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Terms and conditions

Please note

These Terms & Conditions apply to your Monese account and Mastercard debit card (if you signed up before 8th June 2017 and have a Visa debit card, you can download a copy of the previous Terms & Conditions from (https://www.monese.com/terms20170607). Please read them carefully. You can download a copy of these Terms & Conditions at any time from our website (monese.com ).

Monese Ltd (“Monese”) is a business registered in the United Kingdom with company number 8720992. Monese is regulated by the Financial Conduct Authority (“FCA”) as a small electronic money institution (number 900188). Your Monese Card is issued by PrePay Technologies Limited (“PPS”) pursuant to a licence granted by Mastercard International. PPS is authorised by the FCA under the Electronic Money Regulations 2011 (FRN: 900010) for the issuing of electronic money and payment instruments. This Agreement is between us and you, the Monese Account Holder. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Your Monese Account and Monese Card may be distributed by a third party on our behalf.

Important information you need to know

Please read this Agreement carefully before using your Monese Account or activating your Monese Card or using any of our services. This information forms the Agreement for your Monese Account including any associated Monese Card and payment services that we may provide to you. By confirming that you accept the terms of this Agreement, or by using your Monese Account or activating your Monese Card and/or using our services, you accept this Agreement. If there is anything you do not understand, please don’t hesitate to contact Customer Services using the contact details in paragraph 19 of this Agreement.

1. Monese account limits

Monese Account Maximum Balance

Max
£40000

Cash deposit via Post Office

Min Max
Per transaction £5 £500

Cash deposit via PayPoint

Min Max
Per transaction -- £249
Per day -- £500
Per week -- £2,500
Per month (30 days) -- £5,000

Top up via debit card

Min Max
Per transaction £20 £500
Per day -- £500

Incoming UK Faster Payment

Min Max
Per transaction -- £40,000
Per day -- £40,000

Incoming UK BACS payment

Min Max
Per transaction -- £40,000
Per day -- £40,000

Card purchases

Min Max
Per transaction -- £4,000
Per day -- £7,000

Cash withdrawal via ATM

Min Max
Per day -- £300

Outgoing UK Faster Payment

Min Max
Per day -- £40000

Outgoing UK Direct Debit payment

Min Max
Per day -- £40000

2. Scope of this agreement

2.1

Your Monese Account is e-money, in pounds sterling. If you get a Monese Card that is associated with your Monese Account, the Monese Card will be a prepaid debit card not a credit card, a charge card or debit card.

2.2

The Monese Account is an electronic money product and the electronic money stored in the Monese Account is issued by PPS, and distributed and administered by Monese as agent for PPS. PPS are authorised and regulated by the FCA as an electronic money institution with permission to issue e-money and provide payment services (firm reference number 900010).

2.3

All Monese Cards are issued by us pursuant to our licence from Mastercard. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Your Monese Card remains PPS’s property.

2.4

Your rights and obligations relating to the use of your Monese Account and Monese Card are as set out in this Agreement between you and us; you have no rights against Mastercard or its respective affiliates. If you experience any difficulties in using your Monese Account and/or Monese Card you should contact Customer Services.

2.5

This Agreement is written and available only in English. All our communications with you relating to this Agreement, the Monese Account and any Monese Card will be in English only.

2.6

You acknowledge that we may communicate with you by e-mail and/or SMS and/or via the Monese App when we provide you with any service notifications or other information about your Monese Account and therefore it is important that you ensure you keep your e-mail address and mobile phone number updated via the Monese App. You may download a copy of this Agreement from our website (www.monese.com/terms).

3. Apply for and registering for a Monese account

3.1

To apply for a Monese Account, you must be at least 18 years old.

3.2

We will register your Monese Account for you on the basis of the Information that you have provided to us. You must provide accurate Information and tell us of any changes to your Information as soon as possible so that our records remain correct.

3.3

To use the Monese Account, you will need to download the Monese App via your mobile phone.

3.4

A Monese Account is for personal use only, not for business use. If you use your Monese Account for business purposes we may close your Monese Account immediately.

4. Receiving and activating card

4.1

The Monese Card will be posted to your home address, as provided to us by you.

4.2

When you receive the Monese Card, you as the Cardholder must immediately sign it and activate the Monese Card via the Monese App.

4.3

Once the Monese Card has been activated, the Monese App will provide a PIN. The Cardholder undertakes never to reveal the PIN to anybody. We will not reveal the PIN to a third party.

