Gcard Announcement - Gcard Closed!

India
January 5, 2007 2:14am CST
Dear Cardholder,We regret to inform you that all current card programs sponsored by CU-Connect and North York Community Credit Union (our issuing bank) are being wound down on a step-by-step basis. Unfortunately this includes all current gCards. A copy of the Initial Order and other materials filed with respect to the CCAA proceeding is available on the website of KPMG Inc., the Court-appointed monitor of CU-Connect, at www.kpmg.ca/cu-connect. The initial step is that as of 2:00 p.m. EST on January 5, 2007, no new card activations and no new loads will be permitted. THIS INCLUDES ALL LOAD OPTIONS AND ALL CARD CARD-TO-CARD TRANSFERS. All loads received after this deadline will be returned to its remitter, cost of return will be charged to the remitter. All cardholders will be able to process ATM withdrawals until a time period not defined yet (probably 30 days from today) and continue to access to their online banking at https://bank.mygcard.com . If cardholders cannot fully withdraw their funds within the allotted time period, we will work to ensure that the issuing bank will return all balances directly to the cardholders. Unfortunately we received this announcement from CardOne Plus (the banking platform) only today, and were not able to inform you before. We are surprised at the short notice, and are sorry for the inconvenience caused. We are in the process of launching a new card which is scheduled to be available by the end of January/beginning of February, 2007. At this time we will replace your current gCard by a new one. Sincerely, gCard Team Web: www.mygcard.com source:MMG BS, my $75 got wasted
2 responses
@kutchi (12335)
• Pakistan
20 Jan 07
Thats too bad my $59 wasted and I think everybody's who has bought that card and I think they will not be replacing cards
• Sri Lanka
9 Jan 07
I am not familiar with what the Gcard is and cannot comment properly because of that. But they have given an assurance that it will be replaced by another type of card, so there is nothing to worry about. Anyway I keep my money onley in a recognised instituion. I will not take chances.