Yesterday Card One Money told their customers that all their card activities had been suspended by the Financial Conduct Authority (FCA). Every account holder has been stopped from using their cards in shops, online, over the phone, at ATMs, receiving payments and making payments.
Card One Money’s main card issuer, Wirecard, is being investigated for fraud in Germany and their UK activities have been frozen. This means that their customers will not be able to carry out the simplest of banking activities.
The company offer banking solutions tailored to consumers and businesses alike here’s some advise if you have been affected.
What Must Card One Money Customers do Now?
The FCA’s main advice is to contact your card provider for further advice and support as your money remains locked away. There is a chance, however, you might struggle to get a reply and should check their social media feeds for updates.
Whilst CardOneMoney have acknowledged that the issue is “disruptive”, they can’t tell customers when they will get access to their cash again.
Because your account is inaccessible you need to put measures in place to ensure you can still receive money and make payments. Wages and other transfers to you will bounce back to the sender’s account, you have to let them know this so you can set up an alternative.
For DWP payments you should contact the DWP as soon as possible. They are aware of the Wirecard scandal and have help and advice on hand.
Because Direct debit payments cannot leave your account as scheduled so you should notify whoever you are paying and discuss alternatives.
Why Have Card One Money Accounts been Frozen?
Earlier this week, Wirecard’s German parent company filed for insolvency. The news came after the resignation and arrest of the CEO and the disappearance of nearly €2 Billion to an allegedly undisclosed Philippines bank. The scandal affects the company’s worldwide operations and reputation.
In response on Friday, June 26, the FCA decided to freeze the UK arm of Wirecard “in order to further protect customer money”. All Wirecard service is prohibited as the FCA investigated them.
CardOneMoney’s online banking operations were suspended as a result. Their customers remain unable to access their own money as the scandal goes on
The FCA has frozen the Wirecard UK’s banking activities to keep your money safe from creditors as the German parent company becomes insolvent. The different companies have said that their customer’s money is safe but totally inaccessible.
Setting up an Alternative Banking Account
Suits Me is a great alternative if you need a new banking solution fast.
Because Suits Me and Wirecard are not affiliated, our services have been totally unaffected and you are guaranteed your money will be accessible when you need it. Anyone can open a Suits Me account. Applications take no more than 10 minutes, do not require a proof of address or any credit or National Insurance checks, and are open to anyone caught up in the Wirecard scandal.
For everyone affected by the Wirecard crisis, we are offering the first month free with Suits Me.
You can open a new Suits Me account today and move funds into your account as soon as it’s activated and you’ll receive a new Mastercard® debit card in the post within 3-5 working days.
Author Bio: Peter East is a professional content writer for Suits Me. He has training in BA Journalism and has an interest in political and data journalism. When not on the lookout for new stories he’s been developing a new podcast.