UkashOut User Agreement
1 INTRODUCTION
This User Agreement ("the Agreement") is made between
CSC24Seven.com Limited ("the E-money Issuer", "we", "our" or "us"
as appropriate) and our Consumer Account Holders ("Consumers" or
"you").
This agreement details the terms and conditions under which
CSC24Seven.com Limited issues its E-money product known as UkashOut
to its consumers. UkashOut is an Internet based e-money product
offering consumers and Merchants a cost effective means of
financial exchange on the Internet. The main access portal for
UkashOut is www.ukashout.com ("our website").
Additionally, you agree to visit our website at least once a month,
in order to obtain a copy of these terms and conditions in the
event that they have been amended.
In this Agreement we also set out the terms and the conditions
for signing up, and the use of the UkashOut Consumer E-money
Account ("UkashOut Account"). As we will strive to continually
improve the UkashOut products, we will from time to time enhance
the features and add new functionalities to UkashOut. These
enhancements could cause short interruptions to the access of our
website and may result in consumers being unable to access their
accounts temporarily. Our 24/7 Helpdesk Team however will provide
continuous support. Please see the "Contact Us" section on our
website for contact details.
Changes in our product, services, features and functionalities
will mean that parts of this Agreement will have to change from
time to time to reflect the changes we make to UkashOut. Changes in
our legal and regulatory obligations will also mean changes in the
terms and conditions in this Agreement. Any changes or amendments
we make to this Agreement will be posted on our website under the
Product Info section "Terms and Conditions". You will be notified
via on-screen massaging of any amendments when you sign up for an
UkashOut Account, or later on by changing your preferences in "Your
Profile". Any changes, updates or amendments will be effective and
binding upon you 30 (thirty) days after they have been posted on
our website.
2 ACCEPTANCE AND COMMENCEMENT OF THIS
AGREEMENT
You accept and become bound by the terms and conditions in this
Agreement by ticking the "I accept" box above the "UkashOut Account
Application" window when you sign up for an UkashOut Account. If
you would like to close your UkashOut Account please see the
"Product Info" section on closing the UkashOut Account.
3 ELIGIBILITY
Your UkashOut Account is a private account. By that we mean that
your UkashOut Account is meant for non commercial activities. If
you are contemplating using UkashOut for a commercial activity you
must sign up and register for a "Merchant Account". You can do this
by emailing Sales@csc24seven.com .
No consumer can hold more than one UkashOut Account Profile at
any one time. We reserve the right to deny you the right to sign up
for an UkashOut Account and use our services.
4 MINORS
Persons under the age of 18 are not permitted to sign up for
UkashOut.
BY SIGNING UP FOR A UKASHOUT ACCOUNT YOU ARE TELLING US THAT YOU
ARE OVER THE AGE OF 18 AND ELIGIBLE TO ENTER INTO A LEGALLY BINDING
CONTRACT.
In order to restrict certain services and Merchants from minors
we have put in place restrictions of use. The only way in which you
can use these services or access these merchants is to be age
verified.
5 SIGNING FOR A UKASHOUT ACCOUNT
During the online registration process you will be required to
provide certain information. Some of the text "boxes" are marked
with a star. The completion of these boxes is mandatory, and you
are required to provide the information we require, in order to
complete the registration process. You cannot use the UkashOut
Account unless you complete the registration process in full.
USE OF THE UKASHOUT ACCOUNT IS CONDITIONAL UPON YOU GIVING US
PRECISE AND ACCURATE INFORMATION. YOU THEREFORE CONFIRM THAT ALL
THE INFORMATION YOU PROVIDE WILL BE COMPLETE AND ACCURATE IN ALL
RESPECTS.
6 FUNDING SOURCES AND FUNDING
VERIFICATION
6.1 Minimum Balance
A minimum balance of USD 5.00 (or EUR 5.00 or GBP 5.00 depending
on the currency of the account) is required on all UkashOut
accounts that have linked payment cards. The minimum balance needs
to be maintained on the account at all times in order to cover
charges like balance enquiries, conversion fees, cash withdrawal
fees etc.
