Monavate EEA Consumer Debit Card Terms linked to E-Wallet
1. Introduction
This Agreement contains the terms on which we provide the Services to you.
Please read this Agreement in full before you start using the Services; it contains important information about us, the Services we will provide to you, the circumstances under which this Agreement may be changed or ended, what to do and how to access help from us in the event there is a problem as well as other relevant information.
This Agreement refers to other documents that apply to the use of the Services as follows:
These additional documents are not part of this Framework Contract.
This Agreement should be read together with the terms (Kraken E-money Core Services Terms and Krak Card Terms, together “The E-Wallet Card Terms”) that you have in place with Payward Ireland Limited (“Kraken”). The E-Wallet Card Terms set out the basis on which Kraken provides you with an E-Wallet and provide further information on how you can use your Card. We will issue a Card, which is linked to the E-Wallet you have in place with Kraken, to enable you give instructions to Kraken to either use your fiat currency or sell digital currency in exchange for fiat currency, which in turn will enable you to pay merchants or use cashpoints that accept this Card.
Please contact us as set out at 2. below if you wish to discuss this Agreement. Please contact Kraken through the Krak app if you wish to discuss the E-Wallet Card Terms.
By starting to use the Services (including, for example, signing up for a card or using the Card to transact, you confirm that you accept and agree to this Agreement (including any updates to this Agreement and the other documents referred to above).
Cooling-off period: You are entitled to a 14-day “cooling off” period starting from the day you receive your Card. If you would like to cancel this Agreement during the cooling-off period, please contact us as set out at 2. below and return the Card to us in an unused condition. We will refund you any fees you have paid to date in relation to the services provided under this agreement. If you have used the Card, you will not be entitled to a refund of any funds you have spent or any fees incurred from such use. We will refund any initial issuance fee that you have been charged.
2. Who we are and how to contact us
Our company information: UAB Monavate is a company incorporated under the laws of Lithuania with entity code: 305628001. Our registered address is Konstitucijos pr. 21a, LT-08130, Vilnius ("Monavate", “us”, “we”, “our”, as applicable in the context).
We are authorised by the Bank of Lithuania: UAB Monavate is authorised by the Bank of Lithuania (“BOL”) (authorisation code: LB002139901097) to issue electronic money and provide payment services.
How to contact us: You can contact us:
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By phone: +37069870638
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By email: [email protected]
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By writing to: UAB Monavate, Konstitucijos pr. 21a LT-08130, Vilnius
3. Glossary
Card means the payment card issued by us to you that you may use to transact (as well as any replacement card issued to you by us).
E-Wallet means an e-money account issued to you by Kraken that you may load with funds to fund Card transactions.
Framework Contract means a contract for payment services which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account as defined in the Second EU Payment Services Directive.
Services means the Card and other services provided by us to you in connection with the Card.
4. Getting started
4.1. Eligibility: In order to be eligible to use our Services, you must be at least 18 years old. In order to start using our Services, you must apply for the Services and provide the relevant details about yourself when prompted.
4.2. Verification: We are required by law to verify certain details about you. We will not issue the Card until we have verified your identity and performed such other checks as we may in our discretion deem appropriate.
4.3. The information you provide must be accurate: The information you provide to us must be accurate, complete and truthful at all times. If your personal information changes, then you must update the information we hold about you. We may require additional information from you from time to time and you must cooperate by providing such information upon request.
4.4. Electronic checks with third parties: We may share information which we receive from you with other associated organisations or carry out checks on you electronically as is necessary for the purposes of providing the Services. When we perform electronic checks, we may disclose personal data about you to fraud prevention and credit reference agencies who may keep a record of that information. By applying for our Services, you agree to certain personal data about you being passed to such agencies for this purpose. You have the right of access to the personal records held by such fraud prevention agencies. We will supply the names and addresses of the agencies we use upon written request.
4.5. You must comply with laws applicable to you at all times. You must comply with laws applicable to you at all times. This means you must comply with all laws applicable to you during the time in which you are applying for Services and throughout the term of this Agreement.
5. About the Card
5.1. The Card is issued by us – UAB Monavate. Please see our company’s details in Section 2 (Who we are and how to contact us).
5.2. The E-Wallet is provided by someone else. The E-Wallet is an e-money account issued by Kraken and is not issued by Monavate.
5.3. Your E-Wallet balance. Each time you use the Card to make a payment, the balance of funds held in your E-Wallet will be reduced in accordance with the E-Wallet Card Terms. You must therefore ensure there are sufficient funds available, otherwise your transaction will be declined.
