If you had a balance on the (now) closed card, these funds were pulled off the closed card by Four Oaks. All these funds were transferred to Nxpay who in turn will place them on your wallet. When this happens we will contact you and you will be able to either transfer out funds or leave them to be transferred to the new card.
The new issuing bank is excited to work with us and we are currently on getting all the legalities and formalities in place to start issuing again on or before August 1. I will be able to share more details most likely the next 2 weeks.
I want to provide an update on what we have done and learned so far and what the next steps are.
As you know, all current US Unlocked Cards were closed on May 8th by the issuing bank when they terminated all card programs. Their decision to do so was abrupt and left US Unlocked Card holders without an immediate solution.
First, we informed all card holders via email and posted messages in card holder accounts.
Second, we gathered all forces to be able to reply to all questions and concerns immediately.
Third, we started working on getting a new card program in place with a solid issuing bank.
We are making very good progress and expect to be able to start issuing the new cards on August 1. We will keep you informed about more details as soon as we can.
Below I have listed the most frequent questions and their answers:
Q I still have a balance, do I have access to these funds?
A When you log into your account you will be able to check what the balance of your card was at the time of closure. These funds will be loaded onto a new US Unlocked Card.
If the funds are on the Nxpay wallet and not on the closed card you may transfer money out by going here.
However, if the funds are still on the (now closed) card your money is safe but it is on temporary hold by the bank to allow for trailing activity such as refunds. The hold period will be approximately 2 weeks.
Q I still have a pending card load payment, what happens to it?
A We will not be able to load that payment to your current card unfortunately. It will either clear to a new card or we can send you a refund.
Q Is US Unlocked going to continue in business?
A Yes, absolutely! We are about to launch our new website and we have many exciting new things coming to you, for example a cash back rewards mall (more news to follow).
As the owner of US Unlocked I am very much aware of how this situation affects our card holders. Please be ensured that we are doing everything we possibly can at the moment to speed up reconciliation with the bank, start offering new cards and to do right by our customers. As always, I will keep you informed in our usual transparent way.