TERMS & CONDITIONS

IMPORTANT INFORMATION YOU NEED TO KNOW

Please read these terms and conditions (the "Terms and Conditions") carefully before using your Clove Account or activating your Clove Card or using any of our services. Your Clove Card and any e-money issued to you is issued by PrePay Technologies Ltd (“PPS”) pursuant to a licence granted by Mastercard International. PPS is authorised by the FCA under the Electronic Money Regulations 2011 (FRN: 900010) for the issuing of electronic money and provision of payment services. Clove has been appointed as an agent of PPS. This Agreement is between us and you, the Clove Account Holder. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Your Clove Account and Clove Card may be distributed by a third party on our behalf.

 

A. In this Agreement, different terms may apply to you depending on whether you are a UK Customer or an EU Customer. You are a "UK Customer" if you are resident in the United Kingdom at the time of application for a Clove Account or as otherwise notified by Clove; and you are an "EU Customer" if you are resident in the EU or EEA (excluding the UK) at the time of an application for a Clove Account or as otherwise notified by Clove. 

B. These Terms and Conditions together with your application for a Clove Account set out the agreement relating to your use of the Clove Account, the Clove Card (if you opt to have one) and all related services (the "Agreement"). The Agreement is between you and the following parties depending on the type of Clove Account you hold and whether you are a {COUNTRY} Customer or an {GLOBAL} Customer:

C. In this Agreement:

i) “Clove” means Clove Ltd, a business authorised in the {COUNTRY} with company number {NUMBER}, with its registered address at {ADRESS} and registered with the {REGESTRATION AUTHORITY} an electronic money institution for the issuing of electronic money and provision of payment services

ii) “PPS EU” means PPS EU SA a company registered in {COUNTRY{ADDRESS}, authorised by the National Bank of {CENTRAL BANK} for the issuing of electronic money and provision of payment services and which may be contacted at the above address; and

 

iii) “PPS UK” means PrePay Technologies Ltd, a company registered in {COUNTRY}, with its head office {ADDRESS}, authorised by the FCA under the Electronic Money Regulations {REGESTARATION NUMBER} the issuing of electronic money and payment instruments and which can be contacted at {PO BOX}

iv) If you have both a Clove EUR Account and a Clove GBP Account:

(1) if you are a UK Customer, then you will be entering into one Agreement with PPS {COUNTRY} covering both the Clove {CURRENCY} Account and the Clove {CURRENCY} Account; and

 

(2) if you are an {GLOBAL} Customer, then you will be entering into one Agreement with PPS {GLOBAL} covering both the Clove {CURRENCY} Account and the Clove {CURRENCY} Account 

 

(3) “PPS” means either PPS EU or PPS {COUNTRY} (as applicable). Your Clove Card and any e-money issued to you is issued by PPS pursuant to a licence granted by Mastercard.

 

v) In this Agreement “we”, “us” or “our” mean Clove and PPS together.

vi) All services provided to you under this Agreement which are regulated as e-money and/or payments services are exclusively provided by PPS (and never by Clove save as the agent of PPS) and any other services provided to you under this Agreement are provided by Clove.

 

vii) By confirming that you agree to the terms of this Agreement when submitting an application for a Clove Account, or by using your Clove Account or activating your Clove Card and/or using our services after you have been notified of any changes to this Agreement, you accept this Agreement. If there is anything you do not understand, please don’t hesitate to contact Customer Services using the contact details in paragraph 22 of this Agreement

D. Defined Terms

i) A list of all defined terms used in this Agreement which are not defined above can be found at paragraph 23 below.

 

ii) CLOVE ACCOUNT LIMITS

 

iii) The Clove Account Limits which apply to you are set out in the tables below depending on whether you choose to open a Clove {CURRENCY} Account, a Clove {CURRENCY} Account or a Clove RON Account. Please note that it may be necessary for us to set lower Clove Account Limits than those set out below. We can also change limits at our discretion at any time to comply with Applicable Laws and Regulations and to reduce the risk of financial crime. In the event that we lower the Clove Account Limits, if we are able to, we will notify you of the revised Clove Account Limits applicable to your Clove Account.

 

iv) CLOVE ACCOUNT LIMITS IF YOU CHOOSE TO OPEN A CLOVE GBP ACCOUNT

 

v) When applying for a Clove {CURRENCY} Account, you can choose your Plan in the Clove App based on the Plan that is right for you according to the Clove Account Limits shown in the table below. If you are applying for a Clove {CURRENCY} Account on or after 1 July 2019 (or you opened your Clove {CURRENCY} Account but did not choose a Plan before 1 July 2019) you can choose between the Simple, Classic and Premium Plans. You can change between your Plan at any time. (If you applied for a Clove {CURRENCY} Account and chose a Plan before 1 July 2019 you would have been able to choose from the Starter, Plus and Premium Plans in the Clove App). You can choose to apply for a Clove Joint Account with another person (see paragraph 12 for details on Clove Joint Accounts) once you have opened a Simple, Classic, or Premium account.

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