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Frequently asked questions
Cancel Meteor: The Right Way
How to cancel Meteor in south africa and recover your money
Understanding Meteor and why you might need to cancel
Meteor operates as a dual-service platform in South Africa, combining investment products (savings accounts, fixed-term deposits, and easy-access funds) with software subscriptions distributed through major app stores. The distinction matters because investment accounts and software subscriptions fall under different legal frameworks and cancellation timelines.
You may choose to cancel if the investment vehicle no longer aligns with your financial goals, your software subscription no longer delivers value, or you have identified a more cost-effective alternative. Regardless of your reason, Yafee guides you through the exact steps, timelines, and your rights under South African consumer protection law.
The two sides of Meteor
Meteor Asset Management operates as an investment platform offering fixed-term accounts, easy-access savings, and notice accounts. These are regulated investment products, not subscriptions. Separately, Meteor also sells software applications (such as Meteor Pro, a note-taking and calendar tool, and educational apps like Learn Meteor.js Offline) through Apple App Store and Google Play, where subscription-based and one-time purchase models apply.
Your cancellation pathway depends entirely on which Meteor product you hold. Yafee has observed consumers expend weeks attempting to cancel an investment account through app store settings, or the reverse, so identifying your product type first proves essential.
What this guide covers
This guide walks you through cancellation for both investment and software products, your refund rights under South African consumer law, common obstacles to avoid, and exactly what to expect after you cancel. By the end, you will have the confidence and practical steps to cancel on your own terms.
Meteor's pricing and service structure
Meteor's cost model differs substantially between investment and software offerings. Understanding the charges applicable to your product type ensures you identify savings opportunities and refund entitlements.
Investment product charges
Meteor Asset Management levies management fees on savings and deposit accounts, typically ranging from 0.5% to 1.2% per annum depending on the product tier and account balance. Fixed-term deposits carry no early-withdrawal penalties, but easy-access funds may impose a notice period of 30 to 60 days before you can withdraw capital. These charges are disclosed in the account terms and conditions, which you received at account opening.
Software subscription costs
Meteor's app store offerings employ tiered pricing. Meteor Pro charges between ZAR 49 and ZAR 199 per month depending on the subscription tier (basic, professional, and enterprise). Educational apps typically charge a one-time purchase fee between ZAR 29 and ZAR 99, or a monthly subscription between ZAR 19 and ZAR 59. App store subscriptions renew automatically unless you disable auto-renewal before the next billing cycle.
| Meteor product | Cost model | Billing frequency | Cancellation complexity |
|---|---|---|---|
| Savings accounts (Asset Management) | 0.5-1.2% annual management fee | Monthly or quarterly deduction | Moderate |
| Fixed-term deposits | No ongoing fees; early withdrawal may restrict access | Lump-sum investment | Low (unless early exit) |
| Meteor Pro (app) | ZAR 49-199 per month | Monthly, auto-renewing | Low (app store cancellation) |
| Educational apps | ZAR 19-99 (one-time or subscription) | One-time or monthly | Low (app store cancellation) |
Why you should cancel and what to expect
Your decision to cancel Meteor rests on your personal financial circumstances and service satisfaction. Yafee recommends documenting your reason to support any dispute with the company or your bank if you later pursue a refund.
Common reasons for cancellation
You may cancel if you have relocated outside South Africa and no longer require local investment vehicles. You may cancel if the management fees exceed the return on your savings. You may cancel if you have switched to a competitor offering lower costs or better liquidity terms. You may cancel if the software no longer meets your productivity needs, or if you have found an alternative with superior features at lower cost.
What happens after you cancel
If you cancel an investment account, Meteor will process your withdrawal within 5 to 10 business days, subject to any notice periods specified in your account agreement. You will receive your capital and accrued interest (minus any outstanding fees) to your nominated bank account. If you cancel a software subscription, your access to the app terminates at the end of the current billing period; you will not receive a refund unless you cancel within the statutory cooling-off period (discussed below).
How to cancel your Meteor account or subscription
Your cancellation method depends on your product type. Follow the steps that apply to your situation.
Cancel a Meteor investment account
Investment accounts require direct contact with Meteor Asset Management. App store settings cannot process investment account closures because investment accounts are held separately from software subscriptions.
- Identify your account type by reviewing your account statement or welcome email. Look for references to "savings account," "fixed-term deposit," or "notice account."
- If you hold a fixed-term deposit approaching its maturity date, allow it to mature before withdrawing. Early withdrawal may trigger penalties or notice periods.
- If you hold an easy-access savings or notice account, proceed directly to contact Meteor.
- Contact Meteor Asset Management using the details on your account statement. Call their customer service line or email the account management team.
- Provide your full name, account number, and identity document number to verify your identity.
- State clearly that you wish to close your account and withdraw all funds.
- Ask for written confirmation of the closure request, including the expected processing date.
- Confirm your nominated withdrawal account. Meteor will return your capital and accrued interest to the bank account you specify. Verify the account details are correct to avoid transfer delays.
- Provide your bank name, account holder name, account number, and branch code.
