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Terms and Conditions

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IMPORTANT INFORMATION: These are the terms & conditions of the agreement between us, Prepaid Financial Services Ltd, Fifth Floor, Langham House, 302-308 Regent Street, London, W1B 3AT and you, the person entering into the agreement in relation to your Prepaid Mastercard Please read this Agreement carefully before activating your Account. The terms of this Agreement and fees shall apply to all Customers.

1. Definitions & Interpretation

1.1 a non-deposit non-interest bearing pre-paid electronic account associated with a Card and maintained for the sole purpose of enabling Transactions;
1.2 a fee for redemption where specified in the Fees and Limits Schedule;
1.3 Where applicable any additional card which is issued to a person any time after the successful registration of an Account;
1.4 Where applicable a person who holds an Additional Card;
1.5 this Agreement of open-ended duration between you and us incorporating these terms and conditions, as amended from time to time;
1.6 act of authorising the payment transfer by using the Card together with (i) the PIN Code or with (ii) the CVC Code and expiry date or with (iii) the signature of the Cardholder;;
1.7 the value of unspent funds loaded onto your Account and available to use;
1.8
  • a physical device bearing electronically stored monetary value as represented by a claim against Prepaid Financial Services; and/or
  • a physical or digital mechanism providing access to an Account which is issued by Prepaid Financial Services Ltd for the purpose of enabling Transactions
1.9 the person who has applied successfully for a Payment Service and has been issued at least one Card by us and who is the legally and financially responsible person to whom the Payment Services are provided by Us;
1.10 Monday to Friday, 0900hrs to 1800hrs GMT, excluding bank and public holidays in the United Kingdom
1.11 the schedule contained herein;
1.12 any fee payable by the Customer, as referenced in the Fees & Limits Schedule;
1.13 a pre-paid instant issue (Standard Due Diligence - SDD) non-personalised card that can be used subject to lower specified Instant Card limits on loading, transactions and redemption;
1.14 Know Your Customer, requirements for knowledge of and information on customers of regulated entities or for regulated activities;
1.15 means the period of 6 years following termination of this Agreement;
1.16 a retailer or any other person that accepts e-money;
1.17 means all payment and e-money services and any related services available to the Customer and/or Additional Cardholder(s) through the use of the Account and/or Card;
1.18 a physical pre-paid personalised payment card which may be used for online and off-line Transactions;
1.19 Where applicable the first Card issued by us to the Customer in response to registration of the Account;
1.20 to add money to your Account;
1.21 Mastercard as shown on your Card;
1.22 realising or attempting to make: (i) a payment, or a purchase of goods or services from a Merchant where payment is made (in whole or in part) by use of the Payment Services, including where payment is made over the internet, by phone or mail order or (ii) a cash withdrawal made from an ATM or bank using your Personalised Card plus any transaction fees charged by ourselves or any third party in connection with your cash withdrawal;
1.23 a set of personal codes selected by the Customer to access their Payment Services;
1.24 Where applicable a non-physical pre-paid electronic payment card, the use of which is limited to online purchases or on the phone or mail order;
1.25 Prepaid Financial Services Ltd as the e-money issuer;
1.26 The Customer and/or any person who has been provided with a Card by the Customer for use as an Additional Cardholder in accordance with these Terms and Conditions.

2. Contact Us

[email protected]

At any time during the contractual relationship you shall have the right to receive, on request, these terms and conditions free of charge.

