Version 6.0, 29th September 2020
What you’ll find here:
- Coconut App Terms: These terms cover your agreement with us for use of the Coconut product, whether you connect your own accounts to us, or open a Coconut current account with us.
- Coconut E-money Account Terms of Service: If you open or apply for a current account with Coconut, these are the terms to look at.
Coconut App Terms
By subscribing to use the app, you agree to these terms. If you do not agree to these terms do not subscribe to the app.
These Terms set out the basis upon which Coconut Platform Limited (company number 09904418 whose registered office is located at 27 Old Gloucester Street, London, WC1N 3AX (“Coconut/we/us/our”) will provide its Services to you.
Accountant Partner: a third party Accounting Services provider that we introduce to you via the App.
Accounting Features: any accounting features of the App made available to you which may include, without limitation, the ability to estimate your tax liability and profit or loss.
Accounting Services: professional accounting services including, but not limited to, providing tax advice, preparing and submitting tax returns and financial statements, processing payroll and completing vat returns.
Account Information Service: an online service which provides consolidated information on payment accounts held by you with one or more payment service providers, such as banks.
Account Information Services Provider: a payment service provider which is authorised to provide Account Information Services to you with your explicit consent.
Agreement: the agreement between you and Coconut for the provision of the Services incorporating these Terms and which is formed in accordance with clause 2.
App: any web-based, Android or iOS application made available to you by Coconut.
Coconut Account: Your account held with us to access and use the Services.
Coconut E-money Account: The Coconut branded electronic money account and associated debit card issued by the Coconut E-money Account Services Provider.
Coconut E-money Account Fees: Coconut’s fees for the provision of your Coconut E-money Account as set out in the Coconut E-money Account Terms of Service.
Coconut E-money Account Services Provider: the third party electronic money account services provider used by Coconut to provide your Coconut E-money Account and which is authorised by the FCA to provide such services to you..
Coconut E-money Account Terms of Service: the terms under which the Coconut E-money Account Services Provider will provide you Coconut E-money Account set out below these Terms.
Confidential Information: means information including (without limitation) any content, document, image or any information relating to the disclosing party’s financial affairs or business in whatever medium and irrespective of any labelling of “confidential” or similar.
Content: any content provided by you or on your behalf which is uploaded onto the App, including all data provided by the Account Information Services Provider, the Coconut E-money Account Services Provider and the Accountant Partner in relation to your use of the Services.
Customer Support: The team responsible for supporting queries relating to your Coconut Account.
Data Protection Legislation: all applicable data protection and privacy legislation in force from time to time in any relevant jurisdiction including, in relation to the UK, the General Data Protection Regulation ((EU) 2016/679); the Data Protection Act 2018; the Privacy and Electronic Communications Directive 2002/58/EC (as updated by Directive 2009/136/EC) and the Privacy and Electronic Communications Regulations 2003 (SI 2003/2426) as amended.
Device: any mobile or other device used by you on which the App is to be installed.
Fees: the fees payable by you to Coconut for the Services, including the Subscription Fees and E-money Account Fees.
Payment Account: an account which is used for the execution of payment transactions, such as a current account, e-money account or credit card account.
Services: means access to the App and the provision of any services made available via the App.
Strong Customer Authentication (SCA) means additional security measures to verify that you have authorised certain transactions or other actions related to the use of your Card and/or Account.
Subscription Fees: means Coconut’s monthly subscription fees for your use of the App which you can view at any time when logged into the App by checking your account settings. Coconut’s current monthly Subscription Fees to new customers are set out on the Coconut website at getcoconut.com/pricing.
Subscription Plan: means the pricing plan that you select in order to access the functionality offered in relation to that plan, in exchange for paying the relevant Subscription Fees. The available plans and their functionality are set out in the App and on the Coconut website at getcoconut.com/pricing.
Term: means the term of the Agreement as set out in clause 1.
Terms: means these terms and conditions and any other document expressly incorporated into them by reference as updated from time to time in accordance with clause 4.
Virus: any thing or device (including any software, code, file or programme) which may prevent, impair or otherwise adversely affect:
(i) the operation of any software, hardware or network, any telecommunications service, equipment or network or any other service or device;
(ii) access to or the operation or reliability of any programme or data, including the reliability of any programme or data;
(iii) user experience;
including worms, trojan horses, viruses and other similar things or devices.
you/your/yours: means the relevant customer that wishes to purchase the Services being either you the individual or, where you operate through a corporate entity, the relevant corporate entity identified by you when you create your Coconut Account.
2.1 Your completion of Coconut’s online account registration process, including acceptance of these Terms, shall form a binding agreement between Coconut and you for the provision of the Services.
2.2 You must be 18 or over to accept these Terms and buy Coconut’s Services.
2.3 At any time during the term of the Agreement, you have the right to obtain a copy of these Terms. If you would like to request a copy of these Terms please email the Coconut customer service team at [email protected]
2.4 Subject to you paying the Fees and agreeing to these Terms, Coconut hereby grants to you a non-exclusive, non-transferable right to use the Services during the Term solely for your own business purposes.
3. Complaints Procedure
3.1 Complaints regarding any element of the Services provided by us can be sent to Customer Support by emailing us at [email protected]
3.2 All complaints will be subject to our complaints procedure. We will provide you with a copy of our complaints procedure upon request and, if we receive a complaint from you, a copy of our complaints procedure will be provided to you.
3.3 If we fail to resolve your complaint to your satisfaction you may refer your complaint to the Financial Ombudsman Service (Exchange Tower, London E14 9SR, phone 0800 023 4567). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.
4. Changes to the Services and These Terms
4.1 From time to time Coconut may need to update, reset, stop offering and/or supporting particular parts of the Services, or features relating to the Services. These changes may be made automatically by Coconut or Coconut may ask you to update the App for these reasons. If you choose not to install such updates or if you opt out of automatic updates you may not be able to continue using the App and the Services.
4.2 Coconut may revise these Terms from time to time. Such changes will usually occur because of changes being made to the Services, changes in the law or where Coconut needs to clarify its position on something. Any changes to these Terms will take effect in accordance with the timeframe set out in any email sent to you notifying you of the changes, or at the time the revised Terms are posted on the Services (whichever is the earlier).
4.3 Coconut will try, where possible and reasonable, to let you know about any significant changes to the Services and these Terms via the Services or by separate email.
4.4 Once we have made changes to the Services and/or these Terms, your continued use of the Services will show that you have accepted these changes. If you do not accept any such changes you should stop using the Services and terminate the Agreement in accordance with clause 18.2.
5. Account Information Services
5.1 Coconut is registered with the FCA as an Account Information Services Provider (reference number: 931194). By agreeing to these Terms you are consenting to Coconut acting as an Account Information Service Provider for you in relation to your Payment Accounts.
5.2 Coconut uses TrueLayer to connect your Payment Accounts to Coconut. TrueLayer is authorised by the FCA as an Authorised Payment Institution (reference number: 793171).
5.3 When you connect your Payment Accounts to Coconut, Truelayer gains read-only access to transaction data associated with the connected accounts. This lets Coconut display your account information and transactions within Coconut. All your details are encrypted and protected by bank level security. Transaction data obtained by TrueLayer is deleted from their system after 1 hour.
6. Coconut E-money Account Customers
6.1 Where you choose to set up a Coconut E-money Account, Coconut’s Coconut E-money Account Services Provider is PrePay Technologies Limited, a company registered in England and Wales with number 04008083 which can be contacted at PO BOX 3883 Swindon SN3 9EA (“PPS”) which is authorised by the FCA under the Electronic Money Regulations 2011 (FRN: 900010) for the issuing of electronic money and payment instruments. Coconut is acting as the agent of PPS in relation to these services. Coconut’s agent reference number with the Financial Conduct Authority (“FCA”) is 902016. By setting up a Coconut E-money Account you are agreeing to the Coconut E-money Account Terms of Service. The Coconut E-money Account Terms of Service set out the terms on which you agree to PPS providing their e-money current account services to you. Your Coconut E-money Account card is issued by PPS pursuant to a licence granted by Mastercard.
7 Personal Data
7.1 Coconut shall be the controller of any personal data of yours which it uses to manage its relationship with you and/or which is required for you to set up your Coconut account and access the Services. You shall be the controller of any personal data contained in the Content when Coconut uses it to provide its Services to you. Coconut may also process personal data contained in the Content as a controller where this is necessary for fraud prevention and/or other lawful purposes. For more information about how Coconut uses your personal data as a controller please see getcoconut.com/privacy.
7.2 Both parties will comply with all Data Protection Legislation in relation to any personal data to be processed by them under the Agreement.
