These terms and conditions form part of the agreement between you and us for each account that you open with us. Additional documents may also form part of our agreement such as our privacy policy.
You can find a copy of our privacy policy at: www.mondooli.com/privacy-policy
You or your means either the person or people that have opened and maintain an account with us, or you and the company if the account is a business account.
Mondooli, we, our or us means Mondooli Ltd and/or, if applicable, one or more of our operating subsidiaries.
Account means each account you have with us that we open and maintain for you.
AER means Annual Equivalent Rate. This is the rate of interest you will receive over a year assuming the credit balance is left in your account for the full year.
Affiliates means any group, parent, subsidiary or associated company of Mondooli.
Agreement means the agreement in place between us and you in respect of your accounts, which comprises these terms and conditions and our privacy policy.
App means the Mondooli mobile application, as updated from time to time.
Balance protection means the service that we may offer to customers that meet our eligibility criteria and that will add a limit to your account allowing your account to become a negative balance incurring interest charges and that balance may be repaid later.
Biometric Authentication means the process by which the identity of an individual is verified using biometric data (for example: iris or fingerprint scanning or facial recognition).
Business account means the business account you have with us that we open and maintain for you, your other business account holders/owners and your company.
Company means, in respect of a business account, the legal entity in whose name the business account has been opened.
Digital wallets means mobile payment applications which allow you to make payments with your card (or cards) using your mobile device, subject to and in accordance with the relevant digital wallet terms of use.
EAR means Equivalent Annual Rate. This is a representative interest rate that shows what you would pay if you use your balance protection limit for a year. Interest is accrued and charged daily.
Including means "including but not limited to" and will not limit the generality of the preceding or following words.
International payment means a payment through the international payments screen in our app to an account denominated in a currency other than that of your account.
Limit means, in respect of our balance protection service that we may offer you, the maximum amount you may use under that service.
Merchant means any retailer, or any other person, firm or company that accepts cards which display the Visa or Mastercard symbols.
Money or funds may refer to e-money which is an electronic alternative to cash. Depending on the currency of your account we may issue an equivalent value of your balance in that currency as e-money that will be stored in your account.
Terms and conditions means this document, which is applicable to all accounts opened and maintained by us for you.
Privacy policy means our privacy policy that can be found on our website, as updated from time to time.
Saving vaults means the service that allows you to open and lock wallets for a specified period of time while receiving interest payments. "Saving vault" means each one of them.
Security information means the information we request from you, including through our app or when we open your account, to ensure your account and your use of our app remain secure.
Wallets means the separate section in our app in which you may hold funds separately to those funds in your main account. "Wallet" means each one of them.
Third-party provider means an entity other than us to which you have granted consent to access your account and/or authorise to make payments from your account on your behalf.
Eligibility
To be eligible to open and maintain an account with us you must be at least 18 years old and reside in a country where our services are available.
Instructions
We will act on your instructions, or those of a third-party provider that you have authorized, in respect of your account, unless we believe an instruction:
We may also refuse to act on your instructions, or those of a third-party provider, if we are required to for legal reasons or if you have broken the terms of your agreement with us.
We may hold a payment instruction if we reasonably consider it necessary to do so to protect you or your account (for example: as a result of the payment exceeding a fraud-related limit) or if we are required to for legal reasons.
We will get in touch with you as soon as possible if we have refused to act on your instruction, or held a payment instruction for a period of time, unless we are not allowed to for legal reasons.
If you have authorised someone else to access and operate your account, we will need to receive evidence of this authorisation before considering whether we will act on their instructions.
If you have authorised a third-party provider to access and make transactions on your account, we will need to receive evidence of this authorisation including confirmation of their regulatory status before acting on their instructions.
You must ensure you include the correct information on each payment instruction. If you include incorrect information on a payment instruction, we will try to help you recover the funds but cannot guarantee that these will be returned to you. We will not be liable for any loss you suffer due to incorrect payment instructions.
When you approve a payment via our app, you confirm to us that you are authorising us to process the payment on your behalf.
