The Money by Afterpay platform launched in November 2021 with the desire to become the go-to for all things money.
In an announcement made on Friday, the buy now pay later provider revealed Money by Afterpay will cease operation from 10 October 2022.
Customers with Money by Afterpay 'Daily' and 'Savings' accounts will see these accounts close from 10 October, with savings accounts no longer earning interest from 1 October.
Further, Afterpay is also terminating its partnership with Westpac.
The Money by Afterpay partnership with Westpac saw the app utilise Westpac's Banking as a Service (BaaS), offering accounts and debit cards issued by the big-four bank.
Through Westpac's BaaS, Money by Afterpay customers were able to make and receive real-time payments through the New Payments Platform (NPP).
It remains unclear as to how many people utilised the Money by Afterpay app or the amount of deposits held, with neither Afterpay nor Westpac disclosing figures.
What to do if you have a Money by Afterpay account
For customers with Money by Afterpay accounts, the platform notes customers should:
Move all funds out of your Money Daily Account and Savings Accounts.
Download statements via the app before 10 October 2022.
Remove your Money card from your Afterpay Buy Now Pay Later account in the Afterpay app.
For existing orders, make sure you have another card on file to avoid failed repayments.
Change any direct debits or recurring payments that have been set up.
Dispose of your physical card by cutting it up.
It's important to note your Money by Afterpay card will remain operational until your Daily Account closes.
From 10 October 2022, if Money by Afterpay customers still have a balance in any account, Westpac will take the following steps:
Where the total combined balance in your Daily Account and any Savings Accounts (total balance) is $0.01 to $1.99, customers can still request to receive the amount owed by contacting Westpac customer service.
Total balances of $2.00 and greater will be sent by cheque to the customer's most recent residential address. This can be updated in the Money by Afterpay App until 10 October 2022.
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Disclosure
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Savings Accelerator
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
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Harry O'Sullivan
Denise Raward
Harrison Astbury