7.3 Where Coconut is acting as a processor of any personal data on your behalf:
(a) the scope of the processing is any processing activities required to provide the Services to you;
(b) the purpose of the processing is the provision of the Services to you, including allowing you to upload Content onto the Services;
(c) the duration of the processing will be for as long as the Services are provided to you;
(d) the data subjects are you or the individual authorised by you to access the Services and any individuals whose personal data is included within the Content; and
(e) the types of personal data is the personal data provided by the Account Information Services Provider, Coconut E-money Account Services Provider, Accountant Partners and any other personal data provided by you or on your behalf within the Content.
7.4 When acting as a processor of your personal data:
(a) Coconut shall:
(i) process such personal data in accordance with your instructions from time to time provided that such instructions are within the scope of the Services;
(ii) take appropriate technical and organisational measures against unauthorised or unlawful processing of the personal data or its accidental loss, destruction or damage appropriate to the harm that might result from the unauthorised or unlawful processing or accidental loss;
(iii) ensure that all personnel who have access to and/or process personal data are obliged to keep the personal data confidential;
(iv) not transfer any personal data outside of the European Economic Area without providing appropriate safeguards in relation to the transfer as required by Data Protection Legislation;
(v) assist you, at your cost, in responding to any request from a data subject and in ensuring compliance with your obligations under the Data Protection Legislation with respect to security, breach notifications, impact assessments and consultations with supervisory authorities or regulators;
(vi) notify you without undue delay if it becomes aware of a breach of security which has resulted in the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of or access to personal data;
(vii) at your written direction, delete or return personal data to you on termination of the Agreement unless required by applicable law to store the personal data;
(viii) maintain complete and accurate records and information to demonstrate its compliance with this clause 7.4; and
(ix) permit you (or your third party auditor) to audit its compliance with these Terns on giving reasonable notice, provided that any third party auditor mandated by you to conduct such audit has entered into confidentiality undertakings which are satisfactory to Coconut and you use reasonable endeavours to ensure that any such audit is designed to minimise disruption to Coconut’s business. You shall not be entitled to conduct such audits more than once in any twelve-month period unless an audit is mandated more frequently by a regulatory authority;
(i) consent to Coconut appointing third-party sub-processors of personal data provided that Coconut ensures that they are subject to terms substantially similar to those in this clause 7.4. Coconut shall inform you of any intended changes to the identity of any third-party sub-processor. Coconut shall remain fully liable for all acts or omissions of any third-party sub-processor appointed by it pursuant to this clause 7.4(b)(i);
(ii) shall ensure that you are entitled to transfer the relevant personal data to Coconut so that Coconut may lawfully use, process and transfer the personal data in accordance with these Terms on your behalf; and
(iii) shall ensure that the relevant third parties have been informed of, and have given their consent to, such use, processing and transfer as required by Data Protection Legislation.
8 Coconut’s Obligations
8.1 Coconut undertakes that the Services will be performed substantially in accordance with these Terms and with reasonable skill and care and in compliance with all applicable laws and regulations. This undertaking shall not apply to the extent any non-conformance is caused by use of the Services in breach of these Terms or contrary to Coconut’s instructions, or modification or alteration of the Services by any party other than Coconut or Coconut’s duly authorised contractors.
8.2 If the Services do not conform with the undertaking in clause 8.1, Coconut will, at its expense, use reasonable endeavours to correct any such non-conformance promptly, or provide you with an alternative means of accomplishing the desired performance. Such correction or substitution constitutes your sole remedy for any breach of this undertaking.
8.3 If we suspect there has been any actual or suspected fraud or a security threat in relation to your Coconut Account or Coconut E-money Account we will contact you as soon as possible by email, SMS, push notification or phone.
9. Data Collected when you use the Services
9.1 By using the App or any of the Services, you agree to Coconut collecting and using technical information about your Device and related software and hardware and your use of the Services to improve its products and to provide its Services to you.
9.2 Coconut may create analysis using information derived from your use of the Services, however such analysis will not include any personal data.
10. Your Obligations
10.1 You shall:
(a) provide Coconut with all necessary cooperation in relation to the Agreement and all necessary access to such information as may be required by Coconut in order to provide the Services, including but not limited to Content;
(b) ensure that any individuals authorised by you to use the Services on your behalf do so in accordance with these Terms and shall be responsible for any breach by such individuals of these Terms;
(c) use all reasonable endeavours to prevent any unauthorised access to, or use of, the Services and, in the event of such unauthorised access or use, promptly notify Coconut. You shall be liable for any loss, or any unauthorised use, of your login details;
(d) ensure that your network, browser and systems and any Devices comply with the relevant specifications required by Coconut from time to time to allow you to use the Services;
(e) ensure that you have permission from the Device owner to download or stream the App onto it and shall be responsible for complying with these Terms, whether or not you own the Device; and
(f) be solely responsible for procuring and maintaining your network connections and telecommunications links from your systems and any Device to the Services.
11. Acceptable Use Terms
11.1 You must not:
(a) use the App or the Services in any unlawful manner, for any unlawful purpose, or in any manner inconsistent with these Terms, or act fraudulently or maliciously, for example, by hacking into or inserting malicious code, such as Viruses, or harmful data, into the App, the Services or any operating system;
(b) infringe Coconut’s intellectual property rights or those of any third party in relation to your use of the App or the Services, including by the submission of any Content (to the extent that such use is not licensed by these Terms);
(c) transmit any material or use the App or Services in any way that is defamatory, offensive, incites or leads to criminal offenses or glorifies or downplays violence, is sexually offensive or pornographic, is not suitable for children or endangers adolescents or harms the reputation of Coconut or is otherwise objectionable;
(d) use the App or the Services in a way that could damage, disable, overburden, impair or compromise Coconut’s systems or security or interfere with other users;
(e) collect or harvest any information or data from the Services or Coconut’s systems or attempt to decipher any transmissions to or from the servers running the Services;
(f) except as may be allowed by any applicable law which is incapable of exclusion and except to the extent expressly permitted under these Terms;
(i) attempt to copy, modify, duplicate, create derivative works from, frame, mirror, republish, download, display, transmit, or distribute all or any portion of the App in any form or media or by any means; or
(ii) attempt to reverse compile, disassemble, reverse engineer or otherwise reduce to human-perceivable form all or any part of the App; or
(g) access all or any part of the App or the Services in order to build a product or service which competes with the App or the Services;
(h) use the App or the Services to provide services to third parties;
(i) subject to clause 22.6, license, sell, rent, lease, transfer, assign, distribute, display, disclose, or otherwise commercially exploit, or otherwise make the Services or the App available to any third party; or
(j) attempt to obtain, or assist third parties in obtaining, access to the App or the Services, other than as expressly agreed by Coconut.
12 Fees and Payment
12.1 Subscription Fees are payable monthly in advance using the payment method selected by you when you selected your Subscription Plan or as otherwise agreed with you from time to time.
12.2 All card payments to Coconut are made via Coconut’s chosen third party payment provider.
12.3 The Coconut E-money Account Fees and details of when and how they are payable are set out in the Coconut E-money Account Terms of Service.
12.4 Coconut may increase its Subscription Fees at any time on giving not less than 30 days’ prior written notice to you of any such increase.
12.5 Variations to the Coconut E-money Account Fees shall be made in accordance with the Coconut E-money Account Terms of Service.
12.6 If Coconut has not received payment by the due date, and without prejudice to any other rights and remedies it may have, without liability to you, Coconut may disable your account and access to all or part of the Services and/or the Content and Coconut shall be under no obligation to provide any or all of the Services while the Fees remain unpaid.
12.7 All amounts and Fees stated or referred to in these Terms:
(a) shall be payable in pounds’ sterling;
(b) are, except in accordance with clause 18.6, non-refundable;
© are exclusive of value added tax which shall be payable by you at the applicable rate.
12.8 You can change the Subscription Plan applicable to your Coconut account at any time by contacting Coconut customer support at [email protected] Your plan will be changed at the end of the billing cycle in which the request is received.
13. Rights in the Services and Content
13.1 You acknowledge and agree that Coconut and/or its licensors own all intellectual property rights in the App and the Services. Except as expressly stated herein, these Terms do not grant you any rights to, or in, patents, copyright, database right, trade secrets, trade names, trade marks (whether registered or unregistered), or any other rights or licences in respect of the App or the Services.
13.2 We acknowledge and agree that you and/or your licensors own all intellectual property rights in the Content. You shall have sole responsibility for the legality, reliability, integrity, accuracy and quality of the Content. You hereby grant Coconut a non-exclusive, worldwide, transferable, royalty-free license to use the Content to the extent necessary for the provision of the Services to you.