7 VERIFICATION
In order for us to comply with the rules and regulations
governing money laundering activities, funding of terrorism and
fraud we must verify that the information you have supplied us with
is correct and that you are who you say you are. We undertake to
collect; process and store all your information in strict
accordance with applicable data protection rules and regulations,
subject to the provisions of paragraph 10 below.
We have different levels of verification. The following 2 points
detail the different levels of verification:
• Submitting your due diligence documents to us: Once you have
completed the registration process you will receive an email. This
will request you to send to us a colour copy of your government
issued photo ID and a recent utility bill not older than 3 months.
You will be allowed to operate your account prior to us receiving
your due diligence until your total transactions reach the
equivalent of EUR 1000.00 (One thousand Euro) in either EURO, US
Dollars or British Pounds. This waiver of due diligence is not
permitted for credit card funding. Full instructions on how and
where to send these will be provided in the email. You cannot fund
your UkashOut Account or take money out from your UkashOut Account
until this process is complete.
• Funding verification: When setting up certain payment methods,
we need to ensure that you are the legitimate holder of these
accounts. To ensure this we will perform a combination of 2
challenge deposits and 1 withdrawal. Please note that we will not
draw more than we have deposited. You will also be required to
advise us online of the amounts of each transaction.
8 ISSUANCE OF ELECTRONIC MONEY
("E-MONEY")
Our business is the issuance of e-money. The funds you pay into
your UkashOut Account are immediately exchanged for e-money which
you can use to buy goods and services and transfer e-money to
others.
We are not a credit institution and we do not act as a trustee
of the balance you have on your UkashOut Account.
WE DO NOT PAY INTEREST OR OTHER EARNINGS ON THE AMOUNT OF
E-MONEY YOU KEEP ON YOUR UKASHOUT ACCOUNT, NOR ARE WE ALLOWED TO
GIVE LOANS OR CREDIT.
9 USE OF YOUR UKASHOUT ACCOUNT
9.1 Security Information: User Name, Password and PIN
In order to use our service we will assign you a user name. Once
your account is active, you can substitute your user name with your
email address. This will also work as your user name. When your
account is first opened we will assign you a password. You will be
required to change this password during the signup process to be a
unique password known only to you. You must also choose a password
that is not known to any outside party.
UkashOut will also offer you an electronic money instrument
("Payment Card") that will allow you to access your e-money at
certain participating cash dispensing machines or automated teller
machines. "ATMs". We will provide you your Personal Identification
Number ("PIN") with the Payment Card, and it is your responsibility
to ensure the safety of this PIN. We will not reveal your PIN to
anyone else. It is agreed that your Payment Card remains at all
times our property and you must return it immediately upon our
request.
Your password and your PIN is what we call "Security
Information".
You are responsible for the security and proper use of all
Security Information and you must take reasonable steps to ensure
that it is kept secret, secure and are properly used at all times.
For your safety and security we advise that you handle all
information related to the use of our service with the utmost care.
It is important to note that when your payment card is sent to you
the payment card is inactive and requires online activation using a
separate secure activation code that will be emailed to you.
WE WILL NOT BE LIABLE FOR ANY LOSS OR DAMAGE, WHICH IS A RESULT
OF ANY THIRD PARTIES OBTAINING YOUR SECURITY INFORMATION.
9.2 Our Security Obligations
9.2.1 We shall not disclose any of your Security Information to
any person other than you.
9.2.2 We shall not dispatch to you any Payment Card that has not
been requested unless in replacement of the Card you already
possess.
9.2.3 We shall maintain for a reasonable period of time internal
records in order to trace any transactions made through the use of
your UkashOut Account Card and rectify any errors.
Provided that we shall not maintain records of any sale receipts
of merchants.
9.3 Your Security Obligations
9.3.1 You must use your UkashOut Account and Payment Card in
accordance with these terms and conditions and any amendment
thereof.
9.3.2 You must take all reasonable steps to keep the Security
Information safe and prevent their fraudulent use, and in
particular:
(a) sign your Payment Card with a ball point pen as soon as you
receive it;
(b) destroy / delete any notice containing any Security
Information upon its receipt;
(c) do not allow any third person to use your UkashOut Account or
Payment Card;
(d) do not disclose any Security Information to any third
person;
(e) do not write down or otherwise record your Password or PIN in
any easily recognisable form;
(f) do not write down your PIN on the Payment Card or on any item
which you keep or carry with the Card.