Transfers to your account
You can transfer funds into your account using any of the available methods shown in our app, such as transferring funds from another bank account or depositing cash via supported ATMs or merchants. We will credit the funds to your account immediately upon receipt from the sending bank.
You can transfer or receive funds into your account in any currency that we support. If you receive a transfer which is not in the same currency denomination as the account, we may automatically convert the transfer using the applicable exchange rate at the time or we may return the transfer if it is sent using a currency that we do not support. Further information on the currencies that we support and our exchange rates are available in our app.
Cash deposits and withdrawals
You can also pay funds into your account at supported merchants and partner banks. Further information is available in our app. This service is subject to minimum and maximum limits that may change from time to time. Funds paid into your account using this method will be credited immediately.
You may withdraw funds from your account using supported ATMs or at supported merchants and partner banks. Limits may apply and we may charge you a fee in certain circumstances. Further information is available in the help center in our app or website.
Cheques
We currently not do support the issuing of cheque books or depositing cheques into your account.
Transfers out of your account
You must have enough funds in your account or within your balance protection limit to cover the full amount of any payment you wish to make. If you do not, we will refuse the payment. However, if we do allow a payment despite lack of funds, you must repay the amount owing to us immediately, otherwise you will be considered to be in arrears. Further information relating to an account in arrears can be found below.
When transferring funds or setting up a saved payee in our app, you must ensure all information provided is accurate and complete. If it is not, we may not be able to process the payment instruction or the payment may be delayed or fail. We will not be liable for any loss you suffer if you do not include the necessary information or if the information you provide is incorrect.
You must read and act upon all warnings presented to you when making payments out of your account, particularly when transferring funds to a new account or setting up a saved payee.
If you are not sure about making any payment, do not proceed with the payment and contact us immediately.
We automatically use the fastest method to send your transfer or payment. For most supported currencies we use instant payments. If an instant method is not available then we will use another method. You can find out more information in the help center in our app or website.
Transfers and payments out of your account may be subject to certain payment execution times and limits. Please check the help center in our app or website for more information.
International payments
If you wish to make an international payment, we will process this using the exchange rate and any applicable fees as shown in our app at the time of making the payment.
We may use third-parties to assist us in processing international payments and as such we are not responsible for all stages of an international payment. If we become aware that an international payment has been rejected or delayed, we will try to help you retrieve the funds.
Where an international payment fails for a reason which is our fault, we will return the funds in full to your account. Where the failure is not our fault, the funds may need to be reconverted to the currency that your account is denominated in before we can return them to you and you may receive less than you originally paid.
If you send an international payment using incorrect information, we will try to help you recover the funds, but may charge you a fee for doing so and we cannot guarantee that we will be able to return the funds to you. Please check the help center in our app or website for more information about international payments.
Payments made in error and fraudulent transactions
If you suspect an incorrect, fraudulent or unauthorised payment or transaction has been made using your account (for example: a direct debit which you previously cancelled or a transaction you do not recognise) or if you have made a payment by mistake (for example: you used the wrong account details), please get in touch with us immediately so we can assist as much as we can.
If you believe you have lost money as a result of an incorrect, fraudulent, unauthorised payment or transaction, or other criminal activity on your account, we may ask you to provide more information for us to assess how the losses have arisen and who is responsible. If we ask you for such information, you must provide it as soon as possible in all circumstances. We will try to help you recover the funds but we will not be liable for any loss you suffer.
If we make a payment into your account by mistake, we will take out the same amount without asking for your permission, but we will let you know what has happened.
If someone else tells us they have made a payment into your account by mistake, we will check with you first before returning the funds. If you disagree, and you can provide us in good time with satisfactory evidence of why the payment was not made in error, we will not return the funds to the payer, but we may put the payer’s bank in contact with you directly.
Refunds for transfers or payments
You can ask us to refund an amount taken from your account if you satisfy the following conditions:
Payment processors and bank partners
We may use third-party partners, processors or agents to process payments and transactions, hold funds, offer certain services or features, and to ensure compliance with regulations.
Transaction information and monthly statements
You can find real-time information on your transactions in our app. We will also provide you with a monthly statement in PDF format available in our app.
