V+ Virtual Prepaid Mastercard®
Terms and Conditions
Valid as of 28 August 2018
IMPORTANT INFORMATION: These terms and conditions (“Agreement”) govern the use of the Payment Services defined in Clause 1, which are supplied by Prepaid Financial Services Ltd, 5th Floor, Langham House, 302-308 Regent Street, London, W1B 3AT whose details are in Clause 2 (“we”, “us”, “our”) to any person whose application we approve (“Customer”, “you”, “your”). Words that begin with a capital letter have the meaning given either where they first appear in this Agreement or in Clause 1. This Agreement includes the terms of our https://www.vplusprepaid.com/privacy-and-cookies/
By activating your Virtual Card, you agree that you have read and understood the terms of this Agreement (a copy of which you may download and store at any time). This Agreement shall commence at that time and continue unless cancelled under Clause 9 or terminated under Clause 11. We reserve the right to change this Agreement by giving 2 months’ notice to you in accordance with Clause 17. If we do this, you may terminate this Agreement immediately and without charge before the proposed changes take effect, otherwise you shall be deemed to have accepted such changes when the 2 months’ notice expires. However, you agree that changes to the Applicable Exchange Rate may be applied immediately and at the rate quoted via the Payment Service at the time of the relevant Transaction. Please also read the conditions of redemption, including any fees relating to redemption, in Clause 10 before activating your Card.
We will communicate with you in English (the language in which this Agreement was agreed with you on registration for your Account). Key information relating to your Transactions will be provided to you at the email address you register with us and/or in your Account. You may access, download and print this information at any time by logging in to your Account. In addition, you agree that we may provide notices or other information to you from time to time by posting it in your Account, emailing it to your registered email address, calling you by phone or sending you mobile messages. Notices to you by email or mobile messages shall be deemed given 24 hours after the email is sent, unless the sending party is notified that the email address is invalid. You may contact us as specified in Clause 2.
You may request a copy of any legally required disclosures (including this Agreement) from us via the contact details in Clause 2, and we will provide this to you in a form which enables you to store the information in a way that is accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored via, for example, our website, your Account or by email.
1. Definitions & Interpretation
In this document, if we use words that start with a capital letter, that means the word has been defined in this ‘Definition & Interpretation’ section.
a data account in our systems where we record your Available Balance, Transaction Data and other information from time to time;
“Account Closure has the meaning given in the Fees & Limits table in section 2.8;
“Applicable Exchange the exchange rate available on our websitehttps://prepaidfinancialservices.com/en/exchange-rates.
"Available Balance" the amount of E-money issued by us to you but not yet spent or redeemed;
“Business Day" Monday to Friday, 0900hrs to 1700hrs GMT, excluding bank and public holidays in the UK;
"Card" means the V+ Prepaid Virtual Mastercard, a prepaid card denominated in sterling, or any replacement card which we issue to you from time to time. For clarity, the card is a virtual card, no actual plastic card is issued;
“Card Replacement has the meaning given in the Fees & Limits table in section 2.8;
“Card Transaction” means any transaction whereby the Cad is used as payment for goods and/or services at online Participating Retailers;
"Card the operator of the payment scheme under which we issue each Card;
Diligence” the process we are required to go through to verify the identity of our Customers;
Account” the segregated bank account where we hold relevant funds corresponding to your Available Balance in accordance with the safeguarding provisions of the Electronic Money Regulations 2011;
“E-money” monetary value issued by us to your Account on receipt of funds on your behalf in our Customer Funds Account, equal to the amount of funds received;
Area” or “EEA” The means the European Union (“EU”) member states, as well as Iceland, Liechtenstein and Norway.
“Fees” the fees payable by you for the Payment Services as specified in the Fees & Limits table in section 2.8;
Fee” has the meaning given in the Fees & Limits table in section 2.8;
"Merchant" a retailer who accepts Payment for the sale of goods or services to you.
“Payment” means a payment for goods or services using a Card.
"Payment Services" means the services supplied by us to you under this Agreement, including issuing Accounts and executing Transactions;
Diligence” means a lighter form of Customer Due Diligence, resulting in certain lower Card and Account limits
“Transfer” a transfer of E-money from one Account to another Account.
“Virtual Card” a Card number issued by us for the purpose of making a single Payment without also issuing any corresponding physical card.
