Xapo has set out to assuage angered Bitcoiners about its fee schedule. The Bitcoin wallet and card provider drew the ire of the Bitcoin community when members noticed and publicized monthly service fees for using the card.
In a somewhat choppy e-mail statement and blog post, Xapo cited “confusion” of the matter and said that it plans not to charge the monthly fees. As to their fee schedule indicating the charges, “it is from the existing third party program under which we are currently able to have the cards issued.”
Xapo did not explain why they still post the monthly fees, which only serves to unnecessarily confuse and drive away potential customers who may quite reasonably believe that such fees are still in force.
They further stated that in the event such fees are charged, they will directly reimburse your Xapo wallet. The message continued to emphasize that customers will be charged a one-time $15 card shipping fee.
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As of publication time, Xapo’s fee schedule remains unchanged and still states the monthly service fee:
Other miscellaneous fees, such as for foreign currency conversion, card replacement, ATM charges, and even for PIN changing and balance inquiries, remain in place.
The reddit community has relatively mum on the update- either because Xapo has already lost favor in their eyes and the clarification is of little value, or because such vindications aren’t so sensational. However, one will note that they took kindly to Google’s clarification on the KryptoKit matter back in May. Even since the update, negative opinion continues to trickle in.
Neither Xapo or Circle have addressed the other item of recent outrage, namely the $100 cap on deposit insurance.