9.3.3 You must notify us without delay after becoming aware
of:
(a)
(i) any delay in receiving your Payment Card;
(ii) the loss or theft of your Payment Card and/or Security
Information;
(iii) the possibility that your Payment Card and/or Security
Information are exposed to misuse;
(iv) the possibility that your Security Information is known by a
third person;
(b) any unauthorized transaction entered in your UkashOut
Account
(c) any error or other irregularity in relation to the operation
of your UkashOut Account.
9.3.4 Any notification under term 9.3.3 above must be given, at
any time of day or night, either:
(a) By email at Service@ukashout.com; or
(b) By telephone to our 24hour Card Cancellation Center at any of
the following numbers:
24-hour Card Cancellation Center
• International: +96 117 44962
• International US: +1 646 495 8291
• International France: +33 975 181 281
• International United Kingdom: +44 20 3318 1806
• International Middle East: + 964 7811 3244 40
International Fax number:
• +96 117 44960
(c) By post to:
CSC24Seven.com Limited 22 Zachariadhes Court 15 Nicodemou Mylona
Street Larnaca, 6010, Cyprus.
9.3.5 If any of the events under term 9.3.3 occur, you must
provide us with all the information you know in relation to the
event and return the Payment Card to us immediately, having cut it
horizontally across the embossed numbers. You must take all steps
considered necessary by us for the prevention of any further damage
and we are entitled to provide the Police with any relevant
information.
9.4 Maximum amount stored on your UkashOut Account
For regulatory and security reasons we limit the maximum balance
consumers may hold in a UkashOut Account Profile at any given time
to the equivalent of EUR 5000.00 (Five thousand EURO) in either
EURO, US Dollars or British Pounds. If you receive money from
another person, and the combined value of the stored amount of
e-money on your UkashOut Account Profile and the money received
exceeds the maximum amount, the deposit will be transferred to a
reserve fund and you will be able to transfer this back to your
UkashOut Account when you have spent the e-money on your UkashOut
Account.
Your e-money balance will be available on our website at all
times.
9.5 Limit on e-money spend
To limit the level of fraud and money laundering we have put in
place a maximum limit on e-money spend per purchase. These are
called velocity checks. Please contact our Helpdesk Team at Service@ukashout.com to confirm your current
maximum spending limit.
9.6 Claim for Goods and Services bought/Chargeback
You hereby understand and accept that any goods or service
bought using UkashOut is a matter between you and the relevant
merchant. We do not act as an agent or representative of any
UkashOut Account holder or merchant. Any claims you may have
relating to your transactions that are not directly related to the
payment process must be directed to the relevant merchant.
We do not accept any claim for chargeback (reverse payment) as
this is a matter between you and the relevant merchant. You are
also not permitted to contest any funding transactions that you
have made to your UkashOut account that has been correctly
deposited to your account.
You agree not to revoke an order given through your UkashOut
account or Payment Card except if the amount was not determined
when the order was given.
9.7 Change of Profile Information
You can change your profile information (your address, phone
numbers, or banking details) by accessing "Personal Profile" at www.ukashout.com and follow the instruction
for change of information. Please be aware that when you change
bank card information or address details we will need to verify
your information with you.
It is important that you keep us up to date with any changes to
your contact details. We will not be liable for any loss or fraud
that directly results from you failing to inform us of these
changes.
9.8 Fraudulent behavior
We reserve the right, at any time, at our own discretion to
disable your UkashOut Account on suspicion of fraud. We will carry
out checks on the information you provide to us when you sign up an
account to verify that you are who you claim to be. We will also
monitor your transactions for money laundering, criminal or
fraudulent behavior. If we find out that fraud, criminal or money
laundering activities have taken place, or we have reasonable
grounds to suspect such activities have taken place, we will
immediately report our findings to the proper authorities.
9.9 Redemption (withdrawal) of money
Redemption of funds is made by one of the following 3
methods
Online Purchase
These are possible wherever a merchant has entered into an
acquiring agreement with CSC24Seven.com Limited and integrated with
UkashOut and provide the UkashOut consumers access to the online
payments interface.
