Frequently Asked Questions
Rondafel enables and encourages you to save money in a pool with your friends for shared goals. You create a target goal, or multiple goals, invite friends to join the pool, link your bank account, from which you contribute occasionally towards your goal. It’s fun, socially fulfilling and easy to save this way.
What do I need to open a Rondafel account?
To open a Rondafel account, you’ll need a checking account from a U.S.-based bank or credit union. You also need to be 18 years of age or older. By agreeing to our Terms & Conditions, you certify you’re 18+ and proof of age and identity may be requested by Rondafel at any time.
Where does my money go when I save with Rondafel?
The money you save with your Rondafel group is deposited to an FDIC-insured account at Wells Fargo, where it is held by Rondafel for your benefit. The only way to access your funds at Rondafel is through the Rondafel app. You can withdraw some or all of the funds from your group(s) back to your funding account at any time, free of charge.
How secure is this app?
Your personal data is always encrypted between the Rondafel app and our servers as well as between different subsystems on Rondafel servers. We encrypt all communication between Rondafel servers and all third-party partners.
Is my money FDIC insured?
Yes. The funds in your Rondafel Account are FDIC-insured and held at Wells Fargo Bank for your benefit. Rondafel itself is not a bank, therefore does not have an FDIC insurance number. The funds are FDIC-insured on a “pass through” basis. This means that each individual customer’s balance is protected by FDIC insurance, up to the limits established by the FDIC. Other funds that a specific investor has on deposit with Wells Fargo may count against any applicable FDIC insurance limits for that user. All funds held within Rondafel are FDIC insured up to a balance of $250,000 per user.
How long does it take to withdraw money from my Group?
A withdrawal will take two business days. It will become available in your linked funding account on the second business day after the withdrawal was initiated. Business days do not include holidays or weekends. Since Saturday and Sunday are not business days, withdrawals initiated on Thursday will settle on Monday and withdrawals initiated on Friday will settle on Tuesday. If you are trying to withdraw money that has not yet settled on your Rondafel account, the withdrawal will take three to four business days since the pending transfer to your Rondafel account will have to settle before the money can be sent back. If you have any other questions, just Get In Touch !