2. Contact and Regulatory Information
2.1. Your Card or Account can be managed online at https://www.vplusprepaid.com or via email to firstname.lastname@example.org or by phone to +44 (0) 20 7127 4286. To report your Cards lost or stolen please call +44 (0) 20 7127 4286 or email email@example.com
2.2. The issuer for Your V+ Virtual Prepaid Mastercard Card and provider of the Payment Services is Prepaid Financial Services Limited (PFS). PFS is registered in England and Wales under Company Registration Number is 6337638. Registered Office: 5th Floor, Langham House, 302-308 Regent Street, London, W1B 3AT.
2.3. PFS is authorised and regulated as an e-money issuer by the Financial Conduct Authority registration number 900036.
2.4. Details of the PFS authorisation licence by the Financial Conduct Authority is available on the public register at https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000m4IX9AAM.
2.5. Prepaid Financial Services Limited acts as the programme issuer.
2.6. PFS is the programme manager. PFS is registered in the UK with registered office 5th floor, Langham House, 302-308 Regent St, Marylebone, London W1B 3AT, UK.
2.7. Prepaid Financial Services Limited is licensed as a principal member with the Mastercard Scheme. Mastercard is a registered trademark of Mastercard International Incorporated.
2.8. Fee and Limits Table – also available in our website at https://www.vplusprepaid.com/terms-and-conditions/uk/
The amounts of fees and details of when they will be payable are set out in the table below. All fees will be debited directly to the Card as they arise.
Inactive Balance Charge
A monthly inactive balance charge of £0.90 (or the credit balance on the Card, if lower) will be charged if 18 months elapses since the last load on the Card. This charge will start to be applied from the following month and will continue until a load takes place. A Card will be closed if a zero balance is reached on it during a period when fees are applicable.
£3.00 for amounts between £10 £30.00
Redemption Fee (This applies where you want to redeem the Card in accordance with Clause 10).
£7.50 fee or the balance on the Card, if lower
Card Replacement Fee (if we issue a replacement Card at your request)
£5 fee per Card
FX Fee (charged when you purchase goods or services in a currency other than sterling).
Inactive Balance Charge monthly amount charged to Cards with balances remaining that have had no transactions within an 18 month period
£0.90 charge per month, or remaining balance on the Card if lower.
Restrictions on use of the card
Until Customer Due Diligence is completed to comply with our regulatory Anti-Money Laundering requirements, the following Card limit will apply at the time the Card is first issued and will continue to apply until Customer Due Diligence has been completed to our satisfaction:
Maximum transactions, cumulative debits or cumulative credits in any month: £200
When the above limit is reached, your Card will be blocked and become unusable. We will request you to provide sufficient personal documentation to satisfy our Customer Due Diligence requirements, before further use of your Card will be permitted. For avoidance of doubt, after providing the documentation requested, the limits set out above will be removed. In addition, and as set out in Clause 10, should you request redemption of any balance greater than £80 in any calendar year, we may request documentation confirming your name and address.
3. Type of Service, Eligibility and Account Access
3.1. Your Card is not a credit card or a charge card, nor is it a debit card linked to a current account and is not issued by a bank. It is a prepaid card which means that money must be loaded onto the Card at the time of purchase. You do not receive a physical card, you will be sent emails containing the card number and other relevant information to allow you to use the card. The V+ Virtual Prepaid Mastercard is not a One4all card and is not covered by any of the Agreements relating to One4all products or services. Regardless of the type of Card(s) you have, you will have only one Account where your Available Balance is located.
3.2. Your Payment Services may not be activated unless we have been provided with the required information so that we may identify you and can comply with all applicable Customer Due Diligence requirements. We shall keep records of such information and documents in accordance with all applicable legal and regulatory requirements.
3.3. Reference to a currency (e.g. Euros € or Sterling £) shall mean that amount or the local currency equivalent in which your Card is denominated.
3.4. Any Transaction on your Card in a currency other than the currency in which your Card is denominated, will require a currency conversion using an Applicable Exchange Rate.
3.5. The Available Balance on your Card and/or Account will not earn any interest.
3.6. The Payment Services are prepaid payment services and not a credit or bank product, you must therefore ensure that you have a sufficient Available Balance from time to time to pay for your Transactions and applicable Fees. If for any reason a Transaction is processed, and the Transaction amount exceeds the Available Balance, you must repay us the amount of such excess immediately and we shall be entitled to stop any existing or subsequent Transactions from proceeding.
