OceanPay^® MasterCard^® Prepaid Card Terms and Conditions

Last modified: 26 March 2012

IMPORTANT INFORMATION: Please read this Agreement carefully before activating your Card.

1. Definitions & Interpretation:

2. Contact Us:

Your Cards can be managed online at www.oceanpay.com/crystaleu or call 1-866-431-8983 to report your Card(s) lost or stolen.

3. Your Agreement, Card and Account

3.1. Your Card is issued by Transact Network Limited, a registered company in Gibraltar, Company Registration No. 96561. Authorised and regulated as an e-money issuer by the Gibraltar Financial Services Commission. Registered Office: Suite 51, Victoria House, 26 Main Street, Gibraltar.

3.2. Your Payment Services are operated by Brightwell Payments, Inc. who act as a Program Operator on behalf of Transact Network Limited.

3.3. Transact Network Limited is licensed as a principal member with the System. MasterCard is a registered trademark of MasterCard International Incorporated.

3.4. 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.

3.5. Your Card is not a credit card and is not issued by a bank. The Card is a prepaid card. The Card is not connected in any way to any other account. The Card is not for resale. The Card will remain the property of Transact Network Limited and must be surrendered upon demand. The Card is nontransferable and it may be canceled, repossessed, or revoked at any time without prior notice subject to applicable law.

3.6. 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.

3.7. Only your Employer may reload the Card 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.

3.8. Reference to a currency (e.g. Euros € or Sterling £) shall mean that amount or the local currency equivalent in which your Card is denominated.

3.9. The Available Balance on your Card and/or Account will not earn any interest.

3.10. 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.

3.11. This Agreement does not give you any rights against a System, its affiliates or any third party.

3.12. Only persons over 18 years of age are entitled to register for the Payment Services. However, if you are the Cardholder you may allow the Payment Services to be accessed by your own child (or a child of whom you are the legal guardian) who is under 18 years of age in accordance with clause 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 safeguard your Account and meet our regulatory obligations.

5. Use of the Payment Services

5.1. You must activate your Card before it can be used. You can activate your card at any time by calling 1-866-431-8983 or by visiting www.oceanpay.com/crystaleu. You may need to provide personal information in order to verify your identity.

5.2. 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.

5.3. Your 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.

5.4. 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.

5.5. Once a Transaction is Authorised it cannot be withdrawn. Within the European Economic Area (EEA), we will ensure transfer of the payment to the payment service provider 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.

5.6. 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 process your Transaction.

5.7. 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.

5.8. 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.

5.9. As the Cardholder, you may apply to us for 1 Companion Card, for use by a Companion Cardholder on your account. Companion Cardholders whom are your children or you are their legal guardian must be 13 years old or older and Companion Cardholders whom are not your children or you are not their legal guardian must be 18 years or older. It is a condition of any registration for a Companion Card that you, as the Cardholder, acknowledge that we accept no responsibility or liability of any kind whatsoever for use of any Companion Card by any Companion Cardholder for illegal Transactions and/or Transactions not authorised by you. If you successfully register, we will send you a Companion Card. Upon receipt of the Companion Card, you may give the Companion Card to the Companion Cardholder for their use, subject to:

i. you providing them with a copy of these terms and conditions (which will then bind both of you);

ii. the Companion Card then being used only by that person;

iii. you retaining the Primary Card;

iv. you informing the Companion Cardholder that you have retained the Primary Card and that you are still able to use the Account;

v. us obtaining such further information and documentation in order to enable us to comply with all applicable KYC and anti-money laundering requirements.

5.10. You (the Cardholder) will remain responsible for the use of the Payment Services, and for any fees and charges incurred by the Companion Cardholder, 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 a Companion Cardholder has been registered will be regarded as confirmation that you have provided the Companion 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 Companion Cardholder.

5.11. Your ability to use or access the Payment Services may occasionally be interrupted, for example if we need to carry out maintenance on our systems. Please contact Customer Services via our website to notify us of any problems you are experiencing using your Card or Account and we will promptly resolve any problem.

