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jamesfatwallet said:   alex is back?

mgoldman, this is in reference to Envaulted. Here's the relevant thread

I hope you peruse that thread. Alex from Envaulted came in and answered a lot of our questions, and I think it resulted in a good relationship, and a better(?) product.
Then the company went under - literally there one day, gone the next. And the FWF users of Envaulted were left in the lurch, and most of us are still pretty ticked off.

I figure a lot of people on FWF think Wallaby has potential, but we all have a lot of concerns about security/privacy. I am one of those individuals, and I agree with neophyte. You can probably get a lot of free input from us that could greatly improve your product provided we feel safe/secure and it's a product that we benefit from.

If you're looking to be active here, perhaps just a few pointers:
1) If it looks like you're going to go under, just be honest with us.
2) If you go under, I would recommend not disappearing and pulling your website offline. Others on FWF (not me) probably know how to find you, and you might get harassed a little bit if you disappear without a trace with all our credit card information.
3) don't blow smoke up our a$$e$

Welcome to FWF! I'll certainly help as I can.

What credit card number shows on the receipt? Wallaby or the actual charged card? If the actual charged card, does this impact the process for returns when Wallaby card does not match receipt?

Does Wallaby process credits / returns back to the original charged card?

Do UPromise rewards continue to work?

Are extended credit card rebates impacted? (Especially if Wallaby number is shown, not matching credit card number)?

Is credit card fraud protection impacted since, in principle, I have disclosed all my credit card security information to a 3rd party (Wallaby)?

How can I be assured my financial information is secure?

imbatman said:   more questions not on the FAQ:
1) Can I link my wife's personal cards and my personal cards to a wallaby card? If so, this would make my life easier because I can just give my wife a wallaby card, and tell her to always use it (she currently splits between some of my cards and some of hers). This would also make FWF members happy because we generally don't like the concept of joint credit.
2) will this affect other linked rewards? like iDine, or AMEX link, like, love? Say I have my Citi Forward linked to iDine and Wallaby, and I use the Wallaby card at a restaurant, would I get my iDine credit?
3) Will this impact, in any way, my ability to dispute charges with my credit card company?

4) what about other protections related to credit cards? Rental car insurance? Purchase protection? etc. Will those work just the same?

I'm hoping I was one of the first 1000 to sign up. I'd be a great guinea pig due to the amount of Reward Cards I own (so would most FWF users)...

talljay said:   I'll stick with my app, thanks. You have an app?
Which one?
Will it function on Android type phones??

I think the most fundamental question is this:

When I swipe my Wallaby card, will the merchant charge the Wallaby number and then you convert the transaction on your end? Or does some black magic happen and the merchant charges my reward card directly?

Hello FWF Members!

My apologies for the delay--there were a lot of questions, so we tried to distill down the duplicates and write solid answers before replying. We think we've answered everything asked so far, but if there is something missing, it's just an error of omission.

Please understand that we can't answer everything definitively because some questions are about how a third party views us and others are proprietary. With that said, here we go (in no particular order):