4.4

The Cardholder may change the PIN at any UK ATM that has PIN change functionality. When selecting or changing the PIN, the Cardholder must not select a PIN that may be easily guessed, such as a number that:

4.4.1

is associated with the Cardholder, such as their telephone number or birth date; or

4.4.2

is part of data imprinted on the Monese Card; or

4.4.3

consists of the same digits or a sequence of running digits; or

4.4.4

is identical to a previously selected PIN.

5. Using your Monese card

5.1

The Monese Card can be used at any Merchant to make purchases in-store, via the internet or over the phone and can be used to obtain cash through ATMs within the UK or abroad (fees may apply, see paragraph 11).

Each transaction will need to be authorised by the Cardholder. We will treat the transactions as authorised by the Cardholder if:

5.1.1

the Monese Card is tapped against a Contactless enabled reader and accepted by such reader;

5.1.2

the Monese Card PIN or other security code personal to the Cardholder is used; or

5.1.3

the Monese Card is used and the Cardholder has authorised the transaction by signature of the receipt.

5.2

The Monese Card is a prepaid debit card, which means that the Available Balance will be reduced by the full amount of each transaction you make, plus any applicable taxes and charges, including additional ATM charges if any. The Cardholder must not use the Monese Card if the Full Deductible Amount exceeds the Available Balance.

5.3

Once you have authorised a transaction, you will not be able to withdraw your consent to the transaction.

5.4

The Monese Card can be used to make transactions in a currency other than pounds sterling ("foreign currency transaction"). The amount deducted from your Monese Account will be converted to pounds sterling on the day of receipt of the transaction request. We will use a wholesale rate set by Mastercard, which will be available on each Business Day and changes in the exchange rate shall take effect immediately. Exchange rates can fluctuate and they may change between the time you authorise a transaction and the time it is deducted from your Available Balance. You can find out the exchange rate applied to a transaction in your transaction history. When you use the Monese Card to make a foreign currency transaction (transaction in currency other than pound sterling), we will charge an additional foreign currency exchange fee (see paragraph 11).

5.5

Due to security safeguards, Merchants that accept the Monese Card are required to seek authorisation from us for all of the transactions that are made by the Cardholder. In some circumstances Merchants may require the Cardholder to have an Available Balance greater than the value of the transaction they wish to make. The Cardholder will only be charged for the actual and final value of the transaction they make. Merchants request this as they may need to access more funds than the Cardholder initially planned to spend. This may be the case for:

5.5.1

hotels, rental cars, and

5.5.2

internet Merchants – certain internet Merchant sites will, on registration or at checkout stage, send a request for payment authorisation to verify if funds are available. This will temporarily impact the Available Balance.

Many merchants, particularly online merchants, will not deduct payment from a Monese Card until goods are dispatched. You should be aware of any payments that will be deducted in this manner when you are making other purchases to ensure that your Available Balance is enough to cover all purchases.

5.6

If a Merchant agrees to give you a refund for a purchase made using the Monese Card, the funds will be added to the Available Balance of the Monese Account when we receive the funds from the Merchant.

LIMITS ON THE USE OF THE MONESE CARD

5.7

The Monese Card cannot be used in in all situations. Where it is not possible to obtain online authorisation that the Cardholder has a sufficient Available Balance for the transaction, the Monese Card cannot be used. This may be the case for transactions on trains, ships, and some inflight purchases. You will be responsible if an offline transaction does go through for whatever reason and you must repay us the amount that exceeds the Available Balance.

5.8

The Monese Card cannot be used to pay at the pump at self-service petrol pumps; however, you can use the Monese Card to pay for the petrol by taking it to the cashier.

5.9

The Monese Card should not be used as a form of identification.

5.10

The Monese Card should not be used for any illegal purpose or in any manner prohibited by law.

5.11

The Monese Card should not be used for gambling, for any adult entertainment or for Quasi Cash transactions.

5.12

We may ask you to surrender any Monese Cards at any time for a valid reason in accordance with the provisions in paragraph 14 of this Agreement.

EXPIRY DATE

5.13

The expiry date of the Monese Card is printed on the front of the Monese Card. You will not be able to use the Monese Card once it expires. If you request a replacement Monese Card, we may send you a replacement Monese Card (fees may apply, see paragraph 11).

5.14

Any Available Balance remaining on the Monese Account at Monese Card expiry will remain yours for a period of six years from the expiry date. Within this period, you may at any time transfer any Available Balance on the Monese Account to a UK bank account via Faster Payment (subject to Monese Account Limits). You will not have access to your Monese Account and we will not return any funds remaining on the Monese Account after six years from Monese Card expiry and this Agreement will terminate. We may charge you £5 redemption fee for this service.