Payment Card at participating merchants and ATMs
Payment Cards are issued in partnership with our partner,
CSCBANK SAL, and provide access to your e-money via an
international network of merchants and ATMs.
By closing your account and receiving a cheque equivalent to the
remaining balance
At your request to close the account we can redeem the balance
of the e-money in your account, we will strive to do so within 1
(one) week from the time of your request. We will charge a fee to
cover our costs to redeem your e-money. See the Fees under the
"Product Info" section for exact costs. There is no minimum amount
you can redeem, however it must exceed the cost of the cheque and
courier package. Redemptions will normally be paid by cheque sent
to your registered address.
9.10 Dormant Accounts
Accounts are considered dormant after 180 days (with the
exception of virtual accounts which are considered dormant after 60
days) with no transactional activity taking place on the account.
Dormant accounts are charged an administration fee of USD 5.00 per
month for the first year, (or EUR 4.00 and GBP 3.00 depending on
the currency of the account) USD 20.00 (or EUR 17.50 and GBP 15.00
depending on the currency of the account) for the second year.
Dormant accounts with zero balances are closed.
10 PRIVACY
In order to provide our service and to comply with Money
Laundering regulations, we will collect and process the information
about you and your funding source(s) that you give to us. We will
also use this information to contact you from time to time about
UkashOut activities that could affect you. In addition, all
personal information given by you may be checked with fraud
prevention agencies and other organisations involved in crime
prevention to assist us in minimising fraudulent or criminal
activity.
By accepting this Agreement you also accept that we will collect
process and store your personal information in accordance with our
privacy policy. You also expressively accept that we may use and
pass on your information in accordance with the Privacy Policy. Our
Privacy Policy is an integral part of this Agreement.
(Be aware that we take your privacy concerns very seriously. We
have put in place a "Compliance Officer" for your benefit. Please
feel free to contact our Compliance Officer at any time at legal@csc24seven.com if you should have any
questions regarding our privacy policy.
11 PAYMENT PROCESS
11.1 General description of the Payment Process
When you redeem e-money at any online merchant, physical
merchant or ATM we will debit the amount from your UkashOut
Account. If you do not have sufficient funds in your UkashOut
Account for your transaction it will be declined. It is your
obligation to make sure you have the necessary funds available for
the transaction. Please note that ATM transactions attract "balance
enquiry", insufficient funds" and "cash withdrawal fees". Please
consult the Fees under the Product Info section at www.ukashout.com .
WE DO NOT UNDER ANY CIRCUMSTANCES TAKE RESPONSIBILITY FOR ANY
LOSS OR DAMAGE, ARISING AS A RESULT OF INSUFFICIENT FUNDING IN YOUR
UKASHOUT ACCOUNT.
11.2 Online Payment Process
For online payments we have put a security feature that allows
consumers to receive SMS text messages and/or email confirmation
for every transaction. This has been developed in order to make
your online payment experience the most secure and user friendly
experience in existence today. All you need to do is to enter your
user name and password with the merchant, select the account to
debit and the amount required for the online purchase. SMS and
Email transaction verifications are mandatory. After each
transaction you will receive a verification of the transaction via
SMS on your mobile phone or email. If you receive an SMS and/or
email and you have not made a transaction please contact our 24/7
Helpdesk Team at Service@ukashout.com immediately to report
the possible illegal use of your account, and to stop the
account.
11.3 Currencies
UkashOut is offered in US Dollars, Euros and British Pounds.
Consumers choose which currency they wish to hold their account in.
The maximum balance allowed for a UkashOut profile holding accounts
in any currency is equivalent to Euro 5000.00.
12 WARRANTIES
We will do our best at all time to process your payments in a
timely and efficient manner and we will to the best of our ability
make sure that you are satisfied with our services. We provide our
services without any warranties express or implied other than those
that are set out in this Agreement. We do not control third party
services such as banking systems, credit/payment card processing or
mobile telecommunications; therefore we cannot guarantee a hundred
percent continuous and uninterrupted access and use of our
service.
