On the same day of my Fold shutting us down blog post, like literally hours after my blog post, everyone I know who got shut down by Fold got the following email. I’m not going to take credit but this whole entire situation has been WILD. Like, why did the unban us? I thought Sutton Bank told them we were doing AML. Maybe they didn’t want to refund all of us (which I would have preferred by the way?) Is there a liquidity problem with these guys? Did the price of bitcoin falling have to do with is? JUST WILD FOLKS! Here’s the email:
Subject – [UPDATE] Your Fold account ban has been reversed
Hello,
The review of your Fold account has been completed.
The hold on withdrawing your sats rewards has been lifted as of Monday, September 13th; you are free to initiate a rewards withdrawal immediately.
We sincerely apologize for the inconvenience that you may have experienced during our review process.
Context
Your account was flagged because the activity was similar to the behavior that our banking partners deem abusive. After review, we have cleared and removed the ban on your account. You are now able to initiate the withdrawal of your rewards.
Account Reviews
Certain types of account behavior may lead to account reviews. Those behaviors include but are not limited to:
- Fold Card account activity consisting of large payments to credit card, prepaid card, or similar monetary instruments
- Fold Card account activity with only one merchant consistently
- Fold Card account activity which may otherwise deviate from traditional spending patterns.
Account Bans and Reward Reversals
There are some behaviors that will result in a hold on your account, a revocation of your rewards, and/or ban. Those behaviors include but are not limited to:
- Self-pay
- Manufactured spending
- Other behaviors that violate our terms and conditions or create an unacceptable level of risk for Fold or our banking partners.
For more information on user conduct, feel free to review our Terms and Conditions.
Thank you for sticking with us as we do everything we can to ensure Fold stays profitable and allow our users to enjoy stacking sats.
Oh, and by the way – 5 extra spins should hit your account by the end of the day.
Best,
Fold Risk
I signed up for Fold a couple of weeks ago and when I couldn’t login I contacted them and they said my account was closed and there’s nothing I can do and they wouldn’t tell me why. Is it related to the crypto dump? They’re now losing more $$?
Hi Vinh, is this still worth signing up? What’s the typical cash back rate? How do you pay credit card bills? Why not just buy money order with it? sorry I have too many questions on this.