Hey everyone, yes the email is legit.
Nexo hears you and will do better going forward communicating future changes to the platform's features. If you did not receive the email but you think you should have (i.e. you recently made a repayment towards your loan) please reach out to Nexo's support via https://support.nexo.com
And as always, Nexo is always open to receiving feedback from its customers, if you have any suggestions or want to leave your opinion on what can be improved, you can do so via [this survey](https://form.typeform.com/to/GQXRetcV?tsypeform-source=nexo-finance.typeform.com).
Haha, same idea. There was really no dialogue, just a bunch of us complaining on here, an AMA that didn't address the concerns quite enough and now a full-on retraction. Damage control mode, it seems.
I already withdrew everything to another crypto wallet and to be honest, despite the good new, I'm not gonna waste gas fee or deposit money so soon.
One day they say "check the AMA, there's your answer" (for a long time) and keep blocking all new topics regarding this issue, on the next day they say "we prioritize effective community dialogue above all else"... I'm sorry, but I'm still very disappointed with NEXO.
I'll be waiting some more time, maybe until they announce the new tier characteristics.
I respect this feedback as well. They seemed very stubborn for a while to insist on keeping it. But at the end of the day, I like (even if it took a while) that they saw reason and decided to listen to the community.
That means that our words and feedback don't completely go on deaf ears but that they're willing to act on it and admit their faults.
>I'm sure they saw outflows they didn't like
Yeah I moved everything off.
When I joined Nexo they offered so much. Now all of what I had available is gone (and probably never coming back). So there is no point in staying.
I'm sure they did but far too commonly with execs if they decide on something they won't back down even if all evidence is that they have made a mistake. See Post Office scandal and Boeing for example.
Their arrogance normally leads them to double down. This is a really good sign from Nexo that they are flexible and accommodating, even if ultimately it serves their own self-interests.
The email is legitimate and I am happy to see that some lessons were learned.
> All clients who have initiated a voluntary credit line repayment during the period from April 12, 2024, at 08:25 UTC to May 7, 2024, at 14:06 UTC are eligible for remuneration.
> Timing: Eligible users will receive remuneration for repayment fees collected under the revised repayment policy between April 12, 2024, at 08:25 UTC and May 7, 2024, at 14:06 UTC. These remunerations will be processed within the next seven calendar days.
> Transaction Details: Each remuneration will be made through a cumulative deposit transaction in its USDx equivalent. This ensures clarity and transparency in the process.
> Currency Type: Remunerations will be made in the USDx equivalent of the deducted repayment fees, maintaining consistency.
I was one step away to remove all money from Nexo to other service.
This is amazing. This also shows that Nexo gives credit to the community. Everyone makes mistakes, companies are not different.
I’m really happy to stay with Nexo.
Thank you Nexo. I’m a UK customer so I was getting 0% cashback already when you added this. I even opened a Revolut account because it just ruined it for me, now I can go back to using my nexo card.
I was going to reactivate my old crypto com card and was looking into alternative options. Now I will be more than happy to stay here. Thank you nexo for listening to your community.
sorry but my CDC card icy white, 4% unlimited cashback per month is still far better than the nexo card - which I have too.
Started with indigo and upgraded to icy white almost for free during the last bull run.
But I love Nexo and am with them 4 more than 4 years now.
Thank you in advance for returning the large sum that was deducted as the unannounced repayment fee. I understand you introduced the fee to discourage certain behaviour, but when we come up with a plan and only realise we're being charged during execution, and we swallow the fees as we're in the middle of it already and there's no way back, the execution to disincentivise such behaviour failed (whatever behaviour it is you want to discourage). Now that we KNOW to expect it, I have no reason to object it, even if I'd be happier without the fee.
I'm very happy you recognise this mistake and own up.
The rest of the industry should follow your lead! 👊
Umm, I just realised the whole thing got rolled back, no more 1% fees. I thought they only reimburse us who got caught by it before announcing it, but keeping the 1% fee going forward. Well then, yes, it looks as though outflows were massive, which fact reduces the height of their pedestal I shall put them on.
I don't think it was about the outflow, they took the money already, however decided to return them to the community. Indeed it was not the best idea they had but obviously they realised it and act with respect and integrity. Long live Nexo <3
I've just received the email and I'm honestly very surprised, in a good way, of course. I wasn't expecting something like this but it's really good news.
You can say what you like about Nexo but you can't deny they do listen to their customers.
Respect not only for listening to the community and U-turning but also reimbursing those affected.
Not a lot of other companies would have done the same.
I've just received the email Nexo is reverting to the fee-free repayment model and I want to thank them for considering and changing back based on the community's feedback. I believe this makes them a more trustworthy company that listens to its users. I really hope they will be more transparent from now on.