5.12. If enabled, you will have the option to transfer an amount up to €1,020 per day 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 the funds to. You will incur a Card to Card Transfer Fee for each 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 up to 20% 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 fueling station, subject to Merchant acceptance, your Card may need to be pre-authorised for €75or more. 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. You may use your card to obtain cash from any ATM that bears the MasterCard or MasterCard affiliate acceptance mark. The maximum cumulative amount that may be withdrawn from an ATM per day is €2,510. The maximum amount that may be withdrawn from a participating bank (over the counter) per day is €500. 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:

i. memorising your PIN as soon as you receive it, and destroying the post mail or other authorised communication used to transmit it to you;

ii. never writing your PIN on your Card or on anything you usually keep with your Card;

iii. keeping your PIN secret at all times, including by not using your PIN if anyone else is watching;

iv. 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 (see Clause 3.3), we will provide the Cardholder 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 go to www.oceanpay.com/crystaleu and select the "Customer Support/Service" link. You can also call Customer Service at the phone number listed on the back of your card and a representative will assist you. If you enter an incorrect PIN three times, your card will be restricted until you contact Customer Service.

7.5. The Cardholder 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:

i. changing your registered details;

ii. checking the amount of Available Balance;

iii. checking Transaction details;

iv. requesting a Companion Card (when available);

v. reporting your Card as lost or stolen;

vi. changing your Username or Password.

7.6. The Payment Services may only be used by the Cardholder or any Companion 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 Cardholder as the Account address. The Account address is also the address to which we will send any correspondence.

8.2. The Cardholder must notify us within 7 days of any change in the Account address or your other contact details. You can notify us by updating your profile online or by contacting Cardholder 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.

9. Communications Regarding Your Account

We will not send you a paper statement unless requested. However, you can check your Available Balance and a sixty (60) day Transaction history at any time by logging on to your account or by calling 1-866-431-8983. The online service is free.

10. Cancelling the Payment Services

10.1. If you are the Cardholder and you wish to cancel the Payment Services at any time, you must request cancellation online by sending a secure e-mail via the “Customer Support” link informing us of your wish to cancel or calling Customer Service at the phone number listed on the back of your card. Our Customer Services department will then suspend all further use of your Payment Services and assist you in claiming a refund of your available funds.

10.2. Once we have received all the necessary information from you (including KYC) and all Transactions and applicable fees and charges have been processed, we will refund to the Cardholder any Available Balance less any fees and charges payable to us, provided that:

i. you have not acted fraudulently or with gross negligence or in such a way as to give rise to reasonable suspicion of fraud or gross negligence; and

ii. we are not required to withhold your Available Balance by law or regulation, or at the request of the police, a court or any regulatory authority.

10.3. Once the Payment Services have been cancelled, it will be your responsibility to destroy your Card(s).

10.4. If, following reimbursement of your Available Balance, any further Transactions are found to have been made or charges or fees incurred using the Card(s) or we receive a reversal of any prior funding transaction, we will notify you of the amount and you must immediately repay to us such amount on demand as a debt.

11. Right to Cancel (“Cooling-Off’)

You have a right to withdraw from this Agreement under the following conditions:

11.1. where you purchased the Payment Services by mail order, internet, fax, digitally or by email then you have a “Cooling Off” period of 14 days beginning on the date of the successful registration of your Account to withdraw from this Agreement and cancel the Payment Services, without any penalty but subject to deduction of any reasonable costs incurred by us in the performance of any part of the provision of services before you cancel. You must contact us within this 14 day period and inform us that you wish to withdraw from this Agreement and you must not use the Payment Services. We will then cancel the Payment Services and reimburse the amount of Available Balance on the Account to the Cardholder. However, we reserve the right to hold the Available Balance for up to 30 business days from receipt of your instructions before returning the balance, to ensure that details of all transactions have been received. If you used a credit or debit card to purchase and/or load your Card or Account, we may hold your funds for a reasonable period as is required to prevent any chargeback of your credit or debit card.

11.2. After the Cooling Off period you may only cancel the Payment Services as described in clause 10 above.

12. Expiry & Redemption

12.1. Your Card has an expiry date printed on it. The funds on your Account will no longer be usable following the expiry date of the most recent Card that was issued under the Account (“Expiry Date”). However, you may redeem any available funds on your Account for up to 6 years after the Expiry Date less any applicable fees.