13 LIABILITY
Your UkashOut Account may only be used by you and is your
responsibility. You should treat your electronic purse like cash in
a wallet. If your user name, password, "Payment Card" or PIN is
lost, stolen, compromised or unlawfully copied, you could lose any
money in it, in just the same way as if you lost your wallet.
13.1 Your Liabilities
In the event that your Payment Card and/or Security Information
are lost or stolen or otherwise exposed to misuse, prior to
notifying us of such loss or theft or exposure to misuse you shall
be liable for damages up to the sum of EURO 170.00.
Provided that in the event that due to gross negligence you have
not complied with terms of this agreement, you shall be liable for
damages up to any amount. Provided that you shall also be liable
for any damages sustained as a result of the use of the Card and/or
Security Information by any person who obtained possession or
control of them with your express or implied consent or where you
acted fraudulently or with gross negligence.
13.2 Our Liabilities
13.2.1 In the event that your Payment Card and/or Security
Information are used after the oral or written notification to us
of their loss or theft or otherwise exposure to misuse, we shall be
liable for any amount of damages.
13.2.2 In the event that your Payment Card is used without your
authorisation, we shall be liable for any amount of damages despite
the fact that the Payment Card is in you possession. This does not
extend in the case where the card details have been illegally
replicated at either a merchant or an ATM.
13.2.3 Subject to your security obligations set out in paragraph
9.2 above, we shall be liable for the non-execution or the
incorrect execution of any transactions made through your UkashOut
Account provided that we have received your complete and accurate
instructions for their execution.
13.2.4 Subject to your security obligations set out in paragraph
9.2 above and your liabilities set out in paragraph 13.1 above, we
shall be liable for transactions executed without your
authorisation as well as for any error or irregularity attributable
to us during the operation of the UkashOut Account.
13.2.5 Our liability referred to in paragraphs 13.2.3 and 13.2.4
extends to the amount of the transaction not executed or
incorrectly executed as well as to the sum required to restore the
Cardholder to his position prior to the execution of the
unauthorised Card Transaction.
We do not take responsibility for any loss or damage arising
from your use of either your user name and password, or your
Payment Card and PIN. We are not liable for incorrect dispatches of
SMS texts, or the amounts stated in each transaction. We are not
liable for loss or damage caused by power shortage, errors or
failures in the data processing network and telecommunication
network, applicable regulatory changes, orders from public
authorities, war, strike, and other conditions outside our direct
control. 13.3 Limitation
Subject to the above, our liability is limited to direct loss or
damage you suffer as a direct result of our negligence for
circumstances over which we have direct control. Our liability is,
in any event, limited to the amount equaling the balance on your
UkashOut Account at the time the loss or damage occurred.
Otherwise, to the maximum extend permitted by law, we shall not be
liable for any loss or damage that result from the theft or loss of
your Payment Card, fraudulent use of your account, or any other non
authorised use of your UkashOut Account. Under no event shall we be
liable for any indirect or consequential loss or damages such as
lost profits or damage to reputation.
13.4 Settlement of Disputes
Complaints may be lodged and shall be investigated by the
Special Committee operating under the auspices of the Central Bank
of Cyprus upon receipt of a written application by the Bank or the
Cardholder stating all particulars relating to the case. (Central
Bank of Cyprus, Postal Address: 80, Kennedy Avenue, Cy1076
Lefkosia, Cyprus; www.centralbank.gov.cy).
14 DISABLING (CLOSING) YOUR UKASHOUT
ACCOUNT
We reserve the right at any time, at our own discretion, to
subsequently freeze and disable your UkashOut Account:
• When we have reason to believe you are engaging in money
laundering, fraudulent, criminal or other suspicious
activities.
• When we have reason to believe that you are not using your
UkashOut Account in accordance with these terms and conditions and
you continue to violate them after we have notified you of such
violation.
When you reach the financial limit for use of your UkashOut
Account without having been verified as set out in the funding
source process.
When your account has been inactive for more than the period
advised in our product info section and you have not responded to
our requests for contact.
We will endeavour to the extent permitted by law to send you
notice of account closure at the email address you have provided to
us.
