The Loot Account and Card
- These terms and conditions apply to any holder of the Loot card (‘the Card’) and Loot account (‘the Account’). By using your Card and Account you are demonstrating your agreement to these terms and conditions.
- The Card and Account are promoted by Loot, a trading name of Loot Financial Services Ltd. The Card is issued by Wirecard Card Solutions Limited registered office: 3rd Floor, Grainger Chambers, 3-5 Hood Street, Newcastle upon Tyne, NE1 6JQ. Registered in England, Company No. 07875693. Authorised and regulated in the UK by the Financial Conduct Authority to issue E-money (Firm Reference Number: 900051).
- You will apply for a Card and Account, and pay into it in sterling. All references to that currency in these terms and conditions are relevant to you.
- The Card and Account are E-money products, and as such are not covered by the Financial Services Compensation Scheme. In the unlikely event that Wirecard Card Solutions Limited becomes insolvent, your funds may become valueless and unusable, and as a result you may lose your money.
- These terms and conditions are available online at loot.io/terms and conditions .You can request a copy of these terms and conditions at any point in their duration.
- Your Card is a Mastercard® prepaid debit card. It is not a guarantee card, charge card or credit card.
- You will not earn any interest on any funds paid in to your Account.
In these terms and conditions, the following words and phrases have the meanings shown next to them:
ATM: means automatic teller machine or cashpoint facility or cash dispenser.
Business Day: means a day between and including Monday to Friday, between 9am and 5pm (UK time) except for bank or public holidays in England and Wales.
Card: means your Loot prepaid debit Mastercard® (including any replacement card).
Card Payment: means a payment using your Card, funds are immediately transferred from your Account. The card will also allow for instant withdrawal of cash from ATMs.
Chargeback: means a request following a disputed transaction whereby Loot will put a request through to a merchant for a debited transaction to be credited to your Loot Account.
Continuous Payment Authority: means a recurring payment where you give a company permission to regularly take money from your Card. The company can request payment from your Card whenever it is deemed that you owe them money.
Cut Off Time: means the latest time in which a payment can be paid into your Loot Account or can leave your Loot Account.
Disputed Transaction: means a transaction that you dispute the validity of in your Loot Account.
E-money: means electronic money and is the electronically stored monetary value of funds held in your Loot Account. Funds received into your Loot Account may be used for the purpose of making payments or transactions outside of Loot and its partners. E-money will be referred to throughout these Terms and Conditions as ‘money’.
Fees: means a variety of charges that can be raised for purchase and ongoing use of the Card and Account.
Loot Account: This is your E-money Account as a whole.
Issuer: means Wirecard Card Solutions Limited.
Limit/Limits: means the maximum value of funds that can be held in the Account at any one time; the Account Limits includes the total amount of funds in your Main Account and any Extra Accounts.
Main Account/Main Loot Accoun: means the first account you were issued with when you applied to Loot. When we confirmed that you had opened a Loot Account we provided the Main Account number and sort code to you.
PIN: means personal identification number i.e. the security number provided for use with the Card.
Standing Order: means an instruction to Loot by an account holder to make regular fixed payments to a particular person or organisation.
Supplier: means a retailer, merchant or other supplier of goods and/ or services which accepts payment by means of a card, card number, PIN or card and signature.
Summary Box: means the section in this Agreement that includes notification of charges associated with the Card and Account.
Transfer/Payment: means a payment to or from your Loot Account. A transfer can be a one off payment or a regular payment such as a Standing Order. Payments that you can make from your Loot Account include Card Payments, Standing Orders, single payments, ATM withdrawals and Continuous Payment Authorities. Payments can be made out of your Loot Account by inputting your details online, over the phone or in person. Payments into your Loot Account include faster payments in, BACs payments in, transfers in from another Loot Account or Extra Account or cash payment in.
Standing Order: means an instruction to Loot by you to make regular fixed payments to a particular person or organisation.
Supplier’s Bank: means the organisation, known as a merchant acquirer, used by the Supplier for the purposes of receiving payments arising from transactions.
Website: means the website, loot.io
We/us/our: means Wirecard Card Solutions Limited or Loot (a trading name of Loot Financial Services Ltd) and acting on their behalf.
