Cash outs for QuickTender/UseMyWallet (QT/UMW) are hitting bank accounts both foreign and domestic. Reports of the first withdrawals hitting US bank accounts have surfaced this week, but some account holders are finding the cash out process to be confusing, and instructions contradictory.
In an email sent to QT/UMW customers, the company indicated they would send funds to a US based bank: “If you obtain a EURO account from a USA based bank they will be able to provide you with the BIC/Swift Code and /or an International Bank Account Number (IBAN).” However, they cautioned that “Only funds sent to a EURO bank account are fully protected.”
Though many have attempted this process and only those that have been successful have reported results, no reports of seizures have been received. It is likely that any seizures would only be discovered after an extended period of time passing without a successfully completed transaction.
Funds will not be sent to accounts held in 3rd party names and the name on the QT/UMW account must match the name on the receiving account. Many banks around the world use intermediary banks to assist in international funds transfers.
In these instances the intermediary banks are the receivers of the transfer even though the account holder will be the eventual beneficiary of the transaction. As a result, these intermediary banks are considered 3rd parties and are not eligible to be used in the QT/UMW withdrawal process.
Some users are not able to initiate the withdrawal process because their accounts have been locked. Those that have no balance and those that have had their balances seized while “in transit” are among those that cannot access their accounts on the QuickTender web site.
A number of others claiming to have “cleared funds“ in their account are reporting issues with being able to log into their accounts as well. Many customers emailing QuickTender regarding their locked accounts are reporting long delays in response time; others are receiving no response at all.
Emails sent to QT/UMW should be sent to both of the following email address in an attempt to assure the fastest response time: banking@quicktender.com and support@quicktender.com.
Fees and conversion rates associated with the transactions are being accused of being excessive, but is a small price to pay for those that have been able to recoup the funds that had been frozen since QT halted operations back in May.
