What is the Withdrawal Fee Coverage Bonus?
The Withdrawal Fee Coverage bonus is one of the measures we are taking to ensure that our existing SocialGood App users are not disadvantaged by the introduction of withdrawal fees to the app.
Specifically, users who were holding Pending SG and/or Approved SG in the SocialGood App at the time of 09:30:00 UTC on May 30, 2022 have been granted bonus SG in an amount equivalent to the handling fee to withdraw their total Pending/Approved SG.
This measure ensures that our existing users will not suffer any losses as a result of the introduction of the Withdrawal Fee, by providing them with the amount of SG that they would require for the handling fee.
For more information about the Handling Fee (Withdrawal Fee), please see the following article:
https://socialgood.zendesk.com/hc/articles/6085681257369
The amount of this bonus is calculated as follows: (X ÷ 0.7) – X
(X = amount of Approved SG and Pending SG on the specified date)
For example, if you had 100 SG in the app on the specified date, you have now received a bonus of (100 ÷ 0.7) – 100 = 42.857 SG.
To see the exact Withdrawal Fee Coverage bonus SG that you were granted, open your Shopping History and check the Withdrawal Fee Coverage SG that has been added to each purchase (this only applies to your Pending SG as of 09:30:00 UTC on May 30, 2022). In addition, the Withdrawal Fee Coverage for your Approved SG should appear in your account labelled as “Withdrawal Fee Coverage”.
*The Withdrawal Fee Coverage bonus will not be granted for purchases that are not eligible (purchase processed after 09:30:00 UTC on May 30, 2022). Also, “Withdrawal Fee Coverage” will not appear in your Shopping History if your account was not eligible for the bonus.
What is the Withdrawal Fee Coverage Bonus?