3. Your Agreement with Us

3.1. The issuer for Your PFS Prepaid Mastercard Card is Prepaid Financial Services Limited. The Payment Services are also provided by us, and we are a registered company in England and Wales. Our Company Registration Number is 6337638. We are authorised and regulated as an e-money issuer by the Financial Conduct Authority. Registered Office: Fifth Floor, Langham House, 302-308 Regent Street, London, W1B 3AT.
3.2. http://www.fsa.gov.uk/register/2EMD/2EMD_MasterRegister.html
3.3. Prepaid Financial Services Ltd are the programme issuer.
3.4. Prepaid Financial Services Ltd is licensed as a principal member with the Scheme. Mastercard is a registered trademark of Mastercard International Incorporated.
3.5. These terms and conditions govern the relationship between us and you for the provision of the Payment Services by us to you. This Agreement also contains important warnings and information that may affect your rights and your ability to recover your money. By activating your Account, you shall be deemed to have accepted and fully understood the terms and conditions set out in this Agreement and you agree to comply with these by your use of the Card and/or by indicating your acceptance.
3.6. Your Card is not a credit card and is not issued by a bank. When you purchased your Card, you had the option of an Instant Card, a Virtual Card or a Personalised Card. If you purchased a Virtual Card, you may upgrade for a fee at any time to a Personalised Card. When you upgrade, you will have the option of keeping your Virtual Card account open or closing it and only using your Personalised Card. Regardless of the type of Card(s) you have, you will have only one Account where your Available Balance is located.
3.7. Your Payment Services will not be activated unless we have been provided with the required information so that we may identify you and can comply with all applicable KYC and anti-money laundering requirements. We shall keep records of such information and documents in accordance with all applicable legal and regulatory requirements.
3.8. You may reload subject to the limits provided by the Fees & Limits Schedule. We reserve the right to vary these limits and to decline any Reload at any time. A Reloading Fee applies.
3.9. Reference to a currency (e.g. Euros € or Sterling £) shall mean that amount or the local currency equivalent in which your Card is denominated.
3.10. The Available Balance on your Card and/or Account will not earn any interest.
3.11. 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 to pay for each purchase, payment or cash withdrawal that you make using the Payment Services (including value added tax and any other taxes, charges and fees that are applicable). 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.
3.12. This Agreement does not give you any rights against a System, its affiliates or any third party.
3.13. Only persons over 18 years of age are entitled to register for the Payment Services. However, if you are the Customer you may allow the Payment Services to be accessed by a person for whom you are legally responsible who is under 18 years of age in accordance with 5.8. Transactions by persons under 18 years of age may not be allowed by some Merchants. In all cases, you shall be responsible for any use of the Payment Services by such persons.

4. Service Limits

Transactions may be restricted by Card type, individual usage patterns and payment risk profiles. 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.

5. Use of the Services

5.1. You can use the Payment Services up to the amount of the Available Balance for Transactions at Merchants of the relevant System. If the Available Balance is insufficient to pay for a Transaction, some Merchants will not permit you to combine use of a Card or Account with other payment methods.
5.2. Your Card (other than the Virtual Card) can be used to make cash withdrawals from ATMs and banks who agree to provide this service, as listed in the Fees & Limits Schedule (subject to any maximum set by the relevant ATM operator or bank), unless we inform you otherwise.
5.3. The value of each Transaction and the amount of any fees or charges payable by you under this Agreement will be deducted from the Available Balance.
5.4. Once a Transaction is authorised it cannot be withdrawn. Within the EEA we will ensure transfer of the payment to the payment service provider of the Merchant within three Business Days, from and including the 1st January 2012, we will ensure transfer of the payment within one Business Day. If the payment service provider of the Merchant is located outside the EEA, we will effect payment as soon as possible.
5.5. In order to protect you and us from fraud, Merchants and ATM operators will seek electronic authorisation before processing any Transaction. If a Merchant or ATM operator is unable to get an electronic authorisation, they may not be able to authorise your Transaction.
5.6. 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.
5.7. The Payment Services will incur fees based upon the Fees & Limits Schedule. A Transaction Fee is payable in respect of each Transaction. A Cash Withdrawal Fee is payable in respect of cash withdrawals made at ATMs using your Card. In addition, your withdrawal may also be subject to any applicable fees, rules and regulations of the relevant ATM operator or bank. It is your responsibility to check whether any such additional fees apply, as they cannot be refunded once the cash has been withdrawn.
5.8. Where applicable, the Customer may apply to us for up to 3 Additional Cards, for use by Additional Cardholders on your account. Additional Cardholders for whom you are legally responsible must be 13 years of age or older. All other Additional Cardholders must be 18 years of age or older.. It is a condition of any registration for an Additional Card that you, as the Customer, acknowledge that we accept no responsibility or liability of any kind whatsoever for use of any Additional Card by any Additional Cardholder for Transactions not authorised by you. If you successfully register, we will send you an Additional Card, for which we will charge an Additional Card Fee. Upon receipt of the Additional Card, you may give the Additional Card to the Additional Cardholder for their use, subject to:
  1. you providing them with a copy of these terms and conditions (which will then bind use by both of you);
  2. the Additional Card then being used only by that person;
  3. you retaining the Primary Card;
  4. you informing the Additional Cardholder that you have retained the Primary Card and that you are still able to use the Account;
  5. Us obtaining such further information and documentation in order to enable us to comply with all applicable KYC and anti-money laundering requirements.
5.9. You (the Customer) will remain responsible for the use of the Payment Services, and for any fees and charges incurred by the Additional Cardholder(s), and you will continue to be regarded as the holder of any funds already or subsequently loaded on the Account. The use of a Card in relation to which an Additional Cardholder has been registered will be regarded as confirmation that you have provided the Additional Cardholder with these Terms and Conditions and they have accepted them. You will remain responsible for any Transactions, cash withdrawals from ATMs, fees and charges incurred by your Additional Cardholders. Your Cards will have a shared purse from which all Transactions and fees will be deducted.
5.10. Your ability to use or access the Payment Services may occasionally be interrupted, for example if we need to carry out maintenance on our Schemes. Please contact Customer Services via our website to notify us of any problems you are experiencing using your Card or Account and we will endeavor to resolve any problem.
5.11. If enabled, you will have the option to transfer your Available Balance from your Card or Account to other Cards and Accounts. If you instruct us to make a transfer from your Account to another Account, the requested amount will be debited from your account and credited to the account you have instructed us to transfer your Available Balance to. You will incur an Account Transfer Fee for this transaction.