13.3 You warrant that you have the right to upload the Content on the App and that the use of the Content in relation to the Services by Coconut in accordance with these Terms will not infringe the rights of any third party.
14.1 Neither party shall disclose any Confidential Information belonging to and received from the other to any third party or use any such Confidential Information for any purpose other than in accordance with these Terms. This obligation shall not apply to Confidential Information which is: (i) in the public domain other than due to a breach of an obligation of confidence; (ii) known to both parties prior to disclosure; or (iii) required to be disclosed by law.
14.2 Each party shall take all reasonable steps to ensure that the other’s Confidential Information to which it has access is not disclosed or distributed by its employees or agents (including, in respect of you, the Users) in violation of these Terms.
14.3 You acknowledge that details of the App, the Services and the Fees constitute Coconut’s Confidential Information.
15. Your Liability for Third Party Claims against Coconut
You shall indemnify Coconut against all losses, damages, costs, claims and expenses, (including reasonable legal fees) incurred by Coconut arising out of or in connection with any third-party claim against Coconut relating to:
(a) your use of the Services not in accordance with these Terms; and
(b) the Content (except to the extent caused solely by Coconut’s breach of these Terms).
16. Coconut’s Liability to you
16.1 Except as expressly and specifically provided in these Terms:
(a) Coconut shall not be responsible, to the fullest extent permitted by applicable law, for:
(i) any Content and you assume sole responsibility for results or information obtained from your use of the Content, and for any acts, omissions or conclusions drawn from such use;
(ii) damage caused by errors or omissions in any information, materials, Content or instructions provided to Coconut by you, or any actions taken by Coconut at your direction;
(iii) any loss or damage caused by the Coconut E-money Account Services Provider, the Accountant Partner or any third party payment provider used by Coconut;
(iv) any loss or harm caused by Viruses, worms or other programmes designed to impair the Services;
(v) all problems, conditions, delays, delivery failures and all other loss or damage arising from or relating to your network connections or telecommunications links or caused by the internet
(b) all warranties, representations, conditions and all other terms of any kind whatsoever implied by statute or common law are, to the fullest extent permitted by applicable law, excluded from these Terms;
(c) the Services and App are provided to you on an “as is” basis; and
(d) you acknowledge that the App has not been developed to meet your individual requirements, and that it is therefore your responsibility to ensure that the facilities and functions of the App meet your requirements.
16.2 In the event of any loss or damage to Content due solely to Coconut, your sole remedy shall be for Coconut to use reasonable endeavours to restore the lost or damaged Content from the latest back-up of such Content maintained by Coconut in accordance with its standard archiving procedures. Coconut shall not be responsible for any loss, destruction, alteration or disclosure of Content caused by any third party (except those third parties sub-contracted by Coconut to perform services related to Content).
16.3 Nothing in these Terms excludes the liability of Coconut:
(a) for death or personal injury caused by Coconut’s negligence;
(b) for fraud or fraudulent misrepresentation; or
(c) for any other liability which cannot be limited or excluded by law.
16.4 Subject to clause 16.3:
(a) Coconut shall not be liable whether in tort (including for negligence or breach of statutory duty), contract, misrepresentation, restitution or otherwise for any loss of profits, revenue, business, goodwill and/or similar losses or loss or corruption of data or information, pure economic loss, or for any special, indirect or consequential loss, costs, damages, charges or expenses however arising under the Agreement; and
(b) Coconut’s total aggregate liability in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise, arising in connection with the Agreement shall be limited to the Fees received from you by Coconut during the 12 months immediately preceding the date on which the claim arose.
17. Suspension of the Services
Coconut may suspend or limit your use of the Services if you are in breach of these Terms, including without limitation clause 11, or where continued use may result in material harm to the App, the Services or any other users. Coconut will promptly notify you of the suspension or limitation.
18. Ending the Agreement
18.1 The Agreement shall commence when you accept these Terms during the Coconut online account registration process and shall continue until terminated as provided in this clause 18.
18.2 You may terminate the Agreement at any time on giving written notice to Coconut, such termination shall take effect at the end of the billing cycle in which the request is made. If you wish to close your Coconut E-money Account at any time, you must give notice to terminate your agreement with the Coconut E-money Account Services Provider in accordance with the Coconut E-money Account Terms of Service.
18.3 Coconut may terminate the Agreement at any time and for any reason on giving you written notice without further liability to you.
18.4 Without affecting any other right or remedy available to it, either party may terminate the Agreement with immediate effect by giving written notice to the other party if the other party commits a material breach of any other term of these Terms which breach is irremediable or, if such breach is remediable, fails to remedy that breach within a period of 30 days after being notified in writing to do so.
18.5 On termination of the Agreement for any reason:
(a) all licences granted under these Terms shall immediately terminate and you shall have no further use of the Services or access to the Content;
(b) Coconut may destroy or otherwise dispose of any of the Content unless it receives from you, no later than ten days after the effective date of the termination of the Agreement, a written request for a copy of the Content. Coconut shall use reasonable endeavours to deliver a copy of any Content that it holds to you within 30 days of its receipt of such a written request, provided that you have, at that time, paid all amounts outstanding at, and resulting from, termination (whether or not due at the date of termination). You shall pay all reasonable expenses incurred by Coconut in returning Content;
(c) subject to clause 18.7, you will pay all outstanding Fees due to Coconut; and
(d) any rights, remedies, obligations or liabilities of the parties that have accrued up to the date of termination, including the right to claim damages in respect of any breach of the Agreement which existed at or before the date of termination shall not be affected or prejudiced.
18.6 Termination of your Coconut E-money Account is governed by the Coconut E-money Account Terms of Service.
18.7 On termination of the Agreement by you pursuant to clause 18.4 or by Coconut pursuant to clause 18.3, you will be entitled to a pro-rata refund of the unused portion of prepaid Fees for the Services calculated as of the effective date of termination and shall not be obliged to pay any Fees due for periods after the effective date of termination.
18.8 In addition to those provisions which by their nature are intended to survive any termination of the Agreement, clauses 1, 2, 7.2, 7.3, 5, 9, 9.1 10, 12, 13, 14, 15, 16, 18.5, 18.7 and 22 of these Terms shall survive such termination.
19. Events beyond Coconut’s Control
19.1 Coconut shall have no liability to you if it is prevented from, hindered or delayed in performing its obligations under these Terms, or from carrying on its business, by acts, events or omissions beyond its reasonable control. Coconut shall inform you promptly of any such acts, events or omissions.
20. Accounting Features
20.1 You acknowledge that the Accounting Features are dependent on the accuracy and completeness of the information inputted by you when using the Services and in any event Coconut makes no representation, and excludes all warranties (whether implied by statute or common law), to the extent it may do so by law, as to the accuracy of the Accounting Features and in respect of any information provided to you in relation to your use of the Accounting Features.
20.2 The Accounting Features of the App are provided by Coconut entirely at its discretion. Coconut may change, restrict, suspend or terminate your access to the Accounting Features at any time and without notice.
20.3 Any information Coconut provides to you via the Accounting Features is solely for your internal informational purposes and should not be treated as professional advice or relied upon for the purposes of submitting tax returns or any official filing.
21. Accounting Services
21.1 Coconut offers customers the option to purchase Accounting Services from its selected Accountant Partners.
21.2 Any customers choosing to subscribe to the Accounting Services will enter into a separate agreement with the Accountant Partner covering the provision of the Accounting Services.
21.3 Whilst Coconut uses reasonable endeavours to only select reputable Accountant Partners, Coconut accepts no liability in respect of the Accounting Partners or the Accounting Services.
21.4 Coconut acts as a payment agent of the Accountant Partners in order to collect payments due from you to them for the Accounting Services.
22.1 No variation of these Terms shall be effective unless it is in writing and signed by the parties.
22.2 No failure or delay to exercise any right or remedy provided under these Terms or by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy.
22.3 Except as expressly provided in these Terms, the rights and remedies provided under these Terms are in addition to, and not exclusive of, any rights or remedies provided by law.
22.4 If any provision (or part of a provision) of these Terms is found by any court or administrative body of competent jurisdiction to be invalid, unenforceable or illegal, the other provisions shall remain in force.
22.5 The Agreement, and any documents referred to in it, constitute the whole agreement between the parties and supersedes any previous arrangement, understanding or agreement between them relating to the subject matter they cover.
22.6 Subject to clause 22.7, neither party shall, without the prior written consent of the other, assign, transfer or sub-contract or deal in any other manner with all or any of their rights or obligations under these Terms.
22.7 Coconut may:
(a) sub-contract its obligations provided that it shall be liable for the acts and/or omissions of its subcontractors as if they were Coconut’s acts and/or omissions; and
(b) assign its rights under these Terms to any person to which it transfers its business, provided that the assignee undertakes to be bound by Coconut’s obligations under these Terms.