  1. Can we use it to get Cash Back at the grocery store?
    No, the Wallaby Card does not support cash out transactions of any kind.
  2. How do charge backs work?
    If merchants do not process a refund as requested, charge backs are ideally handled by Wallaby Financial on your behalf .
  3. Will using Wallaby card have any impact on my dispute rights or additional benefits provided by the credit card issuer, such as extended warranty?
    We cannot make definitive statements about other companies' insurance and protection products. Our goal is to ensure you have an equal or greater level of protection
  4. How do declines work?
    Wallaby's system attempts to complete all non-fraudulent transactions and can route around individual cards that decline (although this may result in lower rewards).
  5. Do you support EMV or contactless?
    We are investigating adding both EMV and standard contactless in our cards after the beta period
  6. Can I use Wallaby Visa at a merchant that does not accept AMEX, yet have my AMEX card charged?
    We attempt to honor all existing merchant acceptance rules
  7. What credit card number shows on the receipt? Wallaby or the actual charged card? If the actual charged card, does this impact the process for returns when Wallaby card does not match receipt?
    The Wallaby Card number shows on the receipt--this is the card that the merchant charges
  8. Does Wallaby have a lost card fee?
    During the beta there is not a lost card fee, however fees are subject to change
  9. How will these charges appear on my statements - as they normally would, or with Wallaby in place of the merchant?
    Transaction do not appear as normal. For most banks, you will see a prefix indicating that Wallaby routed the transaction. This does not work for all banks and some banks may have different behavior
  10. Do you allow business cards in the wallet
    During the beta period we do have official support for corporate cards, although they not prohibited per se
  11. Can I link my wife's personal cards and my personal cards to a wallaby card? If so, this would make my life easier because I can just give my wife a wallaby card, and tell her to always use it (she currently splits between some of my cards and some of hers). This would also make FWF members happy because we generally don't like the concept of joint credit.
    During the beta, we are not supporting second cards nor cards with varying billing address--all cards in the wallet must share a billing address
  12. Will this affect other linked rewards such as iDine, or AMEX link, like, love? Say I have my Citi Forward linked to iDine and Wallaby, and I use the Wallaby card at a restaurant, would I get my iDine credit?
    We cannot comment on how other rewards programs will choose to view our program
  13. Does Wallaby process credits / returns back to the original charged card?
    Yes, we will refund to the original card whenever possible
  14. Do UPromise rewards continue to work?
    We cannot comment on how other rewards programs will choose to view our program
  15. Are extended credit card rebates impacted? (Especially if Wallaby number is shown, not matching credit card number)?
    We cannot make definitive statements about other companies' insurance and protection products. Our goal is to ensure you have an equal or greater level of protection
  16. Am in the first 1,000 or 5,000 cardholders?
    If you did not sign-up on Tuesday, June 26, you did not make the first 1,000.  If you did not sign-up that week, you did not make the first 5,000.  E-mails will be going out this week or you can contact us with your e-mail at http://www.walla.by/about-us/contact-wallaby
  17. Does it handle rotating categories, like Chase Freedom?
    Yes, we automatically support rotating categories.  For those, like Chase Freedom, that require activation, you must activate your earnings yourself
  18. How do you break ties, e.g. when both cards earn a 1% Cash Back equivalent?
    When you set up your wallet, we ask for preferences on how to break ties.  With the help of this forum, we will continue to add more rule sets
  19. How do you handle earnings limits?
    During the beta, we manage earnings limits based on what you spend on the Wallaby Card.  We will be adding support to query your credit statements directly to ensure that this works even when you don't use the card (e.g. via Yodlee)
  20. Why is your domain ".by"
    We use the .by domain because it allows us to have a very short URL for our company.
  21. How does it work?
    The specific method by which the Wallaby Card works is considered proprietary.
  22. How can I be assured my financial information is secure?
    We will endeavor to ensure all information remains secure and are pursuing a variety of certifications to provide you with peace of mind that a third party has audited our controls.


Thanks for you continued engagement. We look forward to hearing back from the members of the forum and having some of you as beta testers over the next months.

Uh-oh, although Matthew danced around some answers, the whole picture is getting clearer.

For all merchant transactions Wallaby card # will be processed as a first step, and then Wallaby will run the second step and run the charge against the "real" card using the merchant category they captured in the step one.

Therefore, quite a few things will not work, or will not work as expected:
  1. All passive third-party programs linked to CC # (Idine, Upromise, AMEX link/love etc) will work only if you can register Wallaby card # with them
  2. Extended warranty/purchase protection/disputes will not work, so Wallaby is not suitable for durable goods


Mathew I assume you'd issue Visa or MC Wallaby, but will you accept AMEX, Discover, Diners, JCB etc in the wallet ?
Also I don't see how you possibly can obtain what kind of card POS terminal accepts for millions of small businesses ?

Yes, it seems like it will be unlikely that wallaby will work with the category rewards programs out there. Unless they can somehow find a way to be able to present a different mcc to the card issuer, and not be stuck with a generic mcc like business services or something like that.

Zaos said:   Yes, it seems like it will be unlikely that wallaby will work with the category rewards programs out there. Unless they can somehow find a way to be able to present a different mcc to the card issuer, and not be stuck with a generic mcc like business services or something like that.

Well, for it to work at all W has to insert whatever MCC it gets from the original merchant into its charge to the real CC company.

Interesting and scary. And interesting....

neophyte said:   Uh-oh, although Matthew danced around some answers, the whole picture is getting clearer.

For all merchant transactions Wallaby card # will be processed as a first step, and then Wallaby will run the second step and run the charge against the "real" card using the merchant category they captured in the step one.

Therefore, quite a few things will not work, or will not work as expected:
...
Also I don't see how you possibly can obtain what kind of card POS terminal accepts for millions of small businesses ?
Might be possible. When I was doing due diligence for my stealth startup (which one of the "features" was to solve the "problem" this was solving) I came across a company called CardSpring who was able to work with one of the major payment networks and become the platform for customized payment solutions. That is probably how they are achieving this.

Matthew, unfortunately, you gave very few clear answers. For example, it looks like Wallaby intends to handle disputes, but the question was about the dispute rights with the underlying credit cards. Based on your other answers, I see that such a dispute would be against Wallaby rather than against the actual merchant. How will Wallaby handle such disputes? Close accounts in response? Just automatically initiate a "cascading" dispute with the merchant and forward them the details? It is something that should be spelled out up front.

