I first read about Obopay from Jonathan’s MyMoneyBlog. I went for it, applied and got some free cash out of it. However, I could not really find much use for the account.
Yesterday, I received a letter in the mail saying that they are adding a $4.95 monthly maintenance fee to the account starting from Nov 27, 2007. Since I am not using the account much, I logged in, removed the links to my credit card and banking account and sent them a request to cancel the account immediately.
If you have signed up for Obopay but are not actively using it, you might want to consider cancelling the account to avoid the rather hefty monthly fee.
PS. I think the monthly fee is only if you have the debit card (which I do). It might not affect people who do not have the card. Please check the new terms and conditions.