3.7. This Agreement does not give you any rights against the Card Schemes, its affiliates or any third party.
3.8. Only persons over 18 years of age and residents in the United Kingdom are entitled to register for the Payment Services.
3.9. Each time you seek access the Account we will asking for your Access Codes (as defined in Clause 8). As long as the correct Access Codes are entered, we will assume that you are the person giving instructions and making Transactions and you will be liable for them, except to the extent provided for in Clause 8. We can refuse to act on any instruction that we believe: (i) was unclear; (ii) was not given by you; or (iii) might cause us to breach a legal or other duty; or if we believe the Payment Service is being used for an illegal purpose.
3.10. We will do all that we reasonably can to prevent unauthorised access to the Account. As long as you have not breached the other terms contained in this Clause 3 or Clause 7, we will accept liability for any loss or damage to you resulting directly from any unauthorised access to the Account pursuant to Clauses 13 and 14 of this Agreement.
4. Service Limits and Loading your Card with funds
4.1 Transactions may be restricted by Card or Account type, individual usage patterns and payment risk profiles. Cards are issued in accordance with regulatory limits and conditions. Limits relating to the use of Cards can be found the Fees & Limits table in section 2.8 and on our website at https://www.vplusprepaid.com/terms-and-conditions/uk/. For anti-money laundering and anti-fraud reasons we reserve our rights to change particular payment restrictions (including from those published or included herein) without notice and to the extent required to meet our regulatory obligations.
4.2 Funds can be loaded to your Card, minimum of £10 and up to a maximum of £100 load (excluding load fee) per load by Internet top up using a One4all card only. Please remember that there must be sufficient value on your payment card to cover the value that you wish to place on the V+ Mastercard plus the loading fee. Other loading options may be added in the future, we will email you if and when a loading option is added.4.3 Funds will normally be available on your Card within minutes of being approved.
4.4 PFS will credit payments received to your Account at least once a day and before the end of the Business Day. Amounts received after the cut off period will be processed the next Business Day and you will hold PFS free and clear from any responsibility is this regard.
4.5 You may be asked to provide us with evidence of source of funds in order for us to meet our regulatory requirements, in which case you agree to provide that evidence promptly. You represent and warrant to us that the evidence you provide to us is up to date, complete and accurate.
5. Use of the Payment Services
5.1. You may access your Account information by logging into your Account through our website. From here you will be able to view details on your Transactions, including dates, currencies, charges or exchange rates applied. This information is accessible at any time and can be stored and reproduced as necessary. We will not issue Card statements.
5.2. You can use the Payment Services up to the amount of the Available Balance for Transactions.
5.3. If the Available Balance is insufficient to pay for a Payment, some Merchants will not permit you to combine use of a Card or Account with other payment methods.
5.4. The value of each Transaction and the amount of any Fees payable by you under this Agreement will be deducted from the Available Balance.
5.5. Once a Transaction is authorised, the relevant payment order may not be withdrawn (or revoked) by you after the time it is received by us. You authorise a Card Transaction by following the instructions provided by the Participant Retailer which included providing Card Number and/or details as requested.
5.6. Where a revocation of an authorised payment is agreed between us and you, we may charge a Fee for revocation.
5.7. In order to protect you and us from fraud, Merchants may seek electronic authorisation before processing any Payment. If a Merchant is unable to get an electronic authorisation, they may not be able to authorise your Payment.
5.8. We may refuse to authorise any use of the Payment Services which could breach these terms and conditions or if we have reasonable grounds for suspecting that you or a third party have committed or are planning to commit fraud or any other illegal or un-permitted use of the Payment Services.
5.9. Your ability to use or access the Payment Services may occasionally be interrupted, for example if we need to carry out maintenance on our Systems. Please contact Customer Services via our website to notify us of any problems you are experiencing using your Card or Account and we will endeavour to resolve any problem.
5.10. Except as required by law, we shall not be responsible, and you will be solely responsible, for compiling and retaining your own copy of the data in your Account and your activities in connection with this Agreement. Upon the termination of this Agreement for any reason, we shall have no obligation to store, retain, report, or otherwise provide any copies of, or access to, the Transaction data or any records, documentation or other information in connection with any Transactions or the Account.
5.11. You agree to only use the Payment Services for lawful purposes and to adhere at all times to all laws, rules and regulations applicable to the use of the Payment Services, including the terms of this Agreement.
5.12. You may not use the Payment Services to receive or transfer any funds on behalf of any other natural person or legal entity.
