This document details the Terms and Conditions for Expend (Expend Limited). Expend’s services, products, and web site are collectively referred to in this document as the “Services”.
Expend Prepaid MasterCard® Terms and Conditions Valid as of June 1****st 2016
IMPORTANT INFORMATION: These are the terms & conditions of the agreement between us, Prepaid Financial Services Ltd, 4th Floor, 36 Carnaby Street, London, W1F 7DR and you, the person entering into the agreement. Please read this Agreement carefully before activating or using your card or account. The terms of this Agreement and fees shall apply to all Customers.
Expend KYC/Identify Check
a non-deposit non-interest bearing pre-paid electronic account associated at times to a Card which is maintained for the sole purpose of enabling Transactions;
“Additional Prepaid MasterCard Card”
where applicable any additional card which is issued to a person any time after the successful registration of an Account;
“Additional Prepaid Cardholder”“Anonymous Prepaid Card
where applicable a person who holds an Additional Card;a prepaid non-personalised card that can be used subject to specified Card limits on loading, transactions and redemption;
act of authorising a Transaction 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;An automated teller machine is an electronic telecommunications device that enables Customers to perform financial transactions, particularly cash withdrawal, without the need for a human cashier, clerk or bank teller. Most ATMs identify the Customer by the Customer inserting the Card with a magnetic stripe or a plastic smart card with a chip that contains a unique card number and security information such as an expiration date or CVC2 or CVV. Authentication is provided by the customer entering a personal identification number (PIN).
“Available Balance”“BIC code(s)”“Business Day”
the value of unspent funds loaded onto your Account and available to use;Bank Identifier Code means a standard format code managed by SWIFT now called Business Identifier Codes (BIC) which is used to uniquely identify banks and financial institutions globally – it who and where they are. This code is used when transferring money between banks, in particular for international wire transfers or SEPA payments.Monday to Friday, 0900hrs to 1800hrs CET, excluding bank and public holidays in the UK
the person who has applied successfully for a Payment Service and who has been issued at least one Card by us for Card payments or IBAN account details. The Customer is the legally and financially responsible person to whom we provide the Payment Services;
A facility available for UK registered Accounts only whereby an instruction from Customer is sent to Prepaid Financial Services, authorising an organisation the Customer wishes to pay, to collect varying amounts from your account at periodic intervals.
The European Economic Area provides for the free movement of persons, goods, services and capital within the internal market of the European Union (EU) between its 28 member states, as well as three of the four member states of the European Free Trade Association (EFTA): Iceland, Liechtenstein and Norway.
Electronic money is monetary value, the digital equivalent of cash, issued by an e-money institution and stored on or allocated to an electronic device issued and usable for payments.
A payment account issued by Prepaid Financial Services in favor of certain Customers, mostly corporate, permitting the receipt of funds for the loading of Cards and manage Card program related expenses.
the price paid by the Customer for the Payment Services
“IBAN”“Know Your Business”Know Your Customer”
An IBAN, or International Bank Account Number is part of a new international standard that has been adopted as part of the SEPA (Single Euro Payments Area) agreement. IBAN) is an internationally agreed system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors. It has been implemented by most European countries and many countries in the other parts of the world,Know Your Business due diligence checks on corporate entities, their directors and beneficial owners as per Anti-Money Laundering regulatory requirementsKnow Your Customer – personal due diligence checks as per Anti-Money Laundering regulatory requirements
Where applicable means the period of 6 years following termination of this Agreement;
a retailer or any other person that accepts e-money by virtue of a Merchant account with an acquirer or a payment services provider.
“Payment Services”“SEPA”“Simplified Due Diligence”“SWIFT”
means all payment and e-money services and any related services available to the Customer through the use of the Account and/or Card;the Single Euro Payments Area (SEPA) is a paymentintegration initiative of the European Union to help simplify the process of bank transfersa means of self-certification for the registration of personal details associated with a Card or Account. [SDD]. SDD Cards are subject to lower annual load and ATM limits than KYC validated Cards or Accounts.The Society for Worldwide Interbank Financial Telecommunication provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardised and reliable environment
“Systems and Schemes”
the Scheme being MasterCard or Visa as shown on your Card or Account; Systems being the processor.
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 orderA prepaid Virtual Account issued by us enabling the Customer to make Card-not-present (CNP) transactions after sufficient funding of the Virtual Account.