"We attempt to honor all existing merchant acceptance rules" - huh? What's that supposed to mean? Will Wallaby allow using AMEX via Visa proxy at merchants that do not accept AMEX directly, yes or no? Or is the correct answer that technically you are not supposed to, but practically have no way of knowing what else any merchant accepts, besides Visa?

I read it to mean that if they have a choice they will not allow that, but in most cases they won't have that choice so it will probably work anyway.

Will it work with FSA and HSA debit cards, say automatically detecting when I'm charging a doctors office copay?

Making the huge assumption that card issuers warranties/purchase protections would still apply, will we be able to set rules like "all electronics purchased above $500 in value go to X card" which isn't the best for Cash Back but offers the best purchase protections.

Could we set temporary custom rules? Sometimes an issuers will have a promotion for greater Cash Back that's not open to the general public but invitation-only. Or there will be a 3 month period when we get a new credit card when we want all purchases not in a special category to go until we hit the required say $2500 in spending of the new card to get the sign-up bonuses.

Hi everyone-

Thanks for your continued great discussion. I hope you can respect that it would be imprudent of me and not in the best interests of Wallaby Financial to disclose all of the details on how our systems works on a public forum at this stage. We don't mean to provide confusing answers, but there are certain questions we cannot answer at this time and there are capabilities that we have that if we disclose publicly may have a negative impact on our intellectual property rights.

To answer Zoot's questions, we intend to support FSA/HSA cards in the future. We do support complex/specific rules as mentioned for specific time periods across categories, amounts, etc.

Best regards,

Matthew

Sounds like neophyte boiled it down pretty well:

neophyte said:   For all merchant transactions Wallaby card # will be processed as a first step, and then Wallaby will run the second step and run the charge against the "real" card using the merchant category they captured in the step one.
...
1. All passive third-party programs linked to CC # (Idine, Upromise, AMEX link/love etc) will work only if you can register Wallaby card # with them
2. Extended warranty/purchase protection/disputes will not work, so Wallaby is not suitable for durable goods


#1 I would count as an advantage, since then you can just give iDine, Upromise, etc. the Wallaby card instead of juggling your different cards with them; it won't affect their business model at all and they extract their data from the card numbers received by the merchant.
#2 Is more concerning and it sounds like the third-party middle man could significantly complicate warranty and protection options. If this doesn't get worked out I'm afraid Wallaby will have a very hard time convincing everyone that they can expect the same protections/convenience of customer service that have become the hallmark of companies like AMEX.

JW said:   talljay said:   I'll stick with my app, thanks. You have an app?
Which one?
Will it function on Android type phones??


Discussed here http://www.fatwallet.com/forums/finance/1179687/m16903230/#m1690...

mgoldman said:   
  • Am in the first 1,000 or 5,000 cardholders?

If you did not sign-up on Tuesday, June 26, you did not make the first 1,000.  If you did not sign-up that week, you did not make the first 5,000.  E-mails will be going out this week or you can contact us with your e-mail at http://www.walla.by/about-us/contact-wallaby



Just got an email saying I get a free year. A little disappointed I didn't get free for life since I signed up on the 26th (I read it to be - if you signed up on the 26th, you made the first 1,000), and I thought this meant I'd get it free for life.


"Congratulations!

Hello imbatman!

You heard our news and jumped on it fast. You’re one of the first 5,000 people to sign-up for The Wallaby Card Beta. You know what this means: You are the lucky recipient of a free year of access to The Wallaby Card!

We are committed to ensuring that you have a secure, hassle-free, and delightful experience with us. As such, we will be slowly rolling out cards to our beta testers over the coming months. So stay tuned!

You can work your way up our beta waitlist by sharing your excitement about Wallaby on Facebook and Twitter.

Keep sending us your feedback and reading our blog!

Happy swiping,

Matthew
Founder & CEO
Wallaby Financial, Inc.

You're receiving this because you signed up for the Wallaby Card Beta List at www.walla.by

Wallaby Financial, Inc.
910 Colorado St.
Santa Monica, CA 90401"




Does participating in this forum help me work my way up the beta list?

Also received email that I will have a free year. I signed up on the 27th.

Just received an email; it looks like I got into the first 5k for one free year. We'll see how this goes!

Congratulations!

Hello ScreamingDaisy!

You heard our news and jumped on it fast. You’re one of the first 5,000 people to sign-up for The Wallaby Card Beta. You know what this means: You are the lucky recipient of a free year of access to The Wallaby Card!

We are committed to ensuring that you have a secure, hassle-free, and delightful experience with us. As such, we will be slowly rolling out cards to our beta testers over the coming months. So stay tuned!