22.8 These Terms do not confer any rights on any person or party (other than the parties to the Agreement and, where applicable, their successors and permitted assigns) pursuant to the Contracts (Rights of Third Parties) Act 1999.
22.9 Any notice given to a party under or in connection with the Agreement shall be sent by email:
(a) to you at the then current email address linked to your Coconut account; and
(b) to Coconut at [email protected]
22.10 Any notice shall be deemed to have been received at the time of transmission, or, if this time falls outside business hours in the place of receipt, when business hours resume. In this clause 22.10 business hours means 9.00am to 5.00pm Monday to Friday on a day that is not a public holiday in the place of receipt.
22.11 Clauses 22.9 and 22.10 do not apply to the service of any proceedings or other documents in any legal action or, where applicable, any arbitration or other method of dispute resolution.
22.12 The Agreement shall be governed by and construed in accordance with the law of England and Wales. The courts of England and Wales shall have exclusive jurisdiction to settle any matter arising out of or in connection with the Agreement.
Coconut E-money Account Terms of Service
Who we are
Coconut is the trading name of Coconut Platform Limited, a company registered in England and Wales with number 09904418 which can be contacted at 27 Old Gloucester Street, London, WC1N 3AX. Coconut is the agent of PrePay Technologies Limited, a company registered in England and Wales with number 04008083 which can be contacted at PO BOX 3883 Swindon SN3 9EA (“PPS”) which is authorised by the FCA under the Electronic Money Regulations 2011 (FRN: 900010) for the issuing of electronic money and payment instruments.
Coconut’s agent reference number with the Financial Conduct Authority (“FCA”) is 902016. Your Coconut Card is issued by PPS pursuant to a licence granted by Mastercard.
This Agreement is between PPS and you, the Coconut E-money Account Holder. Your Coconut E-money Account and Coconut Card will be distributed by Thames Card Technology Ltd on our behalf.
Important information you need to know
Please read this Agreement carefully before you activate your Coconut Card or use your Coconut E-money Account. This information forms the Agreement for your Coconut E-money Account including any associated Coconut Card and payment services that we may provide to you.
By confirming that you accept the terms of this Agreement, or by using your Coconut Account or Coconut Card you accept this Agreement. If there is anything you do not understand, please contact Customer Support using the contact details in paragraph 20 of this Agreement.
Account Information Services – An online service which provides consolidated information on payment accounts held by you with one or more payment service providers, such as banks.
Account Information Services Provider – A payment service provider which is authorised by its Regulator to provide Account Information Services to you with your explicit consent and under a separate agreement which you have agreed with them.
Agreement – This agreement as varied from time to time.
ATM – Automated Teller Machine.
Available Balance – The value of funds available on your Coconut E-money Account to use.
BACS – A service enabling organisations to make payments to an Account which takes 3 Working Days for the funds to be cleared.
Bank Account Number – This is your unique personal Coconut E-money Account number, and it is found on the front of your Coconut Card.
Cardholder means the Coconut E-money Account Holder issued with a Coconut Card.
Coconut E-money Account or E-money Account – The electronic money account associated with your Coconut Card.
Coconut E-money Account Details or Account Details – Any details related to your Coconut E-money Account, such as but not limited to, Sort Code and Coconut E-money Account Number.
Coconut E-money Account Holder or Account Holder – You (as defined below) entering into this Agreement.
Coconut E-money Account Limits or Account Limits – Maximum limits you can have in relation to the Account with regard to the number of Coconut E-money Accounts, such as Maximum Account Balance, and limits on transactions as referred in paragraph 2.
Coconut App – A mobile app and/or online portal that allows you to have access to your Coconut E-money Account which is provided to you by Coconut.
Coconut Card – Any Coconut-branded prepaid Mastercard associated with your Coconut E-money Account.
Coconut Card Number or Card Number – The 16 digit number on the front of your Coconut Card.
CHAPS – Clearing House Automated Payments System, bank-to-bank technology which enables same-day payments to be made within the UK, provided the payment instruction is received by the sending bank or organisation before a certain time.
Contactless – A payment feature that provides Cardholders with a way to pay by tapping the Coconut Card on a point-of-sale terminal reader for transactions of up to £45 (as amended from time to time).
Customer Support – The team responsible for supporting queries relating to your Coconut E-money Account. Contact details for Customer Support can be found in paragraph 20.
Direct Debit – A service allowing a third party to collect pre-authorised funds from your Coconut E-money Account electronically on agreed dates, for example to pay bills.
EEA – The European Economic Area which currently includes all countries in the European Union together with Iceland, Norway and Liechtenstein.
e-money – The electronic money associated with your Coconut E-money Account.
Faster Payment – A service allowing you to make and receive electronic payments in the UK which is received by the recipient bank within 2 hours provided that the receiving organisation or bank is part of Faster Payments Scheme.
Full Deductible Amount – The full transaction amount, including the transaction itself along with any associated fees, charges and taxes.
Intermediary Payment Services Provider – any third party Account Information Service Provider and/or third party Payment Initiation Services Provider.
Limited Company – Means a Limited Company incorporated in the UK.
Mastercard Acceptance Mark – The Mastercard International Incorporated Brand Mark, indicating acceptance of the Coconut Card.
Mastercard – Mastercard International Incorporated whose head office is at 2000 Purchase Street, Purchase, New York, 10577-2509, USA.
Merchant – A retailer, or any other person, firm or corporation that accepts Coconut Cards which display the Mastercard Acceptance Mark.
Non-Limited Business – A sole trader incorporated in the UK.
Payment Details – The details you provide to enable funds to be received into your Coconut E-money Account or the details that you provide in order to send funds from your Coconut E-money Account.
Payment Initiation Services – An online service which accesses your payment accounts to initiate the transfer of funds on your behalf.
Payment Initiation Service Provider – A payment service provider which is authorised by its Regulator to provide Payment Initiation Services to you with your explicit consent and under an agreement which you have agreed with them.
Payment Instruction – An instruction from you to make a payment from your Coconut E-money Account.
PIN – Your four digit personal identification number for use with the Coconut Card.
Quasi Cash – Transactions that includes, but not limited to, purchasing travellers cheque, lottery tickets, casino gaming chips, money orders, deposits and wire transfer money orders.
Regulator – FCA in the UK or another European financial services regulator.
Sort Code – The 6 digit number which can be found on the front of the Coconut Card.
Strong Customer Authentication (SCA) means additional security measures to verify that you have authorised certain transactions or other actions related to the use of your Card and/or Account.
we, us, our – PPS or Coconut acting on its behalf.
Website – www.getcoconut.com
Working Day – Our working days are Monday to Friday but does not include bank or public holidays in England.
you, your – the individual or corporate entity that entered into an agreement with Coconut for the use of the Coconut App and who the Coconut Account will be issued to.
2. COCONUT E-MONEY ACCOUNT LIMITS
|Sole Trader||Limited Company|
|Coconut E-money Account Maximum Balance||£50,000||£500,000|
|Coconut E-money Account Single Transaction Limits|
|Faster Payments In||£50,000||£500,000|
|Faster Payments Out||£10,000||£10,000|
|Coconut Card Limits|
|Single transaction limit||£10,000||£10,000|
|Daily ATM withdrawal limit||£500||£500|
As part of our efforts to prevent fraud, your account and card limits may vary depending on the transaction type, method and location. If you have any questions about limits, please contact Customer Support.
3. SCOPE OF THIS AGREEMENT
3.1 Your Coconut E-money Account is an e-money account held in pounds sterling. If you have a Coconut Card associated with your Coconut E-money Account, it will be a prepaid card, not a credit, charge or debit card.
3.2 Your Coconut E-money Account is an electronic money product and the electronic money stored in your Coconut E-money Account is issued by PPS, and distributed and administered by Coconut as an agent for PPS.
3.3 Your Coconut Card is issued by us pursuant to our licence from Mastercard. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Your Coconut Card remains our property.
3.4 Your rights and obligations relating to the use of your Coconut E-money Account and Coconut Card is as set out in this Agreement between you and us; you have no rights against Mastercard or its respective affiliates. If you experience any difficulties in using your Coconut E-money Account you should contact Customer Support.
3.5 This Agreement is written in English and we shall communicate with you in English regarding any aspect of your Coconut Card or Coconut E-money Account.
3.6 You acknowledge that we may communicate with you by email, SMS for issuing any service notices or information about your Coconut E-money Account or Coconut Card and therefore it is important that you keep your email address and mobile phone number updated via the Coconut App. You may download a copy of this Agreement from the Website.
