A message from Oxygen: Why we are pausing banking
NOTICE OF ACCOUNT CLOSING
Our records indicate you have an Oxygen Business Deposit Account made available through The Bancorp Bank, N. A. (“Bank”); on behalf of Oxygen, Inc. The Bank will be ending the Oxygen Business Deposit Account program on March 29, 2024, and as a result, your account will be closed.This is not an attempt to collect a debt, and no information will be reported to any credit reporting agency.
This letter contains important, time-sensitive information that requires your attention:
Effective March 16, 2024, you will no longer be able to deposit funds into your Oxygen Account. This means all cash transfers via GreenDot, mobile check deposit, and recurring deposits, such as direct deposit of your pay or government benefits payments, will no longer be available. If you have recurring deposit activity, you must make arrangements with the payer to stop the deposits from posting to your account as soon as possible before March 16, 2024. Any recurring deposits sent to the account on or after March 16, 2024, will be rejected and returned to the payer.
Effective March 21, 2024, all services in connection with your Oxygen Business Savings Account will be discontinued. This includes the Round Up Spare Change and Save When You Get Money savings features.This means that on this date, your Savings Account will be closed, and you will no longer be able to deposit funds into your Oxygen Savings Account. Any funds in your Savings Account will be transferred to your Oxygen Business Deposit Account on March 22, 2024.
Effective March 29, 2024, all services in connection with your Oxygen Business Deposit Account will be discontinued, and your account will be closed. This means that on this date, you will no longer be able to use your Oxygen account.
If you arranged for any recurring payments from your account (also referred to as preauthorized transfers), you must contact the payee as soon as possible to provide another means of payment. Any recurring payments requested on or after this date, will be returned and the payee will not be paid.
If you do nothing, any balance remaining in the account after the effective date March 29, 2024 will be refunded to you by check. The Bancorp Bank, N.A. will mail the check to you at the address of record within forty-five (45) days of March 29, 2024.
The available balance remaining in the account is subject to adjustment based on unclaimed rewards, annual fee and other refunds and/or the outcome of dispute claims. If a claim is submitted and/or resolved in your favor after March 29, 2024, and a check for the available balance was already sent to you, The Bancorp Bank, N.A. will send a separate check representing the value of the favorably resolved claim.
Thank you very much for being an Oxygen member. We regret any inconvenience you may experience. If you have questions about this letter, or need information related to your Oxygen Business Deposit Account before March 29, 2024, please call 1-866-287-7021.