Your Prepaid Card will be valid for 24 months. When it expires, we may automatically send you a replacement card if you have used your card within the last 3 months before the date of expiry and have a positive balance on the card on the expiry date. Any funds on your Prepaid Card will automatically be transferred to your new card. Replacement cards incur a fee (see The Fees section). If your card has expired and you have not received your new card please contact us. If the card is not re issued for a period of 6 months after the expiry of the card the Company (PFS) shall be entitled to retain the balance of the card in full.

6. Keeping your Prepaid Card secure

You should treat your Prepaid Card like cash. If it is lost or stolen, you may lose some or all of your money on your Prepaid Card, in the same way as if you lost cash in your wallet or purse. As a result, you must keep your Prepaid Card safe and not let anyone else use it. If you are issued with a PIN, you must immediately memorise it and destroy the notification. You must keep your PIN secret at all times. Do not write it down or reveal it to anyone. In no circumstances will we or should you reveal your PIN to a third party.

We recommend that you check the balance on your Prepaid Card regularly online at the Website. You can see your Prepaid Card balance and recent transactions online at any time.

If you lose your Prepaid Card or it is stolen, or you suspect that your Prepaid Card has been used by someone other than you, you must tell us immediately by calling us on our lost and stolen card helpline +44 (0)207 125 0525 so we can cancel your Prepaid Card and in any event no later than 13 months from the date of any transaction. In the event that your Prepaid Card is lost, stolen or misused by someone without your permission, you may have to pay part of the loss up to a reasonable sum of any loss incurred. If your Prepaid Card is misused with your permission you will probably be liable for ALL losses. You will not be liable for losses which take place after you told us about the loss or theft of your Prepaid Card, as long as you confirm this in writing within 7 days.

If, after reporting a Prepaid Card lost, you subsequently find the card, you must not use it. Cut the Prepaid Card in half through the signature box and magnetic strip, and ensure the Chip is cut in half.

If you ask us to do so, we will investigate any disputed transaction or misuse of your Prepaid Card and we may need more information and assistance from you. If this assistance or information is not provided then you may not be entitled to a refund.

We may refund the amount of any transactions which the investigations show are not authorised by you, provided you have kept your Prepaid Card and PIN secure, you have not acted fraudulently, or acted without reasonable care. However, if the investigations show that any disputed transaction was authorised by you, or you have not kept your Prepaid Card or PIN secure or you have acted with undue delay, fraudulently or with gross negligence, we will not refund the transaction amount and will charge you an Administration Fee (see The Fees section). The Prepaid Card remains the Issuer’s property at all times.

7. Your liability

In the event that you do not use your Prepaid Card in accordance with these terms and conditions or we find that you are using the Prepaid Card fraudulently, have intentionally failed to keep the Prepaid Card information safe or up to date, or that you have acted with undue delay or with gross negligence we reserve the right to charge you for any reasonable costs that we incur in taking action to stop you using this Prepaid Card and to recover any monies owed as a result of your activities. In all other circumstances, following notification of loss or theft of the Prepaid Card, You shall be liable for the first $USD100, £GBP50, €Euro65, R700.00, $AUD100.00 of losses arising from any transactions that take place prior to your notifying us of such loss or theft of the Card.

8. Our liability

Like other payment cards, we cannot guarantee a retailer will accept your Prepaid Card, or that we will necessarily authorise any particular transaction. This may be because of a systems problem, something outside our reasonable control, or because we are concerned that your Prepaid Card is being misused. Accordingly, we shall not be liable in any event that a retailer refuses to accept your Prepaid Card, or if we do not authorise a transaction, or if we cancel or suspend use of your Prepaid Card. Unless otherwise required by law, we shall not be liable for any direct or indirect loss or damage you may suffer as a result of your total or partial use or inability to use your Prepaid Card, or the use of your Prepaid Card by any third party.

9. Your right to a refund

You may request a refund of the funds on your Prepaid Card provided you have more than £10.00 loaded on your Prepaid Card (or equivalent in US Dollars, Euros, ZAR, AUD depending on the currency of your card). To do so, send us an e-mail using the 'Contact Us' facility on the Website requesting a refund and confirming that you have destroyed your Prepaid Card by cutting it up. When we process your refund, we will charge a Refund Fee (see The Fees section).

We will send a cheque to your last notified address or arrange an electronic transfer to a bank account nominated by you. However, to enable us to comply with our legal obligations, we may ask you to provide us with certain information before we can process your refund request.

10. Changes to these Terms and Conditions

We may change these terms and conditions at any time and such changes shall be in effect 60 days after posting of the same on our Website. The up-to-date version of the Prepaid Card terms and conditions will always be available on the Website. If we think that a change is material we will send you an e-mail and/or SMS text message and/or letter at least 60 days before the change comes into force, unless a more immediate change is required by law or other valid reason.

If you are significantly disadvantaged by any such change that we make, you may cancel your Prepaid Card in accordance with our refund policy (see section 9 above). In such circumstances you will not be charged a Refund Fee (see The Fees section).

You may request a copy of this Agreement at any time by accessing it at www.prepaidfinancialservices.com or contacting the customer support using the information available at that address.

11. The Fees

Please see fees in Section 22: Summary Box
When you use your Prepaid Card at an ATM, you may also be subject to applicable fees, surcharge rules and regulations of the relevant ATM, or other financial institution or association.

