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Terms in human speak

Even though we try not to take ourselves too seriously, we take it very seriously to look after your money. That is why there are all sorts of rules in place telling us what we can and cannot do. There are also rules in place that tell you what you should be aware of, what you need to keep in mind and what rights you have if we mess up (which, of course, we are going to avoid at all costs).

Here below is an overview of the best bits of our terms and conditions, but we urge you to read them in their entirety, even though they are in bank speak.

When you want to create an account, we need to ask you a bunch of questions that may sound strange. The reason we do that is we need to be sure that nobody is using indó for illegal purposes and we have absolutely no interest whatsoever in having people using indó to launder money or to fund criminal activity. We ask everyone these questions, so this is totally nothing personal.

When you have created your account, you are all done! We are so happy to have you on board. You’ll get a debit card which works immediately on your phone if you have either Apple Pay or Google Pay.

You’ll have to make sure nobody can use your card (that goes for the plastic as well as the card on your phone) and nobody other than you knows your PIN number. That way you help us to keep your money safe.

We do not charge you for using your money, but unfortunately you might have to pay others to get your money, such as when you are withdrawing money from ATMs or using your money abroad, companies there might want to charge you something. We think it sucks, but we cannot do anything about it (at least not yet!)

If you think someone has gained access to your card or account information, the first thing you should do is to freeze your card in the app and then let us know, we’ll get things sorted from there.

And of course you need to make sure that when you are using the card that there is enough money on your account to buy the stuff you want to buy.

Sometimes we must change our interest rate and other stuff. If the change is for your benefit, we make the change immediately, but if the change is not so terrific for you, we will let you know with 2 months’ notice (why 2 months? Because that is the law).

If we mess up, we will do everything we can to make up for it and make sure we don’t make the same mistake again. If you think we have not done a good job in solving the problem for you, you can always ask the Financial Supervisory Authority, FSA, to take a look on your behalf, they have a special committee which helps people look into stuff like that, and they can make sure we have done things correctly or are still messing up.

Our savings bank gathers all kinds of information about you, in order to give you outstanding service. All of those are information we have to collect to make sure our systems work correctly (so your money feels ever so good with us and that when you use it, it goes to the right places and so on). We promise to take super good care of this information and we will never share it with anyone except to make sure everything is working properly, you specifically allow us to share it or when the law explicitly tells us otherwise.

If you are using Apple Pay or Google Pay, it works just like using a good ol’e fashioned plastic card, except it is safer and more convenient. In addition to our terms and conditions, it is a good idea to read the terms and conditions of either Apple or Google (depending on which operating system you are using). Both Apple and Google are gathering information from your phone in order to improve their services, and they are responsible for what that information is and so on, but of course it is all legal and above board.

The longer, and way more boring, version of our terms and conditions are available following the below link. Everything we have just talked about, and much much more, is there in complex and dry lawyer speak (and unfortunately in Icelandic only).

Terms in bank speak