What is the Modulr Consumer Duty Explained Factsheet?
The Modulr Consumer Duty Explained Factsheet provides an overview of Modulr's electronic money and payment services, including how Modulr Payment Accounts work, your rights regarding Authorised Push Payment (APP) scams, and key consumer protections. It is available to download via support.
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Question (Title):
What is the Modulr Consumer Duty Explained Factsheet?
Subtitle (Quick Answer):
The Modulr Consumer Duty Explained Factsheet provides an overview of Modulr's electronic money and payment services, including how Modulr Payment Accounts work, your rights regarding Authorised Push Payment (APP) scams, and key consumer protections. It is available to download via support.
Detailed Answer:
About This Factsheet
Modulr is an Electronic Money Institution (EMI) — not a bank — that provides the electronic money and payment services used by clients introduced through Calmony. This factsheet has been produced to explain Modulr's services, your responsibilities as a client, and the consumer protections that apply to your account, in a clear and accessible format.
The factsheet covers the following key areas:
- How Modulr Payment Accounts work, including account opening, making and receiving payments, and how your funds are safeguarded
- Key aspects of your contract with Modulr, including account access and security measures
- The process for ending your contract with Modulr
- Rules regarding reimbursement rights for Authorised Push Payment (APP) scams, including eligibility criteria and claim limits, effective 7 October 2024
- Modulr's responsibilities to you and your responsibilities as an account holder
How to Access the Factsheet
The factsheet is available to download. Please contact support at support@calmony.co to request a copy.