Caxton Pre-Paid Card - New Hidden Fees.
I realise this is an old subject, a well trodden path - however many of you will use some form of currency card, pre-paid or otherwise. I have had a Caxton Card for some time and have thought it a very good system and user friendly via its App. I suspect like most my overseas travels and subsequently the need for €'s has been curtailed due to the pandemic.
However, I was preparing for a quick jaunt to France with friends and loaded my card in preparation. It was the first time I had needed to even log into it for obvious reasons. I thought my memory had failed me as I could have sworn that the balance should have been higher, but hey ho, I loaded up suffcient funds for my needs and began to deal with al of the other bits in readiness to travel.
When I had a spare five minutes I had a look at my account in detail. It appears that Caxton have changed their terms and certainly had not notified me of this, nor is it readily available on their website or via their App. They have been deducting the equivalent of £2.00 at prevailing € rate since July last year from my balance. It gets listed as an 'adjustment' with no other explanantion. Further investigation reveals it is a "dormancy" fee. I can find no reference to this on the site which still boasts no hidden fees. I cannot find reference to it either via their search bar nor by going through the site. At a time when we are all unable to travel as before a dormancy fee is a bit of a kick in the teeth, when you are down.
I have written to customer services, but this failed to gain any response. I have now since written directly to the CEO's office and am still waiting for even an acknowledgement, let alone a response. I thought I would mention it as the timing has been impeccable - the vast majority of UK citizens have been severely restricted from overseas travel for over 18 months and therefore would have no need to view their currency account - and during this time an unpublicised charge is introduced and applied. I suspect others will be paying this charge in the background without their knowledge. I am genuinely disappointed as I found their service to be very good hitherto.
I went to Caxton after the recommendations on here, I suggested it to many others, all of whom have now checked and found that they have also been charged likewise. The fee at £2.00 a month is not huge, but compared to my Current Account charge which provides far more services it is poor value, it is how it has been done and how they claim there are no hidden fees. Of course on small amounts it will make a huge impact on the actual rates you realise.
Do other cards now apply a similar charge or are they still fee free? Other recommendations?