5.15

You are responsible for the use of any Monese Cards issued to you under this Agreement and any fees or charges that any Monese Cards may incur.

6. Using your Monese account

6.1

The Monese Account can be used for setting up Direct Debits, for making Faster Payments and for foreign currency transactions, each subject to Monese Account Limits.

ADDING FUNDS TO THE MONESE ACCOUNT

6.2

Subject to the limits set out in paragraph 1, funds can be added to the Monese Account through UK Faster Payments, UK BACS Credit and Monese’s IBAN for incoming payments from outside the UK. Subject to paragraph 6.4, we will credit the Monese Account when we receive the funds. Funds can also be added to the Monese Account by depositing cash at a UK Post Office or PayPoint.

6.3

Depending on how funds are added to the Monese Account, fees may apply, see paragraph 11.

6.4

We may not credit your Monese Account with a payment intended for your Monese Account if:

6.4.1

the Monese Account has reached the Monese Account Maximum Balance or Monese Account Limits;

6.4.2

the Monese Account is inactive or blocked;

6.4.3

the sender has provided incorrect/invalid Monese Account Details for your Monese Account;

6.4.4

we suspect fraudulent activity on your Monese Account; or

6.4.5

to do so is prohibited by any law.

6.5

The funds may be sent back to the sender without notifying you if paragraph 6.4 applies. Please note this will only apply to incoming Faster Payments, BACS Credit and incoming payments from outside the UK to Monese’s IBAN.

DIRECT DEBITS

6.6

To set up a Direct Debit from your Monese Account, you must first authorise the organisation taking Direct Debit payments from the Monese Account.

6.7

If a Direct Debit on the Monese Account specifies that a payment is to take place on a specified day or on the last day of a certain period, then we will treat the Payment Instruction as being received on the day specified.

6.8

Any Direct Debit payment is usually taken from the Monese Account at the beginning of the Business Day it is due.

6.9

It is your responsibility to check there is sufficient Available Balance before any payment is due. If your Monese Account does not have sufficient Available Balance any Direct Debit payment will be rejected.

INTERNATIONAL PAYMENTS

6.10

The Monese Account can be used to make outgoing International Payments in currencies other than pounds sterling. Monese, acting as PPS’ agent, will transfer the relevant funds and details of your payment instruction to a third party currency exchange and payment services provider in order to complete the transaction.

6.11

The amount deducted from your Monese Account will be converted to the selected foreign currency on the day we receive the transaction request at an exchange rate set by the third party currency exchange and payments service provider that will perform the currency exchange and/or transfer the funds. The applicable exchange rate and any additional fee will be displayed in the App before you authorise the transaction.

6.12

You can make International Payments into your Monese Account using the Monese IBAN details displayed in the App

in pounds sterling or euros. If a payment that is not in pounds sterling is sent to you, the third party currency exchange and payments service provider will exchange the amount of the funds received into pound sterling and Monese will arrange for the relevant funds amount to be credited to PPS and PPS will credit your Monese Account.

6.13

Monese will not charge a fee to receive International Payments. Some sending banks or intermediary banks will charge fees for sending the International Payments to Monese IBAN in which case we will deduct such fees from the amount received before crediting your account.

6.14

You can get more information on which currencies we support for International Payments, the exchange rate for outgoing payments in the App, and any fees applicable in paragraph 11 and/or the Website.

TIMING OF PAYMENTS

6.14

Any payment made using UK Faster Payments will be sent within 2 hours.

6.15

Any International Payment will be made within the following timescales:

An outgoing transaction from pound sterling to euro - If your payment order is received by us by 2pm on a Business Day the payment will be made by the end of the next Business Day

Any other outgoing transaction - If your payment order is received by us by 2pm on a Business Day the payment will be made by the end of the fourth Business Day

Incoming payment - Funds will be added to your Monese Account the same Business Day we receive the funds

6.16

We will only allow a payment to be made if the payment is within your Monese Account Limits and there is sufficient Available Balance.

6.17

The time of receipt of a transaction order is when we receive it. You cannot stop a transaction after it has been transmitted to us and you have given your consent, or when you have given your consent to a pre-authorised payment.

AUTHORISATION FOR PAYMENTS AND STOPPING PAYMENTS

6.18

It is your responsibility to ensure you provide correct recipient account details and payment amount when making any payment or setting up a payee. If you do not provide us with correct information, we are not responsible for incorrect payments.

