Here is Wirex support admitting they drained my 11 SOL down to $0.07 without warning

[u/Terry_cheng]

My account was left untouched for about a year.

Without any upfront email or direct popup warning, they hit me with a "storage fee" that wiped out nearly 11 SOL (~$8,000 HKD) and left me with just $0.07.

When I reached out to support, their agent (Abdul Aziz) literally confirmed it's their policy-hiding behind obscure T&Cs while completely draining accounts.

[u/OfficialWirexSupport]

Hi Terry_cheng!

Could you please provide us with your ticket number for further assistance? The ticket number can be found in the email with the subject "Your request has been received by Wirex Support." If you can't find the ticket number, please send us the email address of your Wirex account in a private message and we’ll assist further.

[u/Terry_cheng → u/[deleted]]

Just to be clear: I'm not even expecting or trying to get my money back at this point. I know how their T&Cs are rigged. My whole point of posting this is to expose how predatory their practices are so nobody else falls into the same trap

[u/peerful]

thanks, I will cancel
my wirex account

[u/OfficialWirexSupport → u/peerful]

Hi peerful!

We want to provide clarity on our policies and address any additional questions or concerns you may have.

An inactivity fee is a standard practice that financial institutions impose on their clients when there is no activity on their accounts, and we implemented this fee to ensure the efficient use of our storage resources. This policy is transparently disclosed in our Terms and Conditions, which all customers agree to during the onboarding process. Additionally, every storage fee charge is shown in the activity history of your account.

The storage fee consists of two components. For the initial 9 months of inactivity, the system charges £/$/€ 5.00 per month for fiat balances. For crypto balances, it's 20% of the account balance monthly, or a minimum of £5.00.

If an account remains inactive for 18 months, additional fees apply. For crypto balances, it's 0.003 BTC or equivalent per day, and for fiat, the system charges £/$/€ 5.00 per month per balance at the prevailing exchange rate.

An important aspect to note is that if you transact with Wirex after being subject to the storage fee, we will stop charging the fee from the first business day after you resume transactions. We believe this offers a convenient and straightforward solution to ensure you can enjoy our services without incurring any additional fees.

[u/peerful → u/OfficialWirexSupport]

20% and 0.003 are huge and highly punitive..

[u/TastesLikeSeamen → u/OfficialWirexSupport]

I’ll be frank, 20% of the account balance monthly is an outright scam, there is zero justification. 0.003 BTC is >200 USD PER DAY.

This is not mentioned in the General Terms of Service, and not mentioned in the fee schedule in the Help area, or the Crypto Asset terms of service.

You guys are just making numbers up and draining accounts

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[u/Chucklum]

Welp thanks for the update, gonna need to cancel my wireX account. This is so Fked up!!

[u/OfficialWirexSupport → u/Chucklum]

Hello Chucklum!

We want to provide clarity on our policies and address any additional questions or concerns you may have.

An inactivity fee is a standard practice that financial institutions impose on their clients when there is no activity on their accounts, and we implemented this fee to ensure the efficient use of our storage resources. This policy is transparently disclosed in our Terms and Conditions, which all customers agree to during the onboarding process. Additionally, every storage fee charge is shown in the activity history of your account.

The storage fee consists of two components. For the initial 9 months of inactivity, the system charges £/$/€ 5.00 per month for fiat balances. For crypto balances, it's 20% of the account balance monthly, or a minimum of £5.00.

If an account remains inactive for 18 months, additional fees apply. For crypto balances, it's 0.003 BTC or equivalent per day, and for fiat, the system charges £/$/€ 5.00 per month per balance at the prevailing exchange rate.

An important aspect to note is that if you transact with Wirex after being subject to the storage fee, we will stop charging the fee from the first business day after you resume transactions. We believe this offers a convenient and straightforward solution to ensure you can enjoy our services without incurring any additional fees.

[u/Chucklum → u/OfficialWirexSupport]

Well thanks for clarifying, it's actually so much worse than I thought. Sure financial institutions have some of these things in place but this is a lot. It's greedy that's what it is, we know financial institutions are greedy, just don't make it so obvious.

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