Posted by William Charles on June 12, 2019
Misc

Published on June 12th, 2019 | by William Charles

39

Circle Pay To Shut Down On 7/8/19

Circle Pay has announced they will be shutting down starting on July 8th, 2019. I know some people had been using Circle Pay to generate a lot of debit card transactions.

Hat tip to @beeferl

 



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Andrew M
Andrew M

I’ve been using circle pay to generate debit card transactions without a fee by having two accounts and sending the money from one account to my other account, and subsequently cashing out the balance to transfer it back into the original account that the funds came from.

Can anyone recommend another provider where I may continue generating debit card transactions to send money to myself? Thanks for any tips!

Justin
Justin

You might try Cash App (Square). Minimum add is $1, but you can cash out (or I end up spending it using one of the boosts). I think it varies how your bank might process it. You can get a $5 referral; : https://www.doctorofcredit.com/square-cash-app-offering-5-sign-up-bonus-5-referral-bonus-for-free/

Venmo small payments to a friend often works (have them pay you back as a lump sum).

Or small amazon reloads.

Max
Max

Square’s compliance department sucks and will ban you pretty quickly for creating 2 accounts, as that’s against their TOS. I wouldn’t recommend following Justin’s advice.

Apple Pay. You add funds to the wallet via the debit card, and then cash out immediately to your bank account for free. There’s no fees and it has the same end result. The funds generally arrive within 8 hours of initiating the withdrawal.

Justin
Justin

FWIW I was not suggesting to open up two Cash app accounts and sending it between them. For me adding money to my cash app balance and withdrawing it is very similar to the apple pay experience you describe. That’s another good suggestion though.

Shirley
Shirley

@Justin. I too am looking for an alternative to Circle Pay and have a question for you.

Are you saying that I would be able to “add money” from my linked debit card to my Cash App account and then “cash out” that same money back to the same debit card (or a linked bank account if I also set that up) just like I can now do in Circle Pay? Any fees associated with this?

Andy
Andy

I have 4 Heritage accounts, so I’m required to do 40 debits per month. What you do sounds the same as what I do
I use a combination of Circle Pay, Venmo, and CashApp. I was generally just doing 2 at a time and spreading it out over about 10 days.
Venmo and CashApp work basically the same as Circle Pay, so you should be good.
For me, it’s a little bit of a bummer because Circle is the only one of the 3 that lets you choose which debit card to use as you’re doing it.
For the other two, you have to go in and change your debit card. Of course, if you’re only doing it for one debit card, then it should work pretty much the same way for you.

Andrew M
Andrew M

I’ll be sure to look into Venmo, CashApp, and also Apple Pay as Max has suggested. I currently have 3 accounts that I’m generating debit transactions for, but occasionally do have more whenever completing bank account bonus’ which require debit transactions. Thanks Andy!

FP
FP

If Serve/BB haven’t nixed you yet, I’ve had success loading from my WF account online. Maybe Heritage will allow that as well.

Tom C.
Tom C.

RIP to the greatest unicorn of 2019. $60k annual profit gone in a flash…

A M
A M

Do I even want to know how?

Frank
Frank

Mind sharing so everyone can hit it until 7/8? It’s already dead so no harm…

Vic
Vic

I’m listening.

FP
FP

Let’s hear it

Run tin tin
Run tin tin

Cracker Barrel?

Frank
Frank

Can’t wait to hear what exciting MS I was missing

Ric
Ric

Chuck, I was wondering if you could update what MS options are left, seems like every month there are less options to MS.

Stacking Points

Every month there are also *new* options to MS. You just have to get out there and spend some time tinkering with payments.

Shane

I don’t think this was MS per se. It was a way to generate debit card transactions for rewards checking accounts that needed such things.

MSer
MSer

Well, another $250M in e-finance funding down the toilet.

Chris
Chris

Doubt it, they split the p2p piece from their crypto piece and clearly the crypto space is where they made all their investment.