3.7 If you wish to make use of services provided by an Intermediary Payment Services Provider on your Coconut E-money Account, you may do so provided that you have signed up to use the Coconut App and your Coconut E-money Account is active.
3.8 We advise that before using an Intermediary Payment Services Provider, you ensure that the Intermediary Payment Services Provider is authorised by a Regulator to provide their services. In the UK, the FCA’s register (available at https://register.fca.org.uk/) will tell you whether a company is authorised.
3.9 You must provide your explicit consent or share your Coconut App credentials with the Intermediary Payment Services Provider each time an access to your Coconut E-money Account is required for them to provide you with their services. You should always consider the implications of sharing your Coconut App credentials and your personal information.
3.10 If an Intermediary Payment Services Provider requests access to your Coconut E-money Account to provide you with their services using your Coconut App credentials, we will assume that you have given consent to do so. Please note we are obliged to provide access to your Coconut E-money Account if it is requested by an Intermediary Payment Services Provider which is properly authorised by a Regulator and we can only refuse access in certain circumstances.
3.11 There is no requirement to use services provided by an Intermediary Payment Services Provider in relation to your Coconut E-money Account.
4. APPLYING AND REGISTERING YOUR COCONUT E-MONEY ACCOUNT
4.1 To apply for a Coconut E-money Account, you must be at least 18 years old, must have a UK based Non-Limited Business and be a UK resident, or you need to be a Limited Company.
4.2 We will register your Coconut E-money Account for you on the basis of the information that you have provided to us. You must provide accurate information and to tell us of any changes as soon as possible so that our records remain correct.
4.3 To use your Coconut Account, you will need to download the Coconut App via your mobile phone. If you lose access to your Coconut Account via the Coconut App please contact Customer Support.
4.4 If we discover that the information we hold about you is incorrect, we may have to suspend or cancel your Coconut E-money Account until we can establish the correct information, in order to protect us both.
5. RECEIVING AND ACTIVATING A COCONUT CARD
5.1 The Coconut Card will be posted to your address.
5.2 When the Coconut Card is received, you must sign it immediately and should then activate it via the Coconut App.
5.3 Once the Coconut Card has been activated, the Coconut App will provide the PIN. The Cardholder must never reveal the PIN to anybody. We will not reveal the PIN to a third party.
5.4 The PIN can be changed at any UK ATM that has pin change functionality. When selecting or changing the PIN, you must not select a PIN that could be easily guessed, such as a number that:
5.4.1 is easily associated with you, such as your telephone number or date of birth; or
5.4.2 is part of data imprinted on the Coconut Card; or
5.4.3 consists of the same digits or a sequence of running digits; or
5.4.4 is identical to a previously selected PIN.
6. USING THE COCONUT CARD AND COCONUT CARD EXPIRY
6.1 The Coconut Card can be used at any Merchant to make purchases in-store, via the internet or over the phone and can be used to obtain cash through ATMs (fees may apply, see paragraph 12). You can authorise a transaction on the Coconut Card at any Merchant by entering your PIN or other security code, if the Merchant does not accept chip and PIN authorisation, the Merchant may allow you to authorise the transaction by signature of the receipt. A transaction can also be authorised by tapping the Coconut Card against a Contactless enabled reader. You can make 5 consecutive Contactless transactions after which any Contactless transactions will be declined and you will be required to enter your PIN to authorise the transaction. Please be aware that you may not usually stop a transaction once it has been authorised as at that point it is considered to be received by us. We may refuse to execute a transaction if the transaction is unlawful or fraudulent. We will treat the transactions as authorised and genuine if:
6.1.1 the Coconut Card PIN or other security code personal to you is used; or
6.1.2 the Coconut Card is used and you have authorised the transaction by signature of the receipt.
6.2 The Coconut Card is a prepaid debit card, which means that the Available Balance will be reduced by the full amount of each transaction and authorisation, plus any applicable taxes and charges, including additional ATM charges if any. You must not use the Coconut Card if the Full Deductible Amount exceeds the Available Balance.
6.3 Due to security safeguards, Merchants that accept the Coconut Card are required to seek authorisation from us for all of the transactions that are made by you. There are some circumstances where Merchants may require you to have an Available Balance greater than the value of the transaction you wish to make. You will only be charged for the actual and final value of the transaction you make. Merchants request this as they may need to access more funds than you initially planned to spend. For example:
6.3.1 hotels, rental cars, and
6.3.2 internet Merchants – certain internet Merchant sites will, on registration or at checkout stage, send a request for payment authorisation to verify if funds are available. This will temporarily impact the Available Balance. Also please bear in mind that many sites will not deduct payment until goods are dispatched so please be aware of this when checking the Available Balance to make sure sufficient funds are available to cover all purchases.
6.4 The Coconut Card cannot be used in situations where it is not possible to obtain online authorisation that you have sufficient balance for the transaction. For example but not limited to: transactions on trains, ships, and some inflight purchases.
6.5 The Coconut Card cannot be used at self service petrol pumps but it can be used to pay by taking it to the cashier.
6.6 The Coconut Card should not be used as a form of identification.
6.7 The Coconut Card may not be used for any illegal purpose or in any manner prohibited by law, nor for gambling, for any adult entertainment or for Quasi Cash transactions.
6.8 We may ask you to surrender any Coconut Cards at any time for a valid reason in accordance with the provisions in paragraph 15 of this Agreement.
6.9 If a retailer agrees to give a refund for a purchase made using the Coconut Card, the funds will be added to the Available Balance of the Coconut E-money Account when we receive the funds from the retailer.
6.10 The Coconut Card can be used to make transactions in a currency other than pounds sterling (“foreign currency transaction“), the amount deducted from your Coconut E-money Account will be converted to pounds sterling on the day we receive details of that foreign currency transaction. We will use a rate set by Mastercard, which will be available on each Working Day and changes in the exchange rate shall take effect immediately. Exchange rates can fluctuate and they may change between the time you authorise a transaction and the time it is deducted from your Available Balance. You can find out the exchange rate applied to a transaction in your transaction history.
6.11 The expiry date of the Coconut Card is printed on the front. You will not be able to use your Coconut Card once it expires. We may send you a replacement Card if requested (fees may apply, see paragraph 12).
6.12 Any Available Balance remaining on the Coconut E-money Account at Coconut Card expiry will remain yours for a period of six years from the expiry date. Within this period, you may at any time transfer any Available Balance on the Coconut E-money Account to a UK bank account via Faster Payment (subject to Coconut E-money Account Limits). You will not have any access to your Coconut E-money Account and we will not return any funds remaining on the Coconut E-money Account after six years from Coconut Card expiry and this Agreement will terminate.
6A. USING 3D SECURE
6A.1 3D Secure is a payment authentication standard for internet purchases which adds an extra layer of security when purchasing goods or services online with participating retailers. It is a form of Strong Customer Authentication. To enhance the safety of online payments, you will increasingly need to use 3D Secure to confirm it’s you when you make payments online.
6A.2 To use 3D Secure:
- you must have internet access;
- you must have a mobile phone;
- we must have your correct mobile phone number;
- your mobile phone must be able to receive text messages;
- your mobile phone must have the App installed.
It is important that you ensure that the personal information we hold for you (in particular your mobile phone number) is up-to-date. You can do this via the App.
6A.3 When making a purchase online for which authentication is required, you will be brought to a 3D Secure verification screen.
6A.4 You may be asked to verify yourself using the App. You have a set amount of time and a number of attempts to enter the passcode correctly. If you do not enter the passcode correctly, you will be unable to complete your online purchase.
6A.5 We will deem any transaction authenticated using 3D Secure as having been authorised by you.
6A.6 We do not charge for 3D Secure.
7. USING THE COCONUT E-MONEY ACCOUNT
7.1 Subject to Coconut E-money Account Limits, the Coconut E-money Account can be used for setting up Direct Debits, for making and receiving Faster Payments and for receiving BACS and CHAPS. The Coconut E-money Account can also be used for creating up to two additional Accounts for managing expenses and these Accounts can only receive funds. There will be no Coconut Cards issued for these additional Accounts.
ADDING FUNDS TO THE COCONUT E-MONEY ACCOUNT
7.2 Subject to Coconut E-money Account Limits and paragraph 12, funds can be added to the Coconut E-money Account via Faster Payments, BACS and CHAPS payments. The Coconut E-money Account Details will be required for adding funds via one of these methods. Funds can also be added to the Coconut E-money Account by Coconut transferring funds from Coconut’s account to your Coconut E-money Account. Depending on how the funds are added to the Coconut E-money Account, fees may apply see paragraph 12.