You/your: means the person who has opened a Loot Account, and is authorised to use the Card and Account as provided for in this Agreement.
Loot Account Structure
- When you apply for a Loot Account you are applying for an E-money account with additional features which allow you to carry out some transactions normally associated with a bank current account such as Standing Order and faster payment. Upon verifying your identity and being accepted for a Loot Account you will be issued with a Loot Card and an account number and sort code for your Main Loot Account.
- Your Loot Account will have some minimum and maximum limits on things including your account balance and payments in and out of your Loot Account.
- We reserve the right to change the Limits on your Loot Account with immediate effect. If the Limits on your Loot Account change we will communicate the change to you through the channels listed on the Website.
- Any transactions Fees will be charged from the account where the transaction originated. You must ensure that you have sufficient funds in the account the transaction is taking place from to cover the cost of the transaction and the fee associated with that transaction. If there are insufficient funds in the account to cover the fee for the transaction the transaction will decline as a result.
Paying-in to your Account and Making Payments from it
- Paying-in: You may pay into your Loot Account in ways set out at Loot.io, or in the Loot Mobile App. Once you have logged into the Website you will also find information about frequency and Limits which may change from time to time.
- The time that it takes for your Account balance to be updated when you pay in to your Account depends on the method that you use and the time that it takes for the funds to be sent to the Issuer. All payments made into your Loot Account will be credited to your Account within an hour of the Issuer receiving them.
- The time that a payment is taken out of your Loot Account depends on the type of payment that is being made. For more information on payment times from your Loot Account, please refer to the payments page on the Website.
- The Loot Account does not have the facility to receive payments via CHAPS. Any payments sent to a Loot Account via CHAPS will be returned to the sending account.
- Fees relating to paying-in are set out in the Summary Box at the end of these terms.
- Making Payments: You may make payments from your Account in ways set out at loot.io where you will also find information about frequency, Limits etc., which may change from time to time.
- It is your responsibility to ensure that you enter the correct name, account number and sort code when making a payment out of your Loot Account.
- Should you send a payment to an account using incorrect details we will assist you in attempting to retrieve the funds; there is no guarantee that the funds can be retrieved, for example, if the funds have been sent to a legitimate account.
- You will find information about how you can give instructions to make payments at Loot. There are various Cut Off Times by which you need to give instructions which you should adhere to if you wish a payment to be made at a particular time.
- It is your responsibility to ensure that there are sufficient funds in the account where the transaction originated from to cover the cost of the payment and for the fee (if applicable) for that payment.
- If you pay-in, you cannot make a payment from your Account against the money you pay-in until your Account is updated by the Issuer and the money you have paid in appears in your balance.
- You cannot make a payment that would put your Account into a negative balance.
- You may cancel an instruction to make a payment; the criteria by which you can do so are set out in the Website.
- We or the Issuer may refuse to make a payment if it is not in accordance with these terms and conditions and the information provided at the Website, or Fees applicable would take you into negative balance, or the payment is to an organisation to which payments are proscribed by law, or to an organisation to which the does not make payments.
- If you believe there to be an error relating to a payment, you should contact us in ways set out on the Website.
- You may choose to temporarily block your Card on the Website through the card management area, if you have requested a block on your Card payments will not be made from your Card during the blocked period.
- If you have chosen to temporarily block your Card you can choose to unblock it at any time by logging into your Account and unblocking the Card through the card management area.
- Should we block your Card and/or Account no payments will be made from your Card and/or Account until the Card and/or Account has been unblocked. Loot accepts no responsibility for payments that were not paid into or out of your Card and/or Account as a result of a block on your Card and/or Account.
- The Loot Account does not have the facility to send payments via CHAPS.
- Fees relating to payments are set out in the Summary Box.
- It is your responsibility to ensure that you have sufficient funds in your Loot Account to cover a payment leaving your Account; this must include the funds to cover any Fees (if applicable). Payments due to leave your Loot Account where there are not sufficient funds to cover both the payment and the fee for the payment will decline.
- If you do not operate your Account in a satisfactory manner, we may refuse to accept Standing Orders to be paid from any or all of your Loot Accounts.