Dan
Dan

Sad news

Karsinogen
Karsinogen

Too bad. They were my go-to for “faking” debits for bank bonuses. 🙁

MrDioji
MrDioji

Got a $5 signup bonus 4 years ago, paid in bitcoin. Forgot about it, and just cashed out $172 😊

James Bond

LOL. Good Play!

John Adams
John Adams

LOL, Congrats!!!

Parts Unknown
Parts Unknown

What jerks >.>

Justin
Justin

Dang. I primarily use Circle as a fee-free cashout method on the survey website Prolific. I hope they can find an alternative as paypal currently charges a fee.

Groat100
Groat100

Came here to say this! Definitely agree

Kat8mouse
Kat8mouse

Same here — been cashing out via Prolific with Circle Pay for a while now; it was so much better than paypal. It was faster and had no fees. Sad day.

QCP
QCP

Bummer, I used this to make instant debit xfers up to 3K

Gidget
Gidget

I didn’t do the Circle Pay sign-up bonus yet (after first transfer). Do you guys think it’s too late to still get the bonus? since they’re shutting down?

arizonapv
arizonapv

The bonus is almost instant. I’d go for the $10 bonus. Go to the DOC site and sign up under Ryan. He will even send you back your original $5.

Gadget

Good riddance. They booted me after loading a couple hundred $ via debit, then ACH’ing it back into my account. Guess my actions were not circular enough.

Thanks for the heads up DoC. I will make sure S.O. is at a zero balance.

Ann
Ann

Sounds more like that was a little too ‘circular’ for them, ironically. 😉

MCT
MCT

Why can’t I find any news source other than the tweet? Did they send out an email announcing this or what? Is this not newsworthy to any news outlets? I didn’t use Circle Pay so I guess it doesn’t matter much to me.

Gadget

I assumed S.O. would have an e-mail from them… nope, nothing. Her account was at zero (and been $0 since 2017) and doesn’t appear to be closed. As far as news sources, I wouldn’t expect much response, but that’s not my area.

Andrew M
Andrew M

They sent out an email announcement titled “ACTION REQUIRED: Circle Pay is being discontinued”. The full text of the email is as follows: “We are writing to inform you that starting on July 8, 2019, the Circle Pay mobile and web apps will begin the process of discontinuing functionality, as well as support, for all worldwide customers. As a valued customer, who has been using this product to send and receive money, we would like to provide some critical information to help you navigate this change over the next few weeks and months. What do I need to do now? If you have money in your Circle Pay account, we encourage you to cash out to your card or bank account immediately. Once your balance is zero, we will automatically close your account. Circle Invest, Poloniex and SeedInvest customers are not affected by these changes. Why is this happening? Circle believes that the future of finance will be built on open blockchain technology and that global payments will become reality through fiat tokens and stablecoins such as US Dollar Coin (USDC). Our goal of creating new global crypto financial services for people to store value, earn money and make payments in a seamless way will be through new wallet services throughout Circle’s products. Circle Pay clarified that vision over its successful 5-year lifespan, but it also largely relies on interfacing with the traditional financial system and untokenized fiat currencies. As such, we believe that it is appropriate to retire Circle Pay at this time. We will continue to work toward connecting every person on the planet through an open financial system built on crypto assets and blockchain technology through fiat tokens and stablecoins. What is the timeline? July 8th, 2019: Adding money and sending money will be disabled. You will only be able to cash out funds back to your card or linked bank account. September 30th, 2019: We will fully discontinue all support for Circle Pay. You will not be able to log into the product or access your account. We encourage you to cashout before this date. Who to reach out to for help? If you have any questions about this process, please visit our Help Center or email us at support@circle.com. Please note that we will be prioritizing support for customers cashing out to their bank or card effective immediately. From all of us on the Circle… Read more »

Lily
Lily

So sad, there goes my 40 some monthly debit card usage. 🙁

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