7.3 A payment coming into your Coconut E-money Account may not be credited to your Coconut E-money Account if:
7.3.1 the Coconut E-money Account has reached the Coconut E-money Account Maximum Balance or Coconut E-money Account Limits; or
7.3.2 the Account is inactive or blocked; or
7.3.3 the sender has provided incorrect/invalid Coconut Account Details for your Coconut E-money Account; or
7.3.4 we suspect fraudulent activity on the Coconut E-money Account; or
7.3.5 to do so is prohibited by any law.
7.4 The funds may be sent back to the sender without notifying you if paragraph 7.3 applies.
7.5 To make a UK Faster Payment transfer from your Coconut E-money Account, you must first set up the recipient as a new payee. For setting up a new payee to make a UK Faster Payment from your Coconut E-money Account, you will need to provide the name, account number and sort code of the person you wish to pay.
7.6 To set up a Direct Debit from your Coconut E-money Account, you must first authorise the organisation taking Direct Debit payments from the Coconut E-money Account.
7.7 If a Direct Debit on the Coconut E-money Account specifies that a payment is to take place on a specified day or on the last day of a certain period, then we will treat the Payment Instruction as being received on the day specified.
7.8 Any Direct Debit payment is usually taken from the Coconut E-money Account at the beginning of the Working Day it is due.
7.9 It is your responsibility to check if there is sufficient Available Balance before any payment is due. If your Coconut E-money Account does not have sufficient Available Balance any Direct Debit payment will be rejected.
TIMING OF PAYMENTS
7.10 Any payments will be made within the following timescales
|Type of Transaction||Timescale|
|UK Faster Payments out||Will be sent within 2 hours|
|Incoming payment||Funds will be added to the Coconut Account the same Working Day we receive the funds|
7.11 The time of receipt of a transaction order is when we receive it. You cannot stop a transaction after it has been transmitted to us and you have given consent, or when you have given your consent to a pre-authorised payment.
AUTHORISATION FOR PAYMENTS AND STOPPING PAYMENTS
7.12 It is your responsibility to ensure the correct recipient Account details and payment amounts are provided when making any payment or setting up a payee. You are responsible if you give us incorrect instructions or mistakenly instruct us to make the same payment more than once, but we will try to help you get the money back. We may not always be able to do this, but we will do all we can. If we cannot get the money back, you can request the relevant information we have about the transaction to help you reclaim the money. We will provide this information on receiving a written request from you, unless the law prevents us doing so.
7.13 You can authorise us to make a payment from your Coconut E-money Account via the Coconut App by setting up electronic payments and giving us instructions via a third party, such as through a direct debit scheme or a Payment Initiation Service Provider. We will treat a payment as authorised by you if:
7.13.1 the transaction was authorised from the Coconut App using the required entry passcode or credentials and that the payee had been approved;
7.13.2 you have set up or agreed to any Direct Debit Payments to be taken from your Coconut E-money Account; or
7.13.3 a Payment Initiation Service Provider has made a payment from your Coconut E-money Account.
7.14 We may refuse to execute or process a payment (without prior notice to you) if:
7.14.1 the Coconut E-money Account does not have sufficient Available Balance to cover the payment; or
7.14.2 the Coconut E-money Account is suspended or closed; or
7.14.3 the Coconut E-money Account has reached its Coconut E-money Account Limits; or
7.14.4 we need to do so to comply with the rules of the payment system; or
7.14.5 we suspect fraudulent activity on the Coconut E-money Account or the payment is unlawful or fraudulent; or
7.14.6 we are concerned about fraud or unauthorised access to the Coconut E-money Account by an Intermediary Payment Service Provider;
7.14.7 required to comply with any law; or
7.14.8 your use of the Coconut App has been suspended or terminated for any reason.
7.15 If we refuse to process a payment under 7.14:
7.15.1 we will not be liable for any loss this may result in, nor will we be obliged to inform the intended recipient.
7.15.2 you can check the Coconut E-money Account to ensure there was enough Available Balance and/or that correct recipient details were provided at the point when the transaction was authorised or payee set up, or you can ask us why we have not executed a payment by contacting Customer Support. Unless the law prevents us, we will explain why and we will also tell you what you can do to correct any errors in the Payment Instruction.
7.15.3 because we or Coconut are concerned under paragraph 7.14.6. In this event, Coconut will contact you using the contact details provided by you or by leaving a message on the Coconut App as soon as possible or in advance if possible to explain why we have refused to process the payment, unless we are prohibited by the law or we have security reasons to do so.
7.16 You may not be able to stop any payments once it has been authorised by you or a Payment Initiation Service Provider. However you may be able to stop a Direct Debit payment provided that:
7.16.1 the Direct Debit is cancelled two Working Days before the Coconut E-money Account is due to be debited; and
7.16.2 the payment has not already been made.
7.17 If you stop or cancel a Direct Debit, you must tell the recipient to whom the Direct Debit is payable. We will not be responsible if you fail to inform them and the recipient will not have any claim against us.
7.18 If, for any reason, a payment is processed for an amount greater than the Available Balance on your Coconut E-money Account, you must repay us the amount by which the Full Deductible Amount exceeds your Available Balance immediately after receiving an invoice from us. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action and/or closing your Coconut E-money Account, to recover any monies outstanding.
7.19 The Available Balance on your Coconut E-money Account will not earn any interest.
8. CHECKING ACCOUNT BALANCE
8.1 You can check the Available Balance and transaction history on the Coconut E-money Account via the Coconut App.
8.2 You can check the Available Balance at an ATM.
8.3 We will make your monthly Coconut E-money Account statements available in the Coconut App free of charge and every month we will send a push notification, SMS or email to notify you that your statement has been updated.
9. CANCELLING, CLOSING YOUR ACCOUNT AND REDEEMING E-MONEY
9.1 You may cancel your Coconut E-money Account and any Coconut Cards before activating them, and up to 14 calendar days after the date of activation (“cancellation period“), by contacting Customer Support. You may transfer any Available Balance to a UK bank account via Faster Payments (subject to Account Limits) before cancelling the Coconut E-money Account.
9.2 You may close your Coconut E-money Account at any time after the cancellation period and redeem any Available Balance on the Coconut E-money Account through the Coconut App by contacting Customer Support. Alternatively, you may at any time transfer any Available Balance to a UK bank account via Faster Payments (subject to Coconut E-money Account Limits) and call Customer Support to close the Coconut E-money Account.
9.3 Once the Available Balance is redeemed and the Coconut E-money Account is closed, your Agreement will terminate. However, if paragraph 9.5 applies to your Coconut E-money Account then your Coconut E-money Account will remain active and your Agreement will continue to apply to you until there is no money outstanding on your Coconut E-money Account.
9.4 All Direct Debit transactions that were set up on the Coconut E-money Account will be rejected once your Coconut E-money Account is closed.
9.5 If we find any additional withdrawals, fees or charges have been incurred on your Coconut E-money Account following the processing of the redemption request, we’ll send an itemised invoice to you and we will require you to refund us immediately after receiving the invoice. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.
10. YOUR LIABILITY AND AUTHORISATIONS
10.1 You are responsible for the use of your Coconut E-money Account and any Coconut Cards issued for your Coconut E-money Account.
10.2 We may restrict or refuse to authorise any use of your Coconut E-money Account and any Coconut Cards issued to your Coconut E-money Account including transactions in any legal jurisdiction if using the Coconut Card or Coconut E-money Account is causing or could cause a breach of this Agreement or if we have reasonable grounds for suspecting that you or a third party has committed or is about to commit a crime or other abuse in connection with the Coconut Card or Coconut E-money Account.
10.3 Where appropriate, any refusal to authorise a Coconut Card transaction will be relayed to you via the Merchant concerned.
10.4 It is your responsibility to sign your Coconut Card as soon as you receive it and keeps it safe. You must also keep safe any security information or credentials related to the Coconut Card, Coconut E-money Account and Coconut App.
10.5 You will be liable for all unauthorised transactions that arise from the use of a lost or stolen Coconut Card or Coconut E-money Account security information or the misappropriation of the Coconut Card if you fail to:
10.5.1 keep the Coconut Card and/or security features of the Coconut Card and Coconut E-money Account safe, or
10.5.2 notify us that the Coconut Card is lost or stolen.
10.6 You must ensure you do not:
10.6.1 allow another person to use your Coconut Card, PIN or security information related to the Coconut E-money Account.
10.6.2 write down password(s), PIN or any security information related to Coconut Card, Coconut E-money Account and Coconut App unless this is done in a way that would make it impossible for anyone else to recognise any of that information, or
10.6.3 disclose your PIN or any security information related to your Coconut Card, Coconut E-money Account and Coconut App, or otherwise make them available to any other person, whether verbally or by entering them in a way that allows them to be observed by others; or
10.6.4 enter the PIN in any ATM that does not look genuine, has been modified, has a suspicious device attached or is operating in a suspicious manner.
