Terms and Conditions for your Altery Account
DEFINITIONS AND INTERPRETATION
OPENING AN ALTERY ACCOUNT
2.1 You can apply to open an Altery Account provided that:
(a) If you are an individual, you must be at least 18 years of age or older and have the full capacity to enter a contract. We may ask you at any time to show proof of your age. In addition, you must reside within the EU, EEA or EFTA, and we can ask you at any time to show proof of your permanent residency.
(b) If you are applying on behalf of a Corporate Customer,
(i) you confirm to our satisfaction that you have authority to bind any legal entity on whose behalf you use and/or access our Services and that legal entity accepts these Terms,
(ii) you can authorize others to access, use or operate your Altery Account or otherwise use our Services on behalf of a business (but not by or on behalf of an individual) (an “Authorized User”) in accordance with clause 16 of the Terms.
(c) You represent and warrant that your opening of an Altery Account does not violate any laws or regulations applicable to you.
(d) You pay any such Account Opening Fee as we may prescribe from time to time, details of which will be set out in our Fees.
2.2 All natural or legal persons availing themselves of Heado's services are considered customers even if they do so on only a one-off or occasional basis. Customers consent to being subjected to the rules governing the identification of clients pursuant to the Prevention and Suppression of Money Laundering Activities Laws of 2007-2021 preventing money laundering and the financing of terrorism and restricting the use of cash and all other relevant sources of law ("AML Law"). Customers undertake to identify themselves and their place of legal residence and, where appropriate, their corporate registered office and any administrative headquarters by presenting official documents attesting to their identity. They consent to Heado Ltd (and any other legal entities within the group of which Heado Ltd forms part) making copies of them on either paper or an electronic data carrier and keeping them on file. Heado Ltd may at any time require foreign identification documents to be translated at clients' expense (by a sworn translator where Heado Ltd deems necessary). Customers empower Heado Ltd to verify the authenticity of their documents and the correctness of their identification details with public or private bodies such as the National Register. Heado Ltd may also require clients to submit requisite documentary evidence to substantiate the origin of funds and/or to furnish signed statements setting out the reasons for particular transactions. Customers must immediately notify us in writing or through the permitted digital channels of any changes to the information submitted and/or enter these changes themselves via the appropriate digital channels.
2.3 You cannot open or hold an Altery Account or make use of the Services if
(a) it is not lawful to do so in your country of residence or country of incorporation if you are a Corporate Customer; and/or
(b) you are a resident of, or if you are a Corporate Customer incorporated in, a country where we do not provide Services (the list of approved countries can be found on the Website, and we reserve the right to make changes without notice).
2.4 We may in our sole discretion decide to restrict or discontinue our Services in
(a) any country or region identified by us as high risk; and
(b) other countries or region(s) at any time and without prior notice. A list of these countries or regions will also be set out on the Website.
2.5 By completing an Application Form, you warrant and represent on an ongoing basis that all the information in the Application Form is complete, accurate and correct. You must notify us immediately of any changes to this information. Failure to do so may be treated by us as a material breach of these Terms, entitling us to temporarily suspend and/or terminate the Services. You accept that in these circumstances, we will not be liable for any loss or damage that may result from our taking that step.
2.6 You may only open and hold one Altery Personal Account at any one time and maintain one profile. Each Altery Account holder is individually bound to the Terms.
2.7 If we detect that you have opened more than one Altery Account, we may close or merge all of your Altery Accounts. You acknowledge and accept that in these circumstances, we will not be liable for any loss or damage that may result from our taking that step.
2.8 You will not be able to switch your account type, meaning that if you open a personal account, you will not be able to change its type to a corporate account, and vice versa.
2.9 All activities under an Altery Account shall be deemed as activities carried out by you. You agree to only use the Services to transact on your own Altery Account and not on behalf of any other person or entity. Individual Altery Account holders may not allow others to access or use the Services or an Altery Account on their behalf.
2.10 Your Altery Account will hold funds in one or more of the Approved Currencies as designated by you when you set up your Altery Account with us.
2.11 Once we have loaded funds to your Altery Account, they can be redeemed by you only as set out in these Terms.
2.12 If you have not used your Altery Account for Payment Services or to request any Service from us for any period of 6 consecutive months or more, we will consider it dormant and may suspend your access to the Services. In these circumstances, we may also charge a dormancy fee of 1.99 EUR for personal customers in the United Kingdom and European Union, based on your last provided data, and a fee of 4.99 EUR for personal customers in the rest of the world. Depending on the period of time your Altery Account is dormant, we may ask you to re-submit information in order for us to carry out our “Know Your Customer” or other similar checks. In those circumstances, you will not be able to use the Altery Account until we have completed such checks to our satisfaction.
