These terms and conditions apply to and regulate the provision of Expense Manager Facility (hereinafter referred to as “Facility”) offered to the users of FedMobile Application (hereinafter referred to as “Customers”) by The Federal Bank Limited (hereinafter referred to as “Bank”).
These terms & conditions (hereinafter referred to as “Terms & Conditions”) shall be in addition to and not in derogation of any other terms applicable to the FedMobile Application and/or the Account as stipulated by the Bank from time to time.
By using the Facility, the Customer shall be deemed to have (a) unconditionally accepted these Terms and Conditions; and (b) accorded his/her consent to the Bank for capturing/processing transactions initiated by the customer for providing the Facility. The Customer further undertakes to abide by these Terms and Conditions, including any amendments/revisions/modifications made thereto by the Bank from time to time.
This Facility is available only for Customers who have an operative savings account with the bank and who have registered for/installed FedMobile Application.
This Facility is not intended for checking the present account balance or list of all transactions. This Facility is to be used for analyzing Customer spends versus budgets, if any set by the Customer.
This Facility does not endorse any spending behavior neither does it criticize/ comment on Customer spends/ debit transactions.
This Facility automatically categorizes the Customer spends into different categories for better analysis.
Spends/ debit transactions from all operative accounts of the Customer linked to his/her customer id will be captured by the Facility for categorization.
The categorization of spends is carried out based on the MCC codes of transactions & keywords that has been configured in the Facility from time-to-time.
This Facility is provided on “as is” basis without any guarantees or warranties on the part of the Bank. The Bank does not guarantee that the Facility will be error free. In case of any error in the Facility, the only obligation on the part of the Bank would be to rectify the error within a reasonable period of time. All transactions do not provide MCC codes, in which case the Facility will not be able to automatically categorize the Customer spends.
All customers spend/debit transactions done till the previous day (T-1) will only be listed on the Facility at a given point of time. All debits/ spends done on a particular day will be updated on the application on the next day before 9am. The Bank shall take reasonable efforts to ensure that this timeline is met. However, the Bank does not guarantee that this timeline would be met at all times.
Credit transactions will not be listed/ processed by the Facility.
Debit transactions/ spends will be listed only for the current month & 5 months previous to the current month, in total for a period of 6 months.
Transactions that cannot be automatically categorized will be grouped as “Uncategorized Transactions”. An option will be provided to the Customer in the Facility to either manually categorize such transactions or split such transactions into multiple categories.
Once transactions are manually categorized, they can neither be further categorized to any other categories nor mark them as uncategorized.
The categorization of transactions done using the Facility will not be reflected on any other application/platform of the Bank.
The Facility has been set with a logic for categorization of transactions, which may be varied by the Bank at its sole discretion as per the requirements, for better categorization.
The Customer will be able to set or modify budgets for individual categories only for the current month and not for previous months. However, the Facility will historically depict the budgets for the previous 5 months as well, in the form of a line graph for Customer’s information.
The Facility will indicate in color codes the position of spends/ debits versus the budgets set by the Customer.
The Facility will show a pie-chart depicting the categorization of Customer spends under “Your expenses” option. Only top 6 categories will be shown for better viewability.
Only the last 4 digits of Customer’s account number will be shown along with default account name as “Savings”. The Customer will be able to alter the default account for easy reference in case the Customer is having multiple accounts.
If there are NIL spends in Customer’s account(s), no entries/ graphical depiction will be shown.
The Customer will not be able to download the graphical depictions/ details provided in the Facility.
In case Customer notices any error in details being depicted or if there is any suggestion on the functioning of the application, the Customer may please e-mail to contact@federalbank.co.in or call 1800 425 1199 or report to any bank employee by visiting one of the branches/ offices of the Bank.
The Bank will treat the Customer spend analysis information as confidential and will not disclose the same to any third party except to its employees, partners and service providers on a need to know basis.
