What is TransactEezz?
TransactEezz is a transaction facility available through MFU for distributors / RIAs having login access. Through TransactEezz, the distributor / RIA can initiate a transaction on behalf of the investor and the same gets executed upon approval from the investor. The transaction is completely electronic and paperless.
What are the benefits of TransactEezz?
- Completely Paper less facility
- Save time and efforts spent on travelling for submitting transactions
- 24/7 access
- Electronic payment facility for subscription transactions
- Email and SMS alerts at every stage
Should the distributors / RIAs register with MFU for this facility?
The distributors / RIAs who are signed-up with MFU and have login access will by default have access to this facility. There is no further registration required to get this facility activated.
Should the investors register with MFU for this facility?
No. Investor need not register for this facility. It is only the distributor / RIA who needs to have login access with MFU to use this facility for their investors.
Should the investor have a CAN compulsorily for a transaction to be initiated through TransactEezz?
YES. Transactions can be initiated through this facility by a distributor / RIA only for INDIVIDUAL investors holding CAN under SINGLE and ANYONE or SURVIVOR mode. Transactions cannot be initiated for Non-Individual investors and Individual investors holding CAN under ‘Joint’ mode. MFU may, at a later date, extend the facility to the other categories.
Are there any charges for the Distributor / RIA or Investor to avail this facility?
This facility is FREE OF COST. MFU does not charge any fee to Distributors / RIAs or Investors. However, the investor’s bank may charge the investor for any bank charges for payments initiated for subscription transactions.
What are the transactions offered through TransactEezz?
Currently, Purchase, Redemption, Switch, SIP (if PayEezz is already registered and active), STP Registration & SWP Registration transactions can be done using TransactEezz.
How does the transaction originate?
An investor can request his distributor / RIA to initiate a transaction or the distributor / RIA can himself initiate a transaction on behalf of the investor.
Should the investor provide a written instruction to his distributor / RIA for initiating a transaction?
The investor can request for a transaction through a phone call or SMS or email or Fax or Letter or In-person. The distributor / RIA will have the provision to mention the mode in which the instruction was received.
Will an approval be taken from the investor for every transaction?
Yes. Upon the distributor / RIA initiating the transaction, a SMS and/or email link will be sent to the investor for him to approve the transaction. The transaction will expire within 24 hours from the time of submission of transaction by the distributor / RIA.
What will be the time-stamp for the transaction?
The transaction will be time-stamped by MFUI at the time of receipt of the SMS response from the investor (or) at the time of the investor clicking the “Accept” or “Reject” button in the authorization screen, available upon accessing the email link.
What are the payment modes available for subscription transactions?
Investors can make payments through Net Banking, NEFT, RTGS or PayEezz. To know more about PayEezz facility, please click here.
Can an investor make payment from a bank account other than those registered under CAN?
No. Payments have to be made only from the bank accounts registered under CAN. Payments received from other accounts will be treated as Third Party Payments and the transaction is liable to be rejected and the amount will be refunded to the source account.
What is the process of transacting using TransactEezz facility?
- Distributor / RIA will initiate the transactions in MFU using his login and submits the transaction.
- Investor receives a SMS and/or email link on his mobile and email registered under the CAN.
- Investor verifies the transaction and approves the same by responding to the SMS or clicking the email link.
- The transaction is time-stamped.
- Investor initiates the payment as chosen during the transaction submission, in case of subscriptions.
- For subscriptions, MFU receives the credit into the MFU Escrow Account and transfers the money to the AMC Scheme accounts.
What NAV will be applicable upon transacting through this facility?
NAV is applied as per the transaction Time-stamp and the receipt of money into the AMC scheme account (wherever applicable).
How many transactions can be initiated through the TransactEezz facility?
Distributors / RIAs may initiate any number of transactions via TransactEezz facility. There is no specific limitation as such.
Can the investor cancel a transaction once it is submitted by the distributor / RIA?
The investor can reject the transaction or not respond to the communication received from MFU. If MFU does not receive any response within 24 hours from the time of submission, the transaction will be automatically cancelled.
Can the investor modify the transaction details entered by the distributor / RIA via TransactEezz?
No. Investor cannot modify the transaction once submitted by the distributor / RIA. However, he can request his distributor /RIA to modify the transaction as required upon which a fresh SMS and/or email link will be sent to him for approval.
I have not received the SMS or email link for approval. What should I do?
In such instances, please check your SPAM folder and appropriately tweak your SPAM rules. We recommend you to add the domain “mfuindia.com” to the whitelist. You can also request your distributor /RIA to retrigger the SMS and email link. In spite of all these, if you still do not receive the link, please email us at firstname.lastname@example.org.
Is there any amount limit for transacting using the TransactEezz?
The transaction limits as offered by the scheme will be applicable even for these transactions. However, where a payment is made through PayEezz, the total transaction amount should not exceed the PayEezz limit.