Download Clockwise Debit Card Terms & Conditions
Terms and Conditions for Electronic Money and Card Services
Issued by: PayrNet Limited
Effective: 1 October 2024
1. Your Agreement with Us
These are the terms and conditions for your account with us (the “Account”), the use of any card connected with the Account (the “Card”) (if this is available to you), and any other services we provide as part of our services (“Services”). They form a binding legal agreement between you, as the account holder, and us. You indicate your acceptance of these terms by the use of our Services.
2. Information About Us
- Who we are: PayrNet Limited, a company registered in England and Wales (Company Number: 09883437), registered office at Montacute Yards, Shoreditch High Street, London E1 6HU. Authorised by the Financial Conduct Authority (Firm Ref No. 900594).
- Distributor: We work with your service provider (the “Distributor”), appointed as an agent or distributor of our services.
- Accessing services: The Distributor provides the interface (e.g., mobile app or website) for accessing our Services.
- Point of contact: Contact the Distributor for issues like closing your Account, reporting lost or stolen Cards, or unauthorized transactions.
3. Establishing Your Identity
- You must be over 18 and use our Services only for yourself.
- Provide required documentation to verify your identity as part of due diligence checks.
- Personal information may be shared with third parties for fraud prevention and compliance.
4. Your Account with Us
- You can manage your Account via the Distributor’s interface.
- E-money equivalent to funds received will be issued in your Account.
- No interest is paid on e-money accounts.
- Statements and transaction details are accessible via the Distributor’s interface.
5. Keeping Your Money Safe
Your Account is safeguarded, but it is not covered by the Financial Services Compensation Scheme.
6. Use of Your Card
- The Card remains our property and must be used in accordance with the provided security instructions.
- Both physical and virtual Cards may be issued, depending on your account.
- You are responsible for securing your Card details and PIN.
7. Payments Using Our Services
Instructions for payments and transaction limits are outlined. Ensure sufficient balance is available for transactions.
8. Payment Authorisation
Payments are authorised through the Distributor’s interface, using your security credentials. Notify the Distributor of any unauthorized or incorrect payments promptly.
9. Direct Debit Payments
Direct Debit payments are allowed under certain conditions. Ensure sufficient funds are available for scheduled payments.
10. Foreign Exchange Services
Transactions involving currency conversions will be processed at rates set by the card schemes.
11. Refund of Unauthorised or Incorrect Payments
Refund policies for unauthorized or incorrect transactions are detailed, including conditions and timelines.
12. Refunds for Payments by Card
Refund claims for Card payments can be made under specific conditions within a specified timeframe.
13. Limitation of Liability
Details of liability limitations for losses, delays, and service unavailability are outlined.
Annex A – Charges
| Service | Charge |
|---|---|
| Replacement physical card | To be advised |
| Handling fee for cancelled/refused payments | GBP 5.00 per transaction |
| Dormant account (post-termination) | GBP 5.00 per account per month |
| Redemption fee (12 months post-termination) | GBP 10.00 on redemption |