“we”, “us” or ‘our”
Prepaid Financial Services Limited as the e-money issuer and regulated entity;
“you” or “your”
The Customer and/or any person who has been provided with a Card by the Customer for use in accordance with these Terms and Conditions.
Your Card or Account can be managed online at www.expend.io, via the Expend mobile app,via email to firstname.lastname@example.org or by phone to +44 (0)203-828-7711. To report your Cards lost or stolen please call +44 (0)203-828-7711 or email email@example.com . At any time during the contractual relationship you shall have the right to receive, on request, these terms and conditions free of charge.
You have a right to withdraw from this Agreement under the following conditions:
In the first instance, your initial communication will be with our Customer Care Team. We expect our Customer Care Team to respond to your complaint within five working days. You can contact our Customer Care Team using the details in clause 2. Email to firstname.lastname@example.org or by phone to +44 (0)203-828-7711
We may update or amend these terms and conditions (including our Fees & Limits Schedule). Notice of any changes will be given on the website or by notification by e-mail or by means of mobile device 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 immediately in accordance with our cancellation policy (see clause 9).
Your funds are safeguarded by law. In the event that Prepaid Financial Services became insolvent your e-money funds are protected against claims made by any other creditors.
Expend reserves the right to refuse any order, cancel any subscription and collect any outstanding fees. In certain cases, Expend may require a minimum subscription commitment from parties in order to proceed with fulfillment of an order.
Deposits to your Expend account via bank transfer We don’t charge a fee for this but some banks do charge their own fees for bank transfers. If you are unsure please check with your bank.
Cash machine/ATM Withdrawals We don’t charge a fee for this but some ATM’s do charge for withdrawing cash. Please check the ATM you use for information on any fees they charge.
Foreign exchange rate The foreign exchange rate you are charged are based on the Mastercard exchange rate for the day the information on the transaction is received by us. You can find information on the Mastercard foreign exchange rates at https://www.mastercard.com/global/currencyconversion
Money & Wire Transfer Services
To reduce fraud, Expend restricts the use of using Money Order and Wire Transfer services such as Western Union. If you require the use of such services please contact Expend for more info.
Unusual usage and spending behaviour
To reduce fraud, Expend monitors unusual spending behaviour. In some circumstances, Expend may restrict a cards usage and/or funds until the appropriate investigations have been completed. Expend may require additional information to be provided to assist with such investigations. Expend reserves the right to cancel (without notice) any account and/or associated cards which have failed to meet the companies requested requirements or which Expend deem suspicious or unfit for purpose.
An active user is a user who has had at least one transaction/expense within their monthly billing cycle. The active user policy starts after you have more than four users in your Expend account. All customers must have at least one chargeable monthly user subscription and are subject to a one-month minimum paid subscription term for each additional cardholder in their plan (after any free trial) before the active user policy takes effect. The active user policy does not apply to annual plans.
All listed fees and prices are exclusive of VAT unless otherwise quoted.
Some Expend plans may be subject to additional fees and fair use policies. Info on this can be found here.
Cards are typically delivered the next working days but may take longer. Cards ordered by 4pm are generally shipped the same day or the next working day if ordered on a weekend. Expend are not responsible for delays in delivery or shipping company delivery times.
The latest Expend customer pricing and fair use policies can be found online. You can find the pricing for Expend packages here, and the fair use and pricing policies for Expend Pro here.
In the event of a chargeback dispute (refer to 16.8 of this article) a processing fee of £20 (ex VAT) will be charged.
Replacement or Reissued cards are subject to a £5 fee.
A cost of £15 is associated with transferring funds from your Expend account to another account via bank transfer. If you are within your free trial period and wish to transfer your entire balance from your Expend account to your bank account this fee will not be charged.
A cost of £25 per request is charged for providing any associated account management requests and/or documentation for non-Expend customers. This is to cover associated Admin fees. This fee applies to customers who have closed their account within 60 days.
Initial Load Minimum: £10.00
Initial Load Maximum: £1,000.00
Minimum Reload: £10.00
Maximum Reload: No Limit
Maximum POS daily spend: £7,000.00
Max loads per day: 3
Maximum ATM daily Withdrawal: £550.00
Max Load Amount Per Day: No Limit
Maximum Card Balance: £100,000.00