“Oxidation” refers to VeraCash accounts which have been inactive for more than six sliding months. The associated fee is designed to encourage the circulation of VeraCash money on members’ accounts.
An oxidation fee of 0.02% per day is applied to any account which is left inactive for six months, until there is new activity on the account. To avoid this fee, simply perform a transaction on your account.
Which transactions stop oxidation?
- Topping up your account with at least €1;
- Debiting your account (withdrawal or payment using the VeraCash payment card or resale by phone) at least €1;
- Sending or receiving at least €1 worth of precious metals to/from another member;
- A verified referral.
Why do you charge inactivity fees?
In order to grow, VeraCash needs to prove that gold and silver are dynamic materials which can serve as cornerstones to the real economy. Just like currency. As a result, inactive – or dormant – accounts which are not in line with VeraCash’s ambitions are very costly to the company: as a reminder, there is no charge to you for the storage precious metals in vaults in a free zone.
How will I know if my account is about to become inactive?
The date of oxidation of your VeraCash account is indicated on the homepage of your Member Area via the website, below your VRC balance.
To help you manage your account, we send you two reminder emails 30 and 15 days before the oxidation start date.
You will receive these reminder emails as an indication. It remains your responsibility to regularly monitor the activity of your account by logging into your Member Area.
If you're not receiving these reminder emails, please make sure you check your Spam folder. You can also add firstname.lastname@example.org to your contacts to make sure you receive the next ones.