Users of the British banking application Zero have been advised to remove all their money without delay following the application’s shutdown last week.
The fintech application Zero stopped operating on March 18 because it could not secure further investment, according to Money Saving Expert.
Zero has stated it intends to maintain the application until Tuesday March 31, though it acknowledged this cannot be assured.
All Zero accounts shutting down with the application
MSE reports that over 21,500 individuals currently use the Zero application.
Each of these users has received communication from Zero outlining procedures to follow after closure.
As the Zero Sustainable Money application is shutting down, the following will also be affected:
Zero Personal Accounts
Zero Debit Mastercards
Planet Safe Savers
Guidance for Zero application users
MSE recommends that those holding a Zero Personal Account or Planet Safe Saver remove their money promptly, preferably before March 31 when the application is scheduled to shut down.
Zero Personal Account
MSE indicates that Zero Personal Account holders should have received correspondence containing additional guidance.
The financial experts noted that these accounts were connected to and financed by an existing British current account, meaning users should be able to transfer their funds back to that same account.
They emphasized that withdrawals should remain possible after March 31, though waiting is inadvisable.
Those encountering problems accessing their funds may also contact zero@transactpay.com.
MSE explained that these function as e-money accounts, preventing users from completing a current account switch to another provider.
The organization warned that money held in e-money accounts falls outside the Financial Services Compensation Scheme’s protection.
Zero Planet Safe Saver
Balance holders must transfer Planet Safe Saver funds through the application to their personal account before withdrawal.
MSE noted that Planet Safe Saver transfers may require until 1pm the following day to appear in the user’s Zero personal account.
Any deposits remaining unmoved by approximately March 26 will be automatically transferred to the user’s Zero Personal Account.
Cash held within the Planet Safe Saver receives full FSCS protection.