Your contact details
You must keep your personal details (and details of your company if you have a business account) up to date in our app. When we need to contact you, we will use the contact details on your account. We will not be responsible for any losses you may incur as a result of us using contact details which are out of date.
Licence to use our app
We grant you a non-exclusive, non-transferable, royalty-free licence to use our app and software embedded in it to open and manage your account. This licence will terminate immediately when you close your account and delete our app.
Accessing our app and updates
You may only download and install our app for use on your device from the app stores we recognise as safe such as the Apple App Store and Google Play Store. You agree not to download and install our app from any other location.
We may update our app from time to time. We will let you know when we plan to do so and for how long our app will be unavailable (if at all). If we have an emergency or need to do unplanned maintenance, we will try to let you know as soon as possible.
You must upgrade to the latest version of our app when we make new versions available. If you do not (or you do not upgrade your phone’s operating system to the latest version available), certain features of our app may not work as intended. We are not responsible for the performance of our app on your phone if you do not update our app or your phone’s operating system to the latest version available.
Things you must not do
You must not do any of the following:
If you do anything which is prohibited under this paragraph, you may be responsible for any losses we suffer as a result.
Security
When you download our app, you will be required to provide certain security information such as setting a PIN number. You are responsible for keeping your phone, our app and the security information secure and confidential. You must let us know immediately if you think anyone else has your security information or has otherwise managed to unlawfully access your account.
We will never ask you for your PIN or password. You must not share these with other people, even if you think they work for us.
Deleting our app
You should not delete our app from your phone until all of your accounts have been closed and any remaining funds have been returned to you.
Checks, information requests and tax reporting
In order to open and maintain an account with us, we carry out certain checks, including identity, fraud and credit checks, on a regular basis. We also update credit bureaus and other data sources from time to time in respect of your account.
We may ask you to provide us with certain information relating to you and/or your use of your account. If we do, you must provide such information and, if necessary, supporting evidence as we may reasonably require from time to time as soon as possible. If you are unable to do so, we may need to close your account.
We are required to collect certain information about you and your account in order to share this with relevant tax authorities. We may also be required to withhold certain funds from your account and pay these to the relevant tax authorities in certain circumstances. We will let you know as soon as possible if we are required to do this.
Balance protection
We may offer you our balance protection service which may be provided directly by us or by a third-party partner. Balance protection allows you to make transfers or payments from your account up to an approved limit.
If we choose to offer you this service, we will confirm your approved limit in our app and you must accept it to activate the service on your account. You may not exceed your approved limit at any time.
If you exceed your approved limit or if your account goes into a negative balance without an active balance protection service, we will require you to repay all amounts outstanding immediately. If you do not repay the amounts outstanding by the end of the same day, we will consider you to be in arrears.
You will pay interest on your total used balance protection balance at the rate which you agreed when we offered you the service and which may be amended by us from time to time.
We will always give you at least one month written notice if we intend to increase the rate of interest payable for our balance protection service.
We do not charge any additional fees, charges or expenses in relation to the balance protection service, unless your account is in arrears and we are required to seek recovery through our debt recovery procedures.
You may cancel our balance protection service or reduce your approved limit at any time in our app, but you will need to repay any outstanding limit that is used plus any outstanding interest owed to us.
You agree to immediately repay any or all outstanding amounts of your balance protection limit, together with any accrued interest, on demand by us at any time.
All repayments must be made using the same currency of the account that is using balance protection in immediately available cleared funds.
As this service is available on demand, we may reduce your approved limit or cancel the balance protection service from your account entirely at any time. We will let you know when this occurs but we cannot always provide advance notice of this to you.
Without prejudice to any of our other rights or remedies under your agreement with us, we will review your eligibility to our balance protection service and the terms on which we have offered you on a regular basis.
In arrears
If you are in arrears for more than 30 days, we may restrict access to your account and report this to credit bureaus which may affect your credit rating. We may also seek to recover the sums through our debt recovery procedures. If you are in arrears for more than 90 days, we may issue you with a default notice and close your account.
Interest and fees
Details of interest we pay on credit balances, interest we charge on debit balances, fees and other charges that may apply to your account can be found in our app or website.