CARD SERVICES
OUR SERVICES
4.1 Subject to your compliance with these Terms, you may use your Altery Account:
(a) to hold, send and receive funds in an Approved Currency;
(b) to redeem e-money in the Altery Account, and to receive and make payments; and
(c) to request for Altery Card services; Usage of the Card services are governed by the Card Terms & Conditions; and
(d) for any other Services always provided that you do not carry out any illegal behaviour and do not use the Altery Account in connection with any of the Prohibited Activities. We may treat the use of your Altery Account for any of the Prohibited Activities as a breach of these Terms that entitles us to suspend and/or terminate the Services. You accept that in these circumstances we will not be liable for any loss or damage that may result in us taking that step.
4.2 We will keep reasonable records of the funds you hold in your Altery Account and of your Transactions using your Altery Account. A transaction history showing details of the payments you make and receive from your Altery Account, including a payment reference for each Transaction, the exchange rate applied when carrying out currency conversions and the fees chargeable is available for you to view and download once you have logged into your Account through our Website, the API or any Mobile App using your Account Access Details. That information may be viewed by Transaction or on consolidated statements of account for different monthly periods. You should check the Transaction history regularly and let us know if you have any concerns regarding its accuracy or if you do not recognise any of the Transactions listed.
4.3 You may only tell us to transfer electronic money from the balance available in your Altery Account. There is no overdraft facility available on the Altery Account. Accordingly, you must check the Account balance to make sure you have enough funds in your Altery Account to make any payment and to pay the fee we charge you for doing so before you tell us to make a payment. In the event that there are insufficient funds to make any payment and pay our fees, then the transfer will not be made. You acknowledge and accept that in these circumstances, we will not be liable for any loss or damage that may result in us taking that step.
4.4 Funds in your Altery Account do not constitute a deposit and will not earn interest. Altery Account is an electronic money account and is not a bank or deposit account. Electronic money accounts are not allowed by the European Law to receive any paying interest. Electronic money is not a deposit or investment under the Cyprus Law and is therefore not protected by a deposit guarantee scheme or the investor compensation fund scheme that is provided for in Cyprus. Heado ensures that once it receives your funds they are held in a segregated account, and safeguarded in accordance with the Electronic Money Laws 81(I)/2012 and 30(I)/2018 and further supported by the Provision and Use of Payment Services and Access to Payment Systems Laws of 2018 to 2023; with appropriate amendments; until they are spent, withdrawn, or reimbursed to you, please refer to clause 19 of these Terms.
4.5 If, notwithstanding clause 4.3, for any reason your Altery Account goes into a negative balance, you are required to immediately repay such a negative balance by loading sufficient funds into your Altery Account to bring it back to at least a zero balance. We reserve the right to automatically offset a negative balance on your Altery Account against any fund transfers which you subsequently make to your Altery Account. We shall be entitled to charge you for any reasonable expenses we incur as a result of any negative balance on your Account. In the event that you fail to restore your Altery Account to at least a zero balance within thirty calendar days, then we reserve the right to suspend and/or terminate the Services and/or to close your Account. You acknowledge and accept that in these circumstances, we will not be liable for any loss or damage that may result in us taking that step.
4.6 In the event that there are insufficient funds in your Altery Account to pay any fee that is due to us from time to time in connection with the Services, then we also reserve the right to immediately suspend the provision of all Services. We also reserve the right to automatically recover such fees from any fund transfers which you subsequently make to your Altery Account. In the event that you do not arrange for funds to be transferred into your Altery Account sufficient at least to meet the fees that are due within thirty calendar days, then we reserve the right to suspend and/or terminate the Services and/or to close your Account. You acknowledge and accept that in these circumstances, we will not be liable for any loss or damage that may result in us taking that step.
4.7 We reserve the right to take such legal action against you as may be required to recover any losses (including costs) that we may incur, including payments or liabilities to third parties, as a result of a negative balance on your Altery Account or your inability to pay any fee that is due to us.
