What Happens to My Funds After My Ziina Account is Closed?
When a Ziina account is closed, either voluntarily or involuntarily, it is natural for users to have questions about the status of their remaining funds. This article provides a comprehensive overview of the process, including how funds are handled, the expected timelines, and what steps you can take to ensure the funds reach you.
Overview of Fund Handling Upon Account Closure
Following the closure of your Ziina account, the remaining balance in your account, including any pending cash-outs, is treated according to Ziina's standard procedures:
Funds are returned to the payment method associated with your account. This is typically your linked external bank account or credit card.
In cases of account termination due to non-compliance or violations of Ziina's Terms and Conditions, funds are placed on hold for a regulatory period.
The Holding Period for Funds
Why Are Funds Held?
Funds are placed on hold primarily to comply with legal requirements and to allow time for dispute resolution. This ensures any potential disputes or issues, such as chargebacks, can be addressed adequately. This process is in alignment with Central Bank laws and regulations.
How Long Are Funds Held?
The mandatory holding period for funds after account termination typically lasts between 45 and 120 days. The specific duration depends on the individual case and begins from the date specified in your termination notice.
Are Funds Released Earlier in Any Cases?
Funds cannot be released before the completion of the 45–120 day window. This regulation ensures that all compliance and dispute-related requirements are met, providing an additional layer of security for the users.
Refund Processes and Expected Timelines
Standard Refund Timeline: After the holding period concludes and no disputes have been raised, funds are released to the original payment method or a specified bank account. This typically takes 5–10 business days, depending on the recipient bank's processing times.
Expedited Refunds: Occasionally, funds may be processed and deposited earlier. In such cases, you will be informed via email.
Steps to Access Your Funds Post-Termination
Check Your Registered Email: After the holding period, Ziina will send detailed instructions to your registered email on how to access any eligible funds.
Follow Bank Timelines: Ensure that the registered account or payment method on file is up-to-date to prevent delays.
Important Considerations
Account Termination Reasons: If your account was terminated for breaching Ziina's Terms and Conditions (e.g., activities involving prohibited categories), funds may face extended processing times due to additional compliance reviews.
Unprocessed Cash-Outs: Any pending transactions are included in the returned balance following the prescribed hold period.
Conclusion
Understanding the fund handling process after account closure can alleviate concerns. While the 45–120 day holding period may feel lengthy, it ensures compliance with legal obligations and secures your funds during potential dispute windows. If you have additional questions, refer to the email communication from Ziina or contact the support team for assistance.