10.7 You should never allow a third party other than an Intermediary Payment Services Provider to use or access your Coconut E-money Account.
10.8 You must not disclose or make available your Coconut App credentials to a third party unless the third party is an Intermediary Payment Service Provider and you want to use their services.
10.9 You will be responsible for all transactions which you authorise, whether such transactions are made by you from the Coconut E-money Account or by authorising a Payment Initiation Service Provider to do so on your behalf.
10.10 You will be liable for all transactions that take place as a result of you acting fraudulently or failing to comply with this Agreement with intent or gross negligence. Any such transactions and any fees and charges relating to such transactions will be deducted from the Available Balance on your Coconut E-money Account.
10.11 It is your responsibility to keep us updated of changes to your information, including email address and mobile numbers. Failure to do so may result in us being unable to contact you regarding your Coconut E-money Account, including the provision of refunds to which you might be entitled or to let you know about changes to this Agreement.
10.12 You agree to indemnify and hold harmless, us and our distributors, partners, agents, sponsors, and service providers and their group companies from and against the costs of any legal action taken to enforce this Agreement and/or any breach of this Agreement or fraudulent use of the Coconut Card, Coconut E-money Account, Coconut App log in details, or PIN by or authorised by you.
10.13 You must ensure that your network, browser and systems you use to access the Coconut App comply with the relevant specifications required by Coconut from time to time. You must not use the Coconut App on a device where the operating system has been modified, or jailbroken, or configured to allow software installation from anywhere other than an authorised source. Use of the Coconut App on such a device is at your risk and neither PPS nor Coconut can be held responsible for any loss or data, information or financial loss.
11. LOST, STOLEN OR DAMAGED COCONUT CARDS
11.1 In the event of loss, theft, fraud or any other risk of an unauthorised use of the Coconut Card or Coconut E-money Account, or if the Coconut Card is damaged or malfunctions, you must block your Coconut Card via the Coconut App immediately or contact Customer Support.
11.2 In the event that you notify us in accordance with this Agreement that your Coconut Card, security information related to your Coconut E-money Account or Coconut Card or Coconut App credentials has been lost or stolen you will be liable for a maximum of £35 of any loss that takes place prior to us being notified.
11.3 Provided that you have informed us in accordance with paragraph 11.1 and that paragraph 11.4 does not apply, then you will not be liable for losses that take place following the date on which you informed Customer Support. If there is an Available Balance remaining on your Coconut E-money Account, you can request for a replacement Coconut Card for your Coconut E-money Account. If we replace the Coconut Card, the replacement will be delivered to your address (fees apply, see paragraph 12).
11.4 In the event that we have reason to believe that you have acted fraudulently or have acted with gross negligence or intentionally in failing to notify us of the lost or stolen Coconut Card or have failed to keep your Coconut Card or security information related to your Coconut Card and Coconut E-money Account safe or you have breached this Agreement then you shall be liable for all losses.
12.1 Your Coconut E-money Account is subject to the following fees. The fees detailed below relate to the core bundle of services provided to you that are core services in relation to normal use of your Coconut E-money Account. Our revenue is generated by the core fees that we charge to you. The other fees are charged to you on an ad hoc basis when certain services are used/required by you on your Coconut E-money Account.
12.2 The Coconut E-money Account is available to UK residents operating a business as an unincorporated sole trader, or Limited Companies registered in the UK.
|Monthly fee for the Coconut E-money Account||£0 per month|
|E-money account (UK account. number & sort code)||£0|
|First physical Coconut Card when you open a Coconut Account||£5|
|Replacement cards||£5 per card|
|Bank transfers in & out (Faster Payments, BACS, CHAPS, Direct Debits, Standing Orders)||20p per transfer|
|Email, SMS or push notifications||£0|
|ATM withdrawals per transaction (subject to FX fees if outside the UK, see below)||£1 per withdrawal (subject to currency exchange fees, see below)|
|Depositing Cash at the Post Office||£1 per cash deposit|
|Currency exchange on using the Coconut Card for ATM withdrawals and purchases in foreign currency (e.g. US Dollars)||3%|
|Locking or unlocking your card||£0|
|Coconut Customer Services||£0|
12.3 We will deduct any taxes or charges due from the Available Balance on your Coconut E-money Account. If there is no Available Balance of funds, or taxes or charges exceed the balance of funds available, we shall send an invoice to you and will require you to refund us immediately after receiving the invoice. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.
12.4 The pricing in clause 12.2 only applies to the use of the Coconut E-money Account and Coconut Card.
13. UNAUTHORISED AND INCORRECT TRANSACTIONS
13.1 If you have a reason to believe that a transaction on your Coconut E-money Account was unauthorised by you or a Payment Initiation Service Provider or was made incorrectly, you must inform us immediately, but in any event within 13 months of the date of the relevant transaction.
13.2 If you report unauthorised transaction to us:
13.2.1 we will by the end of the next Working Day refund the unauthorised amount including any fees to your Coconut E-money Account to the position it would have been in if the unauthorised transaction had not taken place.
13.2.2 We are not obliged to refund the unauthorised sums to you if we have reason to believe that you have acted fraudulently and we may notify the police or any other authority permitted by law. If we don’t provide a refund by the end of the next Working Day but subsequently confirm that the transaction was unauthorised, we will refund the sums to you straight away.
13.2.3 We will have no further liability to you once we have refunded the unauthorised sums to you. If we subsequently discover that you were not entitled to a refund, we shall treat the refund as a mistake and be entitled to reapply the transaction, including any fees, to your Coconut E-money Account.
13.2.4 You will be liable for all unauthorised transactions made from your Coconut E-money Account if you have acted fraudulently or deliberately or with gross negligence failed to keep the Coconut Card, Coconut Card security information or Coconut App credentials safe in accordance with this Agreement, or where you have failed to notify us without undue delay on becoming aware that the Coconut Card, security information related to the Coconut Card or Coconut App credentials has been lost or stolen.
13.2.5 You will not be liable for unauthorised transactions from your Coconut E-money Account after you have told us that the Coconut Card, Coconut Card security information or Coconut App credentials has been lost, stolen or compromised.
13.3 If you tell us that a transaction has been made incorrectly, after we are informed, we will immediately refund your Coconut E-money Account with sufficient funds including any charges to restore your Coconut E-money Account to the same position as if the incorrect transaction had not been made. However this will not apply if:
13.3.1 any Payment Instructions you gave us were incorrect. If so, we will make reasonable efforts to recover your money if the payment has gone missing, but we may charge you a fee to cover our costs in doing so. We will tell you how much it is before we start the recovery process.
13.3.2 we can show that the payment was actually received by the other bank (in which case they will be liable).
13.4 If funds have been paid in to your Coconut E-money Account by mistake, we can take the funds back out of your Account and/or put a hold on the money so it cannot be spent.
13.4.1 We don’t have to tell you before we take the money back or put a hold on the money.
13.4.2 If funds go into your Coconut E-money Account by mistake, we are required to provide sufficient details about you and the incorrect payment to the bank or institution that sent the payment to enable them to recover the funds.
13.5 If an error is made in Direct Debit, you will be entitled to a refund from the payee or us under the Direct Debit Guarantee.
13.6 Where you have agreed that another person can take a payment from your Coconut E-money Account (e.g. if you have given your Coconut Card details to a retailer for the purpose of making a payment for renting a car or booking a hotel room), you can ask us to refund a payment if all the following conditions are satisfied:
13.6.1 the authorisation given did not specify the exact amount to be paid;
13.6.2 the amount that has been charged to your Coconut E-money Account was more than you could reasonably have expected to pay, based on the circumstances, including previous spending patterns; and
13.6.3 you make the refund request within eight weeks of the date when the payment was taken from your Coconut E-money Account.
13.7 We may ask you to provide information as is reasonably necessary to verify that conditions in 13.6.1 – 13.6.3 are met.
13.8 If you ask us to make a refund under paragraph 13.6 then, within 10 Working Days of the date we receive your request (or if we ask for more information under paragraph 13.7, within 10 Working Days of the date we receive that information) we will either:
13.8.1 refund the payment in full; or
13.8.2 tell you the reasons why we do not agree to the refund.
13.9 You will not be entitled to a refund under paragraph 13.6 if:
13.9.1 you have given us your consent for the payment to be made; and
13.9.2 where applicable we (or the person or a Merchant you agreed to pay) have given you information on the payment in question at least four weeks before the due date of the payment; or
13.9.3 if the payment in question was higher than you reasonably expected to pay is due to a change in any currency exchange rate.
