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Fortress is making Swan customers pay an "admin fee"
2241 sats \ 15 comments \ @ken 27 Nov bitcoin
See the recent email from Swan, below.
On or around November 22, Fortress charged Swan Personal and Entity accounts an “admin fee” for exiting to new platforms. The fee ranged from $0 up to $125 per account, deducted in USD or Bitcoin depending on account balances.
Swan does not control this fee and does not support Fortress Trust’s decision to impose it. Swan is actively disputing this “admin fee,” as we believe it is not in compliance with your Terms of Service agreement with Fortress.
In the meantime, Swan has your back, as always. As a thank you for being with Swan, we are covering your Bitcoin buy fees, up to 2x the Fortress “admin fee,” in the first half of 2025.
For example, if Fortress took $125 from your account, Swan will cover up to $250 of your purchase fees from January to June 2025.
The Fortress "admin fee" will be reflected in the account history of your Swan dashboard soon. If you have questions or complaints regarding the fee, we encourage you to contact Fortress directly at support@fortresstrust.com.
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52 sats \ 1 reply \ @ChrisS 27 Nov
What a shitshow
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11 sats \ 0 replies \ @ken OP 27 Nov
Indeed.
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21 sats \ 0 replies \ @BitcoinIsTheFuture 27 Nov
Complete disaster! I had a note to send all my sats to cold storage on there but has been busy. Got screwed with the $125 fee!!! So illegal and unethical. When did I agree to that? And they lied. I didn’t transfer to another custodian. They are all in cold storage now. What options do we have to clawback our sats?
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21 sats \ 0 replies \ @siggy47 27 Nov
Passing the fucking buck. I am so glad I'm done with Swan.
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10 sats \ 0 replies \ @Bell_curve 28 Nov
Swan should credit all their customers $125 and be done with it.
Instead they are making excuses instead of admitting fault.
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10 sats \ 0 replies \ @Bell_curve 27 Nov
I lost 120 bucks
This wouldn’t be a problem if Swan reimbursed its customers
@coryklippsten
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11 sats \ 1 reply \ @doubleplusgood23 27 Nov
Just got this email and I believe I'm impacted by this "admin fee" charge. I've had enough bugs with Swan I think I should just switch to River, CashApp or Strike.
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21 sats \ 0 replies \ @BitcoinIsTheFuture 27 Nov
Yeah I switched to River and love the no fee daily buys and interest on cash I have there!
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11 sats \ 0 replies \ @tenshi 27 Nov
I mean the free withdraw is pretty awesome. I don't even know how they make money. The spreads are not bad, no fees, and free withdraw. They paid a $20 fee on one of my withdrawals before. The only thing that sucks is you have to wait 10 days, but strike does the same.
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11 sats \ 0 replies \ @ek 27 Nov
took 14 hours for the next Swan drama
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0 sats \ 0 replies \ @doubleplusgood23 29 Nov
Fortress followed up with their own email.
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0 sats \ 0 replies \ @TheBTCManual 27 Nov
Lol another blemish on the blackSwan
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0 sats \ 0 replies \ @Bitcoiner1 27 Nov
Why using Swan when you can buy BTC no KYC on telegram?
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0 sats \ 0 replies \ @Bee_Aye 27 Nov
too bad there arent dozens of other options or better yet, superior ways to buy corn over exchanges altogether, ie p2p buys
o wait...
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0 sats \ 0 replies \ @028559d218 27 Nov
Ridiculous
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