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
- Members required to form a club : 4-20 members
- Minimum contribution per member: Rs. 200
- Minimum bid : 1% of total club amount
- Frequency of club: daily, 3 days, weekly, fortnightly or monthly
Part 1 – Getting started with the Money Club app
Part 2 – Forming your own Money Club
Part 3 – Activating Club, Bidding and Money-Making
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 minute when the bidding 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 UPI, IMPS or any other payment mode as preferred by the winner.
Q4. What is the amount charged by Money Club?
A: Money Club charges a minimum of 0.1% of the total pooled amount from the winner of the bid. No other charges are applicable to the user.
Q5. Where and how does the bidding takes place?
A: Bidding takes place in the Money Club app. All the club members can join live bidding by logging in to the Money Club app. Bidding window also allows the club members to chat.
Want to download the Android mobile app?