We will continuously monitor all transactions for money
laundering, criminal or other suspicious activities and have put in
place "red flag" procedures to detect suspicious patterns or
activities. A "red flag" does not necessarily mean anything illegal
has taken place, but might mean we will disable your UkashOut
Account until we are satisfied that nothing illegal has taken
place. The decision on whether we will freeze your account, or
close it down completely, lies solely with us.
15 FEES, EXPENSES AND CHARGES
15.1 We have the right to debit your UkashOut Account with
charges, commissions and fees such as the amount of any cash
disbursement fees from ATMs, card reproduction/replacement fees,
PIN reproduction fees, commissions and fees for transactions in
foreign currency etc as they appear on the table of "Fees" section
of our website.
In the event of review of any of the above charges, commissions
and fees, the reviewed table of "Fees" shall appear on our website
and/or shall be notified to you via online massaging. You agree to
visit our website at least once a month, in order to be notified of
any reviews of our table of "Fees".
15.2 When you make payments in a currency other than your
UkashOut Account's currency, the amounts are converted into your
UkashOut Account's currency, the exchange rate plus a fee which is
calculated on the transaction amount. The conversion exchange rate
may differ from the rate prevailing on the date of the
transaction.
16 CLOSING YOUR UKASHOUT ACCOUNT AND YOUR
RIGHT TO CANCEL
16.1You may, at any time and without notice terminate this
agreement, by accessing your account select ("Stop Account") on our
website and follow the instructions. Surrendering your Payment Card
to us without this affecting your liability in respect of any
transaction prior to termination.
In such an event, we have the right to keep your UkashOut
Account open for a period of 45 days from the date that your
Payment Card has been returned to us. Any funds you have stored on
your UkashOut Account will then be forwarded to you by cheque and
your UkashOut Account will be closed down.
16.2 You also have the right, within 10 days from the date of
this agreement, to dissolve the Agreement unless you waive such
right in writing. The right to dissolve the Agreement is exercised
by serving or sending written notice to us to this effect together
with the Payment Card cut horizontally across the embossed
numbers.
17 LAW AND JURISDICTION
This Agreement shall be governed and construed by the laws of
the Republic of Cyprus and the Parties hereby submit to the
exclusive jurisdiction of the Courts of the Republic of Cyprus.
18 CONTACT AND NOTICES
If you wish to contact us about our service, make a complaint or
claim, you should do so by first contacting Service@ukashout.com . We shall undertake to
try to settle any dispute or claim arising out of this Agreement.
For full contact details please view the section "Contact us" at www.ukashout.com .
Any notice by us to you will be considered as delivered to you
if it has been sent or mailed to the email or correspondence
address completed on the UkashOut Account Application form. Any
dispatch of a Payment Card by us to you will be considered as
delivered to you if it has been sent or mailed to the
correspondence address completed on the UkashOut Account
Application form. In the event of a change in address or email
address, you must notify us in writing or by email immediately.
19 MISCELLANEOUS
19.1 You may not assign or transfer this agreement or your
rights under it. Cheques issued on closing an account can only be
issued in the name of the Consumer whose account was closed. We may
transfer or assign all or any of your rights and obligations in
this agreement without notice to you. Your rights under this
agreement will not be affected.
19.2 It is understood that we have the absolute right to offset,
without any prior notice to you, the amounts of any legal fees,
charges or expenses with any amounts in your UkashOut Account.
20 WHO IS RUNNING YOUR UKASHOUT ACCOUNT
Your UkashOut Account is held and operated by CSC24Seven.com
Limited which is authorised to issue e-money by the Central Bank of
Cyprus (Central Bank of Cyprus, Postal Address:80, Kennedy Avenue,
Cy1076 Lefkosia, Cyprus; www.centralbank.gov.cy). As an E-money
Institution we are not covered by any public or private insurance
schemes. We are however tightly regulated by both the Central Bank
of Cyprus and the applicable EU Directives and national Rules and
Regulations. This includes among other a one million EURO security
and/or a minimum own capital (funds) requirement equaling two
percent of all outstanding issuance of E-money. Please be aware
however that any balance (amount of E-money) you keep on your
UkashOut Merchant Account is an unsecured debt on us that could be
at risk if we should go bankrupt or become insolvent