6. Use of your Card
6.1. How the Card can be used. The Card is a payment card that can be used for online and in-store purchases worldwide at merchants who accept the major card scheme which the Card uses as a form of payment for goods and services. The Card is not a credit card or a charge card. The number and amount of purchases and cash withdrawals you may conduct in a given amount of time may be limited – see the E-Wallet Card Terms and the Krak app for details.
6.2. Your E-Wallet Card Terms: The E-Wallet Card Terms describe, amongst other things:
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6.2.1. how Card transactions are authorised and how and when you can withdraw authorisation for a Card transaction;
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6.2.2. when a Card transaction might be refused by Kraken;
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6.2.3. the receipt and processing of Card transactions (you will receive a confirmation of Your Card transactions from Kraken);
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6.2.4. spending and Card transaction limits;
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6.2.5. fees, charges and currency exchange conversion rates (please note that other taxes or costs may exist that are not imposed by us or Kraken);
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6.2.6. how information related to your Card and your E-Wallet will be made available to you; and
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6.2.7. how and when to notify any unauthorised or incorrectly executed Card transactions, liability for them, and when you might be able to claim a refund.
Please contact Kraken through the Krak app for more information about the E-Wallet.
6.3. Payments made in different currencies: When we issue you your Card it will be denominated in Euro. If you attempt to make a payment using your Card in a currency that is different to the currency in which the Card is denominated, the payment will be automatically processed using a currency conversion rate and, as part of this, you may be subject to a fee in addition to any other fees which may apply. When making this currency conversion we will use the relevant exchange rate published by the card scheme that your card uses on their website. We will not however apply a margin on top of this fee.
6.4. You will need to consent to a transaction before we can charge it to your Card. To consent to a payment being made using the Card, you will need to use the Card or the Card number. You may need to take additional steps to consent to a transaction at the time you are paying, for example, you may need to enter details on a merchant’s online payment page, tap your Card at the point of sale in-store or enter your PIN on the key pad. Depending on the circumstances, you may be required to undergo some further security checks at the time such as providing biometric data (e.g. a fingerprint).
6.5. If the Card, card number and PIN, biometric data or other security details have been used, we will assume you have consented to the transaction. You must therefore tell us immediately if you do not recognise a transaction that has been charged to your Card and is listed as a transaction in the Krak app.
6.6. You cannot cancel a transaction after you have consented to it. You can, however, cancel payments that you have consented to be made on a future date, for example, if you have set up a recurring payment. You can cancel the payment permitting you contact us and the merchant by the end of the business day before the day the payment is due to be made.
6.7. There are situations where we may refuse to permit a transaction. There are certain situations in which we may refuse to permit a transaction. These situations are:
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if legal or regulatory requirements prevent us from making the payment or mean that we need to carry out further checks;
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if you have infringed this Agreement in a way that we reasonably believe justifies our refusing or delaying your payment;
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if we believe that processing your transaction would break this Agreement or that you have not provided all the information we need to make the payment properly;
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if a bankruptcy order is made against you or you have entered into an individual voluntary arrangement with your creditors;
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if, even after doing everything reasonably possible, we will not be able to make the payment on time;
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if a third party prevents us from making the payment (for example, a card scheme);
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if you owe us money;
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if we have asked you for important information we reasonably need and you have not given us that information; or
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if we have suspended your account.
The E-Wallet Card Terms describe when Kraken may refuse or decline a card transaction.
6.8. Accounting for service charges or tips when using the Card. When using your Card at certain merchants (such as, for example, hotels or car rentals), an additional amount (typically 10%-20%) may be added to anticipate service charges or tips, thereby temporarily charging your Card for an increased amount. This is to ensure there are sufficient funds available to cover the final amount of the transaction. If your actual service charge or tip is less than the additional amount added, it may take up to seven (7) days from the date of the transaction before the difference is available to spend. You will only be charged the actual amount of the final bill agreed between you and the merchant.
7. The Card will expire
You may only use your Card up until the expiry date which is printed on the front of the physical Card. We will aim to send you a new Card prior to your Card expiring; we or Kraken may ask you to confirm some details prior to our sending you a new Card.
Fees may apply in certain cases where we send you a new Card. Please see the fees set out at https://support.kraken.com/articles/krak-card-faqs.
8. How much will you pay
Fees: You must pay the fees in connection with your use of the Services. You can see all fees applicable to you at https://support.kraken.com/articles/krak-card-faqs.
9. Communicating with you
9.1. How you will be contacted: Kraken will contact you on our behalf if there is a specific issue that we need to discuss with you in relation to your Card (such as if we believe that your Card has been stolen or is otherwise being used fraudulently). Kraken may contact you by telephone, letter, SMS or email using the details that you have provided in the Krak app or otherwise to Kraken. Kraken may also contact you directly through the Krak app. You must keep your contact details in the Krak app up-to-date at all times.
