Can I have a negative balance? Will I pay charges on a negative balance?
If your balance goes overdrawn, you will be required to add money to bring it to zero or above. If you do not do this, you will be in breach of the terms and conditions of the account. There will be no charges on overdrawn accounts. Nomo may deduct the debit balance from any other credit balance.
Can I top up my account through card, Apple Pay or Android Pay?
No. At the moment, you can only add money by bank transfer.
How do I get my bank statement?
You can access your bank statement in the Nomo app. Statements are issued within 24 hours of the last day of each month. To access your statements, go to Profile and then select ‘Statements’.
What is Open Banking?
Open Banking is a system for sharing data between banks, technical providers and third parties. Data is shared securely and benefits the customer by helping them to move and manage their money more easily. Open Banking allows your accounts with different financial providers to ‘speak’ with each other and share data, which can benefit your money management in lots of ways, such as holding information from different accounts in one place and moving money quickly and securely between your bank accounts.
The goal of Open Banking is to give customers more control over how their data is handled by giving them ownership of it. They can share account and transaction data with the banks and third parties of their own choosing.
How does Open Banking work?
If another bank or registered third party uses Open Banking to access your Nomo data, they will always tell you what data they need, why they need it, and will ask you to give your permission to access it.
Once you’ve given your permission, we’ll share that data with the bank or third party on your behalf. This is all completed within the Nomo app and the app/web platform of the other provider.
When you want to connect your Nomo account with a third-party provider, they will use specific software that can work in the background online or through a mobile app. You will then need to submit your Nomo login details to give the provider access to your Nomo account, so that your data can be shared.
Is Open Banking safe?
Open Banking is very secure – it’s as secure as your online banking. Any bank or third party that offers an Open Banking service must be regulated by the FCA if they operate in the UK, or their European equivalent if they’re in Europe, as well as complying with data protection laws. The FCA register will give you a list of all registered third-party providers.
The APIs themselves provide a very safe method to transfer data, and Open Banking exists within the banks' established and highly secure technology systems. You are the only person who can authorise any link between your bank and a regulated third party because you are the customer and the owner of your data. It means you'll never have to reveal your bank login credentials; simply use them to access your online banking as usual.
You can completely control what data you disclose, with whom, for how long, and for what reason, from within your online banking.
What is SCA?
When you log in or authorise payments while banking online or making online purchases, Strong Customer Authentication (SCA) works to ensure that it is truly you. Its purpose is to help protect your financial information and make online transactions even safer.
When you make an online payment – for example, when you buy something or pay a bill – we may ask you to confirm that you are the person using the card. This is required by UK regulation.
How will SCA affect me?
SCA is now operational. This means that when you shop online and want to complete a transaction, you may need to use an SCA-compliant method to authorise the transaction.
You will be asked to verify your payment via Mastercard ID Check by either:
This step should only take a few extra seconds, but will add an important extra layer of security to your online purchase.
How can I close my Nomo account?
If you would like to close any of your Nomo accounts, please contact us and we’ll process your request.
Can Nomo choose to block / close my account? If so, in what circumstances?
If for any reason we need to take action on your account we’ll reach out to let you know of our actions and what the next steps are.
What happens to my Nomo account if I move abroad?
What documents do I need to share with Nomo if I move abroad?
When reaching out to the Nomo Customer Services Team to notify them of your move, you will be required to provide:
An updated copy of your identity documents (either passport or ID card), if you have renewed these since you have opened your Nomo account
A proof of address for your new address, such as:
A bank statement dated within the last 3 months showing your full residential address
A utility bill dated within the last 3 months showing your full residential address
A valid National ID card showing your full address
A valid driver’s license showing your full address