12.2. You may not use your expired Card(s) after the Expiry Date.

12.3. If a Card expires before your Available Balance is exhausted, your Employer will make arrangements for your card to be renewed. If you are no longer on-board at the time your card expires, go to www.oceanpay.com/crystaleu and select the “Customer Support” link to make arrangements for your refund or a new OceanPay card to be sent to you at home.

12.4. Companion Cardholders’ Cards will expire on the Expiry Date as shown on the front of the Companion Card.

12.5. We reserve the right to issue you a replacement for an expired Card even if you have not requested one. If we do so, clause 12.3 will not apply. If you have not requested a replacement Card, you will not be charged a Card Replacement Fee as set out in the Fees & Limits Schedule.

12.6. We shall have the absolute right to set-off, transfer, or apply sums held in the Account(s) or Cards in or towards satisfaction of all or any liabilities and fees owed to us that have not been paid or satisfied when due.

13. Termination or Suspension of Your Account

13.1. We may terminate your use of the Payment Services with prior notice of at least 2 months.

13.2. We may terminate or suspend, for such period as may reasonably be required, your use of the Payment Services at any time, without prior notice:

i. in the event of any fault or failure in the data information processing system;

ii. if we reasonably believe that you have used or are likely to use the Payment Services, or allow them to be used, in breach of this Agreement or to commit an offence;

iii. if any Available Balance may be at risk of fraud or misuse;

iv. if we suspect that you have provided false or misleading information;

v. by order or recommendation of the police or any relevant governmental or regulatory authority.

13.3. If any Transactions are found to have been made or charges or fees incurred using your Card after the Expiry Date or after any action has been taken by us under clauses 13.1 or 13.2, you must immediately repay such amounts to us.

14. Loss or Theft of your Card

14.1. You are responsible for protecting your funds on the Card as if they were cash.

14.2. You should treat your Card like cash in your wallet and look after it accordingly. If you lose your Card or it is stolen, you may not be able to recover the funds on your Account, in just the same way as you would usually not be able to recover cash which you lose or which is stolen from you.

14.3. If your Card is lost or stolen or if you think someone is using the Payment Services without your permission or if your Card is damaged or malfunctions:

i. you must contact us as soon as possible and you must provide us with your Account or Card number and either your Username and Password or some other identifying details acceptable to us so that we can be sure we are speaking to you; and

ii. provided we have obtained the Cardholder’s consent to close the Account, we will then provide the Cardholder with a replacement Card with a corresponding new Account loaded with an amount equivalent to your last Available Balance less any Card Replacement Fee.

14.4. You will be liable for the first €150 of losses arising from any transactions that take place prior to your notifying us (whether or not they were made with your permission). You will not be held liable for any losses once you have notified us of loss or theft unless we reasonably determine that you have acted in accordance with clause 16.1.ii.f in which case you shall be liable for all losses.

14.5. Once we have been notified of any loss or theft, we will suspend the Payment Services as soon as we are able, to limit any further losses. We can only take steps to prevent unauthorised use of the Payment Services if you can produce sufficient details to identify yourself as the owner of the relevant Account.

14.6. Replacement Cards will be printed on-board ship or posted to the most recent Account address registered by the Cardholder.

14.7. If you subsequently find or retrieve a Card that you have reported lost or stolen, you must immediately destroy the found Card by cutting it in half through the magnetic stripe.

14.8. You agree to help us, our agents, regulatory authorities and the police if your Card is lost, stolen or if we suspect that the Payment Services are being misused.

15. Fees & Foreign Exchange

15.1. The Payment Services will incur fees and charges as set out in the Fees & Limits Schedule for which you shall be responsible. These fees and charges vary depending on the products and services you use and from time to time in accordance with that Schedule.

15.2. We will deduct any value added tax, and other taxes, charges and fees due by you to us from the Available Balance. If there is no Available Balance, or value added tax and other taxes, charges and fees incurred exceed the Available Balance, you must pay us the excess immediately.

15.3. If you use the Payment Services in a currency other than the currency in which the Payment Services are denominated, the amount deducted from your Available Balance will be the amount of the Transaction converted to your Account currency using a rate set by the System on the date the Transaction is processed. Please refer to the MasterCard website for more information. You may also be charged a Foreign Exchange Fee as set out in the Fees & Limits Schedule.