9.2. Information: Where we are required to provide information to you on a durable medium, we will do so (through Kraken) either by them sending you a notification in the Krak app or pointing you to information in the Krak app in a way that enables you to keep that information, unchanged, and refer to it in the future, such as pdf. Please keep copies of information provided by us and/or Kraken to you. If you would like us to provide information in a different manner than agreed, then we and/or Kraken may charge you a reasonable administration fee to cover our costs. You will also be able to view the transaction statements in relation to the use of your Card which will be provided to you through the Krak app.
9.3. Language: We will communicate with you in English.
9.4. Your right to receive a copy of this Agreement: A copy of this Agreement is always available on https://www.kraken.com/en-gb/krak-card-terms.
10. Keeping your card safe
10.1. Steps you must take to keep your Card safe. You must take adequate measures and use best efforts to prevent unauthorized access/use of the Card. To help you keep your Card secure, you are required to:
− keep your Card, Card number, CCV and other security features secure;
− not permit any other person to use your Card;
− frequently review the list of transactions in the Krak app to monitor they are as expected as per your spending;
− inform yourself about common scams, such as phishing;
− always immediately report irregularities by contacting Kraken through the Krak app and follow the instructions provided.
The E-Wallet Card Terms also contain steps required by Kraken to help keep your E-Wallet safe.
10.2. If your security credentials or Card are lost, stolen or misused. If you lose your Card details or if they are stolen, or you suspect that your Card has been used by someone other than you, you must immediately tell Kraken by contacting them through the Krak app, so that your Card can be suspended. You may also be able to log into the Krak app and freeze use of your Card before telling us.
Please note that we may require you to provide some information in relation to your security credentials and/ or Card being lost, theft or misuse in writing. You must assist us with any related enquiries.
11. Our right to make changes to the Agreement
We may, at our discretion, amend the Agreement at any time (including amendments and additions to our fees).
11.1. Changes that we may make immediately: In certain exceptional circumstances such as where:
a. we have a reasonable belief that fraud is likely to or has occurred; or
b. the amendments are made in order to comply with any regulation,
we may make such amendments immediately and notify you following such amendments.
11.2. Changes we may make upon notice to you: Other than for immediate changes as set out above, if we wish to make a change to this Agreement, we will provide you with at least two (2) months’ notice in writing, via email.
If you do not agree to our proposed changes, you have a right to end the Agreement immediately free of charge. You can do so by telling Kraken (in accordance with the Kraken E-Wallet Card Terms) that you wish to cancel your Card and end this Agreement before the change takes effect. If you do not notify Kraken of any disagreement with the proposed changes, then we may assume you accept the changes to the Agreement on the date the change comes into force.
12. Our right to suspend access to the Services and/or cancel the Card
We may cancel your Card or otherwise suspend access to the Services immediately in the following circumstances:
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if we consider, acting reasonably, that you are behaving fraudulently or otherwise criminally;
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if you have not given us any information we have requested from you, or we have good reason to believe that information you have provided is incorrect or not true;
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if you have broken this Agreement in a serious or persistent way and you have refrained from putting the matter right within a reasonable time of us asking you to do so;
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if we have good reason to believe that you continuing to use your Card could damage our reputation or goodwill;
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if we have asked you to repay money you owe us and you have not done so within a reasonable period of time;
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if you have been declared bankrupt; or
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if we have to do so under any law, regulation, court order or the FCA or FOS’s instructions.
The E-Wallet Card Terms describe when Kraken may suspend access to the E-Wallet and its additional rights to suspend the use of the Card.
13. Cancelling your Card and ending this Agreement
13.1. You may close your Card and end this Agreement at any time. You may cancel your Card and end this Agreement at any time. You may do this by contacting Kraken. You only need to inform Kraken as set out in the Krak Card Terms; doing so will end this Agreement together with the Krak Card Terms.
13.2. Closing your Kraken E-Wallet. Closing the E-Wallet in accordance with Kraken UK E-Money Wallet Terms (your framework contract with Kraken) will also terminate this Agreement automatically as if you had told us (Monavate) that you also wished to cancel this Agreement. However, a notice to terminate this Agreement will not, on its own, be notice to terminate the Kraken UK E-Money Wallet Terms which will continue as set out in that agreement.
13.3. We may charge a fee if you end this Agreement, if this Agreement has been in place for less than six months.
14. Liability
If we do not reasonably meet our commitments to you under the terms of this Agreement, we are only responsible for loss you suffer that is a foreseeable result of our breaking this Agreement or our failing to use reasonable care and skill. We are not responsible for any loss or damage that is not foreseeable.