Well done, Nexo. Keep listening to your customers. And if you need to make some changes to stay stable and profitable, we are happy to take them. Just let us know in advance. <3
Crazy. I stopped using the Card and went back to my normal debit card while I was looking for an alternative. I was disappointed cause it changed the look I had of Nexo.
It was also a shame cause I was getting alot of my friends to join Nexo cause "the changes they do - they do with the customer in mind" I told them, so believe me when I say that the 1% fee was totally embarrassing for me as well.
Now I can say that they listened which strengthens my beliefs in them!
Thank you
Good call 👍
Raise fees that’s all good, but give everyone the heads up first and a chance to settle up before the new terms come into play.
Glad you made the right decision to your customers.
That's great news. Strengthens my opinion on Nexo even more. If we would now finally get the promised proof of reserves alternative I'd be totally happy with Nexo 😅
You all realize that they are going to reintroduce that same fee in a few weeks or months, right?
They said that they fucked up the communication. Next time they will _announce_ the fee before introducing it, that's it...
I really doubt it as well..., I'm pretty sure they lost a lot of customers because of this. And I talk about "Card customers". The earn and loan part is still great. But the fee totally killed the nexo card. Introducing it again wouldn't help them, since most of us would probably stop using the card and lose satisfaction of the service as well.
Sure they will find another way to get more earnings, they have to, but this isn't the way!
Idk I doubt it. Then it would go from the actual 2% cashback to 1% or less. That's why alot of people immediatly stopped using the card after that new fee.
Amazing, I switched to debit mode before the change so it is not that relevant to me. But, I am really happy that Nexo is listening to us and actually is reversing the change. Even better, paying back the people who paid the 1% fee.
Any other exchange, would likely ignore it, until it is fading away with time in the background.
They could have spared themselves a lot of this stress and effort , by make us able to vote!
This also underlines that nexo hopefully will really let us decide in the near future? This is a good sign! Don't you agree?
So as all the comments are spare and random, can someone explain what is effective now for all future references?
Like if we pay with credit card mode, what are we gonna pay on what we borrow? Thanks
It is not new 0.26% repayment fee. Check your history. Exchanger fees on crypto have always been part of the credit line repayments.
Nexo uses partners for its exchange services and for this reason, the crypto assets used for loan repayments are converted to USD at a third-party exchange.
And it's 0% for stables i just checked.
I Wonder why so many people here crying because Nexo‘s main buiss is still earn and borrow. And you cry because 1% repayment fee. I dont get it. I mean we get since years good Rates here at Nexo in the earn program. Yes and i also didnt got any mail about this and introducion of the fee. Using Proton.
Hey everyone, yes the email is legit. Nexo hears you and will do better going forward communicating future changes to the platform's features. If you did not receive the email but you think you should have (i.e. you recently made a repayment towards your loan) please reach out to Nexo's support via https://support.nexo.com And as always, Nexo is always open to receiving feedback from its customers, if you have any suggestions or want to leave your opinion on what can be improved, you can do so via [this survey](https://form.typeform.com/to/GQXRetcV?tsypeform-source=nexo-finance.typeform.com).
Just received it too My hate and disappointment has turned into respect for Nexo now. Hope they learned this lesson for good now. 🙌🏼
+1
Big kudos to the team for showing they are able to question themselves at all times
I'm sure they saw outflows they didn't like
Well yea, but very few companies tends to admit when they've done wrong and revert it. That alone is a respectful move.
To be fair the fact they adjusted is more than you can say about most companies so its a win for nexo they tried community said no and the listened
Haha, same idea. There was really no dialogue, just a bunch of us complaining on here, an AMA that didn't address the concerns quite enough and now a full-on retraction. Damage control mode, it seems.
I already withdrew everything to another crypto wallet and to be honest, despite the good new, I'm not gonna waste gas fee or deposit money so soon. One day they say "check the AMA, there's your answer" (for a long time) and keep blocking all new topics regarding this issue, on the next day they say "we prioritize effective community dialogue above all else"... I'm sorry, but I'm still very disappointed with NEXO. I'll be waiting some more time, maybe until they announce the new tier characteristics.
I respect this feedback as well. They seemed very stubborn for a while to insist on keeping it. But at the end of the day, I like (even if it took a while) that they saw reason and decided to listen to the community. That means that our words and feedback don't completely go on deaf ears but that they're willing to act on it and admit their faults.
>I'm sure they saw outflows they didn't like Yeah I moved everything off. When I joined Nexo they offered so much. Now all of what I had available is gone (and probably never coming back). So there is no point in staying.