6.19

We will treat a payment as authorised by you if:

6.19.1

the transaction was authorised from the Monese App using the required app entry passcode and that the payee had been approved using the verification code sent in the payee approval SMS; or

6.19.2

you have set up or agreed to any Direct Debit payments to be taken from your Monese Account.

6.20

We may refuse to process a payment (without prior notice to you) if:

6.20.1

the Monese Account does not have sufficient Available Balance to cover the payment; or

6.20.2

the Monese Account is suspended or closed; or

6.20.3

the Monese Account has reached its Monese Account Limits; or

6.20.4

we need to do so to comply with the rules of the payment system; or

6.20.5

we suspect fraudulent activity on your Monese Account or

6.20.6

required to comply with any law.

6.21

If we refuse to process payment under 6.20, we will not be liable for any loss this may result in, nor will we be obliged to inform the intended recipient.

6.22

You may be able to stop a Direct Debit payment provided that:

6.22.1

you cancel the Direct Debit two Business Days before your Monese Account is due to be debited; and

6.22.2

the payment has not already been made.

6.23

If you stop or cancel a Direct Debit, you must tell the recipient to whom the Direct Debit is payable. We will not be responsible if you fail to inform them and the recipient will not have any claim against us.

6.24

If, for any reason, a payment is processed for an amount greater than the Available Balance on your Monese Account, you must repay us the amount by which the Full Deductible Amount exceeds your Available Balance immediately after receiving an invoice from us. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action and/or closing the Monese Account, to recover any monies outstanding.

6.25

The Available Balance on the Monese Account will not earn any interest.

7. Checking your Monese account balance

7.1

You can check the Available Balance and transaction history on the Monese Account via the Monese App.

7.2

Each payment will have a unique transaction reference.

8. Cancelling, closing your Monese account and redeeming e-money

8.1

You may cancel your Monese Account and any Monese Cards at any time by contacting Customer Services. Any Available Balance may be transferred to a UK bank account via UK Faster Payments (subject to Monese Account Limits) before cancelling the Monese Account.

8.2

Subject to paragraph 8.4, once the Available Balance is redeemed and the Monese Account is closed, your Agreement will terminate. However, if paragraph 8.4 applies to your Monese Account then your Monese Account will remain active and your Agreement will continue to apply to you until there is no money outstanding on your Monese Account.

8.3

All Direct Debit transactions that were set up on the Monese Account will be rejected once your Monese Account is closed.

8.4

If we find any additional withdrawals, fees or charges have been incurred on your Monese Account following the processing of the refund request, we'll send an itemised invoice to you and we will require you to refund us immediately after receiving the invoice. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.

9. Your liability and authorisations

9.1

You are responsible for the use of your Monese Account and any Monese Cards issued for your Monese Account.

9.2

You are responsible for keeping your Monese Card and your Monese Account security information safe.

9.3

You must not:

9.3.1

allow another person to use your Monese Card or your Monese Account;

9.3.2

write down your PIN or any security information in a way that enables a third party to make fraudulent use of your Monese Account or Monese Card;

9.3.3

disclose or make available your PIN or other security information to third parties; or

9.3.4

enter the PIN in any ATM that does not look genuine, has been modified, has a suspicious device attached or is operating in a suspicious manner.

9.4

You will be responsible for all transactions which you authorise in accordance with the provisions of this Agreement.

9.5

You will be liable for all transactions that take place as a result of your acting fraudulently or failing to comply with this Agreement with intent or gross negligence.

9.6

You agree to indemnify and hold harmless, us and our distributors, partners, agents, sponsors, and service providers and their group companies from and against the costs of any legal action taken to enforce this Agreement and/or any breach of this Agreement or fraudulent use of the Monese Account, Monese Card, Monese App log-in details, or PIN by or authorised by either you.

9.7

The Monese App is only supported on devices where the operating system has not been modified, or jailbroken, or configured to allow software installation from sources other than those approved by Monese (including but not limited to the Apple App Store and Google Play). Use of the Monese App on such a device is at your risk and we cannot be held responsible for any financial loss or loss of data or Information.

10. Lost, stolen or damaged cards

10.1

In the event of loss, theft, fraud or any other event that results in the risk of an unauthorised use of the Monese Card, or if the Monese Card is damaged or malfunctions, you must ensure that the Monese Card is blocked via the Monese App immediately or contact Customer Services so that your Monese Card can be blocked.