Use of the Card and Account
- The Card is a prepaid debit card which can be used to pay for goods and services at retailers that display the Mastercard® acceptance mark. To use the Card, present it at the time of payment in person with a merchant and enter your PIN or provide your Card details during the checkout process online, provide the Card details over the telephone or input the Card to an ATM to withdraw cash. The Card can be used in full or part payment of your purchase. When you receive your Card, you must activate it by one of the ways described on the Website.
- You must not make purchases that exceed the balance of funds available on the Account. Your balance will be reduced by the amount of each purchase you make. If any purchase takes you over your available funds or the Account Limits in force from time to time and set out on the Website (e.g. ATM withdrawal limit) the transaction will be declined.
- We reserve the right to request information at any time regarding the source of the funds used to pay into your Loot Account. We may also suspend use of the Account/ Card where this is the case, pending the satisfactory resolution of our queries.
- You can use the Card to make purchases in-person, via the internet or over the phone. The Card can be used to obtain cash through ATMs. You must not use the Card for:
- pre-authorised regular payments;
- transactions at self-service petrol pumps;
- transactions for cash (other than ATM) including for example, cash from a bank, money orders, travelers’ cheques, foreign exchange, or bureau de change, or any illegal purposes.
- Your Card cannot be used in situations where it is not possible for the Supplier to obtain online authorisation that you have sufficient balance for the transaction. For example, some transactions on trains, ships, and some in-flight purchases.
- We may close, suspend or restrict your Account, Card or PIN on reasonable grounds relating to:
- the security of your Account, Card, Card number or PIN;
- the suspected unauthorised or fraudulent use of your Account, Card or PIN. We will, if possible, inform you before stopping, suspending or restricting your Account, Card or PIN that we intend to do so and the reasons for doing this. If we are unable to do so then we will inform you immediately afterwards. The requirement to inform you does not apply where it would compromise reasonable security measures or it would be unlawful to do so; and
- at our discretion if you abuse our staff in any way.
- We are not responsible for the quality, safety, legality, or any other aspect of any goods or services purchased with the Account or Card. We are not liable for the failure of any merchant to honour the Card. We will not issue a Card under these terms and conditions to anyone under the age of 18 years old.
- Should you elect to activate a block on your Card or Account, you accept full responsibility for any payments or transactions that are not made or received into your Account during the period that the block remains in place. Loot will not accept responsibility for any payments or transactions not made during the period that a block on a Card or Account is in force.
- You agree that any use of your Account, Card, Card number or PIN constitutes your authorisation and consent to a transaction. You provide authorisation when you input your PIN in person when paying for something, by providing your Card to make a transaction or a number of transactions (may be referred to as Continuous Payment Authorities), when you input your Card number during an online checkout process or when you set up a Standing Order, or payment to pay someone.
- You cannot stop a transaction after it has been transmitted to us by giving your consent to the transaction, or once you have given your consent to the Supplier for a pre-authorised payment (e.g. Continuous Payment Authorities or recurring payments). Where you have provided a person or organisation with your consent to a recurring payment or Continuous Payment Authority, you can contact us to cancel this. You must also contact the person or organisation you are paying. You will still be responsible for any money you owe. You must contact us before 2pm at the latest on the Business Day before the payment is due. If you do not cancel the payment by the deadline specified above, we cannot accept responsibility for any payments that are subsequently debited to your Card and you will need to contact the person or organisation you are paying to cancel the payment.
- We may refuse a transaction or suspend or terminate the right to pay-in to your Account. We may do this if the relevant phone or computer link is busy. We may also do this if:
- a transaction might take you over your available funds in the Account; or
- a transaction might take you over any of your Account or Card Limits; or
- we reasonably believe that we need to do so to keep to the rules of the payment system under which your Card is issued; or
- we reasonably believe that there are needs to do so to comply with any law or as a matter of good practice.
- If you notice a payment out of your Account that you did not authorise, you should contact us immediately in ways set out at loot.io
- Before issuing a refund, we may require some further information from you, in order to assist us in investigating an unauthorised payment transaction(s) as quickly as possible.
