BEWARE of spend.com until further updates (Reddit Bitcoin)
Since I've joined spend.com, I have had many regrets thus far as well as outstanding issues that have NOT been resolved:
- In the USA, you CANNOT withdraw funds to bank, yet the functionality exists and the wallet gives off the impression that the withdrawal has been initiated. The first time I tried to withdraw, low and behold nothing happened. I reached out to the support team who informed me that this functionality isn't working yet for the US, and therefore proceeded to undo all of the pending transactions. Not cool because guess what, I paid the fee to transfer the crypto to USD value and its quite a hefty fee when you are talking about over 10K USD. Oh by the way, I paid shit ton's of fees to convert the BTC and ETH to USD wallet, and the developer just gave me the crypto back, but ofc did not even bother to address the fee aspect of things. (I am splitting hairs...but yea...guys that's alot of lost fees as well!) Oh and guess what, If I never bothered to ask about these pending transactions, I would have found out days later that my withdraws to bank failed and I probably would have tried again. Only after reaching out to support was when they had to ability to reverse those withdraws and get my funds back. (Although I was clearly screwed out of fees and who knows if I got the exact amount of money I even put in there in the first place). Mr Developer can go in as he pleases to monkey around with your funds like that - which leads me to recommend for now...UNTIL i receive a valid explanation from competent management, I DO NOT RECOMMEND LEAVING ALOT OF FUNDS IN YOUR WALLET.
- I applied for a spend.com preferred card for 25K spndcoin (which cost me $1420 USD at the time), and most recently decided to upgrade to the black card (VIP) which provides 6% cashback. (a whopping $6307.50 and $63.08 fee). i started to regret it same day and reached out to support and asked if they could undo this. The support team informed me that i would not be getting the refund of the $50 membership fee...which I am totally okay with...and replied that's fine. I asked more than once if they could escalate this issue with high priority given that I know spndcoin is volatile and was nervous I would just bleed money. They said no guarantees, but informed me that it typically takes 3 days for an SLA. 3 days later, I reached out to support AGAIN to ask them what is going on (for which I provided my old ticket #) to which they gave me a new ticket number and apologized. That was yesterday. This morning I still did not receive an update, so I reached out yet again to support, who took down my list of issues and concerns. I kindly said that I was frustrated and voiced my concerns and said I would like to discuss with a manager to further handle the situation. They apologized and said that they would reach out to me Monday/Tuesday at the latest. Today is 6/29, so by 7/1-7/2 (drop-dead date). I've read portions of the white paper, and I believe the refund typically is given at the value at which you bought something at a certain point in time, because it would get me even more furious if they offered me back $4934.60 instead). Especially when you brought up that concern during the escalation.
- I sent mined ethereum to my spend.com wallet today, (over 360 block confirmations) later and still nothing in the spendwallet. I escalated this as well. (I will say that this typically works OK, but I mean I would like to know if something is down before I try to send alot of stuff to it....to plan for a trade...only to be stuck sitting here like ok I guess that plan is ruined
- For preferred card holders (access to spend VIP) and for black holders (access to spend VIP elite). why do you think I decided not to even bother upgrading to black card. oh wait...it doesn't exist! Or if so, there is absolutely no direction on their website or any invitation to this program!
- This one is my mistake, I sent BCH to a BTC address on spend wallet and have kindly asked if they could recover the funds. That is my other outstanding issue. I feel like this will never even get addressed. Should I even bother? I mean I've already googled this and it is absolutely possible to do. I just hope support is not just passing the buck here, yet again.
- As long as someone has your user name and password, they can login to your wallet. If you try to login to a wallet too many times, I've noticed that they just start from the beginning of the login screen and make you login all over again, re-inputting your 4 digit passcode, enabling Touch ID. I've done this over 25 times using this app on my android phone. I would never ever trust putting alot of your funds, or even dealing with spend.com until I report back by Tuesday. (6/2/2019) at the latest. They have mentioned that they will discuss with their supervisor and get back to me.
- I understand IT. iterative/pure agile development. dark launches vs. alpha, whatever the F it may be. I can live with bugs and defects, but to put a product in users hands that is BARELY READY and causes them this amount of heartburn is absolutely unbelievable.
- Oh yeah, nobody ever mentioned that you can get USA VISA debit cards, but all banking features to get funds in is NOT working. You will only be able to first send Crypto to the Spend wallet...then Convert it to USD for a Fee, and then buy the currency you want (for another fee)....
- IT GOES WITHOUT SAYING, BUT UNTIL I UPDATE THIS POST, I DO NOT RECOMMEND ANYONE TO USE THEIR WALLET OR THEIR CAPABILITIES UNTIL FURTHER NOTICE. I SINCERELY HOPE I DO SPEAK TO UPPER MANAGEMENT ABOUT THIS AND GET THIS CASE RESOLVED PROPERLY. I AM OPEN TO A PHONE CALL BY A SPEND.COM mgmt/leadership/C-suite to discuss further.
- Have any other users experienced support like this? Is it just me? Anyway, do what you guys want, but I will keep folks abreast of the update, who I spoke with, what the resolution was, and what they possibly "might" do to right the ship. You've heard my story, and I will post it in other forums in fear of censorship or deletion by spend.com themselves.
What do folks think my options are here.