If we decide to increase or impose any new fees, we will tell you by e-mail, SMS text message, or post, at least 60 days before any changes take effect. Authorisation will be requested for all transactions at the time of each transaction. In the unlikely event, for any reason whatsoever, a transaction is completed when there are insufficient funds on the Prepaid Card for that transaction (a "Shortfall"), the Shortfall shall be reimbursed by you unless it is due to an error on the part of the retailer where the Prepaid Card was presented, in this circumstance we may seek the Shortfall from the retailer.

You agree that once we make this Shortfall known to you, we may charge you for the Shortfall amount. We may charge the amount of the Shortfall from any other Prepaid Cards that you hold with us, to any other payment method which you may designate at that time, or against any funds which you may subsequently load onto your Prepaid Card or on any additional Prepaid Card ordered by you. Until we are reimbursed the Shortfall amount, we may suspend your Prepaid Card and any additional Prepaid Cards connected to you. In addition, we reserve the right to charge you an Administration Fee for each transaction that you make using your Prepaid Card that results in a Shortfall or increases the Shortfall amount on your Prepaid Card.

Where our fees contain an actual or reference exchange rates applicable to any transactions and the relevant date for determining the reference exchange rate we reserve the right to charge any changed fees immediately and without notice in accordance with the applicable rates at the relevant reference dates.

12. Your details

You must let us know as soon as possible if you change name, address, telephone number, mobile number or e-mail address. If we contact you in relation to your Prepaid Card, for example, to notify you that we have cancelled your Prepaid Card or to send you a refund by cheque, we will use the most recent contact details you have provided to us. Any e-mail or SMS text message sent to you will be treated as being received as soon as it is sent by us. We will not be liable to you if your contact details have changed and you have not told us.

13. Data protection

In purchasing the Prepaid Card on the Website and using it, you agree that we can use your personal information in accordance with our Privacy Policy. You can tell us if you don't want to receive any marketing materials from us. You have the right to inspect personal data we hold about you. To inspect any of your personal data held by us you will have to pay us an Administration Fee. If you wish to inspect your personal data you can contact us in any of the ways set out in the Communication section below. 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 authorize us to perform electronic identity verification checks, and Internet Protocol checks directly or using relevant third parties if required.

14. Privacy Policy

The personal information that is collected when you apply for a Prepaid Card will be used by us, our Prepaid Card issuer and third parties (on its behalf) to run your Prepaid Card and process your fund transfers or transactions. We shall ensure that the appropriate technical and operational security measures are in place to keep the personal data transferred confidential and secure. You may raise queries as to the personal information held by us about you, let us know about changes to your personal information or contact us if you no longer wish us to use your personal information, at any time using the ‘Contact Us’ facility on the Website.

15. Disputes with retailers

If you have any disputes about purchases made using your Prepaid Card, you should settle these with the person you bought the goods or services from. We are not responsible for the quality, safety, legality or any other aspect of any goods or services purchased with your Prepaid Card. Remember that once you have used your Prepaid Card to make a purchase we cannot stop that transaction.

16. Communication

If you have an enquiry relating to your Prepaid Card, you can use the 'Contact Us' facility on the Website. We will deal with your enquiry promptly. If you do not wish to enquire in this way you can alternatively call our customer service telephone line on +44 (0)207 125 0525. Call costs from mobile networks or outside the UK may vary. Additionally customer services and IVR costs will be charged. Please refer to the fees in section 22 of this document.

17. Complaints

The Prepaid Card programme is managed by Prepaid Financial Services Ltd. If you are unhappy in any way with your Prepaid Card or the way it is managed, tell us by using the ‘Contact Us’ facility on the Website so we can investigate the circumstances for you. Any complaints you have will be dealt with quickly and fairly. 

You may be able to take unresolved complaints to the Financial Ombudsman Service at:

South Quay Plaza,
183 Marsh Wall,
London E14 9SR.

Telephone: 0845 080 1800 or +44 (0)20 7964 1000 (for calls from outside the UK)
e-mail: enquiries@financial-ombudsman.org.uk 

or to the Issuer at:

Transact Network Limited,
Victoria House Suite 11,
26 Main Street,
Gibraltar

email: support@transactnetwork.gi

18. Compensation

The Prepaid Card is an electronic money product and although it is a product regulated by the Financial Services Authority, it is not covered by the Financial Services Compensation Scheme or, in the case of the Issuer, the Gibraltar Deposit Guarantee Scheme. No other compensation scheme exists to cover losses claimed in connection with the Prepaid Card.

19. Assignment

We may assign the benefit and burden of these terms and conditions to another company at any time, on giving you at least 60 days prior notice of this. If we do this, your rights will not be affected. You may not assign your rights.

20. Transfer to a new Prepaid Card issued by a different bank

We may transfer your unused balance to a new prepaid card provided by another prepaid card issuer at any time. Before we do this, we will send you an e-mail and/or SMS text message and/or letter with at least 60 days notice of the new Prepaid Card arrangements and the new Prepaid Card terms and conditions. Unless you advise us within the 60 day period that you do not want a new Prepaid Card from the new Prepaid Card issuer, you agree that we can automatically transfer the unused balance on your Prepaid Card to a new Prepaid Card provided by the new Prepaid Card issuer.

21. Governing law

All communications with you will be in English. These terms and conditions will be construed in accordance with English law and the exclusive jurisdiction of the English courts.

22. Summary Box

The information contained in this table summarises key product features and is not intended to replace any terms and conditions.

 * Please note that in certain circumstances an additional card fee may apply.

Note that by texting our SMS line on +44 (0) 779 432 3344 you will be charged at the UK rate. Texts from outside the UK will vary.

Note that by calling our telephone line on +44 (0)207 125 0525 you will be charged at the UK National rate. Calls from outside the UK will vary.