- If we find that a payment transaction was not authorised by you, we will refund the amount of the unauthorised transaction to you on the same Business Day if we are notified before 4pm and by 10am on the following Business Day if we are notified of an unauthorised transaction after 4pm. Where applicable, we will refund any Fees that have been incurred as a result of the transaction taking place.
- You will, however, be liable for:
- all payments and any losses in respect of unauthorised transactions where you have acted fraudulently; and
- all payments and any losses if you intentionally or negligently failed to take reasonable steps to keep the security features of your Card safe or have failed to comply with these terms and conditions.
- We may debit your Account with any amount refunded, if we subsequently become aware that the payment was authorised by you.
- If it is found that you have deliberately made a false claim that a payment was unauthorised we may report this to the relevant authorities.
Foreign currency transactions
- The Loot Account does not have the facility to send payments to an international account.
- The Loot Account does not have the facility to receive funds from an international account.
- The Card can be used for transactions which are not in the currency of the Account although a fee will be applied for doing so.
- If you make a transaction in a currency other than the currency of the Account we will change the amount into the currency of the Account at the wholesale market rate or any rate that a government may set. We will charge a service charge (commission), see Summary Box.
- Exchange rates may change, and the exchange rate which applies on the date that you make your transaction may not be the same as the exchange rate we use on the date that we convert the transaction charge and deduct the service charge from your balance. The exchange rate applied will include this service charge.
- Your online statement will show the exchange rate and service charge.
Checking your balance
- To check the available balance on your Card or to review your transactions visit loot.io call 24 hours a day, or by using the Loot Mobile App.
Managing your balance
- It is your responsibility to ensure that you manage the balance on your Loot Account and any Limits set for your Loot Account.
- It is your responsibility to ensure that any payments into your Loot Account do not exceed the overall balance Limit on your Account. Please refer to Loot.io or the Loot Mobile App for your Loot Account balance Limit.
- Should a payment be sent to your Loot Account that would exceed the permitted balance on your Account, the full payment will be returned to sender. The payment will be sent back to the sender as soon as reasonably possible.
- It is your responsibility to ensure there are sufficient funds in your Loot Account to cover any payments that you make. If you make a payment from your Loot Account that brings your account into a negative balance it is your responsibility to ensure that funds are paid into your account immediately to cover the negative balance.
- It is your responsibility to ensure that there are sufficient funds in your Account to cover your monthly management fee.
- If you do not have sufficient funds in your Account to cover the monthly management fee the fee will be deducted from your Account the next time funds are paid into your Loot Account.
- If you have partial funds in your Account to cover your monthly management fee the partial amount will be debited from your Loot Account and the remaining owed on your monthly management fee(s) will be debited from your Account the next time funds are paid into your Loot Account.
- Your Loot Account is designed so that in the majority of cases your Account will not go overdrawn. There are some rare occasions where your Loot Account balance may be a negative amount. It is your responsibility to pay funds into your Loot Account immediately to cover any negative balance on your Account. If you persistently have a negative balance or fail to pay-in to cover a negative balance immediately we reserve the right to close your Loot Account.
- If you sign an agreement which you agree that your Account can be charged to process future/further payments and a payment is taken which applies a negative balance to your Account, it is your responsibility to ensure that funds are paid into your Loot Account to cover the negative balance.
- If a payment into your Loot Account is automatically recalled as a duplicate transaction or a transaction sent in error this means that the payment will be debited from your Loot Account. Should a recall of funds mean that your Account is in a negative balance it is your responsibility to ensure that funds are paid into your Loot Account immediately to cover any negative balance.
- In cases where there is a negative balance on your Loot Account where you have not paid into your Account to cover the negative balance we will contact you to request payment immediately.
- We reserve the right to transfer funds between any of your Extra Accounts and your Loot Account to cover any negative balances that may be in your Loot Account or your Extra Accounts.
- We are not responsible for any missed payment(s) from your Loot Accounts and/or your Extra Accounts as a result of funds being transferred to cover any negative balance in your Loot Account and/or Extra Account(s).
- We reserve the right to engage the services of a third party debt collection agency to assist in the collection of any negative balance(s) on your Account and we may take legal action to recover any outstanding amounts. This may have an adverse impact on your credit rating.