We calculate interest payable on a daily basis. We do this by looking at your balance at the end of each day.
Where we owe you interest, we will pay this into your account at the end of each day. We pay gross interest, which means we don’t deduct any tax you might owe. The tax treatment is dependent on your individual circumstances and may be subject to change in the future.
Where you owe us interest (we charge interest for each day that your account is in a negative balance or is in arrears), we will deduct it from your account at the end of each day. We calculate interest on your balance at the end of each day having taken account of all payments in and out of your account on that day.
The rate of interest payable is subject to change.
The "end of each day" is 23:59:59 GMT.
Wallets and saving vaults
The balance of your account is made up of the funds in your main account (or accounts if you have more than one in the same or different currency) together with the funds held in any of your wallets.
You can set up wallets and move funds between your main account and any of your wallets at any time using our app. To withdraw funds from a wallet, you must first move those funds to your main account using our app. You are responsible for the transfer of funds between your main account and any of your wallets.
You can also create saving vaults, which is an individual wallet locked for a specified period of time, and move funds from your main account or any of your wallets at any time using our app. Funds moved to a saving vault will be locked for the period you chose when you created it. If you require the funds earlier than the expiration date of the saving vault then we may charge you a fee to access the funds or, in some circumstances, decline your request to access the funds earlier.
Where you have set up recurring payments to be paid out of your main account, you must ensure you have enough funds available in your main account for those payments, as funds in your wallets will not be used to cover them.
We will not be responsible for any failed recurring payments as a result of insufficient funds being available in your main account even if you had enough funds available in a wallet.
Protecting your funds
Keeping your money safe and protected is an absolute priority. We keep your money protected in three ways:
Safeguarding helps protect you if something was to happen to our business. If something happened, you (and all of our customers) would be paid out your balances from our client money accounts. The money in your account isn't covered by a compensation scheme because we safeguard it instead.
Cancelling your account
You can cancel your account at any time in our app or by contacting our customer care team.
If you cancel your account:
We may close your account by providing you with 30 days written notice of closure.
We may restrict (in whole or in part), suspend your use of or close any or all of your accounts immediately, at any time, and terminate our agreement with you in respect of any or all of your accounts without notifying you at all if any of the following things happen:
If any of the events listed above happen, you (or your estate) are responsible for cancelling all payments in and out of your account and deleting our app from your phone.
If we need to restrict your account for any reason, we will not be able to confirm how long such restrictions may be in place. However, we will endeavour to keep you updated as and when necessary. We will not accept liability for any losses arising from any claim for stress and inconvenience as a result of restricting your account.
On closure of your account, if there are funds remaining in your account, we will decide (at our sole discretion) to either transfer these to a bank account in your name with another bank, or in certain circumstances (for example: because we have been unable to return, or you have failed to withdraw the funds) distribute the funds to a charity of our choice.
If you want to close your account but still owe us money, we may keep your account open and seek to recover the money from you using our debt recovery procedures.
On closure of your last account with us, your agreement will terminate. However, certain paragraphs of your agreement will remain in force given their nature and context.
Liability
We accept liability where we act on a payment instruction and this is not received by your payee’s bank (or a correspondent bank of your payee’s bank), except where this is a result of your or your payee’s bank’s negligence (for example, if you included the wrong payee details).
We also accept liability for any losses you may suffer as a result of us not complying with our obligations under this agreement, or as a result of our negligence or fraud.
We are not liable for any matters as far as the law permits except where we have accepted liability under the two paragraphs directly above. The matters for which we are not liable include the following:
Debit card
When you open an account with us you can request to receive a debit card that is linked to your account. You may also apply for other payment cards (which may be subject to additional terms and conditions).
Your card (or cards) can be used to make purchases in-store, via the internet, over the phone and through digital wallets. You can also use your card (or cards) to obtain cash through automated teller machines (ATMs).
Your card (or cards) can be used to make transactions or withdraw cash from ATMs in currencies other than the currency your account is denominated in. We will convert the amount of the foreign currency transaction into the denominated currency of your account on the same day the transaction is completed using the card providers exchange rate. You can find the card providers exchange rate on their website.