4.8 We may limit the value and/or the number of transfers of funds you can instruct us to make into or out of your Altery Account depending on your country of residence or country of incorporation (if you are a Corporate Customer) or if different to the country from which you operate, verification status, and other factors we might consider reasonable. Your current limits are shown in your Altery Account. We may change such limits from time to time, on written notice posted in your Altery Account.
RECEIVING PAYMENTS
MAKING PAYMENTS
WHEN DO WE RECEIVE AND EXECUTE YOUR INSTRUCTIONS TO MAKE PAYMENTS?
7.1 We will consider any instruction for a Transaction to be authorised by you once you have given us consent to carry it out. You consent to making a payment by following the on-screen prompts when accessing your Altery Account and using one of the tools we make available for you to confirm instructions. The on-screen prompts will require you to provide the type of unique Identifier relevant in each circumstance. This will depend on whether the payment is to an account held with us, or to a payment account with another PSP.
7.2 We will ordinarily receive your payment instruction at the time you confirm it. If your Altery Account includes functionality that allows you to instruct us to carry out a payment on a specific day, when you use that functionality to make a payment, we will treat the time of receipt of the instruction as being on that specified day.
7.3 If the payment instruction is to pay another Altery Account, we action it at the time we receive your instruction. If it is an instruction for a Transaction to an account operated by another PSP, a payment in euro or in sterling (provided a sterling payment is executed wholly within the UK), it will generally reach its destination, at the latest, on the Business Day after the Business Day on which we receive your instruction. Other payments may take longer, generally up to 4 Business Days following the Business Day on which we receive your instruction. The time at which we will make other international payments depends on the timeframe for doing so and the business hours of the other PSP. The timeframes set out in this clause 7.3 are provided by way of guidance only. You should always allow ample time for your Transactions to be processed. We will not be responsible for any fees, costs or liabilities that you incur by reason of a payment taking longer than specified under clause 7.3. We will also not be responsible for any fees, costs or liabilities that you incur by reason of any delay in making the payment, whether or not caused by our acts or omissions or those of third parties.
7.4 We reserve the right in our sole discretion to refuse to carry out a payment instruction. Where we do that, unless prevented from doing so by law or regulation, we will endeavour to explain to you why we have declined to make a payment.
EXCHANGE RATES
FEES AND CHARGES
YOUR OBLIGATIONS
KNOW YOUR CUSTOMER CHECKS
OUR RIGHT TO REVERSE, SUSPEND AND TERMINATE
YOUR RIGHT TO CLOSE YOUR ALTERY ACCOUNT
REFUSING A PAYMENT
KEEPING YOUR SECURITY DETAILS SAFE
CORPORATE CLIENTS AND AUTHORIZED USERS
16.1 If you are a Corporate Customer, you can authorise others to access, use or operate your Altery Account or otherwise use our Services on behalf of a business (an “Authorised User”). You acknowledge that if you provide such access to an Authorised User, we’ll deal with such Authorised User as if they were you for the purposes of these Terms, including any conduct related to a balance held in the Altery Account or other instructions, such as withdrawing or sending money. All Authorised Users must be 18 or over, and you must assess that they are of sound mind and judgement.
16.2 You must notify us in writing immediately upon any change in the information provided regarding the Authorised User and its scope of authority to give instructions on your behalf.
16.3 You will be bound by anything done by any Authorised User, even if they do something that is outside the scope of the authority you gave them. You acknowledge that Heado will not perform any verification of the authority of your Authorised Users to act on behalf of your business. You also acknowledge that we may disclose certain information about your profile or Altery Account to any Authorised User and that we are not responsible for your Authorised User’s use of that information. Granting permission to any Authorised User does not relieve you of your responsibilities under these Terms, including notifying us if your Altery Account has been compromised or if a transaction is suspected to be incorrect or unauthorised.
16.4 You are responsible for the integrity of and all acts and omissions of all Authorised Users, and we shall not be responsible for any loss or harm which you or any other person may suffer or incur as a result of any act or omission of any Authorised User. We are not responsible to you or anyone else if any Authorised User provides us with instructions which are against your interests or outside of the scope of the Authorised User’s actual authority.
16.5 As an Authorised User (defined above), all activities under an Altery Corporate Account shall be deemed as activities carried out on behalf of the relevant entity. Unless you are an Authorised User, you agree to only use the Services to transact on your own Altery Corporate Account and not on behalf of any other person or entity.
You are responsible for ensuring that only Authorised Users access your Altery Account and/or instruct us to carry out Transactions on your behalf. If we receive instructions or a request using your or an Authorised User’s Account Access Details, we will treat the instructions as having been authorised by you, and we are under no obligation to verify the authenticity of an instruction if it comes from an Authorised User.
