XM
XM
Unexpected inactivity fee charged without prior notification
Description
An inactivity fee of USD 15/month was charged for 3 consecutive months (totalling USD 45) without the complainant receiving any email notification. The complainant states they were unaware of the inactivity policy and that their notification preferences were set to receive all communications. XM's terms do state the inactivity fee policy, but the complainant argues the lack of a reminder notification is a consumer-unfriendly practice.
Amount Involved
USD 45
Supporting Evidence
- account-statement-fees.pdf
- email-notification-settings-screenshot.png
Complaint Timeline
2025-05-02
2025-05-02
2025-05-02
2025-05-02
2025-05-02
2025-05-02
2025-07-10
Platform Responses
Response to Swap Rate Discrepancy Allegation
XM has conducted an internal audit of the swap rates applied to the complainant's account. Our swap rates are sourced from interbank rates and are updated daily. We have identified a display lag in the swap rate table on our website, which may have caused confusion. The rates applied to client accounts were correct based on the interbank rates at the time of rollover. We are working to improve the real-time accuracy of our published swap rate tables.
IPTI research unit is independently verifying swap rate calculations against interbank benchmarks. Verification pending completion of rate comparison analysis.
IFCCI Research Responses
IFCCI review confirms the inactivity fee is disclosed in XM's terms and conditions (Section 7.3). While the fee itself is within industry norms, Research observations indicate that platforms adopt proactive notification practices before applying dormancy charges. Consumers are advised to review fee schedules upon account opening and set calendar reminders for inactive accounts. This case has been closed as the fee was contractually valid, though IFCCI has noted the notification gap in its platform transparency observations.
Legal Disclaimer
The IFCCI Transparency Programme is an independent research initiative and does not constitute regulatory supervision, professional financial advice, or official compliance certification. All findings represent research-based observations intended to contribute to financial industry transparency discourse and informed evaluation. FinScope is a technology platform developed to support the programme’s public-facing digital interface.