10.2

Provided that the Cardholder has followed one of the steps in accordance with paragraph 10.1 and that paragraph 10.4 does not apply, then you will not be liable for losses that take place following the date on which the Cardholder blocked their Monese Card or informed Customer Services. If there is an Available Balance remaining on your Monese Account, you can request for a replacement Monese Card for your Monese Account via the Monese App. If we replace the Monese Card, the Monese Card will be delivered to the Cardholder’s home address (fees apply, see paragraph 11).

10.3

In the event that we have reason to believe that either you or the Cardholder have acted fraudulently or have acted with gross negligence or intentionally (i) in failing to notify us of the lost or stolen Monese Card or (ii) where the Cardholder has failed to keep their Monese Card or security information related to the Monese Account safe or (iii) where you or the Cardholder have breached this Agreement, then you shall be liable for all resulting losses.

10.4

Subject to 10.3, you may be liable up to a maximum of £35 for any losses you incur for unauthorised payment transactions using your Monese Account or Monese Card where the Monese Account or Monese Card security information has been lost or stolen, or where you have failed to keep such security information safe from misappropriation.

11. Fees

11.1

Your Monese Account is subject to the following fees:

Fee

Monthly fee includes

£4.95 (after first free month) for operating any number of Monese Accounts (for example if you hold both Eurozone and UK accounts, you will only pay £4.95 in total)

Opening account fee

Free

Real time transfers between Monese Accounts

Free

Direct Debit

Free

In-app payments from a Monese Account

Free, subject to currency exchange fee, please see below

Purchases with Monese card

Free, subject to currency exchange fee, please see below

Incoming bank transfer

Free

Cashback in store

Free

ATM withdrawals

5 free transactions included, 50p per withdrawal from 6th transaction
If you also have a Monese Eurozone card and account, all ATM withdrawals on that card will be charged at €1.50
Subject to currency exchange fee, please see below

Checking your balance and transactions in app

Free

Email alerts, mobile notifications, in-app and SMS messages

Free, standard operator SMS charges may apply

Closing your Monese account

Free

Locking and unlocking your Monese card

Free

Monese customer service

Free

Replacement or any additional Monese card

£4.95

Post Office cash load

£1

PayPoint cash load

2.5%

Currency exchange on using the Monese Card for ATM withdrawals and purchases in foreign currency (i.e. US Dollars)

Mastercard wholesale exchange rate plus 0.5% of the transaction value

Currency exchange on outgoing International Payments from the Monese App

Your money is converted at the wholesale exchange rate plus the currency exchange fee displayed in the app before the payment is confirmed

12. Unauthorised transactions and incorrectly executed transactions

12.1

If you have a reason to believe that a transaction on your Monese Account was not authorised by you or was made incorrectly, you must inform Customer Services immediately, but in any event within 13 months of the date of the relevant transaction.

12.2

If you inform us of an unauthorised or incorrectly executed transaction under 12.1:

12.2.1

we must be able to prove that the transaction took place;

12.2.2

we will immediately refund the amount to your Monese Account to the position it would have been in if the unauthorised transaction had not taken place. We will have no further liability to you. If we subsequently discover that you were not entitled to a refund, we shall treat the refund as a mistake and be entitled to reapply the transaction, including any charges, to your Monese Account. In this event we will charge you a £10 administration fee;

12.2.3

f there are reasonable grounds for thinking that you may not be entitled to a refund (based on the evidence available to us at the time you report the unauthorised transaction), we may investigate before giving you a refund.

12.3

If you tell us that a transaction has been made incorrectly, we will:

12.3.1

immediately refund your Monese Account with the amount of the non-executed or defective payment transactions and, where applicable, restore your Monese Account to the state in which it would have been had the defective transaction not taken place.

12.3.2

If you ask us to, we will make immediate efforts to trace the transaction and notify you of the results.

12.4

You will be liable for all transactions made from your Monese Account;

12.4.1

if you have acted fraudulently; or

12.4.2

if you have deliberately or with gross negligence failed to keep your Monese Account or Monese Card security information safe in accordance with the terms of this Agreement, or where you have failed to notify us without undue delay on becoming aware that your Monese Account or Monese Card security information has been lost, stolen or otherwise misappropriated.

