£1.50 taken from my account

Chip took the usual (for me) £15 or £16 saving today from my account. I then looked to see there was a £1.50 payment to Chip as well. What is that for? Do I pay for Chip?? I genuinely thought it was a free app!

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Hey Brian,

That charge is one we implemented earlier this year for the use of our AI, it’s not based on commissions, or creeping percentage charges, just a simple fair subscription charge.

In this blog we actually discuss in detail about what the charge goes to funding when it comes to Chip, there’s even a little pie chart to make it as clear as possible: https://www.getchip.uk/why-we-charge-a-fee

This should have been communicated to you over email prior to, and since it’s implication, so please do let me know your account details if you’d like me to double check the dates of those emails!

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You can turn off auto saves if you don’t want to pay a fee. It explains it in the profile section of the app if you click where it says standard plan. You’ll just have to use the app to manually save rather than the AI doing it for you…which is what you are paying for…

As @KrishChip has said this has been communicated plenty of times by email and on this forum and Facebook and also with the correct timescales required by the FCA…

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All news to me. I never got any email that I know of. Is it monthly or yearly or what?

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Rolling 28 days and only if the AI saves you £100+

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Whats the best way to switch off auto saves to not get charged without deleting the app - I had to guess setting a minimum balance of 10 million. The pause only appears to let you do it for a couple of months and I would forget.

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No idea on that one bud as I haven’t ever paused them…:man_shrugging:

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Opt out screen was said to be coming but is yet to be implemented at least in my version which seems to be the latest. From the 1st Oct email: “This will mean that even when you pause autosaves, or your bank balance has fallen below your specified minimum level, we will still calculate saves for you and the fee will incur.” So if the 1.50 charge has now come in as it seems to have if the above is correct, does that mean there is currently no way of avoiding it? Apart from disconnecting your bank account/closing your Chip account?

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What happened to what you said in the other thread on Oct 2nd, no charges this month and it would be clearly communicated in the app first?

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^ this.

In the Charges document created back in August, you (Chip) said: “We will remind all our savers nearer the time, these fees will be clearly displayed in the app…”

I think fees are fine, but everyone should have had to opt back in to autosaving, or at least you should have sent an email and had an app notification reminding people of the change.

August was a long time ago…

Edited to add: I just checked the app and on the Profile > Standard Plan page, there is still a reference to a £1 fee for saving over £100 and no reference to the £1.50 charge every 28 days for using autosaving.

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This is what I understood… and was happy to pay the £1.00 if I went over £100 - but have now seen that I was charged £1.50 in October even though I auto-saved under £100. I received no notification of this - I went looking to find it. I love Chip but feel a little disappointed at the lack of clarity.

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It’s a difficult one. I don’t know if the retail rules are different, but generally I thought if a change was material to the user:

  1. Post notification was ok if the change was ultimately beneficial to the user.

  2. Pre notification is required otherwise, and each time there is a reset to the T&C, the notice period resets.

There are exceptions to the rule - a change in interest rates linked to the BoE base rate and a few others.

Hopefully there is more clarity going forward as not to alienate users and we haven’t broken regulations by chopping/changing and lack of communication.

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