16. Our Liability

16.1. Subject to clauses 16.2 and 14.4;

i. neither party shall be liable to the other for indirect or consequential loss or damage (including without limitation loss of business, profits or revenues), incurred in connection with this Agreement, whether arising in contract, tort (including negligence), breach of statutory duty or otherwise;

ii. we shall not be liable:

a. if you are unable to use the Payment Services as set out or for any reason stated in clauses 4 and 16;

b. for any fault or failure beyond our reasonable control relating to the use of the Payment Services, including but not limited to, a lack of Available Balance or fault in or failure of data processing systems;

c. if a Merchant refuses to accept a Transaction or fails to cancel an authorisation or pre-authorisation;

d. for the goods or services that are purchased with your Card;

e. for any loss, fraud or theft that is reported more than 13 months following the event;

f. where you or a Companion Cardholder acted with undue delay, fraudulently or with gross negligence (including where losses arise due to your failure to keep us notified of your correct personal details).

16.2. To the fullest extent permitted by relevant law, and subject to clause 14.4, our total liability under or arising from this Agreement shall be limited as follows:

i. where your Card is faulty due to our default, our liability shall be limited to replacement of the Card or, at our choice, repayment to you of the Available Balance;

ii. where sums are incorrectly deducted from your Available Balance due to our fault, our liability shall be limited to payment to you of an equivalent amount; and

iii. in all other circumstances of our default, our liability will be limited to repayment of the amount of the Available Balance.

16.3. Nothing in this Agreement shall exclude or limit either Party's liability in respect of death or personal injury arising from that party's negligence or fraudulent misrepresentation.

16.4. No party shall be liable for, or be considered in breach of this Agreement on account of, any delay or failure to perform as required by this Agreement as a result of any causes or conditions which are beyond such Party's reasonable control and which such Party is unable to overcome by the exercise of reasonable diligence.

17. Refunds for Transactions

17.1. A Transaction shall be considered to be unauthorised if you have not given your consent for the Transaction to be made. If you believe that a Transaction has been made without your consent you should contact us in accordance with clause 2.

17.2. A claim for a refund of an authorised Transaction must be made within 8 weeks from the date on which the funds were deducted from your Available Balance. Within 10 Business Days of receiving your claim for a refund we will either refund the full amount of the Transaction or provide you with justification for refusing the refund.

17.3. A claim for a refund for an unauthorised or incorrectly executed transaction must be made without undue delay and in any event no later than 13 months from the date of the transaction.

17.4. If you are not satisfied with the justification provided for refusing the refund or with the outcome of your claim for a refund, you may submit a complaint to us or contact the complaints authority as described in clause 19.

18. Payment Charges & Re-imbursement of Costs

18.1. We may charge fees in connection with any of our services and facilities that you have made use of or requested based on our Schedule of Fees.

18.2. Where any request, transaction, disputed transaction, arbitration or reversed transaction involves third party costs you remain liable for these costs and they will be deducted from your account or otherwise charged to you.

18.3. We may charge you an Administration Fee in the following circumstances:

i. in the event that you make any payment to us that is subsequently reversed after 60 days due to inadequate account information or inadequate KYC documentation;

ii. in the event of a request for arbitration of a disputed Transaction;

iii. to cover our costs and expenses in providing you with manual support on your account (e.g. a request for legal, police, court or other judicial support).

19. Payment Disputes

19.1. We aim to provide customers with easy access to our customer services team who receive, record, investigate and respond to complaints.

19.2. We take complaints very seriously and value the opportunity they provide to assist us with reviewing the way we do business and helping us meet our customers’ expectations. Our primary aim is to resolve any complaints that you may have as quickly and effectively as we can and consequently have documented the steps to be taken below.

19.3. In the first instance, your initial communication will be with our Program Operator via phone, online via the OceanPay website or in writing via email at complaints@brightwellpayments.com. We expect Brightwell Payments to respond to your complaint within five working days. If internal investigation is required to resolve your complaint, we would anticipate that you receive a final response within four weeks of your initial complaint.

19.4. If having received a response from our Program Operator, you are unhappy with the outcome, please contact the Complaints Officer of Transact Network Limited directly in writing via email at complaints@transactnetwork.com.

19.5. If the Complaints Officer is unable to respond to your complaint immediately, you will receive confirmation that your complaint has been received and a formal investigation will be conducted. It is anticipated that you will receive a formal response of their findings within four weeks.