When your Card expires
- The card’s expiry date is printed on the Card. You must not use the Card after its expiry date.
- A replacement Card will be issued to you free of charge and sent to you at the address you have given us within two weeks of the expiry date. Tell us if you do not want your Card to be renewed in one of the ways we describe at the Website.
- If your Card has not been used in the eight weeks prior to its expiry date, you will be sent an email asking if you want to replace that Card and keep any existing balance on the Account. If you request that we do this, you will be issued with a replacement Card within two weeks. A replacement Card fee may apply (see Summary Box).
- If you renew your Card in circumstances under conditions 12.2 or 12.3 this Agreement will continue to apply.
- If you request that your Card is not renewed under condition 12.2 and 12.3 you will not be able to use it after its expiry date. You can redeem any outstanding balance on the Account up to 6 years after the expiry date by following the process in condition 13. If any balance remains on the account for more than 6 years after the expiry date, it will not be refunded.
- You can redeem all or part of your balance by contacting us in ways described on the Website up until the date that is 6 years after the expiry date shown on your Card or 6 years after your Account has been closed under conditions 14 or 15 in this Agreement. We will transfer any redeemed funds into a bank account which is in your name. We may request proof from you of the account name.
- You may be charged a fee (see “Paying out of your Loot Account” in the Summary Box) to cover the transfer of funds from your Loot Account to a bank account in your name.
- You must sign your Card as soon as you receive it and keep it safe. You must always make sure that you keep your personal security details secure and that you follow the personal security guidelines set out at Loot.io at all times. You should ensure that you:
- do not allow anyone else to use your Card;
- do not reveal your PIN and never write down your password(s), PIN or any security information you have given us unless you do this in a way that would make it impossible for anyone else to recognise any of that information;
- only release the Card, Card number or PIN to make (or try to make) a transaction; and
- if your Card is lost or stolen or someone else finds out the PIN or if you think your Card, Card number or PIN may be misused, you must:
- log onto loot.io and notify us that your Card is lost/stolen using the card management area on the Website. We have a 24 hour service on loot.io or on the Loot App to report your Card as lost or stolen; or
- call us immediately on (we have a 24 hour service to report your Card as lost or stolen) so that we can stop your Card and PIN;
- and, if we ask you must also write to us within seven days to confirm the loss, theft or possible misuse and stop using the Card, Card number or PIN immediately. If you find the Card after you have reported it lost, stolen or misused, you must cut it up and tell us as soon as you can. If your Card or any replacement Card, is lost or stolen, once you have reported it you can request a replacement by contacting us in ways described on the Website. We may charge a fee for the replacement card. This is set out in the Summary Box.
- You may not be liable for any use of the Card, Card number or PIN by another person who does not have your permission to use it or if it is lost, stolen or destroyed, unless:
- you agreed to that person having your Card, Card number or PIN, or through gross negligence or carelessness, failed to comply with condition 14.1, in which case you may be liable for any use that occurs before you tell us in accordance with these terms and conditions, or
- you acted fraudulently then, to the extent permitted by law, you may be liable for misuse of the Card, Card number or PIN.
- You may only be liable to a maximum of £50 resulting from transactions arising from the use of a lost or stolen Card or from the misappropriation of the payment instrument where you have failed to keep security features of the Card safe. The £50 liability limit is applicable to each instance of loss, theft or misappropriation and not each transaction.
- If your Card is used without your permission, or is lost, stolen or if you think the Card may be misused, we may disclose to law enforcement agencies, any information which we reasonably believe may be relevant.
- We will not be liable for:
- any abnormal or unforeseeable circumstances outside our reasonable control (for example, a failure of computer systems or any industrial action) if this prevents us from providing our usual service; or
- any person refusing to accept payment; or
- any cash dispenser failing to issue cash.
- We will not be liable for the way in which you are told about any refusal or delay.
- In case of errors or disputes about transactions, contact us in ways described in our Website.
Altering these Terms and Conditions
- We may change any of these terms and conditions, including changes to Fees and charges, or to introduce new terms. If we make any changes, we will give 60 days prior notice for material changes to the terms and conditions, should the change have no material effect to you or is to your benefit changes to these terms and conditions will become effective immediately. We will notify you of changes to these terms and conditions by ways described in our Website.
