Why have we set a Net Deposit limit?
We want to help you spend within your means so we have introduced a Net Deposit Limit to all customer accounts. We may apply a standard Net Deposit limit for you or a personalised limit based on your income.
How does the Net Deposit Limit work?
Your Net Deposit is the sum of your deposits minus the withdrawals you have made for that period. The Net Deposit Limit is the maximum value that can be lost in the period. Every time you win and withdraw funds, your limit will adjust enabling you to deposit more whilst ensuring that you cannot lose a disproportionate amount of money.
Here are some examples , to get your head around:
An example of a customer with a £1,000 Net Deposit Limit per month.
Day 1
Deposit made: £1000
Withdrawals processed: £0
Net deposit limit amount remaining: £0
Day 2
Deposit made: £0
Withdrawal processed: £500
Net deposit limit amount remaining: £500
Day 3
Deposit made: £200
Withdrawal processed: £0
Net deposit limit amount remaining: £300
Day 4
Deposit made: £100
Withdrawal processed: £800
Net deposit limit amount remaining: £1000
The Net Deposit limit is dynamic and adjusts your maximum deposit amount as you continue making deposits and withdrawals throughout the month.
What is my net deposit limit amount?
To find your current net deposit limit chat to our Customer Experience team through our live chat.
What’s the difference between a Deposit Limit and a Net Deposit Limit?
The Deposit Limit is usually self-imposed. This means that you can set it and change it yourself. It’s a cap on how much you deposit over a certain period.
The Net Deposit Limit is something we apply to your account to protect you. It resets depending on the amount of deposits and withdrawals you make.
What can I do if I’ve reached my monthly Net Deposit Limit?
If you’ve reached this limit, you will be unable to deposit until the following month unless you have a withdrawal which will then reset your limit by this amount.
It is possible to amend your Net Deposit Limit, to do so we would need to make sure this is safe and affordable for you. Check out our page on how to submit Source of Funds to learn more about what we will need.
How do I change my Net Deposit Limit?
If you want to increase your Net Deposit Limit you can speak to our Customer Experience via email, support@mrq.com or our live chat service. We will ask you to verify your income (such as payslips, P60, self-assessment tax returns, and/or evidence of savings/investments). You can however set up a lower Deposit Limit to help manage your spending through your account settings.
Where a Net Deposit limit applies and you opt to place an additional deposit limit, the lowest value shall apply. This means that if your Net Deposit Limit is set to £800 and you set a Deposit Limit of £400, then your Deposit Limit of £400 will apply.