Tonik has changed its terms and conditions and will deactivate accounts that have no activity for a predetermined amount of time and no balance.
On August 31, 2022, the revised General Terms and Conditions for Tonik Deposit Account, Mobile Application, and ATM/Debit Card will go into effect. The new revisions are as follows:
- Zero balance Solo / Group Stash will be deactivated after six months if there has been no debit or credit activity;
- Time Deposits that reach maturity without a rollover instruction will be closed;
- A Tonik Account with a 0 balance and no activity for 60 days will be canceled;
- An empty balance 60 days after onboarding, Tonik Accounts without a login to the App will be closed;
- When a Tonik Account becomes dormant (due to no customer-initiated debit or credit transaction for two years or seven hundred thirty days), all of its Stashes will be closed, and any Time Deposits with rollover instructions will stop rolling over once the Tonik Account becomes dormant (Time Deposit of a dormant Tonik Account will mature at the next maturity date).
In order to keep accounts operational, Tonik urges clients to top up their Tonik Accounts via PESONet or apply for loans in the Tonik App.