Crypto.com instant deposits are the way to go without having to wait for your bank transfers/deposits to reflect in your fiat wallet. With the instant deposit, you can always track your favorite cryptos without missing suitable positions because of a lack of funds. This feature of the Crypto.com exchange allows you to connect your bank account to their Crypto.com app, and get funds to make crypto purchases immediately.
Many Crypto.com users have panicked because of an email that was rolled out earlier in the month about the timeline update to repay “outstanding balance” for instant deposits. The outstanding balance attached to the email has caused most users that have never used the instant deposit option to open their app to check if they have a debt to pay despite not using this option or if an unknown transaction has been made.
How does instant deposit work?
To use the instant deposit, you need to link your bank account with your Crypto.com fiat wallet. This will give Crypto.com the access to release funds while an initiated bank transfer is waiting to be settled. However, with instant deposits, you must have up to the deposited amount in your bank till the seven day settlement period is completed.
This option gives you an option to buy cryptocurrency even before your funds are processed with no extra fee attached. There are more things you can’t do with instant deposit funds than the list of things you can do with it. With the funds, you cannot use fiat withdrawal, spend via Crypto.com Pay, transfer to Crypto.com DeFi wallet, and make crypto wallet transfers. The restrictions with instant deposit funds only last for the seven day settlement period.
With Crypto.com instant deposit, you can make five daily transactions with a daily cap of $50,000. You can make a maximum of 30 transactions monthly with a cap of $500,000.
New update to timeline required Crypto.com instant deposit
The Crypto.com email rolled out about a 24-hour window to repay all failed ACH deposits after which the network will proceed to settle the funds with the user’s digital assets if it is not settled. With many users not using the ACH deposit option and not available to many due to location restrictions, this email has got many users panicking and thinking, “do I owe Crypto.com money I don’t know about?”
The email read,
Thank you for enabling the Instant ACH Deposit feature, which allows you to transfer funds and access them almost instantly before they settle. We are writing to notify you that effective immediately you will have twenty-four (24) hours to repay an outstanding balance following a failed Instant ACH Deposit (when the transfer fails to settle) as detailed in the updated Crypto.com Fiat (USD) Wallet Terms and Conditions.
If a user’s outstanding balance is not repaid within twenty-four (24) hours following notification of a failed Instant ACH Deposit, Crypto.com will proceed to resolve it by liquidating a user’s digital assets beginning with USD stablecoins and followed by other digital assets in descending order of market capitalization.
Users can repay an outstanding balance by transferring funds from their bank account using an ACH bank deposit, wire transfer, or by selling digital assets.
Many users contacted the support team and received clarity about the real intent of the message. The email was just a warning message meant for users with a “failed ACH deposit feature.” If you have never used this option or don’t have an outstanding settlement, then this email is not meant for you and you can simply ignore it.
Crypto.com instant deposit allows a seven day settlement period while restricting users from making some crypto transactions. However, if there is a failed transaction after the settlement period, users are expected to make a settlement within 24 hours to avoid the platform from leveraging on other crypto assets to settle.
The email sent out, though unclear, is a harmless warning message to users that might have used the ACH deposit option and have experienced a failed transaction in recent time.
So, NO! you don’t owe Crypto.com and no unknown transaction has been made on your Crypto.com account if you don’t have a settlement to make.