- If we change these terms and conditions, the new terms and conditions will be available at loot.io/termsandconditions from the date we notify you of the change. You will be deemed to have accepted any change to these terms and conditions unless you notify us of any objection before the proposed date of the change. Between receipt of the notice and the proposed date of change, if you notify us that you do not accept the change, this Agreement will terminate immediately and subject to condition 13 you can redeem your total balance at that time without charge.
- If you change your mind about having the Account and Card, you can close it within 14 days of the date you receive confirmation of your application being approved by contacting us in ways described in our Website. You will not be charged for closing your Account and cancelling your Card during this period. We will refund any balance remaining on the Card to you and any Fees that you have paid to open your Loot Account. You may use the model cancellation form set out at condition 20.3, but it is not obligatory.
- You can also close your Account and cancel your Loot Card any time after the 14 day period by contacting customer services, you will not be charged for closing your Loot Account or cancelling your Card. You should also cut your Card in half through the signature box, magnetic strip and chip.
- You agree that by requesting for your Account to be closed we will commence the closure process. This includes:
- cancelling payments due to leave your Loot Account; and
- rejecting incoming payments to your Loot Account.
- Closing your Account does not guarantee that payments that are being processed will not leave your Loot Account. We do not accept responsibility for payments that are made from your Loot Account following a closure request.
- You will not be entitled to a refund of money you have already spent on transactions authorised or pending or any Fees for use of the Card or Loot Account before the Account is closed or the Card expires.
Terminating this Agreement
- We may terminate this Agreement at any time but we shall give you 60 days prior notice to termination of the Agreement unless it is an exceptional circumstance which includes abuse to staff and material breaches to these terms and conditions.
- The reasons for ending the Agreement may include, but are not limited to:
- if this Agreement or your Card expires;
- if you are in breach of a material term of this Agreement; or repeatedly breach this Agreement and fail to resolve the matter in a timely manner;
- if you act in a manner that is threatening or abusive to our staff, or any of our representatives; or
- if you fail to pay Fees or charges that you have incurred or fail to pay back any negative balance on your card; or
- if your Account has not had any transactions on it for a consecutive 6 month period. Please note your monthly management fee(s) and/or dormancy fee(s) are classed as a transaction, if you have funds in your Account to cover your monthly management fee(s) and/or dormancy fee(s) then your Account will remain open until there is a period of 6 consecutive months where a transaction has not taken place. To view information on dormancy Fees that may apply to your Account please refer to the Summary Box.
- We may also close your Account and cancel your Card immediately if we:
- suspect fraud or misuse of your Card or Account; or
- have any other security concerns, or need to do so to comply with the law.
- We may close your Account if you operate your Account in a manner that could be classed as non-standard use of an Account e.g. solely for gambling purposes.
- You can terminate this Agreement by contacting us in ways described in our Website, subject to conditions 13 and 16.
- Once the termination of your Account commences all payments mandates out of your Account will be cancelled. Any payments into your Account will be returned to sender. If a payment is in the process of being paid out when the closure process commences there is a possibility that the payment may still go through. It is your responsibility to ensure that you have made alternate arrangements for payments into and from your Loot Account. We do not accept liability for any payments made or missed as a result of the account termination process commencing.
- If you do not redeem your full balance within 6 years of your Card’s expiry date, this Agreement terminates. If this happens, you will not be entitled to reclaim any funds that were held in your Loot Account upon termination.
- If you waive any remaining balance in your Account upon closure the funds will be transferred into an Account held by us and your Account will be closed.
- If the Account has a zero balance and no transactions have taken place for a period of 6 months, the Account will automatically be closed for fraud prevention reasons.
- By entering into this Agreement you agree that we may use your information in accordance with the ‘How we use your information’ section of these terms and conditions, as set out in condition 21.
- We may monitor and/or record telephone calls between you and us or service providers.
- We may record all communications you have with us including social media interactions.
- You must provide us with an email and postal address and phone number and let us know of any changes. You must advise us immediately of any changes to the details we hold for you, it is your responsibility to ensure that your details are up-to-date at all times.