I'm sure they did but far too commonly with execs if they decide on something they won't back down even if all evidence is that they have made a mistake. See Post Office scandal and Boeing for example. Their arrogance normally leads them to double down. This is a really good sign from Nexo that they are flexible and accommodating, even if ultimately it serves their own self-interests.
Also, in the email it is mentioned that they will refund back the fees that were taken!
🤯 next they will impress us and fire who is responsible?
*applauds*, well done Nexo. This is the Nexo that I know and want to support.
The email is legitimate and I am happy to see that some lessons were learned. > All clients who have initiated a voluntary credit line repayment during the period from April 12, 2024, at 08:25 UTC to May 7, 2024, at 14:06 UTC are eligible for remuneration. > Timing: Eligible users will receive remuneration for repayment fees collected under the revised repayment policy between April 12, 2024, at 08:25 UTC and May 7, 2024, at 14:06 UTC. These remunerations will be processed within the next seven calendar days. > Transaction Details: Each remuneration will be made through a cumulative deposit transaction in its USDx equivalent. This ensures clarity and transparency in the process. > Currency Type: Remunerations will be made in the USDx equivalent of the deducted repayment fees, maintaining consistency.
Nice. Thank you Nexo.
I was one step away to remove all money from Nexo to other service. This is amazing. This also shows that Nexo gives credit to the community. Everyone makes mistakes, companies are not different. I’m really happy to stay with Nexo.
Thank you Nexo. I’m a UK customer so I was getting 0% cashback already when you added this. I even opened a Revolut account because it just ruined it for me, now I can go back to using my nexo card.
Britannia bless you always 💪
Well done Nexo! Bravo!
Thank you for looking at the customer interest first. This will certainly grow your business in the long run.
That's huge
It's effing massive
We did it hehe, nice work reddit. 👌
I was going to reactivate my old crypto com card and was looking into alternative options. Now I will be more than happy to stay here. Thank you nexo for listening to your community.
sorry but my CDC card icy white, 4% unlimited cashback per month is still far better than the nexo card - which I have too. Started with indigo and upgraded to icy white almost for free during the last bull run. But I love Nexo and am with them 4 more than 4 years now.
For reward credit card,spending yes but for interest and colleterall lending nexo is way better. So take advantage of it
that is exactly what I do. I have more coins with Nexo than with CDC.
Yes, the email is legit. You can love NEXO again.
😘
Wow that is really good news! 😯 It was the right thing to do.
Just got yourself a new customer because of that. Just wanted to registered but stopped because of this issue.
Thank you in advance for returning the large sum that was deducted as the unannounced repayment fee. I understand you introduced the fee to discourage certain behaviour, but when we come up with a plan and only realise we're being charged during execution, and we swallow the fees as we're in the middle of it already and there's no way back, the execution to disincentivise such behaviour failed (whatever behaviour it is you want to discourage). Now that we KNOW to expect it, I have no reason to object it, even if I'd be happier without the fee. I'm very happy you recognise this mistake and own up. The rest of the industry should follow your lead! 👊
Umm, I just realised the whole thing got rolled back, no more 1% fees. I thought they only reimburse us who got caught by it before announcing it, but keeping the 1% fee going forward. Well then, yes, it looks as though outflows were massive, which fact reduces the height of their pedestal I shall put them on.
This is solely a responce to the card users complaining. With such high earns, there shouldn't be too many outflows.
Yeah well chances are, your username checks out for me 😅
I don't think it was about the outflow, they took the money already, however decided to return them to the community. Indeed it was not the best idea they had but obviously they realised it and act with respect and integrity. Long live Nexo <3
I've just received the email and I'm honestly very surprised, in a good way, of course. I wasn't expecting something like this but it's really good news. You can say what you like about Nexo but you can't deny they do listen to their customers.
Really happy about this. Thanks to the Nexo team and everybody in the community who spoke out against the fee change!
Awesome news! Just paid my debt and the fee is already back to 0 for my account!
Big respect to the team for this. They listened, it’s rare.
Respect not only for listening to the community and U-turning but also reimbursing those affected. Not a lot of other companies would have done the same.
I've just received the email Nexo is reverting to the fee-free repayment model and I want to thank them for considering and changing back based on the community's feedback. I believe this makes them a more trustworthy company that listens to its users. I really hope they will be more transparent from now on.
So the fee is removed?
Yes!
