Minimum payout

[moi]

Is the minimum redemption still at £5, or has it gone back to £1? I don't even have £1 payable yet, but I ask because on the payments screen it says "You must wait until at least £1 cashback has been awarded before you can redeem."

[Sarah]

It's £5 minimum. I currently have between £1 and £5 payable, so I'm seeing a different message.

Minimum cashout is £5

[rayf]

It's £5 minimum. I currently have between £1 and £5 payable, so I'm seeing a different message.

Minimum cashout is £5

so do I - it would be encouraging to pay ANY outstanding amounts at least every six months. I'm pretty sure paypal charges can't be prohibitive. Many other places do this. I can claim one cent from an American site via paypal.

[moi]

Thanks

[cccashbacklover]

It's £5 minimum. I currently have between £1 and £5 payable, so I'm seeing a different message.

Minimum cashout is £5

so do I - it would be encouraging to pay ANY outstanding amounts at least every six months. I'm pretty sure paypal charges can't be prohibitive. Many other places do this. I can claim one cent from an American site via paypal.

Increasing minimum redemption level increases likelihood of higher amount of unclaimed balances at a later date potentially benefitting the person who took that action.

[macliam]

Increasing minimum redemption level increases likelihood of higher amount of unclaimed balances at a later date potentially benefitting the person who took that action.

Not, of course, that you're implying that Richard might be trying to pull a fast one, eh?

In a crisis, some people help...... others don't.

[Richard Frost]

Increasing minimum redemption level increases likelihood of higher amount of unclaimed balances at a later date potentially benefitting the person who took that action.

Not, of course, that you're implying that Richard might be trying to pull a fast one, eh?

In a crisis, some people help...... others don't.

When rpoints went to the wall it seemed to me at the time that Richard was eager for all who were owed money to claim all they were entitled to.

I guess it is inevitable that over the years some small balances will get forgotten though. Banks for example have plenty of lost accounts in their possession. So much so that they are legally obliged to remit the balances to the Dormant Assets Scheme If they are unable to trace the owners after a certain period of time.

This from Lloyds

About the dormant account reclamation scheme
We participate in the unclaimed assets scheme established under the Dormant Bank and Building Societies Act 2008. The purpose of the scheme is to enable money in dormant accounts (which means balances in accounts that have been inactive or dormant for 15 years or more) to be distributed for the benefit of the community, while protecting the rights of customers to reclaim their money.

Under the scheme, we may transfer balances of dormant accounts to Reclaim Fund Limited (RFL). RFL is a not-for-profit reclaim fund which is authorised and regulated by the Financial Conduct Authority.

If we transfer the balance of your account to RFL, you will have against RFL whatever right to payment of your balance you would have had against us if the transfer had never happened. However, we will remain responsible for managing all aspects of the customer relationship with you and for handling all repayment claims (which we will do on behalf of RFL).

Both we and RFL participate in the Financial Services Compensation Scheme (FSCS). The transfer by us to RFL of your balance will not adversely affect any entitlement you have to compensation from the FSCS.

There are many CB sites out there that have minimum payout levels, some as high as £25. In my view those are taking the P. £5 seems a little high. £1 would be more reasonable. But there are plenty that have no minimum.

At the end of the day it's all about choice and among the competition imutual is nothing special for Cashback nowadays.

Having said that it is not impossible to reach the £5. There are at least 4 merchants on the books where CB can be reached without spending anything.

[cccashbacklover]

Increasing minimum redemption level increases likelihood of higher amount of unclaimed balances at a later date potentially benefitting the person who took that action.

Not, of course, that you're implying that Richard might be trying to pull a fast one, eh?

In a crisis, some people help...... others don't.

Can you name another cashback site that increased minimum redemption level to existing users effectively moving goalposts after people started earning cashback ???

No email communication was sent to all users mentioning the change inviting them to make contact should they wish to close accounts and have available balance under £5 paid to them.

Not implying anything, stating as I said "potential likelihood"

KId of 2 would know best way to increase potential likelihood of higher unclaimed balances is not to re-add Kelkoo as a daily click thus reducing number of active users and increase minimum redemption level to £5 from £1 with just a forum reply mention that accounts can be closed with any balance paid out,

Maybe the plan is at a later date to share out unclaimed balances with all active shareholders.

[blythburgh]

I wonder how much banks and paypal actually charge.

Went to a meeting at the church where two men were there to tell us about a scheme which the church could join. I will not bore you with all the ins and outs of the scheme but my blood boiled when they pointed out every standing order costs my church 45p. Because we give out of our money rather than our joint account we have two standing orders instead of popping money onto the collection plate each Sunday. That is 90p per week we give the bank instead of the church. If the church members agree at the APCM (AGM) this Sunday we will join this scheme where the money is given to this group who then pays the bank all the money raised from standing orders. So instead of me paying 45p to the bank all of us who change our standing orders will be paying a share of one 45p payment.

My betting is the bank charges a fair whack of any payment to us from imutual and paypal is not far behind. But on the other hand I may be wrong of course