19.6. If the Complaints Officer of Transact Network Limited is unable to resolve your complaint and you wish to escalate your complaint further, please contact the Payment Services Team, Financial Services Commission, PO Box 940, Suite 3 Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar in writing via email on psdcomplaints@fsc.gi for further guidance. You may also contact the Department of Consumer Affairs of Gibraltar, 10 Governors Lane, Gibraltar.

19.7. You must provide us with all receipts and information that are relevant to your claim.

19.8. If our investigation shows that we have incorrectly deducted money from your Available Balance, we shall refund the amount to you. If we subsequently establish that the refunded amount had been correctly deducted, we may deduct it from your Available Balance and may charge you an Investigation Fee. If you do not have sufficient Available Balance, you must repay us the amount immediately on demand.

19.9. In relation to any dispute between the Cardholder and a Merchant, provided you are able to satisfy us that you have already made all efforts to resolve the dispute with the relevant Merchant, we will attempt to assist you so far as is reasonably practicable. If there is an un-resolvable dispute with a Merchant in circumstances where the Card has been used for a Transaction, you will be liable for the Transaction and will have to resolve this directly with the relevant Merchant.

20. Personal Data

20.1. Transact Network Limited is the data controller for your personal data and will process personal data given to it in connection with your Account in order to administer your Account and provide you with services relating to the Account and this Agreement.

20.2. Transact Network Limited may check your personal data with other organisations, and obtain further information about you in order to verify your identity and comply with applicable money laundering and governmental regulations. A record of Transact Network Limited’s enquiries will be left on your file. Transact Network Limited may provide personal data supplied by you to certain named third parties (including data processors) for the purpose of performing our obligations and exercising our rights under this Agreement, including third parties located outside the European Union where different data protection standards may apply. Transact Network Limited may also disclose your personal data as required by law or any competent authority.

20.3. By agreeing to these terms and conditions, you acknowledge and agree to Transact Network Limited’s processing of your personal data in this way.

20.4. You have the right to receive certain information concerning the personal data Transact Network Limited holds about you (for which you may be charged a fee), and to rectify such data where it is inaccurate or incomplete.

20.5. You have also seen Transact Network Limited’s Privacy Policy document and acknowledge and agree to the provisions thereof (as amended from time to time).

20.6. If you have elected to opt in to receive email and SMS marketing, Transact Network Limited may share your information with third parties so they can contact you directly by telephone or email about their products and services.

21. Changes to the Terms and Conditions

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 notifying the User 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 10).

22. Miscellaneous

22.1. We may assign our rights, interest or obligations under this Agreement to any third party (including by way of merger, consolidation or the acquisition of all or substantially all of our business and assets relating to the Agreement) upon 2 month’s written notice. This will not adversely affect your rights or obligations under this Agreement.

22.2. We do not intend that any of the terms of this Agreement will be enforceable by a person not a party to it, except that Systems and their affiliates may enforce any right granted to it under this Agreement.

22.3. Any waiver or concession we may allow you will not affect our strict rights and your obligations under this Agreement.

22.4. The Cardholder and any Companion Cardholder agree that they will not use the Payment Services in an illegal manner and you agree to indemnify us against any claim or proceeding brought about by such illegal use of the Payment Services.

22.5. This Agreement, and the documents referred to in it, constitute the entire agreement and understanding of the parties and supersede any previous agreement between the parties relating to the subject matter of this Agreement.

23. Regulation & Law

23.1. The Payment Services, Card and Account are payment products and not deposit, credit or banking products, as such they are not covered by the Gibraltar Deposit Guarantee Scheme. We are required by law to safeguard your funds and they are retained in a custodial account at the Royal Bank of Scotland (the “Custodial Bank”), please note that we may change the Custodial Bank to another suitably authorised financial institution without notice, However, in the unlikely event that Transact Network Limited and the Custodial Bank become insolvent, the Payment Services and any Available Balance are protected from other creditors’ claims.

23.2. To the fullest extent permitted by law and without affecting your legal rights as a consumer, this Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by, and construed in accordance with, the law of Gibraltar and the courts of Gibraltar shall have exclusive jurisdiction in relation to the same.

Fees & Limits Schedule