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 terms & conditions of a Money Club

  1. Members required to form a club : 4-20 members
  2. Minimum contribution per member: 200 INR
  3. Minimum bid : 1% of total club amount
  4. Frequency of club: daily, 3 days,  weekly, fortnightly or monthly

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Currently all the clubs are formed by the Money Club Team only. We take verified members in a club based on their profile and their transaction history on the platform.

 

Part 1 – Getting started with the Money Club app
Part 2 – Forming a Money Club
Part 3 – Activating Club, Bidding and Money-Making

The Frequently asked questions

Q1. What happens if someone defaults?

A: The Money Club replaces the defaulter with one of the Money Club team members to continue the club. In the background, we follow our debt recovery protocol to recover the funds from the defaulter. Repercussions of default are given in this blog : https://www.themoneyclub.in/2018/02/10/what-will-happen-when-a-money-clubber-defaults/

Q2. What if no one bids for the money?

A: If no one bids in the first one minute of the live bidding countdown, the Money club app would run an algorithm to identify a member randomly. It will then bid the minimum bid amount (1% of the pool amount) on his/her behalf to start the bid. Bidding can then proceed normally post that. We call this feature AUTO BID.

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

A: Users only need to make a commitment when they join a club on the app. This doesn’t require them to transfer funds at that time. After the bidding, a winner is declared based on the highest bid amount. The club members get a popup in the Money Club app, showing the details of the winner (UPI ID, bank account details, amount to be paid to the winner, etc.). Members can directly transfer the funds from their bank account to the winner’s bank account. They also need to update the transaction ID in the Money Club app immediately after making the payment.

Q4. What is the amount charged by Money Club?

A:

  • Winner of the bid will transfer the platform service charge to the Money Club. This service charge will be 10% of the highest bid amount in a round of a club .
  • For an instance, if the highest bid amount in a round of a club is Rs.100, the service charge will be Rs 10.
  • Final round and Priority round commission is 0.1% of club amount.

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.

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