6. Condition of Use at Certain Merchants

6.1. In some circumstances we or Merchants may require you to have an Available Balance in excess of the Transaction 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 Transaction 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 Transaction is completed or released by the Merchant which may take up to 30 days.
6.3. If you use your Card at a 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.

7. Managing & Protecting Your Account

7.1. You are responsible for your Card, any Username, PIN number and Account passwords. Do not share your Card or Account security details with anyone.
7.2. You must keep your Account, PIN, Username and Password safe, and separate from your Card or any record of your Card number and not disclose it to anyone else. This includes:
  1. memorising your PIN as soon as you receive it, and destroying the post mail or other authorised communication used to transmit it to you;
  2. never writing your PIN on your Card or on anything you usually keep with your Card;
  3. keeping your PIN secret at all times, including by not using your PIN if anyone else is watching;
  4. not disclosing your PIN to any person, except that you may disclose the PIN orally (but not in writing) to a person authorised (by clause 5.8) to use your Card or Account.
7.3. The user of the Card(s) must sign the signature strip on any Personalised Card immediately when received. If your Card permits cash withdrawals, we will provide the Customer by post or other approved method with a Personal Identification Number (PIN) for use with your Card. You will need this PIN in order to make cash withdrawals from an ATM or at a bank.
7.4. If you forget your PIN, you should contact Customer Services on 0207 1321100 for a replacement PIN, which will be sent out to the Customer. A Pin Replacement Fee will be charged if your PIN has to be re-mailed to you due to failure to keep us notified of your correct primary address.
7.5. The Customer already held or created a Username and Password when ordering a Primary Card. You will need this Username and Password to perform the following functions in relation to your Payment Services online:
  1. changing your registered details;
  2. checking the amount of Available Balance;
  3. checking Transaction details;
  4. requesting an upgrade or Additional Card (when available);
  5. reporting your Card as lost or stolen;
  6. changing your Username or Password.
7.6. The Payment Services may only be used by the Customer or any Additional Cardholder.
7.7. Other than as specified in 7.6, you must not give the Card to any other person or allow any other person to use the Payment Services. You must keep the Card in a safe place.
7.8. Failure to comply with clause 7.2 may affect your ability to claim any losses in the event that we can show that you have intentionally failed to keep the information safe or you have acted fraudulently, with undue delay or with gross negligence. In all other circumstances your maximum liability shall be as set out below at clause 14.
7.9. If you believe that someone else knows your Account or Card security details, you should contact us immediately.
7.10. Once any Card on your Account has expired or if it is found after you have reported it as lost or stolen you agree to destroy your Card(s) by cutting them in two through the magnetic strip.

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 the Customer as the Account address. The Account address is also the address to which we will send any correspondence.
8.2. The Customer 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.
8.4. Instant Issue cards are issued in accordance with regulatory limits and conditions. You will be required to contact our customer service team to upgrade the card once you reach the limits. Full card limits are usage for SDD cards can be found on our website. For upgrade (KYC) information and a list of accepted documents contact our customer service team.

9. Communications Regarding Your Account

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