I’m brand new to Mondo and have been waiting about about 5 weeks for my countdown to run out before I can order a card. This is now done, but I’m concerned about opening an account as I feel Mondo basically has no documentation or even Getting Started information. Their terms are really pretty vague and there are key details that are not explained in their advertising or on their sign-up pages. Before they even become a bank, I think the ASA are going to have huge issues with some of their operations. I do completely appreciate this is a beta, but you are still handling real money. I’d just like to raise the following and ask if people have any views.
- There basically is NO documentation. There’s no FAQs other than those about Mondo itself and not card operation, there is seemingly no customer support other than through the community and there is NO documentation about how the product works, your rights and your responsiblities.
- There is ABSOLUTELY NOTHING in advertising or in the signup process about the £100 deposit that has to be made at the end of the queue. There is also nothing about the £50 minimum top up (this was raised as an issue by the looks of it 6 months ago but hasn’t moved forward).
- The information about your money protection is MISLEADING. The about page first says “During our Alpha and subsequent Beta testing periods, your money will be held in a separate, protected account by Wirecard, our issuing bank. In the unlikely event Wirecard were to become insolvent, your funds would be protected against any claims made by creditors. All card transactions are processed by the MasterCard network and are protected by MasterCard rules. Additionally, we guarantee that you will never lose money as a result of any mistakes or problems we make while testing.”. It then says “Your money will be held by Wirecard Card Solutions Ltd. (WCDS) who are authorised by the Financial Conduct Authority (FCA) to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051). The card itself is an e-money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. In the unlikely event that Wirecard Card Solutions Ltd (WDCS) becomes insolvent, your funds may become valueless and unusable, and as a result you may lose your money. However as a responsible e-money Issuer, WDCS ensures that once it has received your funds they are deposited in a secure account, specifically for the purpose of redeeming transactions made by your card. In the event that WDCS becomes insolvent funds that you have loaded which have arrived with and been deposited by WDCS are protected against the claims made by creditors.” THIS IS MISLEADING and makes your guarantee basically worthless and unenforceable in a court of law.
The only way Mondo can promote themselves a ‘different bank’ is by saying they have no protection and very little clarity.
As I said - I get it, this is a beta. But this isn’t a financial institution. You are essentially an unsecured creditor to Mondo if you use their services and they NEED to make this clear rather than making you wait 5 weeks to be told for the first time you’ll need to deposit £100. I wouldn’t mind if they’d said this at the start but they simply didn’t and as a result this is FALSE ADVERTISING.
I’m sorry to rant, but you clearly want feedback and I really can’t decide whether to proceed taking out a card at this point. Please fact check me - if I’m in any way wrong, please correct me as I hope I am wrong!