Wallet, Escrow and Refund Terms
Effective 28 August 2026
Accepted before a User first funds an Automami wallet or custodial account.
1. Nature of the wallet
The Automami wallet is an account record showing funds received or allocated for vehicle transactions. It is not a bank account, deposit-taking service, investment product or credit facility. Actual money may be held in a dedicated custodial or escrow account with Zenith Bank or another disclosed regulated institution, subject to the operative banking arrangements.
2. Permitted use of funds
Subject to your transaction instruction and these terms, funds may be applied to vehicle price, auction and procurement charges, platform fees, inland transport, export handling, shipping, insurance, banking and foreign-exchange settlement, customs, clearing, taxes, storage, demurrage, inspection, delivery, refunds and other charges expressly disclosed or agreed for the transaction.
3. Availability and commitments
Funds are available only after receipt, clearance and compliance verification. A displayed wallet balance may not reflect pending reversals, bank holds, committed bids or charges. When an instruction becomes binding under the Bidding and Purchase Terms, the corresponding funds may be reserved or released and are no longer freely withdrawable. Funds applied to an auction vehicle won for you are final and non-refundable, subject only to a completed resale under the Bidding and Purchase Terms or a non-excludable requirement of law.
4. Unsuccessful bids and retained funds
Unless you request a refund, funds remaining after an unsuccessful or unexecuted bid may remain in the custodial arrangement and be used for subsequent bids or purchases. We will keep appropriate records of available, reserved, applied and refundable amounts.
5. Interest
Funds held with the custodial institution may generate interest under the bank's arrangements. The existence, rate, crediting and allocation of any interest are governed by RCBA's banking arrangements and internal business policy. No individual User is promised interest, yield or investment return unless a separate written term expressly states the amount and basis.
6. Refund request requirements
A refund or withdrawal request must be submitted in writing through the designated Automami channel, state the reason for the request, identify the relevant payment or wallet entry, and include acceptable identification and any information reasonably required for KYC, AML/CTF, fraud and account-ownership checks.
A refund will be made only to the exact account holder and originating bank account from which the funds were received. Where required under the operative custodial process, payment will be made by physical cheque crossed to that originating account. We will not redirect a refund to a third party, cash recipient, digital-asset address or unrelated account merely on instruction.
7. Timing and priority of commitment
A withdrawal request is effective when received in the designated written channel with enough information to identify the User and funds, subject to verification. If, before that time-stamped receipt, RCBA or its authorized sourcing partner has already transmitted an irrevocable bid, purchased the vehicle, committed to purchase it, paid or become liable for transaction costs, that commitment stands. Where the auction has been won for you, the committed amount is final and non-refundable and cannot be converted into an ordinary wallet withdrawal. Any recovery through an RCBA-approved relisting is governed by the Bidding and Purchase Terms and remains subject to this withdrawal process.
8. Refund calculation and processing
Refundable amounts are the verified unused balance less only lawful, disclosed and reasonable costs already incurred or irrevocably committed. For a vehicle relisted after an auction win, no refund is due merely because the vehicle has been relisted or a prospective buyer has made an offer. Refund eligibility arises only after a completed resale and RCBA's receipt of cleared, irreversible proceeds, and is limited to the net resale proceeds calculated under the Bidding and Purchase Terms. We will provide a statement where deductions apply. Processing time depends on verification, bank procedures and applicable legal holds. No refund will be deliberately delayed after all requirements are satisfied.
9. Errors, reversals and disputed payments
You must promptly notify us of an incorrect wallet entry. We may correct duplicate or erroneous credits and place reasonable holds on reversed, recalled, disputed or suspected fraudulent transfers. Chargeback or recall activity does not cancel an otherwise binding vehicle commitment and may create an amount immediately due.
10. Records and reconciliation
Platform records, bank confirmations and transaction statements will be used to reconcile balances, subject to proof of manifest error. You may request a statement through the support channel.