Curve Feedback


#1166

Curve team…


#1167

Call in the regulator!


#1168

That’s so annoying. It was the perfect companion product to Amex. I guess I’ll be asking Curve for a refund. :slightly_frowning_face:


(Dan Mullen) #1169

From a recent email from Curve:

Unlimited Use of Amex®
with auto top-up and no fees (as a Beta feature)

I’ve read other advertising too that was very careful to refer to Amex as beta. My suspicion is that Curve knew that the agreement with Amex was for a limited beta period but they have gone ahead with a full launch anyway. I would be happy to be proved wrong on this if and when more details are released from Curve and/or Amex.


(Kolok) #1170

(Jake Tame) #1171

Bypasses there fee’s so why would they allow it ha


(Kyle Risi) #1172

Yup I just got a grovelling email from them. Oh well


(Jamie 🏳️‍🌈) #1173

Because, to all intents and purposes from Curve over the last six months, the two companies seemed to be resolving their difficulties.

A salutary warning about building a company upon another’s business, and using the exploitation of loopholes as a main constituent of one’s proposition.


#1174

If they’d tried and failed with Amex, that would have been one thing.

The appalling communication and delivery, however, is unforgivable and has left a permanent black mark on the brand for me.


(Jamie 🏳️‍🌈) #1175

Does anyone have saved, or linked, the Ts&Cs containing the actual legal status of funds stored from Amex into the Curve top–up wallet, should Curve go belly up?

Edit: OK, so it seems Curve Amex top–up worked under an e–money licence with funds held at Wirecard in Germany. It looks like money would be safe should Curve go bust. I’m not sure what would happen in the event that Wirecard fails.


#1176

#1177

Omg, this is straight out of the maybot playbook


#1178

That’s the issue with all e-money license fintechs. You’re safe from whatever happens to them, but you lose your money if the bank where the funds are held goes bankrupt


#1179

Purely repeating what someone said on the Curve forum, but I believe Wirecard have a full banking licence in Germany.

However, I have no idea on the specifics of the situation and the epic disaster at Curve!

Other than this being one hell of a … curveball.

Thank you, thank you…


(Jamie 🏳️‍🌈) #1180

Reading around it seems your Curve funds within Wirecard aren’t protected by its deposit protection scheme (which is German, but this would be the same if Wirecard was British) but the money is ringfenced and wouldn’t form part of Wirecard’s assets for creditors if Wirecard went bust.

In theory your money would just be returned to you in the event that Wirecard, or Curve, collapsed. In theory.

On a different point, this sentence in Curve’s most recent communication stood out:

We believe consumers should be able to decide how they wish to access their money…

which is all well and good, except you’re not accessing ‘your’ money when you charge a credit card through Curve, you’re accessing Amex’s money. Seems like a fundamental point which the founder of Curve, in their exasperation, has forgotten.

Curve has seemingly made a shocking mistake by launching anyway when something so major was amiss. Add in the GDPR concerns after it automatically enrolled users into third party insurance without consent, and moving users onto a subscription model, again without explicit request and an appalling lack of communication beforehand, and Curve really does appear to be in a proper mess.


(Kolok) #1181

Full blog post

I’m sure Amex also spoke to legal before doing this, so I wonder what they are backing themselves on,

As curve said they aren’t a small start-up anymore and will probably take this all the way up.


#1182

As far as I can aprehend that is the main point in all of this. Amex could, like any bank can, block their credit cards from engaging with certain kinds of businesses or even specific merchants, however that is not what Amex has done. Amex blocked Curve’s access from the entire global amex card scheme which, as Curve argues, they cannot do as payment system providers have to ensure a level playing field when it comes to merchants accessing the network.

This looks like an uninformed move commanded by Amex’s main office in the US, whose legal counsel is apparently not familiar with the intrincacies of EU’s payment regulations.

That assessment is backed up by Curve’s allegations that after the new payments directive came into place Amex Europe had to start playing ball so that they would at least have input on the final implementation, then suddenly Amex radically changed their stance on the whole thing. I would think after Amex US caught wind of it


#1183

One week later after considerable effort and the threat of a complaint, I’ve finally been downgraded to Blue to get off the insurance I never wanted or asked for in the first place. Phew!

Then this:

Are you kidding - new card every time you change subscription?! :scream:

Then two minutes later another, now irrelevant reply…

A mess :man_shrugging:


(Jamie 🏳️‍🌈) #1184

God that is a mess.

Why doesn’t Curve ask you to activate your new card, and only deactivate your old card then?

Can you imagine being told that the other way round? “Thanks for upgrading! We’ve charged you £15 and sent you a new card, but until it arrives you can’t use your new service!”

The fact that Curve only provides a shitty transition on the downgrade route shows you they don’t really give two fucks.


(Marcel Ruhf) #1185

I thought you could be grandfathered (so you’d have the legacy Black plan)?