- We may transfer our rights or obligations under this Agreement or arrange for any other person to carry out its rights or obligations under this Agreement. You may not transfer any of your rights or obligations under this Agreement.
- We can delay enforcing our rights under this Agreement without losing them.
- If we cannot enforce any paragraph, condition or part of a paragraph or condition under this Agreement, it will not affect any of the other paragraphs, conditions or the other part of the paragraph or condition in this Agreement.
- This Agreement is governed by the law of England and Wales. The language of this Agreement is English and all notices and information given under this Agreement will be in English.
Payment services information
- This condition 19 only applies if the Supplier’s Bank is located within the European Economic Area (EEA) and the payment services being carried out are transacted in euro, or another currency of an EEA member state.
- We will ensure that a transaction you make is credited to the Supplier’s Bank, or that returned funds following redemption or cancellation are credited to your bank within these timescales:
|Type of Transaction||Timescale|
|Transaction carried out in a currency other than euro (€) or pounds sterling (£) Or Transaction involving more than one currency||By the end of the fourth Business Day following the day on which the transaction or order is received|
|Any other Transaction||By the end of the Business Day following the day on which the transaction order is received|
- If you use your Card or provide your Card details to a Supplier to make a transaction before you know the amount which is going to be charged to your Card, then you may be entitled to request a refund if the amount is unexpectedly large, provided that you tell us within eight weeks from the date the transaction is deducted from your balance but you will NOT be entitled to a refund if you have been told by us, or the Supplier, of the amount of that transaction at least four weeks before the transaction is due to be deducted from your balance, and you consented to the transaction.
- On receipt of such a request under condition 19.3, we may require you to provide us with the information to ascertain whether the conditions in condition 19.3 have been met. Within 10 Business Days of receiving a request from you under condition 19.3 or on receiving any additional information required under this paragraph, we will provide a refund or justify why we are refusing the request.
- We are liable for the correct execution of the transaction unless we can prove that the transaction was received by the Supplier’s Bank, in which case the Supplier’s Bank is liable to the Supplier. You may request that we make immediate efforts to trace an incorrectly executed transaction and notify you of the outcome.
- When a Supplier initiates a transaction it is the Supplier’s Bank which is liable for the correct transmission of the relevant details to us. If the Supplier’s Bank can prove that it is not responsible for a transaction which has failed or has been incorrectly executed, we will be responsible to you.
- If we are responsible for an incorrect amount of a transaction being deducted from your balance, we will correct the error. If we are responsible for a transaction being deducted from your balance which you did not authorise, we will refund the amount of the transaction to your balance and treat the transaction as if it had never occurred. You must inform us of an unauthorised or incorrect transaction as soon as possible and in any event no later than 13 months after the debit date. If you do not do so, we may not be liable.
- We are not liable if you incorrectly identify the Supplier under a transaction. In such a case, we will make reasonable efforts to recover the funds involved.
Complaints and how to contact us
- If you would like to make a complaint, or contact us for any other reason connected to these terms and conditions please contact us in ways described in the Website. We have procedures in place to make sure that we handle your complaint fairly and quickly. However, if you are not satisfied with the outcome of your complaint, you can write to the Financial Ombudsman, Exchange Tower, London, E14 9SR. Telephone: 0800 023 4 567 from landlines, 0300 123 9 123 from mobile phones or +44 20 7964 0500 for calls from outside the UK and e-mail: firstname.lastname@example.org
How we use your information
- We shall transfer information relating to you to a third party which will search your record at credit reference and fraud prevention agencies. These searches are to check your identity and we do not carry out full credit reference checks or credit scoring for this purpose. We will use an automated decision-making system to assess your application and verify your identity.
- If we are unable to verify your identity adequately, we may ask you to provide some documentary evidence to help confirm your identity and address.
- Credit reference agencies may check the details you supply against any particulars on any database (public or otherwise) to which they have access. An unrecorded enquiry will be made. An unrecorded enquiry is a search that was not made for lending purposes. It cannot affect your credit rating or score when you apply for credit. It is not seen by lenders other than the one that carried out the search. It is included on your credit report so you know the search was made but does not affect your credit rating, or score, when you apply for credit.