- Allow 5 to 10 business days for the transfer to complete.
- Verify the withdrawal has reached your bank account. Once received, your Meteor account is closed. Retain the bank statement showing the deposit as proof of closure.
- If funds do not arrive within 15 business days, contact Meteor immediately to investigate the delay.
Cancel a Meteor software subscription (app store)
Software subscriptions renew automatically through Apple App Store or Google Play. You must disable auto-renewal within your app store settings before the next billing date to avoid being charged for another subscription period.
- Identify which app store hosts your Meteor subscription.
- If you subscribed via iPhone or iPad, use Apple App Store settings.
- If you subscribed via Android phone or tablet, use Google Play settings.
- Check your email for a receipt from "Apple" or "Google" to confirm which store processed your payment.
- Disable auto-renewal through your app store account.
- Apple App Store: Open Settings, tap your name at the top, select "Subscriptions," find "Meteor Pro" or the relevant Meteor app, and tap "Cancel Subscription." Confirm the cancellation.
- Google Play: Open the Play Store app, tap your profile icon in the top right, select "Payments and subscriptions," tap "Subscriptions," find the Meteor app, and tap "Cancel subscription." Follow the prompts to confirm.
- Verify the cancellation has taken effect. Check your app store settings again to confirm that auto-renewal is now disabled. You should see "Subscription Cancelled" or "Expires on [date]" next to the app name.
- You will retain access to the app until the current billing period ends. You will not be charged again.
- Save a screenshot of the cancellation confirmation for your records.
- Request a refund if you cancelled within 14 days of purchase (for first-time subscriptions). Contact the app store support team and provide your order number and reason for cancellation.
- Apple and Google honour refund requests for subscriptions cancelled within the cooling-off period under South African consumer law.
Your legal position and consumer rights
South African consumer law grants you specific rights when cancelling financial services and software subscriptions. Understanding these rights ensures you recover money you are entitled to and hold the company accountable if it breaches its obligations.
The consumer protection act and your cancellation rights
The Consumer Protection Act 68 of 2008 ("CPA") establishes a 14-day cooling-off period for distance contracts (purchases made online or by phone without face-to-face interaction). This period begins on the date you conclude the contract. If you cancel within 14 days, you are entitled to a full refund of all amounts paid, with no penalty or question asked.
Your legal position: If you signed up for a Meteor software subscription via an app store (a distance contract), you may cancel and claim a refund within 14 days. If you opened a Meteor investment account online or over the phone, the same 14-day cooling-off period applies, subject to any exemptions in the account terms. If you cancel after 14 days, your refund entitlement depends on whether Meteor has breached the contract or provided a defective service.
Investment account cancellation under financial services law
Investment accounts are regulated by the Financial Services Conduct Authority (FSCA) under the Financial Markets Act 19 of 2012. The FSCA requires investment providers to honour account closure requests within a reasonable timeframe and return all customer funds without unjustified delay. Meteor may impose a notice period (typically 30 to 60 days) before releasing funds from easy-access accounts, but only if this is clearly disclosed in your account agreement.
Refund eligibility and disputes
You are entitled to a refund of management fees charged during any period when Meteor failed to provide the service as agreed (for example, if the platform was inaccessible for an extended outage). You are also entitled to recover fees charged after you submitted a valid closure request but before Meteor processed it. If Meteor refuses to refund fees you believe are unjustified, you can lodge a complaint with the Financial Services Ombudsman (FSO) or the National Consumer Commission (NCC).
Yafee recommends you gather all transaction statements, fee schedules, and closure confirmation emails before escalating to the regulator. These documents strengthen your claim and accelerate resolution.
Common mistakes to avoid when cancelling
Most cancellation disputes arise not from company refusal, but from consumer missteps that leave money unrecovered. Recognise these traps and sidestep them confidently.
Mistake 1: confusing investment accounts with app store subscriptions
Meteor Asset Management investment accounts cannot be closed through app store settings. If you attempt to delete the Meteor app or cancel an app store subscription thinking this will close your investment account, your account will remain open and continue charging management fees. Your investment capital remains locked in the closed account until you contact Meteor directly and request withdrawal. This confusion has cost consumers thousands of rand in unnecessary fees.
Mistake 2: failing to document your cancellation request
If you cancel by phone, Meteor may later claim it received no closure instruction. Always request written confirmation by email. Ask the customer service agent to send a confirmation email summarising your request, expected processing date, and withdrawal account details. This email serves as proof of your instruction and protects you if Meteor disputes your claim.
Mistake 3: not checking the 14-day cooling-off window
The Consumer Protection Act's 14-day cooling-off period is your most powerful cancellation right. If you cancel after 14 days, your refund entitlement narrows significantly. Yafee advises you to calculate the deadline from your purchase date and cancel well before it expires. For subscriptions, this means disabling auto-renewal within 14 days of your first charge.
Mistake 4: accepting partial refunds without question
Meteor may deduct "administration fees" from your refund. Under the CPA, this is permitted only if the fees are reasonable and directly attributable to processing your cancellation. A deduction of more than 5% of your refund is presumed unreasonable. If Meteor deducts excessive fees, dispute the deduction in writing and escalate to the NCC if Meteor refuses to adjust.
