These are the terms upon which Mulalo Savings Limited will provide the Services to you.
In these terms the following words shall have the following meanings:
APP: such mobile application(s) and/or website(s) as we may make available from time to time to enable you to access your Account and receive the Services.
Account: the account that you hold with your Bank and which is compatible with the App and from which the Savings will be transferred using the App.
Bank: The bank or financial institution at which you hold the Account.
Savings: a sum transferred from the Account and to the Saving Account calculated in accordance with the category specific percentages which you have set relating to your weekly spending from the Account.
Savings Account: the trust account with Barclays Bank plc held in our name. All monies within this account belong to our customers.
Services: the services provided by us from time to time including the provision to you of information regarding your spending from the Account and allowing you to choose to transfer a percentage of your spending within certain defined categories into the Savings Account. When you request repayment of all or some of your Savings these will be returned to you, subject to our terms and conditions, back to your Account.
We/Us: Mulalo Savings Limited a company registered in England and Wales with company registration number 10238631 and registered office at 13 Vansittart Estate, Windsor SL4 1SE.
Yodlee: Yodlee Inc an American corporation registered in A Delawre with principle place of business at 3600 Bridge Parkway, Suite 200, Redwood City, California 94065 USA.
- By agreeing to use the APP you will be making savings based on your spending. In order for us to provide the Services, you will need to give to us and Yodlee (and/or any other service provider we may appoint from time to time in connection with the Services) certain authorities and information in relation to your Account including passwords and other security information. This enables us to view your Account in order to collect information and data about your spending on your Account which we need in order to provide the Services.
- You should check with your Bank that your use of the App will not breach the terms and conditions for your use of your Account with your own Bank. Subject to our terms and conditions we do not accept any liability for any losses you may suffer or incur as a result of your use of the Services and any adverse impact on any claims you may otherwise have against your Bank.
- By agreeing to use the App you:
- a) authorise us and Yodlee to obtain all necessary information that may be required by us in order to provide the Services;
- b) agree that we shall not be liable to you in the event that your Bank delays in providing, or refuses to provide, us with access to the information that we require in order to provide the Services;
- c)agree to provide true, accurate, current and complete information about yourself and your Account and you agree not to misrepresent your identity or your account information;
- d) agree that you shall not reverse engineer or reverse compile any of our technology relating to the Services.
- e) agree not to use your Account for any criminal activity whatsoever or to process the proceeds of crime.
- The Savings belong entirely to you and through the App you may request some or all of the Savings be returned to you at any time. All repayments will be made back to the Account within 5 days of us receiving your repayment request. In the event that we are unable to repay the Savings to your Account for any reason (for example because it has been closed) then the Savings will be repaid to an alternative bank account once you have notified us of the details of the replacement account and we are satisfied that the Account is held in your sole name, for your benefit and that there is no other reason why the repayment of the Savings should not be made.
- We will remove (and you authorise us to remove) Savings from your Account once a week on a day to be specified by us (currently each Friday). If your accrued weekly Savings are less than £5 then no transfer will be made and the savings will be added to the following week’s Savings (and successive weeks’ Savings) until there are at least £5 worth of Savings. No Savings will be removed from your Account if by doing so this will result in your Account becoming overdrawn.
- The App is free to use however to assist in covering our overheads no interest is payable to you on the Savings Account. Any interest that accrues on the Savings Account will be used by us as our income against our overheads and operating costs.
- To help keep the App free for you to use we may also sell space within the App to third party advertisers.
- We may pass personal information relating to you to third parties appointed by us for the purpose of administration and verifying your identity and you confirm that you accept and consent to this.
- We may disclose your personal information if we are required to do so by law or we are requested to do so by any relevant regulatory authority.
- We will use the personal information that we obtain from your Account or that you provide to us to supply the Services to you and if you agreed to this to give you information about similar products or services that we or other third parties provide, but you may stop receiving this at any time by contacting us.
We will only give your personal information to other third parties where the law either requires or allows us to do so.
- We reserve the right to cancel or to delay your use of the App until we have successfully verified your identity and we are happy (at our absolute discretion) that you will not be using the App for any criminal or unlawful purpose.
- You may terminate your agreement with us at any time and for any reason by providing us with written notice. We will repay any Savings that we are holding in the Savings Account to your Account and we will stop transferring any further Savings out of your Account.
- We may terminate your agreement with us at any time by giving you not less than 30 days’ prior notice.
- We may terminate your agreement with us immediately, and take steps to freeze transactions through your Account and freeze your Savings without giving you advance notice if we reasonably believe that you:
- a) have materially breached any of the terms of our terms and conditions or if you have provided us with false or misleading information;
- b) are using, or allowing another person to use, your Account or if your Account is being used illegally, for criminal activity or to process the proceeds of crime;
- c) have become bankrupt or insolvent.
- In the event that we terminate your agreement with us for a reason set out in clause 6.4 then we reserve the right not to repay any Savings to you until authorised so to do either by an Order of a Court or on instruction from your trustee in bankruptcy.
- We will not be held liable for any loss incurred by you which arises, either wholly or in part, as a result of an event which is beyond our reasonable control and the effect of which is beyond our reasonable power to avoid. We will not be responsible in any other circumstance for the acts or omissions of any such third parties.
- We will do our best to ensure the APP is available for you to use at any time however, this is not something we can guarantee. There may be times where the APP may not be available. We cannot be held responsible for interruptions in the operation of the World Wide Web. Further, we may suspend the operation of the Services eg for technical reasons, emergencies, maintenance, where it is necessary for your protection or where there is an unexpectedly large demand for the Services.
- No provision of this Agreement will restrict, qualify or exclude any duty owed to you where to do so would be unlawful.
- We may amend these terms: a)if we are required to do so to comply with any applicable law or regulation; b)to reflect changes to our operating costs and expenses; c) to enable us to make changes to the way we provide our services as a result of changes in our arrangements with Yodlee (or other supplier of services); d) to enable us to make changes to the way we provide our services as a result of changes in technology; e) to reflect a change to the way in which we provide the Services or if we change or add to the Services that we offer.
- If we make a change to these terms that may be detrimental to you, we will provide you with at least 10 days’ prior notice (unless we are required by law to make the change sooner), otherwise we will notify you of any change as soon as is reasonably practicable.
- You may not assign or transfer any rights that you have under this agreement to any other person. We may transfer our rights and obligations under these terms to another organisation. We will always tell you in writing if this happens and we will ensure that the transfer will not affect your rights under this agreement.
- This agreement shall be subject to the law of England and Wales.