Important Update: Correction to Bank Transfer Fees
Published on September 27, 2024 by Lauren Gardner
In the spirit of transparency, we wanted to alert you of a balance adjustment that might affect your hosted collective.
You might notice a new transaction on your ledger labeled “Wise Payment Processor Fee Compensation.” We found that in some instances, Wise, our payment processor, was charging incorrect payment processor fees on their end without updating the corrected amount in our system.
In some, the initial amount deducted was higher than the actual amount needed for the transfer. We fixed the underlying issue. However, 99 collectives were affected by this bug, and we needed to fix the balances.
You might notice a new transaction on your ledger labeled “Wise Payment Processor Fee Compensation.” We found that in some instances, Wise, our payment processor, was charging incorrect payment processor fees on their end without updating the corrected amount in our system.
In some, the initial amount deducted was higher than the actual amount needed for the transfer. We fixed the underlying issue. However, 99 collectives were affected by this bug, and we needed to fix the balances.
- 389 expenses were affected in total
- 99 collectives were negatively affected, meaning they ended up with less money on their balance.
If your collective was negatively affected, you will see a correction on your ledger in the form of a new transaction from OSC refunding the amount of the discrepancy. All refunds are being funded from our OSC operational balance, so no reserved collective funds are being used.
Please let us know if you have any questions. Thanks!
-OSC (Lauren, Sourav, Grace & Ben)
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