Users of the UK banking application Zero are being advised to remove all their money as quickly as possible after the platform stopped operating last week.
The fintech application shut down on March 18 because it could not secure additional investment, according to Money Saving Expert (MSE).
Zero has announced it intends to maintain the application functioning until Tuesday 31 March, though it has stated it cannot promise this timeframe will be met.
The platform is closing, meaning all services will be discontinued, including Zero Personal Accounts, Zero Debit Mastercards, and Planet Safe Savers.
What to do if you have a Zero app account
More than 21,500 people currently use the Zero application, MSE reports.
Each of these customers has received communication from Zero outlining the process to follow given the shutdown.
Customers holding a Zero Personal Account or a Planet Safe Saver have been advised by MSE to transfer their money out immediately, preferably before 31 March when the application is scheduled to close.
Zero Personal Account
Holders of Zero Personal Accounts should have received an email containing additional guidance, according to MSE.
These accounts were connected to and financed by an existing UK current account, meaning customers ought to be able to send their money back to that same account.
Money should remain accessible after 31 March, but waiting is not recommended.
Those experiencing problems accessing their funds can contact zero@transactpay.com.
MSE noted that these are e-money accounts, meaning a current account switch to another provider is not possible.
Money held in e-money accounts is NOT protected by the Financial Services Compensation Scheme (FSCS).
Zero Planet Safe Saver
Balance held in Planet Safe Saver accounts will first need to be transferred through the application into the user’s personal account. Once there, it can then be withdrawn.
MSE explained that Planet Safe Saver transfers may require until 1pm the following day to appear in the Zero personal account.
Any deposits not relocated by approximately 26 March will be moved automatically into the Zero Personal Account.
Cash stored in the Planet Safe Saver carries full FSCS protection.