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vc
vc

They sent me an email stating that they reviewed my account and decided to close it. Didn’t do anything shady and the last transaction was to transfer my small bal to the giving acct before they officially shut down. I think that they closed the acct bc they’re shutting down, but I don’t like the way that they worded the email and made it seem as if I did something wrong.

“We have recently reviewed your account and as a result, we have decided to close your account. Pursuant to the Deposit Account Agreement, provided to you when your account was opened, either you or the Bank has the right to close your account at any time. We have chosen to exercise this right and your account is now closed…”

Yaro
Yaro

They will close everyone’s account by Dec 31.

Erik
Erik

After reading some of the old posts here for people who got bonuses in 2021and 1099-MISC forms in 2022, I am a bit surprised.

Did Spiral only report the $5.00 but not the $200+$50 bonuses on the 1099-MISC ? Seems strange!?
Also, I thought that 1099-MISC were only sent out if the $600 threshold was met?

Charlie R., Chris, Betelgeuse ㊙️, Ron, Josh, 007, Gadget - Bank Bonus Geek , TDD

Josh
Josh

Looking back, the only 1099 I got from Spiral was a 1099-MISC for $5 – I don’t think the checking account bonus triggered tax reporting. I’ve closed my account so I can’t actually check

007
007

Just $5 1099 misc listed in documents under my (still active) account

EDITED TO ADD: there is no minimum for which a 1099 misc cannot be reported, but they MUST issue 1099 misc for $600+

Gadget - Bank Bonus Geek

Bingo, which I already mentioned just a few days ago. I can still log in, even though the checking is closed. The 1099-Misc was for $5, even though that is the $5 they gave away to a charity. The normal threshold for Misc is $600, so not sure what they were trying to achieve.

Betelgeuse ㊙️

Same for me. I can still login and see the 1099 MISC for $5 though my account was closed a long time ago.

Charlie R.
Charlie R.

I received the $50 opening deposit bonus in 2022, so I don’t have a tax form that includes it yet.

RobertL
RobertL

I received an email from Spiral today saying the 2022 1099-MISC is available. I logged in and see spiral reported $245 as the 2022 1099-MISC (other income).
William Charles Chuck Gadget - Bank Bonus Geek Betelgeuse ㊙️

Jeff
Jeff

Good riddance. Had to fight tooth and nail to get them to pay out my $200 bonus earlier this year.

Justin

DP for those closing right now: I did the online contact form to close P1 and P2 accounts on 10/4/2022 and I see on 10/6/2022 the pending transfers into my external checking acct of the $8 x2 that was being held captive in the Spiral Giving acct for a few months.

Good riddance, Spiral.

AndyJ
AndyJ

Looks like that’s the policy when closing an account as long as you haven’t donated from the account. From the FAQ:

If you choose not to donate your funds and have never donated from your Giving account, the $5 Giving Bonus awarded to you when opening your Giving account will be forfeited. Any remaining balance in your Giving account greater than $1 will be returned to you by ACH transfer to your linked external account or issued as a check sent to your mailing address on file

Ron
Ron

AndyJ thanks for posting this. so the $5 bonus is being forfeited? That’s why what they sent me does match with what I had
Didn’t they issue 1099 last year for that $5?

Gadget - Bank Bonus Geek

The 1099-Misc I received had the $5 and nothing else. They gave the $5 away to some charity, I assume, and wasn’t worth following up.

Darlene
Darlene

No surprise here.. crappy company

Master Allan
Master Allan

None of us readers helped them much with staying a profitable viable business. I suppose this announcement could have saved me some the effort when closing my account a month or two after receiving the bonus. On 2nd thought I would be laying awake at night wondering if they are going to F up getting my money back to me 12/31/22.

FJBiden
FJBiden

Spiral is a scam, they will be investigated very shortly; you can take that to the bank!

Andy
Andy

Ugh, this sucks. It was nice to have direct deposit and passive-aggressive virtue signaling all wrapped up into one nice package. Guess it’s back to Chase and Facebook for me.

Lakers
Lakers

Which Fintech is next?

Mark
Mark

Albert or hm Bradley

Gadget - Bank Bonus Geek

I was thinking Albert or Current….

ted
ted

I hope not Current lol – love that daily interest posting ha

chicken_po_boy
chicken_po_boy

I hope not Albert. It has saved me over $300 on purchases this year so far.

Joey
Joey

I hope not Current. ☹️

Dan
Dan

I already paid Albert genius fee lol

RobertL
RobertL

I was thinking Albert, current, oxygen and aspiration

TDD
TDD

Albert just signed it’s own death warrant in August making the cash back deals available only behind a pay wall.

Aspiration is going nowhere. I doubt people are signing up for their paid debit card.

Zindella
Zindella

Oh no, who could have seen this coming, oh the humanity, etc.

TDD
TDD

Zindella rofl. Exactly what I was thinking. Forcing people to donate in the name of social justice, what a brilliant idea!

Dean
Dean

That was my initial fear, but you could donate to basically any charity of your choosing – animals, people, politics, health, and yes, “social justice.” I donated to UN Watch, which exposes hypocrisy at the once-useful organization.

TDD
TDD

Dean yeah I did the wounded warriors project. I think they got like $20 between me and my wife (while spiral paid us $500 between the two of us).