16.6 Disputes between you and an Authorised User relating to your Altery Corporate Account or our Services are a matter between you and the Authorised User. You recognise that Heado is not a party to any claim or dispute between you and your Authorised Users. Because you are bound by the actions of Authorised Users, it’s very important that you choose Authorised Users carefully. We suggest you regularly reassess who can be an Authorised User and regularly review the activity undertaken by Authorised Users.
16.7 You shall ensure that any and all Authorised Users are aware of these Terms and will procure that such Authorised Users comply with these Terms.
16.8 We may deny access to your account to any third party when we believe that there is a risk of fraud or other criminal activity. We may also deny such access in order to comply with anti-money laundering regulations. In this case, we will provide you with the reasons for refusing access unless this is restricted by law or for internal security reasons.
TRANSACTION DISPUTES
OUR RESPONSIBILITIES
18.1 We shall at all times perform our obligations under the Terms and carry out the Services with reasonable care and skill.
18.2 Subject to paragraph 18.4 if, in providing the Services, we fail to comply with these Terms, our aggregate liability to you (whether in contract, tort, negligence, breach of statutory duty or otherwise) shall not exceed:
(a) in any calendar year (if you are a Corporate Customer) the total amount of fees you paid us during that year for your Services; or
(b)(if you are a Consumer) any losses you suffer which are a reasonably foreseeable consequence of such failure.
18.3 Subject to paragraph 18.4 and unless you are a Consumer, we will not pay for losses that fall into the following categories, even if those losses result from our deliberate failure to comply with our obligations under these Terms:
(a) indirect or consequential loss;
(b) loss of income or revenue;
(c) loss of business;
(d) loss of profits;
(e) pure economic loss;
(f) loss of anticipated savings; or
(g) waste of management or office time.
18.4 We do not exclude or limit our liability for:
(a) death or personal injury caused by our negligence;
(b) fraud or fraudulent misrepresentation by us; or
(c) any other matter for which it would be illegal for us to exclude or limit our liability.
18.5 We are not liable for any loss or damage caused by a virus, other technological attacks or harmful material that may infect your computer equipment, computer programmes, data or other proprietary material related to your use of our Services.
18.6 Where we and another person (such as a payment services provider) are liable to you in respect of the same matter or item, you agree that our liability to you will not be increased by any limitation of liability you have agreed with that other person or because of your inability to recover from that other person beyond what our liability would have been had no such limitation been agreed and/or if that other person had paid his or its share.
PROTECTING YOUR FUNDS
19.1 When you transfer funds into your Altery Account and/or you receive a payment into your Altery Account, we shall (a) place the funds into segregated accounts held with authorised credit institutions; and/or (b) invest the funds into secure and liquid low-risk assets held in a segregated account with financial institutions. These actions are taken to safeguard and protect your funds in accordance with the Electronic Money Law and Laws 81(I)/2012 and 30(I)/2018; The Provision and Use of Payment Services and Access to Payment Systems Laws of 2018 to 2023.
19.2 As your Altery Account is an electronic money account and not a bank account, you acknowledge that the Deposit Guarantee Scheme or Investor Compensation Fund in Cyprus does not apply to your Altery Account.
SET-OFF
20.1 If any circumstances arise which, in accordance with these Terms, entitle us to be compensated by you, we shall be entitled to recover any sum due to us by setting-off part or all of any sum that you have lodged with us, either in your Altery Account or your Card or otherwise against the sums you owe us. We shall accordingly deduct such sums from your Altery Account. You shall have no similar right of set-off.
CIRCUMSTANCES BEYOND OUR CONTROL
21.1 We are not responsible for any breach of these Terms by us, or for any loss you incur in connection with such breach, due to any Circumstances Beyond Our Control.
21.2 Our performance of the Services is deemed to be suspended for the period that the Circumstances Beyond Our Control continue, and we will have an extension of time for performance for the duration of that period.
21.3 If any Circumstances Beyond Our Control occur, we may take any action we consider appropriate in connection with the Services and use reasonable endeavours to end the impact that the Circumstances Beyond Our Control have on our Services.
21.4 Notwithstanding the provisions of this clause 21, we reserve the right to treat these Terms as being at an end (by reason of frustration) on the basis of the Circumstances Beyond Our Control.