Card safety
You are responsible for keeping your card (or cards), or in the case of digital wallets, your phone or device, safe. This includes (but is not limited to) memorising your PIN, keeping your PIN secret, not disclosing your PIN to any person, having different PINs for different cards and choosing to use a biometric authentication system where available.
You must notify us immediately if your card is lost or stolen or if you suspect or become aware that any unauthorised or fraudulent transaction has been made (or is attempted to be made) using your card.
If we know or suspect that your card is at risk, we will contact you through our app or call you directly. We will never ask you to disclose your PIN or any other payment security code. If we call you directly, you will be asked to confirm your identity.
Suspending or blocking your card
We may suspend or block a card for reasons related to:
We will inform you of this before doing so, or, if that is not possible, as soon as reasonably practicable afterwards, provided that this is legally permissible and does not compromise our security measures.
Card limits and controls
We may apply spending limits to a card from time to time at our sole discretion. Cash withdrawals from ATMs using your card are also subject to certain limits. The default regulatory contactless limit will apply to each card you hold unless you set your own limit. We may also amend any card limit at any time (for example: if contactless payment limits are changed at a regulatory level or for security reasons we need to impose a new limit). We will try and give you notice of any changes to limits but there may be situations where we cannot do so. For more information about card limits and controls please check the help center in our app or website.
Payment reversals or chargebacks
We will monitor the nature and number of any chargebacks requested in connection with purchases or transactions made using your card (or cards). If we consider in our reasonable opinion that the chargebacks being requested are false, we may close your account immediately with or without notice to you.
Our liability
In addition and subject to any limitation of liability provisions contained in our agreement, we will not be liable to you for any loss or damage arising from:
Changing our agreement
We may need to make changes to your account with us from time to time, this could include changes to our services, charges, interest rates, exchange rates, or other terms in this agreement.
We will usually provide you with at least 30 days advance notice of any changes to this agreement.
We may immediately and without notice to you, make changes to:
If you do not wish to accept any changes we may make, you can close your account at any time before the new agreement comes into force.
Set off
If you are in arrears or owe us any money for any reason, we may set off amounts you hold with us in any account against the amounts you owe us. This means there will be less funds available for you in your accounts. We will only exercise this right where we consider it is reasonable to do so and, where practicable, once we have given you notice in advance.
Reimbursement of costs/expenses
If we receive a court order or other such legal document from your legal representatives or from a third party relating to your account, you will be required to pay the internal administration costs and/or expenses we reasonably incur to comply with that court order or legal document.
Transfer of rights
If you lose any money (for example: as a result of fraud) which we choose to reimburse later, whether partly or in full, you agree to transfer to us any rights of recovery relating to those losses that you may have against a third party. You agree that we will decide which third party (or parties) we may seek to recover such losses from. You will not do anything which could impact our rights of recovery against any third parties or you may be responsible for any losses we have incurred or may incur as a result. You also agree to help us enforce any such rights of recovery we may have against a third party (for example: by providing any further information we may need).
Other
If we do not insist that you perform your obligations under our agreement, it does not mean you do not have to. If we choose not to exercise our rights immediately, this does not constitute a waiver of our rights and we may choose to do so at a later date.
Each term of your agreement operates independently and if any such term is deemed to be unlawful or unenforceable, this will not affect any other term of your agreement.
This agreement, including other documents such as our privacy policy, contains all the legally binding terms and conditions agreed between you and us regarding your account.
We may transfer any of our rights and obligations under your agreement and in relation to your account to another party, including any of our affiliates or business partners. This will not affect your rights in relation to your account in any way.
Unless permitted to do so under your agreement or as agreed between us in writing, you may not transfer any of your rights or obligations in relation to your account.
Our terms and conditions, privacy policy and other legal documents are provided in the English language and may be translated to other languages for convenience. If there is a dispute arising from differences in interpretation expressed between the English version and another language then the English version will be considered the original and will apply.
Our agreement is governed by English law and the English courts will have exclusive jurisdiction to settle any dispute (including non-contractual disputes) arising out of or in connection with your agreement.
