Following the launch of WeSwap 2.0, we know a number of WeSwappers who chose not to move their accounts over have been waiting a long time for a refund or a response to their queries.
This Q&A hopefully explains the reasons for all of this and gives you answers to any questions you might have.
Why has it taken so long to get a response to my message?
As you know, when we launched WeSwap 2.0, this meant we released a new app and moved to a new issuing bank.
To put it mildly, the move has not gone as smoothly as we wanted. A combination of a workforce reduced by the pandemic, technicalities around refunds, tech issues with the migration and a much higher uptake of WeSwap 2.0 than expected has created a huge backlog.
We can only apologise for this and have been working day and night trying to get back to everyone and resolve their issues.
Why has it taken so long to get my refund?
Before we’re able to issue a refund, we have to make sure the balance on the account is completely correct. To do this, we have to ensure all transactions are settled, released or reversed and not pending.
Although a lot of accounts weren’t affected by pending transactions, a large number still needed to be addressed or analysed. This is often because a transaction was:
- duplicated by a merchant.
- "held“ in error. This happens when the card reader times out and WeSwap sees the transaction as authorised and pending but the merchant sees it as declined.
- pending (e.g. hotel/car rental deposit) and awaiting the release of the “held” amount from the merchant.
Completing this review has taken a lot longer than expected as we’ve had to work with Mastercard and our payments processor all while working at hugely reduced capacity following the pandemic.
This is all a manual process and has caused a backlog alongside some account migration issues for the WeSwappers who opted to join WeSwap 2.0.
When can I expect my refund?
We’ve now finished the analysis and have begun issuing refunds.
We can’t guarantee a date you’ll receive a refund by but it should be within the next month.
We’ll send you an email once your refund has been issued.
In the meantime, is my money safe?
It is. It remains in a secure, segregated account with our previous issuing bank IDT Financial Services and will be with you soon.
Why can’t I access my old account?
As you know, from midnight the 31st August 2021, all existing accounts and cards stopped working.
From then on, that account could not be accessed on mobile or desktop.
For those who chose to migrate by midnight the 13th September 2021, their money was moved over to their new account and could request a new card. For anyone else, their money continued to be in a segregated account held by our old issuing bank, IDT Financial Services.
How do I request a refund?
If you still haven’t requested a refund, please contact IDT Financial Services at email@example.com from your registered WeSwap email address with the following details:
- Account holder name
- The name of your bank (e.g. Barclays) used to load your OLD WeSwap account
- Bank sort code
- Bank account number
- a PDF version of your current account bank statement, not older than 3 months, where your name and address details can be verified along with account details (account number and sort code, name of the bank) Note we do not need to see your activity or balance.