Freedom Prepaid MasterCard [TEXT DELETED BY FORUM TEAM]

AmitSharma

Hi Guys,
Freedom are definitely not a scam but more a case of financial times consuming another company.

I think the TNL guys went belly up and I believe Freedom are going (or have already gone) bust as well.

Unfortunately, money on prepaid cards is not considered a deposit (which means that it is not protected by the Financial Compensation Scheme - see http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-deposits/#Are_pre_paid_cards_covered_by_the_FSCS_)

Hence, there is a possibility the money may never be recovered by superman999 or dotty2101.

I think it is becoming more and more important to ensure you pick a financially strong issuer when you pick a prepaid card. Cards like Orange cash, virgin money etc are a tad bit more expensive than others but sometimes there is safety in the brand.

Unfortunately, none of this really helps superman999, of course!

GeorgleJungle

superman999 wrote: »

Hello,

I ordered a Prepaid Mastercard with Freedom Prepaid MasterCard (a White Eagle brand): easy, and quick to receive the card!

BUT once I loaded GBP 500 by wire transfer, the company remained silent and NEVER credited my account !!

Customer service is never answering my requests, by Phone they always say that they need a few hours to check if they have received the money, BUT after more than one month, it cannot be true!

THIS COMPANY IS A [Text removed by MSE Forum Team]

I will now fill in a Formal Complain with the FSA and also contact MasterCard to inform them that their partner is a [Text removed by MSE Forum Team].

AVOID THEM

He is right I lost £100 and I feel the same way

SammenForLivet2

You could try this (but I wouldn't bank on it - as this is what Transcat Network are saying for another program they have stopped):

What if I still have money on my prepaid card?
Your money is safe. Please send us an email from your registered email address to tnl@transactnetwork.com as soon as possible and we will arrange the funds to be transferred into your chosen bank account. Please include the following information:

* Your full name
* Your Post Code
* The last four digits of your prepaid card
* The beneficiary name registered to the United Kingdom bank account you wish your funds to be sent to
* The United Kingdom bank account details
Bank Name
Account number
Sort code

Can I continue to load funds to my card?

You are no longer able to add further funds to your card. This includes loads made at the Post Office and Paypoint Store. If you receive a regular payment to your card, for example your salary, child allowance or similar, please contact your employer or the benefits agency immediately to arrange for your regular payment to be re-directed to your bank account or an alternative provider.


What if I have recently transferred funds to my card?
Any electronic bank loads will be returned automatically, and we advise you to check with your bank or the sender to verify receipt of funds.

Should you have any further enquiries please contact the Customer Services Team of your prepaid card directly.

Yours sincerely
Transact Network Limited

GeorgleJungle

macfamilyent wrote: »

You could try this (but I wouldn't bank on it - as this is what Transcat Network are saying for another program they have stopped):

What if I still have money on my prepaid card?
Your money is safe. Please send us an email from your registered email address to tnl@transactnetwork.com as soon as possible and we will arrange the funds to be transferred into your chosen bank account. Please include the following information:

* Your full name
* Your Post Code
* The last four digits of your prepaid card
* The beneficiary name registered to the United Kingdom bank account you wish your funds to be sent to
* The United Kingdom bank account details
Bank Name
Account number
Sort code

Can I continue to load funds to my card?

You are no longer able to add further funds to your card. This includes loads made at the Post Office and Paypoint Store. If you receive a regular payment to your card, for example your salary, child allowance or similar, please contact your employer or the benefits agency immediately to arrange for your regular payment to be re-directed to your bank account or an alternative provider.


What if I have recently transferred funds to my card?
Any electronic bank loads will be returned automatically, and we advise you to check with your bank or the sender to verify receipt of funds.

Should you have any further enquiries please contact the Customer Services Team of your prepaid card directly.

Yours sincerely
Transact Network Limited

Well they are not responding to me. I am going to write to the regulator in Gibralter, and I spoke with FSO about it just now. They say that the High Wycombe address is on their system, however Transact network is not known to them. I paid £200 to the card on 24/1/12 and it never got there.

The FOS say that it *could* be covered by Financial Services Compensation Scheme. However, you must write and go through their official complaints procedure, or they can initiate it, and that it must be resolved within 8 weeks.

I think the problem here is that there is no clear cause of action. A company may of bought the assets or name of another company, and it is somewhat opaque. I will sue if I need to, but do i do so out in Gibralter or in the UK?

I'll be writing recorded delivery to all 3 addresses and we will see what happens.

It may well be that the money is safe and they are drowning in admin.

It states on my LLoyds TSB bank account that the payment went to Transact Network Ltd on 24/1/12

GeorgleJungle

Transact Network
Suite 51
Victoria House
26 Main Street
Gibraltar

Financial Services Commission
PO Box 940
Suite 3, Ground Floor
Atlantic Suites
Europort Avenue
Gibraltar

GeorgleJungle

I hope that this page gets spidered by Google and any searches for Yuyu Limited lead to this page and what a bunch of scammers they actually are...



Main Details

Name Yuyu Limited
Address Suite 11 Victoria House
26 Main Street
Gibraltar
Telephone 20003800
Fax 20059978
Email info@transactnetwork.gi
Website
Legal Form Private Company Limited By Shares
Country of Incorporation Gibraltar
Incorporation Number 96561
Incorporation Date 14/06/2006

Other Names
Previous Name Transact Network Limited
Permissions
Hide All
Click to expand or collapse the section Financial Services (Banking) Act
Click to expand or collapse the section Permitted Businesses
E-money
4 Payment services as defined in the Financial Services (EEA) (Payment Services) Regulations 2010.
15 Electronic money.
Providing Services in EEA States
The firm is authorised to carry out services in the following countries:
Click to expand or collapse the section United Kingdom
E-money
4 Payment services as defined in the Financial Services (EEA) (Payment Services) Regulations 2010.
15 Electronic money.


* Firms with an asterisk by their name may have for example a restricted or suspended licence. Please click on "Show All" under Permissions to establish the current state of the entity.

Back

Thommo2

I am having a "paperwork sort out" and found my Freedom Card details in my "to do" box. I too have money on my card, I asked for it back almost a year ago, and then forgot about it. OK it's "ONLY" £15 (luckily) but I still need every penny every day... Thanks to you all above, I am sending an email in the hope of a response. (We were double lucky - my partner and all our kids had cards too, but we had just stopped them before the site closed down.) The worst thing for me is, I got this card through a link in MSE: I don't BLAME you for that, but I think there should be something about this issue on the main website - it took me all afternoon to find this thread. Hope at least some of us get our money back!

GeorgleJungle

I went through the regulator and got my £200 back less £5 admin charge which seemed cheeky however I was not going to argue about it.


queries at yuyu-emi dot com

Send an email to these people in the first instance. Took 2 weeks and required some prodding, cc'ing the regulator achieved the desired outcome.


Nicholas Gomez
Regulatory Officer
Banking and Investment Services
Financial Services Commission
PO Box 940
Suite 3, Ground Floor
Atlantic Suites
Europort Avenue
Gibraltar

Tel: (+350) 200 40283
Fax: (+350) 200 40282

New user not allowed to post regulators email, suggest you go through their website


:money::money::money::money: