Money Club Guide

How does the Money Club mobile app work?

By April 17, 2017 5 Comments

Curious?

We’ve compiled a crisp and short note for you before you download the mobile app and enter the Club.

 

General rules & regulations of a Money Club

  1. Members required to form a club : 4-10 members
  2. Minimum contribution per member: Rs. 500
  3. Minimum bid : 1% of total club amount
  4. It is compulsory for everyone to bid
  5. Frequency of club: fortnightly or monthly

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The Frequently asked questions

Q1. What happens if someone defaults on a future payment ?

A: The basic premise of the Money Club is that when it comes to ones own money, one is wise to know who to trust and who not to. Infact, our view is that individuals can judge people better than Financial institutions. Keeping this in mind, the Money Club app crowd sources the trust and hence takes no responsibility or guarantee for anyone. However, the app will help the users by creating a joint liability and intimating all the users well in advance for the payments that get delayed.

Q2. What if no one bids for the money?

A:If no one bids for the first approximately 2 minutes when the countdown starts, the Money Club app runs a random algorithm to identify a member. It will then bid the minimum amount on his/her behalf to start the bid. Bidding can then proceed normally post that. If no one bids, this lucky member wins the round with the lowest bid.

Q3. How to transfer the money after a bid ends?

A: As the bidding ends, the app will notify you the amount which needs to be transferred to the winner. You can transfer this amount to the winner’s bank account via IMPS, NEFT, PayTM wallet or any other preferred service.

Q4. What is the amount charged by Money Club?

A:Money Club charges a very small amount which is 0.1% of the total pooled amount (Club amount) from the winner of the bid. No other charges are applicable to the user.

Q5. With whom should I club?

A:Money club advises you to pool up with your family, friends, colleagues and people you trust with a specific amount of money. Start with a small amount with people who you meet or see every day and then increase the amounts gradually and reap the benefits.

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