5.13. The Card may only be used in Participating Retailers website accepting Mastercard. Participating Retailers may change from time to time.
5.14. You shall be responsible for ensuring the correctness and accuracy of all purchases made with the Card.
6.1. In some circumstances we or Merchants may require you to have an Available Balance in excess of the Payment amount. For example, at restaurants you may be required to have 15% more on your Card than the value of the bill to allow for any gratuity or service charge added by the restaurant or you.
6.2. In some circumstances Merchants may require verification that your Available Balance will cover the Payment amount and initiate a hold on your Available Balance in that amount, examples include rental cars. In the event a Merchant places a pre-authorisation on your Account, you will not have access to these funds until the Payment is completed or released by the Merchant which may take up to 30 days.
6.3. If you use your Card at an automated fuelling station, subject to Merchant acceptance, your Card may need to be pre-authorised for a pre-determined amount in the relevant currency. If you do not use the whole pre-authorisation or do not have Available Balance to obtain a pre-authorisation, it is possible that the pre-authorised amount will be held for up to 30 days before becoming available to you again.
6.4. Some Merchants may not accept payment using our Payment Services. It is your responsibility to check the policy with each Merchant. We accept no liability if a Merchant refuses to accept payment using our Payment Services.
6.5. In relation to any dispute between the you and a Merchant, provided you are able to satisfy us that you have already made all efforts to resolve the dispute with the relevant Merchant, we will attempt to assist you so far as is reasonably practicable. We may charge you a chargeback processing fee as referenced in the Fees & Limits table provided to you in section 2.8, for any such assistance we may give you with any dispute. If there is an un-resolvable dispute with a Merchant in circumstances where the Card has been used for a Payment, you will be liable for the Payment and will have to resolve this directly with the relevant Merchant.
7. Managing & Protecting Your Account
7.1. You should treat you Card number like cash. You should keep the Card number, the Valid Thru date and CVV secure and ideally separate from each other.
7.2. You must take all reasonable care and precaution in the custody of the Card details and keep your Card details safe.
7.3. Do not share any of your Card details with anyone.
7.4. The Payment Services may only be used by you. You must not give access to your Virtual Card to any other person or allow any other person to use the Payment Services. You must keep access to the Virtual Card safe.
7.5. Failure to comply with Clauses 7.1 to 7.4 may affect your ability to claim any losses under Clause 14 in the event that we can show that you have intentionally failed to keep the information safe or you have acted fraudulently, intentionally, with undue delay or with gross negligence. In all other circumstances your maximum liability shall be as set out below at Clause 15.
7.6. If you believe that someone else knows your Account or Card security details, you should contact us immediately on +44 (0) 20 7127 4286 so we can block your Card.
8. Identity Verification
8.1. If you enter into Transactions over the internet, some websites require you to enter your name and address. In such cases you should supply the most recent address which has been registered with us by you as the Account address.
8.2. You must notify us within 7 days of any change in the Account address or your other contact details. You can notify us by contacting Customer Services who may require you to confirm such notification in writing. You will be liable for any loss that directly results from any failure to notify us of such a change as a result of undue delay, your gross negligence or fraud. We will need to verify your new Account address and shall request the relevant proofs from you.
8.3. We reserve the right at any time to satisfy ourselves as to your identity and home address (for example, by requesting relevant original documents) including for the purposes of preventing fraud and/or money laundering. In addition, at the time of your application or at any time in the future, in connection with your Account, you authorise us to perform electronic identity verification checks directly or using relevant third parties.
9. Right to Cancel ("Cooling-Off')
You have a right to withdraw from this Agreement under the following conditions:
9.1. Where you purchased the Payment Services then you have a “Cooling Off” period of 14 days beginning on the date of the successful registration of your Account, to withdraw from this Agreement and cancel the Payment Services, without any penalty but subject to deduction of any reasonable costs incurred by us in the performance of any part of the provision of services before you cancel. You must contact us within this 14-day period and inform us that you wish to withdraw from this Agreement and you must not use the Payment Services. We will then cancel the Payment Services and reimburse the amount of Available Balance on the Account to you. However, we reserve the right to hold Available Balance for up to 30 business days from receipt of your instructions before returning the balance, to ensure that details of all Transactions have been received.
9.2. After the Cooling Off period you may only terminate the Payment Services as described in Clause 11.
10. Expiry & Redemption
10.1. Your Card has an expiry date of 5 years from the date of your application. The Card will no longer be usable following the Expiry Date, and you must not use it after that time.