12.5

Where you, or the Cardholder have agreed that another person can take a payment (Monese Card or Direct Debit) from your Monese Account (e.g. if the Cardholder have given their Monese Card details to a retailer for the purpose of making a payment), you can ask us to refund a payment if all the following conditions are satisfied:

12.5.1

the authorisation given did not specify the exact amount to be paid;

12.5.2

the amount that has been charged to your Monese Account was more than you or the Cardholder could reasonably have expected to pay, based on the circumstances, including previous spending patterns; and

12.5.3

you make the refund request within eight weeks of the date when the payment was taken from your Monese Account.

12.6

We may ask you to provide information as is reasonably necessary to verify that conditions in 12.5.1 – 12.5.3 are satisfied.

12.7

If you ask us to make a refund under paragraph 12.5 then, within 10 Business Days of the date we receive your request (or if we ask for more information under paragraph 12.6, within 10 Business Days of the date we receive that information) we will either:

12.7.1

refund the payment in full; or

12.7.2

tell you the reasons why we do not agree to the refund.

12.8

You will not be entitled to a refund under paragraph 12.5 if:

12.8.1

you or the Cardholder have given us your consent for the payment to be made; and

12.8.2

where applicable we (or the person or a Merchant you agreed to pay) have given you information on the payment in question at least four weeks before the due date of the payment; or

12.8.3

if the payment in question was higher than you reasonably expected to pay is due to a change in any currency exchange rate.

12.9

Paragraph 12.8 does not limit your rights under the Direct Debit Guarantee Scheme.

13. Variation

13.1

We may change this Agreement, including fees and limits by providing you with at least two months’ notice by e-mail (provided you have supplied us with an up-to-date e-mail address). In addition, the most recent version of this Agreement will be available on the Monese App.

13.2

If you do not agree with the changes to the Agreement, you may at any time within the two months’ notice period terminate your Agreement and close your Monese Account in accordance with paragraph 8.1 at that time without a charge. However, in the event you do not cancel during this period then you will be deemed to have accepted them and the changes will apply to you.

13.3

If any part of this Agreement is inconsistent with any regulatory requirements then we will not rely on that part but treat it as if it did actually reflect the relevant regulatory requirement.

14. Termination or suspension of this agreement

14.1

You may terminate this Agreement at any time by giving notice to Customer Service.

14.2

We can terminate this Agreement at any time if we give you two months’ notice and refund the Available Balance to you without charge. We can also terminate this Agreement with immediate effect if you, in your capacity as either the Monese Account Holder or the Cardholder, have breached any provision of this Agreement, or if we have reason to believe that you have used, or intend to use the Monese Account or Monese Card in a grossly negligent manner or for fraudulent or other unlawful purposes, or if we can no longer process your transactions due to the actions of third parties.

14.3

We can suspend your Monese Account or Monese Cards at any time with immediate effect without any prior notice to you if:

14.3.1

we discover any of the Information that you provided to us when applied for your Monese Account was incorrect; or

14.3.2

a transaction has been declined because of a lack of Available Balance;

14.3.3

we suspect unauthorised or fraudulent use of the Monese Account or Monese Card;

14.3.4

you have reached your Monese Account Limit;

14.3.5

you have breached this Agreement; or

14.3.6

we have reason to believe that you, in your capacity as either the Monese Account Holder or the Cardholder, have used, or intend to use the Monese Account or Monese Card in a grossly negligent manner or for fraudulent or other unlawful purposes or if we cannot process any transactions due to the actions of third parties.

14.4

In the event that we do suspend or terminate your Monese Account or Monese Card, we will, if able to do so, tell you prior to suspending or terminating them. In addition, we may advise anyone involved in the transaction if a suspension has taken place.

14.5

In the event that any additional fees are found to have been incurred on your Monese Account following termination by either you or us, then subject to this Agreement, you shall refund to us any sum which relates to a withdrawal on the Monese Account or fees and/or charges validly applied whether before or after termination. We will send an invoice to you and will require you to refund us immediately. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.

15. Our liability

15.1

Subject to paragraph 15.2, our liability in connection with this Agreement (whether arising in contract, tort (including negligence), breach of statutory duty or otherwise) shall be subject to the following exclusions and limitations:

15.1.1

we shall not be liable for any default resulting directly or indirectly from any cause beyond our control, including but not limited to, a lack of funds and/or failure of network services at ATMs, maximum withdrawal limits set by ATM operators and failure of data processing systems;

15.1.2

we shall not be liable for any loss of profits, loss of business, (in each case whether direct or indirect) or for any indirect, consequential, special or punitive losses;

15.1.3

where the Monese Card is faulty due to our default, our liability shall be limited to replacement of the Monese Card, or at our choice, refund of the Available Balance;

15.1.4

where sums are incorrectly deducted from your Available Balance due to our default, our liability shall be limited to payment to you of an equivalent amount;

15.1.5

in the unlikely event that sums are deducted from your Available Balance but you or the Cardholder did not authorise such deduction in accordance with this Agreement, then our liability shall be as set out in paragraph 12; and

15.1.6

in all other circumstances of our default, our liability will be limited to refund of the Available Balance.

