Wirecard Collapse - Thousands Prepaidcard users Cannot Access A/Cs or Benefits
In the News
Hope this hasn’t affected any of you LDers. No time is good, but this has to be one of the worse times for this to happen.
Wirecard collapse sees ‘thousands’ of vulnerable UK customers unable to access bank accounts or benefits. Many companies that provide accounts in the UK relied on technology provided by the German company, which filed for bankruptcy last week.
Hundreds of thousands of Pockit, Curve, FairFX and other prepaid card users were locked out of their accounts this weekend, including thousands of vulnerable people.
The Financial Conduct Authority (FCA) has halted Wirecard Card Solutions’ UK licence after its German parent company filed for insolvency last week.
The move means that many firms which use Wirecard’s clearing service have also not been able to process payments, leaving thousands of customers unable to access cash held in accounts that use the German company’s technology.
Most funds held in these accounts are either ring-fenced, insured or otherwise protected, meaning that most customers will get their money back. But no timescale has been suggested for when many will once again have access to their cash.
Join for free to get genuine deals, money saving advice and help from our friendly community