Just got an email from Ikobo saying that they are discontinuing their money transfer services. A copy of the email can be found below:
We regret to inform you that iKobo is discontinuing services. Effective immediately, no further money transfers to your iKobo account will be allowed. Your card issued by Palm Desert National Bank will continue to be active until November 13, 2008. Your card will no longer work after this date. However, the card funds are safe and guaranteed, even after the card is de-activated.
Please use your card at an ATM or to make purchases between now and November 13 to spend down the balance of funds on your card. Any remaining balance as of November 13, 2008 will be refunded to the sender, the US resident, as stated in the bank cardholder agreement (https://www.ikobo.com, link at bottom of page to â€œUS Program Terms and Conditionsâ€) .
We will assist you in any way possible. If you have any further questions regarding the above notice please contact us at firstname.lastname@example.org.
It has been a pleasure serving you and we appreciate your business. We apologize for the inconvenience this may cause.
I’ve been an Ikobo user since they’ve started advertising on this blog about 2 years ago. I even got the Ikobo Visa Debit Card sent to me so I can withdraw cash from any ATM. Good thing I’ve already withdrawn almost all of my funds via the ATM card.
I’m not really an active user but this is still a surprise. Wonder what caused this. It’s very likely that the global financial crisis is the culprit. This news came in very fast and people outside of the US didn’t have time to get their funds out before the ATM service closes.
In hindsight, I guess that means I need to take down their ad now.