difficult for Volet to figure things out. I still have some︂ hope that they will get something done and not shut down though. After all, they︃ are still a very big payment processor.