10.2. If a Card expires before your Available Balance is exhausted, you can contact Customer Services to request a new V Plus virtual prepaid Card, provided you do so 14 days before the Expiry Date and subject to payment of a Fee (where specified).
10.3. You may at any time redeem the balance in whole or in part on the Card. To do so, you must contact us and notify us of your intentions. In order to allow any outstanding Card Transactions to clear, we will refund the requested amount to you, by bank transfer to your nominated bank account, within fifteen Business Days of receipt of such a request. You must not use your Card after you ask us to repay the full balance to you The appropriate redemption fee, as set out Fees and Limits table in section 2.8, will apply.
10.4. If you wish to redeem more than £80 in any calendar year, you may be required to submit additional documentation to us for purposes of identification in accordance with our Customer Due Diligence and regulatory requirements.
10.5. For the avoidance of doubt, redeeming the balance on your Card will not terminate this Agreement. If you wish to terminate this Agreement please refer to Clause 12.
10.6. Your funds are available for redemption by contacting us at any time before the end of the 6 years after the date on which this Agreement ends under Clause 11, after which time your Available Balance will no longer be redeemable to you and we are entitled to retain the corresponding funds. Where an Available Balance remains for more than one year after the date on which this Agreement ends under Clause 11, we are not required to safeguard the corresponding funds in our Customer Funds Account, but you can still request redemption for up to 6 years. We may deduct from the proceeds of redemption of any such Available Balance the amount of any Late Redemption Fee.
10.7. Provided that your request for redemption is made less than 12 months following the date on which this Agreement ends under Clause 11, redemption will not incur any Late Redemption Fee. If you make a request for redemption more than 12 months after the date on which this Agreement ends under Clause 11 and Account Closure Fee may be charged (where specified).
10.8. We shall have the absolute right to set-off, transfer, or apply sums held in the Account(s) or Cards in or towards satisfaction of all or any liabilities and Fees owed to us that have not been paid or satisfied when due.
10.9. We shall have the absolute right to close your Account and submit a chargeback claim for the relevant Transactions if your Account is in negative standing for more than 60 days. If our chargeback is successful, funds paid to your Account may only be used to credit your Card or Account, and your Account will remain closed.
10.10. If your Account is inactive (including without limitation no access to the account or payment Transactions) for at least 2 consecutive years and has an Available Balance, we may (but we are not obliged to) notify you by sending an e-mail to your registered e-mail address and give you the option of keeping your Account open and maintaining or redeeming the Available Balance. If you do not respond to our notice within thirty (30) days, we will automatically close your Account and initiate a Transfer of your Available Balance to the last payment account notified by you to us (your “Nominated Bank Account”) or by cheque to your last known address.
11. Termination or Suspension of Your Account and/or Processing of Transactions
11.1. We may terminate this Agreement and your use of the Payment Services with prior notice of at least 2 months.
11.2. Your use of your Card ends on the Expiry Date in accordance with Clause 10.1.
11.3. This Agreement and your use of the Payment Services will also end when your ability to initiate all Transactions ceases.
11.4. We may terminate or suspend, for such period as may reasonably be required, your use of the Payment Services in whole or in part at any time or the processing of any Transaction(s) if:
i. there is any fault or failure in the relevant data processing system(s);
ii. we reasonably believe that you have used or are likely to use the Payment Services, or allow them to be used, in breach of this Agreement or to commit an offence;
iii. any Available Balance may be at risk of fraud or misuse;
iv. we suspect that you have provided false or misleading information;
v. we are required to do so by law, the police, a court or any relevant governmental or regulatory authority;
vi. required to fulfil our legal obligations in relation to the fight against money laundering and financing of terrorism;
vii. there is suspicion of unauthorised or fraudulent access to or use of your Account or that any of its security features have been compromised, including the unauthorised or fraudulent initiation of a Transaction;
viii. we have reasonable grounds to believe you are carrying out a prohibited or illegal activity;
ix. we are unable to verify your identity or any other information pertaining to you, your Account or a Transaction.
11.5. If any Transactions are found to have been made using your Card after expiry or any action has been taken by us under Clause 11.4, you must immediately repay such amounts to us.
11.6. Where it is practicable and lawful for us to do so or would not compromise reasonably justified security reasons, we will notify you via email of the suspension or restriction and the reasons for it before such measures take place or immediately thereafter.