You can work your way up our beta waitlist by sharing your excitement about Wallaby on Facebook and Twitter.

Keep sending us your feedback and reading our blog!

Happy swiping,

Matthew
Founder & CEO
Wallaby Financial, Inc.


*Edit* Oops, beaten by three min!

Signed up in hopes of getting the free lifetime subscription, but only got the free 1 year. Not fully convinced on the product yet, so not sure if I'll actually be using it or not.

I also signed up on June 26th, but only got 1 year free. Pretty disappointed. I was expecting to get the service free for life based on the post in this thread. I'm already very responsible with my card selection, so I can't see myself paying for the service (at least for a while), however I feel I'd be a great test subject due to the amount of cards I have.

futhey said:   Will sign up at least on the off chance that this is going to be a debit card. Its not technically feasible for the card to communicate and decide at a POS which number to spit out, so they must be working the magic behind the scenes via a third party... I guess that doesn't rule out the possibility of it identifying itself as a credit card though? Worst case scenario it just does what it's supposed to do...The third party they are using is most likely CardSpring.

Free year. I signed up kinda late on the 26th (like 4pm PST). I remember being worried because there were already like 400 Likes of the Facebook page. Were the thousand already gone before the first link was posted here?

Signed up about 3:40 pm EST on 26th and is in the 5k.

As it appears none of the valuable CC perks (extended warranty, etc.) can be retained by using Wallaby, it's of no interest to me. I could use the Wallaby card when I don't care about any of those issues (like buying a fast food meal) then use a regular CC when I need the warranty or other protection, but what's the point of that?

You can work your way up our beta waitlist by sharing your excitement about Wallaby on Facebook and Twitter.
Not to sidetrack the discussion but I'm getting quite annoyed by everyone demanding their customers shill for them on social media.

Losing extended warranty could be a killer. So basically the road it's going down now is $50 a year to handle your smaller transactions being routed the right way, but be damn sure you use the real card if you make a decent to large size purchase.

I also got a free year, once the card arrives, I will make a few test transactions and report back.

ironfist99 said:   I also got a free year, once the card arrives, I will make a few test transactions and report back.
ditto
I'll start with cards in my sock drawer, need to use them a few times anyway.

I'm curious if even the OP was in the first 1000. You'd think somebody on this board would have been all over this early.

mattun said:   I'm curious if even the OP was in the first 1000. You'd think somebody on this board would have been all over this early.


I was thinking the same thing...hmmmm...

Also in the first 5000, I applied on the 27th. This thread started after noon on the 26th so unless someone had heard of this prior to the thread the chances were pretty slim someone got in the first 1000 I would think.

ngreen said:   Also in the first 5000, I applied on the 27th. This thread started after noon on the 26th so unless someone had heard of this prior to the thread the chances were pretty slim someone got in the first 1000 I would think.

Me 2. They said I'll get one free year when the service comes out. I'll do that just to see what the card is like then cancel.

mattun said:   I'm curious if even the OP was in the first 1000. You'd think somebody on this board would have been all over this early.

I signed up half an hour before this thread was started and still didn't make it into the first 1000.

dmitri said:   mattun said:   I'm curious if even the OP was in the first 1000. You'd think somebody on this board would have been all over this early.

I signed up half an hour before this thread was started and still didn't make it into the first 1000.


It would surprise me if anyone made it into the first 1,000. How would anyone know? They're just so happy to be "lucky enough" to be in the first 5,000.

The "first 1,000" is designed to make people convert and sign up now (lest they loose their chance) rather than think about it and maybe come back later. And is conveniently entirely impossible to verify.

barbcole said:   dmitri said:   mattun said:   I'm curious if even the OP was in the first 1000. You'd think somebody on this board would have been all over this early.

I signed up half an hour before this thread was started and still didn't make it into the first 1000.


It would surprise me if anyone made it into the first 1,000. How would anyone know? They're just so happy to be "lucky enough" to be in the first 5,000.

The "first 1,000" is designed to make people convert and sign up now (lest they loose their chance) rather than think about it and maybe come back later. And is conveniently entirely impossible to verify.


As a datapoint, I received an email today saying I made it into the first 1000. I signed up as soon as I saw it on Techcrunch, though; they're often first with new beta announcements and I'm sure it was posted there before anyone posted it here.

I got email stating i was one of the first 5000

Got the email saying I was one of the first 5,000 too. Although I can't even log onto the website.

i think have to wait till the official invite. the email says we are placed on a waiting list until the official start

I was actually part of the first 1000. I happened to stumble on the techcrunch blog post about it and signed up in a jiffy. I got my email yesterday. Aside from the email informing me of a free lifetime subscription, it seems that I have to wait on the beta list like all of you....



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