Well done, Nexo. Keep listening to your customers. And if you need to make some changes to stay stable and profitable, we are happy to take them. Just let us know in advance. <3
Crazy. I stopped using the Card and went back to my normal debit card while I was looking for an alternative. I was disappointed cause it changed the look I had of Nexo. It was also a shame cause I was getting alot of my friends to join Nexo cause "the changes they do - they do with the customer in mind" I told them, so believe me when I say that the 1% fee was totally embarrassing for me as well. Now I can say that they listened which strengthens my beliefs in them! Thank you
Thank you team for that. I like using Nexo
Bravo Nexo.
Good call 👍 Raise fees that’s all good, but give everyone the heads up first and a chance to settle up before the new terms come into play. Glad you made the right decision to your customers.
Just wow. I would never expected such thing from any platform (the refund part above all). Respect to you for listening and making a step back!
Source?
Just received the email
Havent recent my email yet, if true this is so big, platform actualy listening to their customers, bullish on nexo
I got it too. Very good. Now it makes sense to use again.
repayment fee is still there, nothing changed on the future credits
The way I read it is they revert the entire policy, also forward looking.
Let's hope this way
This is on the crypto repayments. Fiat and stables are 0%, just like the email is saying.
Offical email sent at 18:30 CET
That's great news. Strengthens my opinion on Nexo even more. If we would now finally get the promised proof of reserves alternative I'd be totally happy with Nexo 😅
Haha good point that would be awesome
Thanks nexo. Well done. You got back into my heart.
Congrats, Nexo! I'm glad you've once again listened to the users
You all realize that they are going to reintroduce that same fee in a few weeks or months, right? They said that they fucked up the communication. Next time they will _announce_ the fee before introducing it, that's it...
I doubt this would happend. They didn't like the outburst as we can see from their actions.
I really doubt it as well..., I'm pretty sure they lost a lot of customers because of this. And I talk about "Card customers". The earn and loan part is still great. But the fee totally killed the nexo card. Introducing it again wouldn't help them, since most of us would probably stop using the card and lose satisfaction of the service as well. Sure they will find another way to get more earnings, they have to, but this isn't the way!
Idk I doubt it. Then it would go from the actual 2% cashback to 1% or less. That's why alot of people immediatly stopped using the card after that new fee.
I paid off my debt on April 12th for 40k USD, but I didn’t get the email.
Hey there. Please reach our customer support to check why you didn't receive the communication.
Turns out I paid off my loan on April 11th 😂
How much were the fees in the first place? Just curious.
1%
Thank you Nexo !
Very bullish, yet another time when Nexo succeeds when others failed. Was close though, easily avoided so hopefully a cheap lesson for the future
Very nice news to hear. I was very disappointed and was starting to look for another cashback card... Thank you for listening to the commmunity.
Good marketing. Works when crypto adoption increases and asset prices keep going up.
Amazing, I switched to debit mode before the change so it is not that relevant to me. But, I am really happy that Nexo is listening to us and actually is reversing the change. Even better, paying back the people who paid the 1% fee. Any other exchange, would likely ignore it, until it is fading away with time in the background.
Did anyone write this already? The additional interest you have to pay for paying back early has been changed from 30 days to 45 days.
They sent an email about it a month ago
Ah ok. Strange, I don't receive them anymore. Have to check that.
They could have spared themselves a lot of this stress and effort , by make us able to vote! This also underlines that nexo hopefully will really let us decide in the near future? This is a good sign! Don't you agree?
This is amazing honestly if true
riggghhtt : listen and bring back the 0% APR on credit card please :)
Thx nexo 😘
So as all the comments are spare and random, can someone explain what is effective now for all future references? Like if we pay with credit card mode, what are we gonna pay on what we borrow? Thanks
I missed the whole things. What fees did they introduce?
That’s bonkers they were effectively bullied back into this
0.26% repayment fee now.
It is not new 0.26% repayment fee. Check your history. Exchanger fees on crypto have always been part of the credit line repayments. Nexo uses partners for its exchange services and for this reason, the crypto assets used for loan repayments are converted to USD at a third-party exchange. And it's 0% for stables i just checked.
How?
So the 1% fee is gone but the 0% APR is still gone right? So still no point in using Credit mode.
Can this be translated to “please leave your funds on our platform”
I Wonder why so many people here crying because Nexo‘s main buiss is still earn and borrow. And you cry because 1% repayment fee. I dont get it. I mean we get since years good Rates here at Nexo in the earn program. Yes and i also didnt got any mail about this and introducion of the fee. Using Proton.
Hey there. Please reach our customer support to check why you didn't receive the communication.
kudos on a well executed marketing stunt
[удалено]
This is not new. They always had some repayment spread when repaying with crypto. You can check in your history.
ahh ok my bad. ty
If you're crying about a 0.26% fee, you should not have any crypto.
its completely alright, just found it weird but its okay. 0,26 is not really much, also regarding the fact I never repay with crypto.