11.7. We will reinstate your Account or execute the relevant Transaction(s) as soon as practicable after the reasons pursuant to Clause 11.4 no longer apply or exist.
11.8. If you wish to terminate the Payment Services at any time, you must request termination and the return of your Available Balance by email to our address in Clause 2 from the email address registered in your Account. Our Customer Services department will then suspend all further use of your Payment Services.
11.9. Once we have received all the necessary information from you (including any Customer Due Diligence) and all Transactions and applicable Fees and charges have been processed, we will refund to the you any Available Balance less any Fees and charges payable to us, provided that:
i. you have not acted fraudulently or with gross negligence or in such a way as to give rise to reasonable suspicion of fraud or gross negligence; and
ii. we are not required to withhold your Available Balance by law or regulation, or at the request of the police, a court or any regulatory authority.
11.10. If, following reimbursement of your Available Balance, any further Transactions are found to have been made or charges or Fees incurred using the Card(s) or we receive a reversal of any prior funding Transaction, we will notify you of the amount and you must immediately repay to us such amount on demand as a debt.
12. Misappropriation of Your Account
12.1. If your Card Number is misappropriated or if you think someone is using your Card Number or Card Details without your permission:
i. you must contact us as soon as possible and you must provide us with your Account or Card number and either your Username and Password or some other identifying details acceptable to us so that we can be sure we are speaking to you; and
ii. Provided we have obtained your consent to close the Account, we will then provide you with a replacement Virtual Card with a corresponding new Account loaded with an amount equivalent to your last Available Balance.
12.2. Once we have been notified of any misappropriation, we will suspend the Payment Services as soon as we are able, to limit any further losses (see Clause 13). We can only take steps to prevent unauthorised use of the Payment Services if you can provide us with the Account or Virtual Card number and Username and Password and if you can produce sufficient details to identify yourself and the relevant Account.
12.3. You agree to help us, our agents, regulatory authorities and the police if your Card is misappropriated or if we suspect that the Payment Services are being misused.
13. Liability for Unauthorised or Incorrectly Executed Transactions
13.1. Subject to Clauses 13.2, 13.3 and 13.6 we will reimburse you in full for all unauthorised Transactions sent from your Account immediately and in any event no later than the end of the following Business Day after noting or being notified of the Transaction (except where we have reasonable grounds for suspecting fraud), provided that you have informed us of the unauthorised Transaction without undue delay after becoming aware of the Transaction and in any event, no later than 13 months after the Transaction was executed. Where applicable, we shall restore your Account to the state in which it would have been had the unauthorised Transaction not taken place, so that that the credit value date shall be no later than the date the amount had been debited.
13.2. You may be liable for losses relating to any unauthorized Transactions up to a maximum of £35 resulting from the use of a lost or stolen Card or the misappropriation of your Account, unless the loss, theft or misappropriation was not detectable to you prior to payment (except where you acted fraudulently) or was caused by acts or lack of action of our employee, agent, branch or service provider.
13.3. You are liable for any losses incurred by an unauthorised Transaction if you have acted fraudulently or failed either intentionally or through gross negligence, to use your Account in accordance with the terms of this Agreement or to keep your Access Codes confidential and secure in accordance with Clause 7.
13.4. You shall not be liable for losses incurred by an unauthorised Transaction which takes place after you have notified us of a compromise of your Access Codes according to Clause 7, unless you have acted fraudulently, or where we have failed to provide you with the means to notify us in the agreed manner without delay on you becoming aware of the loss, theft, misappropriation or unauthorised use of your Card or Account.
13.5. We shall not be liable for any unauthorised or incorrectly executed Transactions in case the Transaction was affected by abnormal and unforeseeable circumstances beyond our reasonable control or where we acted in accordance with a legal obligation.
13.6. Where we are liable for the incorrect execution of a Payment, we shall, without undue delay, refund to you the amount of the non-executed or defective Transaction, and, where applicable, restore the debited Account to the state in which it would have been had the defective Transaction not taken place.
13.7. In the case of a non-executed or defectively executed Payment, we shall, regardless of whether we are liable, on request, make immediate efforts to trace the Transaction and notify you of the outcome, free of charge.
13.8. A Payment initiated by or through a payee (e.g. a Merchant) shall be considered to be unauthorised if you have not given your consent for the Payment to be made. If you believe that a Payment has been made without your consent you should contact us in accordance with Clause 2.
