On 22nd July, we wrote to all our customers to share some exciting news that will enable us to bring our customers an even better and smoother ethical finance experience. 🚀
As part of Algbra becoming the first B-Corp certified fintech to be authorised by the FCA, we are now moving the provision of our Algbra accounts and cards in-house. There is nothing for our existing customers to do other than accept our new Terms and Conditions.
We are on track to move your Algbra Account in-house on 23rd September, and will now bring the issuance of your Algbra card in-house on 19 November 2024.
What does this mean for new customers?
This means that as of 22nd July 2024, all new Algbra customers will be provided with an account issued by Algbra (and not Modulr) and that as of 19th November 2024, all Algbra cards are issued by Algbra (and not Transact Payments Limited (TPL)). Cards ordered by new customers before 19th November 2024 are however still issued by TPL, and their Terms will apply (see Appendix 2 of our Terms and Conditions).
What does this mean for existing customers?
Customers who joined the Algbra movement before 22nd July 2024 have been issued with our 2-months notices, letting them know of the below changes and that the agreements they have with Modulr and TPL will terminate on 23rd September and 19th November 2024 respectively.
On or around 23rd September 2024, or following acceptance of the new Terms and Conditions, these customers will:
Receive a new account number and sort code from Algbra.
Have any funds remaining in their current Algbra account, held at Modulr, transferred to this new account (after which their Modulr issued Algbra account will be closed).
On or around 19th November 2024, your card, if you have one, will change issuer from TPL to Algbra. There’s nothing for you to do, and you can continue to use your card as normal until, during and after the card issuer transfer is complete.
If we don’t hear from our customers by 22nd September 2024, we will proceed to create their new account details, move their funds and close their Algbra account held with Modulr. Once the new account is created and the funds have been moved, our customers can continue to use their account as normal. We will let our customers know when this process is complete.
If our existing customers wish to make use of their new account sooner, they can accelerate the process of being issued with their new Algbra account details by accepting the new Terms - simply by logging into the App and following the in-App prompts.
Note that all our services before and after the transfer of accounts and the card issuer will remain the same.
If our customers are not happy with the new Terms, they must let us know before 22nd September 2024.
What else do I need to know?
What happens to the funds currently held in my account?
If you do not tell us that you do not agree with the new Terms, your funds will be moved to the new Algbra account before or on 23rd September 2024.
If you are not happy with the new Terms and you ask us to close your account, you must transfer any funds in your available balance to another account in your name, through the App. This includes money held in Cubes. If you do not transfer these funds yourselves, they will remain in your Algbra account held at Modulr.
What happens if there are funds remaining in my account after it's closed?
If you do not agree with the new Terms and you have asked us to close your account but you have not transferred your available balance to another account in your name yet, you will have to ask Modulr to return the funds to you by completing the following form (https://forms.modulrfinance.com/222441942906052). You must do this within 6 years after your account is closed, after which Modulr has no legal obligation to return the funds to you.
What if I have any outstanding fees and charges on my account when I ask Algbra to close the account?
If at the time of closing your account there are any outstanding fees or charges, we may deduct these from the balance to be returned to you. If this would put your account in a negative balance, Modulr remains within its right to recover these from you even after your account is closed.
Can I still access the Algbra app when my account is closed?
If you have asked us to close your account, once your account is closed, you can no longer access the App or review your transaction history. We therefore advise that you download your transaction history before you close your account. We will, shortly after closing your account, send you your final account statement for the last full month of account use.
If your current Modulr account is closed following issuance of your new Algbra account details, you can continue to access the Algbra app and manage your Algbra account as normal.
Will I still be able to receive funds after my account is closed?
Unless you have been issued with a new Algbra account, once your account is closed, it can no longer receive funds. This means that any scheduled or unscheduled deposits to the account will fail and funds are returned to the sending institution. It is your responsibility to ensure that the parties who are regularly depositing funds into your account are advised of alternative account details to use. Neither we nor Modulr will be liable for any losses, direct or indirect, for failing to do so.
Once you have been issued with your new account details, you will also need to instruct parties from which you regularly receive funds that they need to start using different account details to send funds to you: Your new Algbra account number and sort code.
Why has the date that my card issuer changes been amended?
Whilst Algbra originally intended to assume control of the issuance of both the Algbra Account and Algbra Card on the near same date, responsibility for the issuance of the Algbra Card will now move to Algbra on 19th November 2024. This does not affect your use of the Algbra Card, and you can continue to use it as normal.
Once my account is closed, can my card still be used for payment?
Once your account is closed, on account of not accepting our new Terms, your card will no longer work and any merchant initiated transactions or refunds to the card will fail. You must destroy your card immediately by cutting the card in two or more pieces, making sure to cut through the magnetic strip and chip. It is your responsibility to ensure that those merchants that are using your Algbra card to initiate transactions automatically are advised of alternative card details to use. Neither we, nor Modulr or TPL, will be liable for any losses, direct or indirect, for failing to update the relevant merchants with alternative payment card details.
If your Modulr account was closed following issuance of your new Algbra account details, you can continue to use your card as normal.
What happens to any fraud or disputed transaction claims once my account is closed?
Regardless of whether you asked us to close your account or if your Modulr account was closed as result of being issued new Algbra account details, if there are any disputed or unauthorised transactions on your Algbra Account, be that for transactions shown on your Transaction history in the App or as shown on your final account statement, you must let us know within 13 months of the date of the transaction. If you contact us after 13 months, neither we, nor Modulr and TPL, have a legal obligation to investigate or refund the disputed or unauthorised transaction.
What will happen with the data held by Modulr and TPL respectively once my account is closed or TPL is no longer the card issuer?
Both Modulr and TPL (if you have an Algbra card) are required, by law, to retain your personal details and your transaction history for at least 5 years following the later of:
the date your Algbra account held at Modulr was closed
the date TPL ceased to be the issuer of your card
in case funds were not returned to you before the Modulr account closure, the date on which funds were returned to you using the link above, or
the date on which the last unauthorised or disputed transaction was refunded, or the date that you are advised of the outcome of the investigation.
Please refer to Modulr’s privacy policy (here) and TPL’s privacy policy as included in
Schedule 4 of the current Algbra Terms and Conditions (here).
Algbra will, aligned with our Privacy Policy, which can be found here, retain your data for 6 years after account closure or 6 years after the last correspondence that we have had with you in respect to any disputed or unauthorised transaction you notified us of.
I agree with the new Terms, will I get a new Algbra card?
No, your current physical and virtual Algbra cards will continue to work as normal, and won't be replaced as part of these changes.
If you have any further queries, please contact us via in-app chat, or by sending an email to support@algbra.com