15.2

Nothing in this Agreement shall exclude or limit our liability for death or personal injury resulting from our negligence or fraud, or otherwise to the extent that such liability cannot be limited or excluded under applicable law or regulation.

15.3

To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.

15.4

The above exclusions and limitations set out in this paragraph shall apply to any liability of our affiliates such as Mastercard, and other suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to you, which may arise in connection with this Agreement.

16. Your information

16.1

You may provide us with your Information from time to time in connection with your Monese Account. Some Information will be necessary for us to provide you with the Monese Account and services under this Agreement. You must update any changes to your Information via the Monese App.

16.2

To make a payment we may transfer your Information/data to any payment service provider used to complete your Payment Instruction. By making a Payment Instruction you acknowledge this transfer of your Information. We will contact you if any additional information is required from you in relation to such payment. If you require any information about payment service providers used in relation to payments, you can contact Customer Services. We may also transfer your Information outside of the European Union and the EEA to enable the Cardholder to use their Monese Card while they are travelling or as permitted by law.

16.3

We and our affiliates are committed to maintaining your Information in accordance with the requirements of applicable data protection laws and will take all reasonable steps to ensure that your Information is kept secure against unauthorised access, loss, disclosure or destruction. Except as required or permitted by law, or in accordance with this Agreement, your Information will not be passed to anyone without your permission. We may at any time request evidence of identity from you and may use an ID verification agency or credit reference agency (whose names and addresses will be provided to you on request) both prior to and following issue of your Monese Account for this purpose and who will add details to your record of our request for a search.

16.4

You acknowledge that we will use your Information in connection with your Monese Account, to contact you about replacement Monese Cards and other service messages, and to enable us to review, develop and improve our products and services. This may involve providing your Information to our partners, affiliates, agents, distributors, suppliers, and to Mastercard and its affiliates to process transactions and for their statistical research and analytical purposes. We may also disclose your Information as required or permitted by law, regulation or any competent authority or agency to investigate possible fraudulent, unlawful or unauthorised activity.

16.5

You can find more information about how and why we use your Information in our privacy policy and you may contact Customer Services at any time to request further information.

16.6

You have certain rights in respect the Information we hold about you. For further information, please see our privacy policy and you may contact Customer Services to exercise any of your rights.

16.7

If we discover that the Information we hold about you is incorrect, we may have to suspend or cancel your Monese Account until we can establish the correct Information, in order to protect us both.

17. Complaints procedure

17.1

Complaints regarding any element of the service provided by us can be sent to Customer Services via instant messaging through the Monese App or by email to complaints@monese.com.

17.2

All complaints will be subject to our complaints procedure. We will provide you with a copy of our complaints procedure upon request and, if we receive a complaint from you, we will confirm the procedure when we send you receipt sent to you by email.

17.3

If we fail to resolve your complaint to your satisfaction you may refer your complaint to the Financial Ombudsman Service (Exchange Tower, London E14 9SR, phone 0800 023 4567). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.

18. General

18.1

Any delay or failure to exercise any right or remedy under this Agreement by us shall not be construed as a waiver of that right or remedy or preclude its exercise at any subsequent time.

18.2

If any provision of this Agreement is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.

18.3

You may not assign or transfer any of your rights and/or benefits under this Agreement and you shall be the sole party to the contract between us. You will remain liable until all Monese Accounts and/or Monese Cards registered in your name are terminated and all sums due under this Agreement have been paid by you in full. We may assign our rights and benefits at any time without prior written notice to you. We may subcontract any of our obligations under this Agreement to the extent permitted by applicable law and regulation.

18.4

No third party who is not a party to this Agreement has a right to enforce any of the provisions in this Agreement, save that Mastercard and their respective affiliates may enforce any provision of this Agreement which confers a benefit or a right upon them and a person specified in paragraph 15.4 may enforce paragraph 15.

18.5

This Agreement contains the information set out in Schedule 4 of the Payment Service Regulations 2009 and you can obtain a copy of this Agreement at any time by visiting the Monese App or the Website.