- If you give us false or inaccurate information and we identify fraud, we will record this with fraud prevention agencies. Law enforcement agencies may access and use this information.
- The fraud prevention agencies will share records with other organisations. We and other organisations may access and use the information recorded by fraud prevention agencies overseas.
- Please contact us in ways described in the Website if you would like details of those credit reference and fraud prevention agencies. You have a legal right to these details.
- You have certain rights to receive a copy of any information we hold about you. Please contact us in ways described in the Website. We may charge you for this service.
- Some information held by credit reference and fraud prevention agencies will be disclosed to us and other organisations to, for example:
- to prevent fraud and money laundering, by checking applications for credit, credit-related or other facilities, proposals and claims for all types of insurance, job applications and employee records, and to verify your identity.
- The information held by these agencies may also be used for other purposes for which you give your specific permission or, in very limited circumstances, when required by law or where permitted under the terms of the Data Protection Act 1998.
- When you have an agreement with us we may use the following types of information about you:
- information you give us or we already hold about you, including any phone number you call us from, which we may record;
- information we receive when making a decision about your application or agreement, including information we receive from enquiries and searches made in your name with credit reference and fraud prevention agencies;
- information (including details of payments and transactions) we may hold about any managed account or policy which you hold with or through us; and
- information we receive from anyone who is allowed to provide us with information about you.
- We will process, use, manage, control, release and record information about you to:
- search credit reference and fraud prevention agencies’ records (including information from overseas) to manage your account;
- manage your accounts and policies, and manage any application, agreement or correspondence you may have with us;
- carry out, monitor and analyse our business;
- contact you by post, by phone or in another way about other products and services which we consider may interest you – unless you tell us that you prefer not to receive marketing by a certain method;
- fight fraud, money-laundering, terrorism and other crimes; and
- keep to any laws or regulations in any country.
- We may reveal information about you:
- to any person working for us or our co-brand partner;
- to fraud prevention agencies;
- to any organisation which backs any of our products which you hold;
- to any payment system under which we issue your Card;
- if a payment is processed through a worldwide payment system, to certain authorities in order to detect and prevent terrorism (including authorities outside the UK);
- to any person to whom we transfer any of our rights or obligations under any agreement we may have with you;
- to a third party debt collection agency to assist in the collection of any negative balance(s) on your Account; and
- to anyone you authorise us to give information about you to.
- Processing your information, as described above, may involve sending it to other countries outside of the EEA including the United States of America. In such circumstances we are responsible for making sure that your information continues to be protected.
- We will keep information about you for only as long as we need to or is required to meet legal obligations.
This table summarises key product features and information and is not intended to replace these terms and conditions. The Fees that apply to each price point of the xxxxxxxxxx Account are set out below.
|Fees and Limits|
|UK Debit Card||£0|
|Pay into your Account||£0|
|Account to Account Payments||£0|
|Domestic and Overseas ATM Withdrawal||£0 for the first two each month, £1 each withdrawal thereafter|
|Overseas Debit Card Payment||£0|
|Chargeback/Disputed Transaction Request||£0|
|Maximum balance at any time||£25,000|
|Maximum daily load - Accumulated load||£3,750|
|Maximum daily load - Bank Transfer||£3,750|
|Maximum daily load - Faster Payments and BACS||£3,750|
|Maximum daily load - Debit Card||£700|
|Maximum monthly load||£25,000|
|Maximum annual load||£25,000|
|Maximum single card payment||£25,000|
|Daily ATM withdrawal limit||£250|
|Monthly ATM withdrawal limit||£3,000|
|Annual ATM withdrawal limit||£15,000|
|Maximum Loot Goals load||£25,000|
23. Model Cancellation Form
To Loot Financial Services Ltd of 26 Red Lion Square, London, WC1R 4AG
I [name] of [address] hereby give notice that I cancel my Loot Account and Card Agreement under which I received the Account and Card.
Applied for by me on [date] and received on [date].
I understand that Loot Financial Services Ltd may need to contact me regarding my cancellation.
My daytime contact telephone number is [number].
My contact email address is [email address].