Stormpay lowers fees but still no update on refunds

And we thought Stormpay went down together with 12DailyPro. But no, it is very much alive. Alive, kicking, and still operating despite freezing most of its members’ funds early this year and refusing to distribute it back despite a Terms of Service clause providing for such funds to be distributed 180 days after being frozen.

They recently announced that they are lowering their transaction fees, supposedly in a bid to win back customer patronage. Sending Stormpay is still free of charge, but from October 12, 2006, the maximum fee for receiving Stormpay is $1.00 per transaction, regardless of the transaction amount.

Receiving Stormpay funds less than $20 is charged a 2.9% + $0.32 fee and beyond $20, the fee is a flat $1.00.

Overview of Stormpay

Stormpay is an online payment processor run by Stormpay Incorporated, a Clarksville, Tennessee, United States company founded in October 2002. Together with e-Gold, Stormpay was largely used as the currency of choice for most High Yield Investment Programs (HYIP), autosurf, paid to read, and other similar programs.

In February 2006, it started a crackdown on accounts of suspected scammers running Ponzi, pyramid, or scam programs. It froze the funds of those members and also of those who participated in such programs. To date, Stormpay has not distributed the frozen funds back to members.

It has since restructured itself and is now an auction-only site, accepting only payments for sales within the StormPay Auctions network. Stormpay members can use their accounts to buy and sell items within the auctions site, very similar to the role of PayPal in eBay. Members can also purchase advertising credits and earn a few cents from StormClix, Stormpay’s get paid to click advertiser links program.

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