Hello guys! I just had a bad experience with Chipper Cash app and I have been logging complaints since the incident, but the support team's response is very slow, and no actual resolution has been made yet. They're all saying "your payment was made toward settling your overdue balance for the unpaid US stocks account maintenance fees".
Hello Temitope,Thank you for reaching out to us.I apologize for any inconvenience caused by the maintenance fee on your stock account.
A review shows that after converting ₦188.93 to $0.11, a payment of $0.11 was made towards settling your overdue balance for the unpaid US Stocks account maintenance fees. Your overdue balance is now: $4.89.
We previously notified you about this $1 monthly fee, which you can still find in your message center.I’ve confirmed that your stock profile is active, even if you currently hold no stocks. Please note, the fee is non-refundable and automatically deducted each month.To avoid future charges, you can deactivate your stock profile in the app. Simply update to the latest version, go to the “Invest” section, and select “Deactivate” under “Search stocks.”Thank you for your feedback. Feel free to reach out for further assistance.
Chipper Cash 💜
This is their response. My question is that why did they convert my money to USD without my consent? Out of annoyance, I responded to their reply.
How it started
I used Chipper Cash USD card to purchase domain names on namecheap. In this aspect, they're so reliable but seems the company is falling apart due to internal challenges or inability to raise funds. I don't know. All I know is that the executive of the company has once listed out the company for sale, but later reverted back.
Well, that's none of my concern. One day, I login to my Chipper Cash account, and I have a leftover of N188. I wanted to convert it to my USD card but I quickly get reminded that any leftover cent on the card will be removed. I don't know why but I use to overlook it.
So, I prefer to withdraw the N188 instead but the transaction wasn't successful with no reason. However, when this people see that I wanted to withdraw my money, they did something strange.
They purposely stopped the withdrawal and automatically converted the N188 to $0.11 USD and use it to sort out maintenance fees.
All these transactions happened in a minute. You can check the time. Funny right? Well, it's not funny to me because I'm angry. Not because of the money but because they've been doing this on my USD card and I use to overlook it.
Imagine I have more than that in the account, is this how they will automatically convert my money without my consent and remove it from my account? This is fraud, and it has to stop.
This is when I started raging war against them. They have been doing so on my card. Now, because I don't use the card for a certain period of time, they have jumped to my naira account.
Till now, there's no reasonable explanation why my naira account's fund is automatically converted into USD to settle maintenance fees of stock account that was created at the time I created the Chipper Cash account. I don't even use the stock and crypto account but they keep collecting maintenance fees.
To my surprise, they said I should close down the stock account if I'm not using it. However, they will also charge you $5 to deactivate the stock account. What kind of policy is that?
Let me know your opinion in the comments section below regarding this issue.
