FAQ

Savingmate is a peer to-peer digital app that helps families, friends, co-workers, and communities to save and build credit.

A smartphone (iPhone or Android), a valid US Social Security Number or driver’s license, and signing into the bank account you want to use for this activity are items required.

Your bank account must be connected to the Savingamate application in order to transfers your dues when you need to pay your dues to members within your group. Also, money will be transferred to your account when it’s your turn to receive money. Savingmate application will not save your bank account details.

As defined in our Privacy Policy, we require users to include their Social Security Number (SSN) through registration as part of an industry standard procedure known as ‘Know Your Customer’ so that we can verify user identities. This is a critical step in ensuring the platform’s protection for all Savingmate users. Savingmate also intends to submit each platform user’s payment history to credit bureaus in order to assist them in building their credit score, and an SSN is needed as part of this procedure.

Savingmate encrypts and protects the data using industry standards. Furthermore, once your bank account is connected, we do not store any details about it.

Under your group section you will see group activity payments as to gets paid and who will be in the waiting.

No, not right now because payment cards have heavy processing costs.

At the moment, our platform necessitates a simple bank account. We’re looking at ways to make Savingmate available to those who don’t have a bank account.

If you believe your account has been compromised, please contact us at support@hagbad.org.

Savingmate can report your payment behavior on the platform to the major credit bureaus in the United States. Your credit score will improve if you keep your commitments to your group members.

Furthermore, Savingmate can compile a one-of-a-kind ‘Savingmate Score,’ which can be used as alternative proof of creditworthiness. Credit is intended to serve as a substitute for confidence. This is very complex to create in a brief period of time for people with little credit records. As a result, the Savingmate score seeks to offer an alternate method for financial institutions to assess your trustworthiness as a creditor or bank customer.

If an individual fails to make their contributions, Savingmate would inform the customer of their late payment by electronic mail, giving them the chance to correct the situation. Savingmate will give them grace period of 7 days to fufill their promise to pay. If everything else fails Savingmate will report their default to credit bureaus in the same manner as any other unpaid bill.

Yes. Please (1) choose your group’s icon; (2) navigate to the “My payments to this group” tab; (3) swipe down to refresh the screen; and (4) choose the payment you want to see.

Yes. Please (1) click on the button for your Group; (2) navigate to the “Upcoming payouts” tab; and (3) scroll down the page to see all expected payments for the group.

Once you’ve downloaded the app and finished the registration phase, you’ll be prompted to build a Group. You must insert a community name, the number of participants, the size of each payment, and the frequency of payment.

Once you’ve established the basic criteria, you’ll need to invite people to enter the Group. Savingmate will send a text message to all members you invite asking them to join your club. Until they can enter the Group, they must first download the app and connect their bank account to the Savingmate application.

No, if you agree to join a group, you must remain a member before the payment period is completed. It would be unfair to the other participants of the group if you were allowed to cancel the deal in the middle of the loop.

Yes. At the moment, all groups must have at least three members before they can form a group.

Savingmate charges each participant a monthly membership fee of $5.