13.9. A claim for a refund of an authorised Payment initiated by or through a payee (e.g. a Merchant) where the authorisation did not specify an exact amount of payment Transaction (and the amount of the Payment exceeded the amount that you reasonably could have expected taking into account your previous spending pattern, this Agreement and the circumstances of the case), must be made within 8 weeks from the date on which the funds were deducted from your Available Balance. Within 10 Business Days of receiving your claim for a refund or within 10 Business Days of receiving further information from you, we will either refund the full amount of the Payment as at the date on which the amount of the Payment was debited or provide you with justification for refusing the refund.
13.10. The right to a refund under this Clause 13 does not apply where you have given consent directly to us for the Payment to be made and, if applicable, information on the Payment was provided or made available to you by us or the payee in an agreed manner for at least four weeks before the due date.
13.11. If you are not satisfied with the justification provided for refusing the refund or with the outcome of your claim for a refund, you may submit a complaint to us or contact the complaints authority as described in Clause 15.
13.12. If at any time we have incorrectly deducted money from your Available Balance, we shall refund the amount to you. If we subsequently establish that the refunded amount had been correctly deducted, we may deduct it from your Available Balance and may charge you a Fee. If you do not have sufficient Available Balance, you must repay us the amount immediately on demand.
13.13. Where any request, Transaction, disputed Transaction, arbitration or reversed Transaction involves third party costs, you remain liable for these and they will be deducted from your Account or otherwise charged to you.
14. General Liability
14.1. Without prejudice to Clause 13 and subject to Clause 14.4;
i. neither party shall be liable to the other for indirect or consequential loss or damage (including without limitation loss of business, profits or revenues), incurred in connection with this Agreement, whether arising in contract, tort (including negligence), breach of statutory duty or otherwise;
ii. we shall not be liable:
1. if you are unable to use the Virtual Card or Payment Services for any valid reason stated in this Agreement;
2. for any fault or failure beyond our reasonable control relating to the use of the Payment Services, including but not limited to, a lack of Available Balance or fault in or failure of data processing systems;
3. if a Merchant refuses to accept a Payment or fails to cancel an authorisation or pre-authorisation;
4. for the goods or services that are purchased with your Virtual Card;
5. for any dispute you might have with a Merchant or other user of the Payment Service where you acted with:
14.1.ii.5.1. undue delay
14.1.ii.5.2. fraudulently; or
14.1.ii.5.3. with gross negligence (including where losses arise due to your failure to keep us notified of your correct personal details)
14.2. You agree that you will not use the Payment Services in an illegal manner and you agree to indemnify us against any claim or proceeding brought about by such illegal use of the Payment Services by you.
14.3. You are solely responsible for your interactions with Merchants or other users of the Payment Service. We reserve the right, but have no obligation, to monitor or mediate such disputes.
14.4. To the fullest extent permitted by relevant law, and subject to Clause 13 and Clause 14.5, our total liability under or arising from this Agreement shall be limited as follows:
i. where your Virtual Card is faulty due to our default, our liability shall be limited to replacement of the Virtual Card or, at our choice, repayment to you of the Available Balance; and
ii. in all other circumstances of our default, our liability will be limited to repayment of the amount of the Available Balance.
14.5. Nothing in this Agreement shall exclude or limit either Party's liability in respect of death or personal injury arising from that party's negligence or fraudulent misrepresentation.
14.6. No party shall be liable for, or be considered in breach of this Agreement on account of, any delay or failure to perform as required by this Agreement as a result of any causes or conditions which are beyond such Party's reasonable control.
15. Dispute Resolution
15.1. We are committed to providing an excellent customer experience for all our Customers. If we do not meet your expectations in any way, we want to have the opportunity to put things right.
15.2. In the first instance, your initial communication will be with our Customer Services Team who can be contacted by Email to firstname.lastname@example.org or by phone to +44 (0) 20 7127 4286. Our Customer Services Team will listen to your needs and will do their best to solve your issue promptly and fairly. We value the opportunity to review the way we do business and help us meet our customers’ expectations.
15.3. If having received a response from our Customer Services Team you are unhappy with the outcome, please contact the Complaints Team of Prepaid Financial Services Ltd, 5th Floor, Langham House, 302-308 Regent Street, London, W1B 3AT in writing via email on email@example.com.
