We always get great feedback from our community so thank you for taking the time to give it to us. We realised that direct debit used by Oval Money is not always easy to understand and that leaving this in onboarding only, created a bit of friction. Therefore we are introducing a new feature on the Oval Money app to manage and control direct debits anytime, anywhere!
First of all: what is a direct debit?
It is an arrangement made with your bank that allows a third party, in this case our partner Mangopay, to transfer money from your account on agreed dates. The permission for the arrangement is always accepted by you, and usually this is done during the onboarding process (when we ask for an IBAN or Account Number and Sort Code).
Why do you need a direct debit for Oval Money?
Oval Money is an app that is supposed to help you save by starting to put some money aside. Every week we calculate the micro transactions that you have saved thanks to round ups and our Steps (rule based saving) and on Monday morning send a request for the amount to be transferred automatically through the direct debit from your bank account to the Oval Money digital savings account you set up when signing up to the app. We do not take this money, it is for you to manage but we suggest to keep it growing in your digital savings account to be able to access the marketplace of investment solutions we are preparing for you [more details soon!].
Managing your direct debit
The most frustrating thing that can happen when you are trying to save money is that the money does not get set aside in your digital savings account. We recognize this is a hassle so we fixed this, making it easy to always know where your direct debit is at, with much more detail on the bank it is coming from and the status. But we also allow you to change it, set it up again or just switch to a completely new account from the one you added in onboarding. This way together we can make savings happen and reward the hard work!
You need to download the newest version of the app in your app store [link]. When you go to Profile->Direct Debits you will find the new page! Follow the instructions and you are one step closer to financial freedom!
Why might a direct debit not work?
(and thus your savings are not transferred to the digital savings account of Oval Money?
Direct Debits fail for many reasons, including insufficient funds in your bank account, or some misspelled information, or even some banking issue on the transaction. But now any issue that caused the direct debit to fail can be fixed and updated through the app simply!
Now that it is clear, how can I know this is happening?
To make sure you know how much and when you are saving we will send you a notification every monday with the amount you are saving on the week. You can then relax and know that it is all automatically moved to your digital savings account through the Oval Money direct debit. If anything goes wrong, we will notify you again to make sure the direct debit is working properly so you can always feel on track.