Many people were annoyed when the news broke regarding Coinkite winding down their web wallet and payment terminal services. Although most of these tools have been shut down already, there are still some things existing account holders might want to take into account, such as a termination fee and monthly fee that will be charged.
Also read: OpenBazaar Adds More Functionality With New Update
Coinkite Users Need To Beware Of Wallet Funds
Some people may be upset when reading what Coinkite is planning to do over the next few weeks, although hardly any of it comes as a real surprise. The web wallet features and all other web services have been shut down last week, and every account without a balance has been closed automatically.
But some things are afoot for those who still have Bitcoin in their Coinkite balances and did not withdraw the funds yet. Keeping in mind how the company is going through all of these requests manually, users will be billed the monthly personal membership fee of US$9 on April 27th. This will only be done for all of the free accounts in existence. Users who have asked for a withdrawal after this date may have to wait 14 days or longers. Moreover, users with a deposit of 0.2 BTC or smaller will lose that funds entirely, as it will be considered to be a termination fee.
To make matters even worse, all accounts still holding funds on May 27th will be charged a termination fee. Although this would be in the middle of the company’s Grace Period – between April 11 and May 27 – Coinkite holds the right to cancel this period at any given time from now on. Another reason to move funds out as soon as possible for those who have not done so yet.
Those users who did not request a prorated refund for their annual Coinkite membership before April 11 are out of luck as well, as they will no longer be able to get that part of the money back. At the time of writing, it remained unknown as to whether or not any users would fall into this category.
For those users who are planning to make a withdrawal soon, please keep in mind the manual Coinkite process includes an in-depth verification process. Users are advised to provide as much information as they can, and the entire process can take several days – or even weeks – to complete.
Source: Coinkite
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