15.4. Once received, the Complaints Team will conduct an investigation and you will receive a response of its findings within 15 days of receipt of the complaint. In exceptional circumstances where we are unable to reply within the first 15 days, we will reply providing a reason for the delay and deadline for response, not more than 35 days after first receipt of complaint.
15.5. If the Complaints Team is unable to resolve your complaint and you wish to escalate your complaint further, please contact the Financial Ombudsman Service at South Key Plaza, 183 Marsh Wall, London, E14 9SR. Details of the service offered by the Financial Ombudsman Service are available at http://www.financialombudsman.org.uk/consumer/complaints.htmhttps://ec.europa.eu/consumers/odr/main/index.cfm?event=main.home.show&lng=EN
15.6. You must provide us with all receipts and information that are relevant to your claim.
16.1. PFS is a registered Data Controller with the Information Commissioners Office in the UK under registration number Z1821175 https://ico.org.uk/ESDWebPages/Entry/Z1821175
16.2. In order for us to provide you with the services relating to your Account, we are required to collect and process personal data about you, , with your consent or on a legal basis to meet our obligations for Anti-Money Laundering legislation or other governmental organisation. Where applicable, if an Account holder is under 13, then parental consent is explicitly required.
16.3. Your consent will be sought for collection of your data and you have the right to agree or decline. Where you decline consent for the collection and processing of your data we reserve our right to discontinue service due to our obligations as a financial services institution.
16.4. We may disclose or check your personal data with other organisations and obtain further information about you in order to verify your identity and comply with applicable money laundering and governmental regulations. A record of our enquiries will be left on your file.
16.5. We may pass your personal data on to third-party service providers contracted to PFS in the course of dealing with your Account. Any third parties that we may share your data with are obliged to keep your details secure, and to use them only to fulfil the service they provide you on our behalf. Where we transfer the personal data to a third country or international organisation, we ensure this is done securely and that they meet a minimum standard of data protection in their country.
16.6. You have the right to receive information concerning the personal data we hold about you and to rectify such data where it is inaccurate or incomplete. You have the right to object to or withdraw any consent you have given for certain types of processing such as direct marketing.
16.7. Your data will be retained for 6 years after the end of the provision of services to you, where your data will be destroyed in compliance with the requirements of the General Data Protection Regulation.
16.8. In the event that you wish to make a complaint about how your personal data is being processed by us (or third parties as described in 16.5 above), or how your complaint has been handled, you have the right to lodge a complaint directly with the supervisory authority and PFS’s Data Protection Officer.
17. Changes to the Terms and Conditions
We may update or amend these terms and conditions (including our Fees & Limits table in section 2.8). Notice of any changes will be given on our website, or by e-mail notification, or by SMS at least 2 months in advance. By continuing to use the Payment Services after the expiry of the 2-month notice period you acknowledge that you indicate your acceptance to be bound by the updated or amended terms and conditions. If you do not wish to be bound by them, you should stop using the Payment Services and terminate this Agreement in accordance with Clause 9 before the changes take effect.
18.1. We may assign or transfer our rights, interest or obligations under this Agreement to any third party (including by way of merger, consolidation or the acquisition of all or substantially all of our business and assets relating to the Agreement) upon 2 month’s written notice. This will not adversely affect your rights or obligations under this Agreement.
18.2. Nothing in this Agreement is intended to confer a benefit on any person who is not a party to it, and no such person has any right under the Contracts (Rights of Third Parties) Act 1999 to enforce any terms of this Agreement, but this Clause do not affect a right or remedy of a third party which exists or is available apart from that Act.
18.3. Any waiver or concession we may allow you, will not affect our strict rights and your obligations under this Agreement.
18.4. This Agreement and the documents referred to in it, constitute the entire agreement and understanding of the parties and supersede any previous agreement between the parties relating to the subject matter of this Agreement.
19. Funds Protection
All relevant funds corresponding to your Available Balance are segregated from our funds and held in the Customer Funds Account in accordance with the safeguarding requirements of the Electronic Money Regulations 2011 by law. In the event that we became insolvent those funds are protected against claims made by any of our creditors.
20. Regulation & Law
20.1. The Payment Services, Card and Account are payment services and not deposit, credit or banking products and are not covered by the Financial Services Compensation Scheme.
20.2. This Agreement shall be governed by and interpreted in accordance with the laws of England & Wales, and any dispute or claim in relation to this Agreement shall be subject to the non-exclusive jurisdiction of the English courts. However, if you reside outside of England and Wales you may bring an action in your country of residence.