posted on March 29, 2001 08:30:22 AM new
Moneyzap has sent out notices to folks that they have instituted an account limit and you have to upgrade your account to increase your limit. I called them to inquire and was told the following:
-upgrading your account has nothing to do with whether you are a business or an individual. It simply has to do with the amount of business you intend to do. Moneyzap wants more information if you are doing more business. It is to help them prevent fraud.
-you will NOT be charged any fees if you upgrade your account. When they decide to charge fees, there will be an announcement and they have no plans to charge upgraded accounts more than regular accounts.
-it takes about a week to upgrade because you have to fax back a document. They are planning on coming up with a faster method. If you don't upgrade and you hit your limit, you will be unable to withdraw your funds until you upgrade. This is NOT anything like a restricted account. You can still use the funds to pay other Moneyzap users. It is just to prevent a scammer from opening an account, getting thousands of dollars, withdrawing it and disappearing.