18.6

This Agreement is governed by English law. By entering into this Agreement, you agree to the exclusive jurisdiction of the courts of England and Wales.

18.7

The Financial Services Compensation Scheme is not applicable for this Monese Account. No other compensation schemes exist to cover losses claimed in connection with your Monese Account. In the event that we become insolvent, your funds are safeguarded under the EU Electronic Money Directive 2009/110/EC and UK Electronic Money Regulations 2011 which are designed to ensure the safety of funds held in electronic money accounts like your Monese Account.

19. Contacting customer services

19.1

If you have a query regarding your Monese Account, you can contact us via the Monese App or via email on support@monese.com.

19.2

Lost, damaged or stolen cards can be reported via the Monese App, or by email on support@monese.com and by calling +44(0) 1706 304 001 (available 8am-5pm UK time Monday to Friday).

20. Definitions

Agreement

This agreement as varied from time to time.

ATM

Automated Teller Machine, otherwise known as a cash machine.

Available Balance

The value of funds available on your Monese Account to use.

BACS Credit

Means UK BACS Direct Credit, a payment service that enables a payment to be made into an account which normally takes 3 Business Days for the funds to be cleared.

Business Days

The days of Monday to Friday between the hours of 10am-4pm but not including public holidays in England.

Cardholder

A Monese Account Holder to whom a Monese Card is issued.

Card Number

The 16-digit number on the front of your Monese Card.

Contactless

A payment feature that enables Cardholders to pay by tapping the Monese Card on a point-of-sale terminal reader for transactions of up to £30 (as amended from time to time).

Customer Services

The team responsible for supporting queries relating to your Monese Account. Contact details for Customer Services can be found in paragraph 19.

Direct Debit

A service allowing a third party to collect pre-authorised funds from your Monese Account electronically on agreed dates, for example to pay bills.

EEA

The European Economic Area, which currently includes all countries in the European Union together with Iceland, Norway and Liechtenstein.

e-money

The electronic money associated with your Monese Account.

Faster Payment

A service allowing you to make and receive electronic payments in the UK which is received by the recipient bank within 2 hours provided that the receiving organisation or bank is part of the UK Faster Payments Scheme.

Full Deductible Amount

The full transaction amount, including the transaction itself along with any associated fees, charges and taxes.

Information

Means any personal information related to you.

International Payments

Payments from the Monese App to outside the UK in currencies other than pounds sterling and incoming payments from outside the UK

Mastercard Acceptance Mark

The Mastercard International Incorporated Brand Mark, indicating acceptance of the Monese Card.

Mastercard

Mastercard International Incorporated whose head office is at 2000 Purchase Street, Purchase, New York, 10577-2509, USA.

Merchant

A retailer, or any other person, firm or corporation that accepts cards which display the Mastercard Acceptance Mark.

Monese

Monese Limited, a company registered in England and Wales with number 08720992 who can be contacted at PO Box 74345, London EC1P 1XZ.

Monese Account

The electronic account, which may have a Monese Card linked to it.

Monese Account Details

Any details related to a Monese Account, including but not limited to, Sort Code and Account Number.

Monese Account Holder

you, the individual entering into this Agreement with us.

Monese Account Limits

Maximum limits in relation to the Monese Account, such as Monese Account Maximum Balance, and topping up limits as shown in paragraph 1.

Monese Account Maximum Balance

The maximum balance you can have on your Monese Account as referred to in paragraph 1.

Monese App

A smartphone App that allows you to have access to your Monese Account.

Monese Card

If you opt to have a card, this means any Monese Prepaid Mastercard Card associated with your Monese Account, including any additional cards.

Monese IBAN

Monese account details for receiving incoming payment from outside the UK.

Payment Details

The details you provide to enable funds to be received into your Monese Account or the details that you provide in order to send funds from your Monese Account.

Payment Instruction

An instruction from you to make a payment from your Monese Account.

PIN

Your four digit personal identification number for use with the Monese Card.

PPS

PrePay Technologies Ltd, a company registered in England and Wales with number 04008083, with its head office at 6th floor, 3 Sheldon Square, London W26HY, which can be contacted at PO BOX 3883 Swindon SN3 9EA.

Quasi Cash

Means transactions that includes, but not limited to, purchasing travellers cheque, lottery tickets, casino gaming chips, money orders, deposits and wire transfer money orders.

we, us or our

means PPS or Monese acting on its behalf.

Website

www.monese.com

you, your

The Monese Account Holder.

Mastercard

Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.

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