MoneyBuddies - FAQ's
MoneyBuddies – Frequently Asked Questions
What happens if someone stops contributing?
This is considered a default and MoneyBuddies is not held responsible for defaulters within active Private or Public money pools. To avoid this please only invite trusted friends and family to the pools. Ensure you have made contact with them prior to them joining.
We provide each member with a rating colour. Red being poor, Orange being ok, Yellow being good and Green being great! However any disputes among the Pool members are for members to resolve among themselves.
How can I join or create a Public pool?
Complete at least 2 pools successfully and the option for ‘Public’ will be available for you to create or join any Public pools available.
How can i boost my Rating?
You can boost your rating at any time by uploading a profile photo of yourself and emailing us a scanned copy of your Photo ID, Utility Bill to firstname.lastname@example.org and lastly setting up a 2Factor authentication.
Am I insured against fraud?
Unfortunately as we are a free service we are unable to provide such protection. However in future we may introduce some form of insurance that may protect our members from such fraud or misuse of our services.
How do I make payments and receive my payout?
Funds are automatically debited from, and credited to, your bank account based via your payment processor chossen. MoneyBudies recommends the following payment processors to send and receive funds:
Sending and receiving money is free using PayPal, GoogleWallet, SquareCash and Circle (from personal to personal accounts only. Business accounts may charge a fee.)
However Coinbase may charge network fees to send and receive Cryptocurrency.
As a convenience, we send payment contribution reminders, via email and notify on your profile dashboard, before each payment is due.
In order to keep our service free, we do not accept credit/debit cards or bank deposits.
What if someone abandons the group and stops making payments?
If anyone in the group suddenly stops making payments, MoneyBuddies will try and attempt to contact the individual but do not hold responsibility of such actions.
How are the positions in the Pool decided?
Usually the moderator or the Pool creator selects the 1st position for themselves. However they can chose another position to take if they so wish at the time of creating the pool. Everyone chooses their “position” in the pool depending on availability and a first come first basis. This can also depend on individual needs. For example, one member might be going on vacation in April and will choose a position that corresponds with that specific date, while another pool member might need a position next month to purchase inventory for their business. Since we normally have different needs at different times, it’s easy for everyone to select a position in the pool they find beneficial.
What if there are not enough people in the pool?
The moderator will allow time for more people to join. No one will make their first payment until the pool is filled and has officially started. The money pool is not active until all positions are filled.
I have an emergency. Can I be removed from the pool before my money pool is complete?
Unfortunately, we are unable to accommodate this request. When you commit to your money pool, you commit to your group.
Is this legal, it sounds like a Pyramid scheme?
Yes it’s legal. A Pyramid scheme by its nature can never satisfy all the members involved. A money pool, on the other hand, will not be completed until every member receives their payout. We guarantee it, as long as you stick to your payment schedule.
How can I boost my Rating?
Simply upload a recent profile photo of yourself, Add 2F Authentication to your profile account. Email a scanned copy of your Passport/ID, Utility Bill to email@example.com
Trust ratings are based on payment history and allow you to easily identify trustworthy individuals outside of your immediate network.
Let’s say for example Ali, your neighbor, has a low trust rating because he is always late with his contribution payments. On the other hand Zara, has an excellent trust rating because she always makes her payments on time. Which person would you prefer in your next money pool?
Avoid late payments. Each late payment will negatively impact your score the equivalent of roughly 10 on-time payments.
Why should I focus on user’s trust rating?
Users with low (Red) trust ratings can be an inconvenience to the whole group because they have a history of making late payments to their group. If you want your money on time, make sure to group together with users that have a proven track record.
How can i create or join Public pools?
Once you have successfully completed at least 2 pools. You are then eligible to create or join a Public pool with other trusted buddies.
Can I join multiple money pools?
Yes, but please remember to adhere to the payment schedule for each group you join. It is your responsibility as a member of the pool. The success of the pool is dependent on the integrity of the members. please only join and invite trusted family or friends within your social network.
What happens if someone in my pool is late with their payment?
A late payment from any pool member will temporarily inconvenience the next person set to receive their payout. We suggest you use the messaging platform to remain in contact with each other and notify one another with up to date messages related to the pool.
What happens if my payment is late?
MoneyBuddies has made it very easy for your payments to be made on time by sending out regular payment reminders via emails and notification reminders on your dashboard.
That being said, if a payment is still not made on time, then you your Rating will be negatively affected. Remember that keeping a positive (Green) Rating is important to allow you to set a solid trust between buddies.
What happens if I stop making payments or default on my money pool?
If you owe a balance, it will be due immediately. If payment arrangements are not made within 30 days, we will send out reminders during the period and freeze or your close your account if not paid. In today’s world, a persons trust between friends is considered socially as important as credit ratings are important to high street lending banks. Trust is central to our lives. Employers place trust during the onboarding process; landlords place trust before signing a tenancy agreement, lenders of all types use credit to decide if you’ll be approved and this falls down to an underlying trust.
By demonstrating your ability to make timely payments in your money pools, you can make a direct impact in your social network, your peers will want to work with you, do business with you and most importantly save and manage money with you.
Can’t find an answer to your question?
Email us firstname.lastname@example.org