Maintenance Fee & Inactivity Policy
Maintenance Fee & Inactivity Policy
- Last Updated: 30 November 2023
- Effective Date: 1 January 2024
1. Purpose
At MassPay, we are committed to providing our customers with the best possible payout services. To continue offering these services effectively and efficiently, we have updated our Terms and Conditions. Beginning on January 1, 2024, we will introduce a monthly maintenance fee for inactive accounts to encourage account activity and ensure the continued quality of our services.
2. Inactivity Fee
2.1 Definition of Inactivity
Inactivity is defined as the absence of any account activity, including but not limited to deposits, withdrawals, transfers, and any other transactions, for a continuous period of ninety (90) calendar days.
2.2 Inactivity Fee
If a customer's account remains inactive for a period of ninety (90) consecutive calendar days, MassPay reserves the right to impose a monthly maintenance fee on the account. The monthly maintenance fee will be up to a maximum of $500.00 per month. This fee will be automatically deducted from the customer's account starting from the first day of the next calendar month following the 90-day inactivity period.
2.3 Notification
MassPay is committed to transparency. If we impose an inactivity fee on your account, we will provide you with prior notification as required by applicable laws. We will notify you via email at the address or addresses on file with your account.
3. Abandonment
3.1 Definition of Abandonment
An account will be considered abandoned if no deposit or withdrawal activity has occurred for a period of one (1) calendar year, and MassPay has had no other sufficient contact with the customer within the specified period as required by applicable law.
3.2 Abandoned Accounts
In the event that an account is deemed abandoned in accordance with the criteria outlined above, MassPay will take the necessary steps to report and remit the funds in accordance with state laws where applicable.
4. Customer's Responsibility
Once funds from an abandoned account have been turned over to the state, MassPay bears no further liability for these funds. If a customer wishes to reclaim such funds, they must apply to the appropriate state agency in accordance with the procedures and requirements set forth by the relevant state laws.
5. Support & Questions
We understand that this policy change may raise questions or concerns. We are here to support you through this transition. If you have any questions or would like to discuss your account status and available options in more detail, please do not hesitate to contact our customer support team at your convenience at vipsupport@masspay.io.