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November 07, 2008

iKobo discontinuing Money Transfer Services

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 “US Program Terms and Conditions”) .

We will assist you in any way possible. If you have any further questions regarding the above notice please contact us at info@ikobo.com.

It has been a pleasure serving you and we appreciate your business. We apologize for the inconvenience this may cause.

Sincerely,
iKobo

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 Good thing I’ve already withdrawn almost all of my funds via the ATM card.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.

Ikobo Visa Debit Card
Remitly offers free money transfers to the Philippines

17 Responses to “iKobo discontinuing Money Transfer Services”

  1. Andre Marcelo-Tanner
    Twitter: kzapkzap
    says:

    probably not much users compared to Xoom etc. Their fraud checking is what probably killed them, I remember i had to send in so much documents just to get my card so I can receive funds quickly. Xoom is just so much simpler and faster.

  2. elmer says:

    Also.. blame the global financial crisis.

    Abe, this is out of topic.. what happen to sulit.com.ph did they fold? or, maybe they been hacked that’s what according to pinoymoneyforum.com forum.

  3. ajay says:

    Am an Ikobo user too since they advertised with me. Since August, I disputed an erroneous transaction amounting to $134.72. I guess that money goes down the drain now that they’re folding up. Drats. talk about reliability of online financial services :(

  4. Juan Carlos Lebrija says:

    Ajay, iKobo was a licensed money transmitter (Georgia) and as such had a bond with the state guaranteeing the customer’s funds. If your dispute is related to an actual money transfer, a claim can be presented to the banking department in the state of Georgia. Otherwise, the terms and conditions governing the use of the card issued by Palm Desert Bank will apply. Either way time is of the essence.

  5. XYFloyd says:

    hey man i love your site.. your friend michael told me you were looking for a new way to earn some extra income online.

    i own an awesome website where you can make money online..most our users are making like 20-50 bucks a day.. with minimal work.. its pretty simple to do.. its actually so easy to do you won’t believe ill actually pay you to do it.. and its 100% free to sign up and try.

    another positive about my site unlike all the other sites.. i will pay you out daily.. so you earn 5 bucks in the first 5 minutes you work on my site.. request a payout and i will pay you out right then.. i guarantee no other sites like mine will pay out daily multiple times..

    i’d be glad to help you.. if you sign up..
    http://tinyurl.com/6q6f3j

  6. anna says:

    Yeah, Xoom was easier but i dont know what was going on with their service that i cant send money successfully, I am sure that i dont have any problem with my bank account, but when i placed my order to it canceled automatically. I had 3 attempts and the results is still the same. I even tried with another accounts but it worked still the same, i never canceled my transaction, it appeared to my activity graph that they process it and after a few minutes its written Cancellation Complete and there’s no cash collected.

    So, I tried to call the customer service…I can not access either, i just had an electronic operator and waiting, waiting for such long still no avail.
    Then i tried to call again the next day, doesnt work at all.

    Tried to emailed them but cant get my message sent, i dont know why this happening though its not my first time having a transaction with them.

    I have no explanations about this problem.

    Is there any online money remittance left that is realiable except Western Union? Please help.

    Ahu

  7. Adriana says:

    Me llego un mensaje de iKobo diciendome que me gane mucho dinero y que les deposite 120 dolares para los tramites y por supuestono lo hice pero veo con asombroque esta empres ya cerro sus puertas dien que es de IKOBO NIGERIA

  8. GIBoris says:

    iKobo – be careful to make a deal whith them.
    I tried to transfer money to Ukraine. After multiple steps iKobo collected all my info: 1.bank account, 2. copy of driver’s license, 3. copy of bank statement, 4. copy of utility bill, 5. bank account confirmation – account was closed “by high security reason”. I spend more than 6 hours on the phone with customer service, bunch of emails with security department and did not received any reasonable explanation. Now iKobo has all info about my account and could use it for non-appropriate purposes. I have to call my bank and made restriction for any transfer by iKobo. If you want to keep your money save – avoid to have any deal with iKobo!

  9. Hi, just stopped by doing some research for my Georgia 4g website. Can’t believe the amount of information out there. Looking for something else, but very nice site. Take care.

  10. What’s up, of course this post is actually fastidious and I have learned lot of things from it about blogging. thanks.

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Abe is the founder and Editor-in-Chief of YugaTech. You Can follow him on Twitter @abeolandres.

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