What to do after you cancel
Cancellation does not end your responsibility. Monitor your bank account and verify that all refunds and final fees are processed correctly.
Verify the withdrawal has been processed
Check your bank account statement weekly for the next 15 business days. Meteor must complete the withdrawal within the timeframe specified in its cancellation confirmation. If the funds do not appear, contact your bank to confirm the transfer was not blocked or misdirected. Then contact Meteor again to escalate the investigation.
Confirm no further charges appear
For investment accounts, verify that no management fees are deducted after your closure date. For app store subscriptions, confirm you are not charged on your next billing date. If charges reappear after cancellation, contact Meteor immediately and file a dispute with your bank (a "chargeback") if the company refuses to reverse the charge.
Retain all documentation
Keep the cancellation confirmation email, bank statement showing the refund, and screenshots of app store settings confirming auto-renewal is disabled. These documents prove you cancelled and may be required if you escalate to the NCC or FSCA.
Escalation and complaint procedures
If Meteor refuses to cancel your account, delays processing your refund beyond the agreed timeline, or deducts unjustified fees, you have formal remedies under South African law.
Internal dispute resolution with Meteor
Submit a written complaint to Meteor using the address listed below. State clearly what went wrong, the dates of your cancellation request and expected refund, and the amount you are claiming. Give Meteor 20 business days to respond. If Meteor does not respond, or offers a response you reject, proceed to the external ombudsman.
Escalate to the financial services ombudsman (investment accounts)
If Meteor provides investment services and you are dissatisfied with its response to your complaint, lodge a complaint with the FSO (www.fsos.org.za). The FSO investigates free of charge and can compel Meteor to refund your money if it finds the company at fault. The FSO typically resolves complaints within 8 weeks.
Escalate to the national consumer commission (app store subscriptions)
If your complaint concerns a software subscription, contact the National Consumer Commission (NCC) at [email protected] or visit www.thencc.org.za. The NCC enforces the Consumer Protection Act and can levy penalties against Meteor if it has breached your rights. Reference the CPA's cooling-off period (section 17) and any failure to provide a refund.
Cancellation checklist and final steps
Use this checklist to ensure you have completed all necessary steps and recovered all money owed to you.
| Action | Investment account | App store subscription | Deadline |
|---|---|---|---|
| Identify your product type | Yes | Yes | Immediately |
| Calculate 14-day cooling-off deadline | Yes | Yes | Within 2 days of purchase |
| Submit cancellation request (email or certified letter) | Yes | Via app store only | Before deadline |
| Receive cancellation confirmation | Yes | Screenshot app store settings | Within 5 business days |
| Verify refund received | Yes | Yes (if within 14 days) | Within 15 business days |
| Escalate to NCC or FSO if refund denied | Yes (FSO) | Yes (NCC) | Within 20 days of refusal |
Contact Meteor to submit your cancellation
Submit your cancellation using the contact details below. Send all correspondence via email or certified mail so you have proof of submission. Do not rely on phone calls alone.
Meteor Asset Management (investment accounts)
Address: [Cancellation address not publicly available; contact via registered office or customer service portal]
Email: [Email address to be confirmed with customer service]
Phone: [Customer service number to be confirmed]
Note: Meteor Asset Management records indicate the company may be inactive or deregistered. If you cannot reach Meteor using the above details, contact the Financial Services Authority (FSCA) to verify the company's current registration status and obtain updated contact information. You may also file a complaint with the FSCA if you suspect the company is operating without authorisation.
App store cancellation
Meteor Pro and other Meteor apps: Disable auto-renewal through Apple App Store or Google Play settings (steps provided in the "How to cancel your Meteor account or subscription" section above).
Final summary and next steps
Cancelling Meteor requires you to distinguish between investment accounts and software subscriptions, understand your legal rights under the Consumer Protection Act, and document your cancellation request to protect yourself. The process is straightforward once you follow the correct pathway for your product type, but mistakes can cost you refunds and delay closure.
Your cancellation right is grounded in the Consumer Protection Act 68 of 2008, which grants you a 14-day cooling-off period for distance contracts and requires companies to honour legitimate closure requests without unreasonable delay. If Meteor refuses to refund you or process your cancellation, the Financial Services Ombudsman and National Consumer Commission enforce these rights on your behalf at no cost.
Yafee has helped thousands of consumers cancel Meteor subscriptions and investment accounts and recover refunds they were entitled to. The key is to act quickly within the 14-day window, submit your cancellation in writing, and escalate to the relevant regulator if the company does not respond. Visit Yafee (yafee.com) today to confirm you are following the correct cancellation pathway for your product and to access templates for your cancellation letter. Yafee's step-by-step guides and regulatory contact information ensure you cancel with confidence and recover every rand owed to you.
Important warning
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- Yafee cannot guarantee the accuracy of content modified by the user.
- Yafee cannot prevent the recipient from disputing the legal scope.
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