13.10 Paragraph 13.9 does not limit your rights under the Direct Debit Guarantee Scheme.
14.1 We may change this Agreement, including fees and limits by providing you with at least two months prior notice by email (provided you have supplied us with an up-to-date e-mail address) and will ensure the most recent version is always available on the Coconut App.
14.2 If you do not agree with the changes to the Agreement, you may at any time within the two months’ notice period terminate your Agreement and close your Coconut E-money Account in accordance with paragraph 9.2 at that time without a charge. However, in the event you do not cancel during this period then you will be deemed to have accepted them and the changes will apply to you.
14.3 There are some situations where we can make changes to this Agreement and we do not have to tell you in advance. These are changes you probably expect because of the nature of the product or service, or that you won’t mind about because they are favourable to you. We do not have to tell you personally in advance when any of the following happen:
14.3.1 If the change is in your favour, if we reduce your charges, if we make this Agreement fairer to you, or if we introduce a new service or feature from which you can benefit.
14.3.2 We make a change because a change in law or regulation says that we have to by a particular date, and there isn’t time to give you notice.
14.4 If any part of this Agreement is inconsistent with any regulatory requirements then we will not rely on that part but treat it as if it did actually reflect the relevant regulatory requirement. If we need to make operational changes before we can fully comply with the new regulatory requirement, we will make those changes as soon as reasonably practical. We will update our Agreement to reflect the new regulatory requirements when they are next reprinted.
15. TERMINATION OR SUSPENSION
15.1 We can terminate this Agreement at any time:
15.1.1 if we give you two months’ notice and refund the Available Balance to you without charge, or
15.1.2 with immediate effect if you have breached this Agreement, or if we have reason to believe that you have used, or intend to use the Coconut Card or Coconut E-money Account in a grossly negligent manner or for fraudulent or other unlawful purposes or if we can no longer process your transactions due to the actions of third parties.
15.2 We can suspend or terminate your Coconut Card, Coconut E-money Account and Coconut E-money Account Details at any time with immediate effect (and until your default has been remedied or the Agreement terminated) without any prior notice to you if:
15.2.1 we discover any of the information that you have provided to us when applied for your Coconut E-money Account was incorrect; or
15.2.2 we believe that this is necessary for security reasons; or
15.2.3 we suspect or to prevent suspected unauthorised or fraudulent use of your Coconut Card, Coconut E-money Account or any security credentials related to any Coconut Cards or Coconut E-money Account; or
15.2.4 you have reached your Coconut E-money Account Limit; or
15.2.5 any legal obligations require us to do so; or
15.2.6 you have breached this Agreement or we have reason to believe that you have used, or intend to use the Coconut Card or Coconut Account or the Coconut App credentials in a grossly negligent manner or for fraudulent or other unlawful purposes or if wne cannot process any transactions due to the actions of third parties; or
15.2.7 your use of the Coconut App is terminated for any reason.
15.3 In the event that we do suspend or terminate your Coconut E-money Account then if we are able to do so, we will tell you in advance otherwise we will let you know immediately afterwards (to the extent the we are permitted by law). We may advise anyone involved in the transaction if a suspension has taken place.
15.4 In the event that any additional fees are found to have been incurred on your Coconut E-money Account following termination by either you or us, then subject to this Agreement, you shall refund to us any sum which relates to a withdrawal on the Coconut E-money Account or fees and/or charges validly applied whether before or after termination. We will send an invoice to you and will require you to refund us immediately. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.
16. OUR LIABILITY
16.1 Subject to paragraph 16.2, our liability in connection with this Agreement (whether arising in contract, tort (including negligence), breach of statutory duty or otherwise) shall be subject to the following exclusions and limitations:
16.1.1 we shall not be liable for any default resulting directly or indirectly from any cause beyond our control, including but not limited to, a lack of funds and/or failure of network services at ATMs, maximum withdrawal limits set by ATM operators and failure of data processing systems;
16.1.2 we shall not be liable for any loss of profits, loss of business, or any indirect, consequential, special or punitive losses;
16.1.3 where the Coconut Card is faulty due to our default, our liability shall be limited to replacement of the Coconut Card, or at our choice, redemption of the Available Balance;
16.1.4 where sums are incorrectly deducted from your Available Balance due to our default, our liability shall be limited to payment to you of an equivalent amount;
16.1.5 in the unlikely event that sums are deducted from your Available Balance but you did not authorise such deduction in accordance with this Agreement then our liability shall be as set out in paragraph 13; and
16.1.6 in all other circumstances of our default, our liability will be limited to redemption of the Available Balance.
16.2 Nothing in this Agreement shall exclude or limit our liability for (i) death or personal injury resulting from our negligence or (ii) fraud or fraudulent misrepresentation or (iii) any other liability which may not be limited or excluded by law.
16.3 To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.
16.4 The above exclusions and limitations set out in this paragraph shall apply to any liability of our affiliates such as Mastercard, and other suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to you, which may arise in connection with this Agreement.
16.5 In the event of suspected or actual fraud or security threat to your Coconut Card or Coconut E-money Account, we will use SMS, telephone, post, email or another secure procedure to contact you. We may ask you to verify your identity for security purposes.
17. YOUR INFORMATION
17.2 If you allow or give consent to an Intermediary Payment Services Provider to access your Coconut E-money Account to provide their services to you, you should know that we have no control over how an Intermediary Payment Service Provider will use your information nor will we be liable for any loss of information after an Intermediary Payment Service Provider have access to your information.
17.3 For verification and security purposes, such as the application of Strong Customer Authentication measures, we are required to collect certain personal information from you including your mobile phone number. We will pass this data to our third-party service providers as required for the administration of Strong Customer Authentication measures.
18. COMPLAINTS PROCEDURE
18.1 Complaints regarding any element of the service provided by us can be sent to Customer Support via instant messaging through the Coconut App or by emailing us at [email protected] or on the emergency line on +44 808 169 9928.
18.2 All complaints will be subject to our complaints procedure. We will provide you with a copy of our complaints procedure upon request and, if we receive a complaint from you, a copy of our complaints procedure will be provided to you .
18.3 If we fail to resolve your complaint to your satisfaction you may refer your complaint to the Financial Ombudsman Service (Exchange Tower, London E14 9SR, phone 0800 023 4567). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.
19.1 Any delay or failure to exercise any right or remedy under this Agreement by us shall not be construed as a waiver of that right or remedy or preclude its exercise at any subsequent time.
19.2 If any provision of this Agreement is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.
19.3 You may not assign or transfer any of your rights and/or benefits under this Agreement and you shall be the sole party to the contract between us. You will remain liable until all Coconut E-money Accounts issued to you are terminated and all sums due under this Agreement have been paid by you in full. We may assign our rights and benefits at any time without prior written notice to you. We may subcontract any of our obligations under this Agreement.
19.4 No third party who is not a party to this Agreement has a right to enforce any of the provisions in this Agreement, save that Mastercard and their respective affiliates may enforce any provision of this Agreement which confers a benefit or a right upon them and a person specified in paragraph 16.4 may enforce paragraph 16.
19.5 This Agreement contains the information set out in Schedule 4 of the Payment Services Regulations 2017 and you can obtain a copy of this Agreement at any time by visiting the Coconut App or the Website.
19.6 The Financial Services Compensation Scheme is not applicable for this Coconut E-money Account. No other compensation schemes exist to cover losses claimed in connection with your Coconut E-money Account. We will however safeguard your funds against any loss that can be reasonably anticipated.
19.7 From time to time updates to the Coconut App may be issued through the App Store or Google Play Store. Depending on the update, you may not be able to use the Coconut App until you have downloaded the latest version of the Coconut App and accepted any new terms.
19.9 The Coconut App or the Website may contain links to third-party websites (“Third-party Sites”). Third-party Sites are not under our control, and we are not responsible for and do not endorse their content. You will need to make your own independent judgement regarding your interaction with any Third-party Sites, including the purchase and use of any products or services accessible through them. We shall have no liability to you in connection with any Third-party Sites.
19.10 This Agreement is governed by English law and you agree to the exclusive jurisdiction of the courts of England and Wales.
20. CONTACTING CUSTOMER SUPPORT
20.1 If you have a query regarding your Coconut E-money Account, please refer the FAQs on the Website or you can contact us using the in-App chat function, or by emailing us at [email protected] or on the emergency line on +44 808 169 9928 between the hours of 9am and 5pm UK time, Monday to Friday excluding public bank holiday.
20.2 Lost, damaged or stolen Coconut Cards can be reported via the Coconut App and also by calling +44 808 169 9928 (available 24 hours a day).