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New Kiva policy – dormant accounts are turned into donations

Kiva announced a new policy regarding inactive accounts:

So, later this month, we’ll be rolling out a new policy where credit that has been inactive for 12 months will turn into a donation to Kiva. This way, the funds will be put to use helping Kiva fulfill our philanthropic mission, and affected lenders will receive something of value – a tax receipt for a charitable donation.

Kiva says most lenders will not be affected, because lenders with active loans or those who logged in or received a repayment within the last 12 months are not inactive.

Update Dec, 13th: Long discussion by lenders about the proposed change here.

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This entry was posted on Tuesday, December 9th, 2008 by wiseclerk at 3:16 pm and is filed under Kiva, US. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “New Kiva policy – dormant accounts are turned into donations”

  1. authority Says:
    December 11th, 2008 at 12:29 am

    How can they do that?
    This is weird.

  2. daniel Says:
    December 13th, 2008 at 11:13 am

    I think it´s illegal. I mean, can they do anything they want with your money??