I filed a medium-sized “reservation” to invest in a local startup. WeFunder: − took 2% transaction fee, which is unnecessarily large as I paid via ACH (this is in addition to the 7.9% fee they charge the investees!); − took the money immediately, despite the company not actually being ready to receive it yet; and − has been sitting on my money, KEEPING 100% of the interest on it for these past several months! To be clear, I’m not blaming WeFunder for the delays — they can’t control how quickly the investees move — but I must blame them for their own actual behavior.EDIT: They “responded” to this review with a string of weird non-sequiturs 🤨 [2024-12-21 Reply from Wefunder, Inc.] • Instead of explaining why ACH supposedly warrants a 2% transaction fee when banks generally charge well under a dollar for it, they just vaguely announce that they offer some *even worse* payment options- namely, credit card with higher fees, and bank wire with the same fees but higher minimums. • They correct something I never claimed, which is that “investors” are responsible for the 7.9% investee fee. (I mentioned the 7.9% investee fee in my original post only to emphasize that, at least prima facie, WeFunder *does not* need to be charging excess fees on the front end of the transaction since they’re already profiting substantially off the back end.) • They remind me that I “approved” my third complaint in a tiny paragraph (§19.4, “Interest”) buried a fifth of the way into their 46,000-word ToS document. • They conclude by bizarrely “apologizing” for the *only* negative aspect of my experience which I clearly stated that I understand isn’t their fault.
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