We do not exclude or limit liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation.
The Card is a consumer product; accordingly, if you use our Services for any commercial or business purpose we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.
15. Law governing this Agreement and jurisdiction
The law governing this Agreement is the law of England and Wales. The courts of England and Wales have jurisdiction to adjudicate any dispute between you and us in connection with this Agreement.
16. Dispute resolution
If you are not satisfied with the service you receive from us or from Kraken in relation to the Card then you should contact Kraken through through the Krak app or at https://support.kraken.com/en-gb and, if your complaint is related to the Card, then Kraken will communicate with us in order to resolve your complaint. If you are not satisfied with the service provided by Kraken in relation to the E-Wallet then you should tell Kraken using the details set out in the Kraken E-money Core Services Terms.
Correspondence may be monitored or recorded. Our complaints procedure is available at https://www.monavate.com/legal and, if we receive a complaint from you from Kraken, a copy of our complaints procedure will automatically be sent to you.
We will provide you a full response to your complaint by email within fifteen (15) Business Days after the date we receive your complaint. In exceptional circumstances where we are unable to respond in full to your complaint, we will inform you of this giving our reasons for the delay and the timeframe within which you will receive a full reply, which in any event shall be within thirty-five (35) Business Days of the date we received your complaint. If you are not happy with our response you shall raise your complaint with UAB Monavate.
Following a response from UAB Monavate, if you are still not satisfied with the resolution offered to you, you may apply to the Bank of Lithuania for the settlement of a dispute with us, which is an alternative dispute resolution institution between financial service providers and the Consumers in accordance with the following terms and procedures: (i) before applying to the Bank of Lithuania for dispute settlement, you must apply to us, specifying the circumstances of the dispute and your claim. You shall apply to us no later than within 3 months from the day when you became aware of possible violation of your rights; (ii) in the event where our reply does not satisfy you or you have not received our reply as outlined above, you shall have the right to apply to the Bank of Lithuania for the dispute settlement within 1 year after we have been contacted. Upon expiration of this term, you lose the right to apply to the Bank of Lithuania for the same dispute.
You may apply to the Bank of Lithuania for a dispute with us: (i) via the electronic dispute settlement tool "E-Government Gateway"; (ii) by filling in the Consumer Application Form available on the website of the Bank of Lithuania and sending it to the Bank of Lithuania Supervision Service at Žalgirio str. 90, LT-09303, Vilnius, Lithuania, or by e-mail [email protected]; (iii) by filling in the free form application and sending it to the Bank of Lithuania Supervision Service at Žalgirio g. 90, LT-09303, Vilnius, Republic of Lithuania, or by e-mail [email protected].
More information on the dispute settlement procedure is available on the website of the Bank of Lithuania: https://www.lb.lt/en/dbc-settle-a-dispute-with-a-financial-service-provider.
When you consider that we have violated the legislation regulating the financial market, you have the right to file a complaint with the Bank of Lithuania regarding possible violations of financial market legislation.
Your complaint to the Bank of Lithuania can be submitted as follows: (i) in writing, by sending a complaint to the address: Totorių str. 4, LT-01121, Vilnius, Republic of Lithuania or Žalgirio str. 90, LT-09303, Vilnius, Republic of Lithuania; (ii) by e-mail: [email protected] or [email protected]; (iii) by fax (8 5) 268 0038; (iv) by filling in the online form at the designated section of the Bank of Lithuania website; (v) by other means specified by the Bank of Lithuania.
In case a dispute cannot be resolved through negotiations, the dispute may be solved in the courts of the Republic of Lithuania in accordance with the procedure set forth by the laws of the Republic of Lithuania.
17. Data protection
We need to collect information about you to provide you with the Services under this Agreement. For information on how we use your personal data, please refer to our privacy notice.
By entering into this Agreement, you acknowledge and agree that we may collect, process and store your personal information for the purposes of providing our Services to you. This does not affect any rights and obligations you or we have under data protection law.
18. Other legal terms
18.1. We may transfer this Agreement to someone else
We may assign or otherwise transfer any of our rights and obligations under the Agreement, without your prior consent, to any other person or business, subject to such party continuing the obligations in the Agreement to you.
18.2. Third parties
Notwithstanding the fact that you have an agreement with Kraken relating to your use of the Card and E-Wallet, this Agreement is between you and us only. Except for any party to whom we transfer this Agreement (under Section 18.1), nothing in the Agreement gives any third party any benefit or right (including any enforcement right).