Not upheld: Account closure without notice complaint against Optimus Cards UK Limited

Decision detail

Summary

Mr H complained that Optimus Cards UK Limited unfairly closed his cryptocurrency wallet debit card account without explanation after he raised a payment dispute. He claimed he was given limited time to withdraw assets, that Optimus liquidated his assets without consent causing losses, and that the firm failed to pay cashback and unlink his BAT browser. The ombudsman found that Optimus acted fairly and in line with its terms by immediately closing the account following Uphold Europe's closure of the underlying cryptocurrency wallet, that Mr H had reasonable opportunity to withdraw assets over three days, and that remaining assets were liquidated at prevailing rates. The complaint was not upheld.

The Ombudsman's reasoning

Optimus is entitled to close an account provided it complies with its terms and conditions. The terms permitted immediate closure if Uphold Europe suspended or terminated Mr H's services. Since Uphold Europe closed Mr H's cryptocurrency wallet, Optimus was entitled to immediately close the associated debit card account. The firm acted reasonably in identifying concerns about payment disputes and abusive behaviour as grounds for closure. Mr H was given reasonable opportunity to withdraw assets, and Optimus acted fairly in liquidating remaining assets at prevailing rates to prevent delays in returning funds to Mr H.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website