ACCESSING OUR SERVICES
CONTACT METHODS
YOUR PERSONAL DATA
INTELLECTUAL PROPERTY
NO LIABILITY FOR TAX
26.1 Save as required by any applicable law or regulation, we have no obligation whatsoever to any taxation or similar authority in respect of any taxation or other similar duty or levy payable by any Customer or any Connected party. It is your obligation to report and pay all taxation, duties and levies that are payable by you in respect of your Altery Account and the Services.
COMPLAINTS PROCEDURE
27.1 If you have a complaint regarding our Services or any other matter contained in these Terms, please contact us by email at [email protected]. All complaints will be investigated in accordance with our Complaints policy available on the website.
CHANGES TO THESE TERMS
CONFIDENTIALITY
29.1 We undertake that we shall not at any time, disclose to any person any of your confidential information, except in the following circumstances:
to our employees, officers, representatives, or advisers who need to know such information for the purposes of exercising our rights or carrying out our obligations under or in connection with this Agreement. We shall ensure that our employees, officers, representatives, or advisers to whom we disclose your confidential information comply with this clause; and
as may be required by law, a court of competent jurisdiction or any governmental or regulatory authority.
GENERAL
30.1 These Terms are personal to you. You must not grant any legal rights to anyone over any of them and you must not transfer your rights and obligations under these Terms to anyone.
30.2 We may assign or transfer our rights or obligations under these Terms, either in whole or in part, to any third party without your consent.
30.3 Any delay or failure by us to exercise any right or remedy under these Terms is not to be considered a waiver of that right or remedy, and it will not stop us from exercising it at any subsequent time.
30.4 No one other than you and us has any right to enforce any of the provisions of these Terms.
30.5 If any provision of these Terms is judged to be invalid, illegal or unenforceable, such provision shall be severed from these Terms and the remainder of the provisions shall so far as possible continue in full force and effect.
30.6 We shall have no liability to you under these Terms or any Contract if we are prevented from or delayed in performing our obligations under this Terms, or from carrying on our business, by acts, events, omissions or accidents beyond our reasonable control, including, without limitation, strikes, lockouts or other industrial disputes (whether involving us or any other party), failure of a utility service or transport or telecommunications network, act of God, war, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule, regulation or direction, accident, breakdown of plant or machinery, fire, flood, storm or our default of subcontractors, provided that you are notified of such an event and its expected duration.
30.7 Each of the subclauses, clauses and paragraphs of this Agreement operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining subclauses, clauses and paragraphs will remain in full force and effect.
30.8 Nothing in this Agreement is intended to or shall operate to create a partnership or joint venture between you and us or authorise either party to act as agent for the other, and neither party shall have the authority to act in the name or on behalf of or otherwise to bind the other in any way (including, but not limited to, the making of any representation or warranty, the assumption of any obligation or liability and the exercise of any right or power).
THIRD PARTY SERVICE PROVIDERS
LARGE ENTERPRISES OPT OUT
RESTRICTIONS ON USING THE HEADO SERVICES
33.1 The Services must not be used, directly or indirectly, for the following restricted activities:
(a) Breach these Terms, Privacy Policy or any other policies.
(b) Use our services for illegal purposes.
(c) Infringe Heado’s or any third party's copyright, patent, trademark, trade secret or
other intellectual property rights, or rights of publicity or privacy.
(d) Provide false, inaccurate or misleading information.
(e) Send or receive what we reasonably believe to be potentially fraudulent or unauthorised funds.
(f) Refuse to cooperate in an investigation or provide confirmation of your identity
or any information you provide to us.
(g) Control an account that is linked to another account that has engaged in any
of these restricted activities.
(h) Use your Heado services in a manner that Heado or any other electronic funds transfer network reasonably believes to be an abuse of the card system or a violation of card association or network rules.
(i) Use of Heado services in a way that we reasonably believe that might harm our ability to provide our services.
(j) To control or use a Heado’s account that’s not yours.
(k) Give your Altery card or security credentials to any other person.
(l) Allow anyone else to access or use your account or the Altery app.
(m) To abuse, exploit or get around any usage restrictions set by a service provider
your Altery card is registered with.
(n) Harass and/or threaten our employees, agents, or other users.
GOVERNING LAW
34.1 These Terms are governed by the laws of the Republic of Cyprus.
JURISDICTION
35.1 The parties to these Terms submit all disputes relating to these Terms and the Services to the exclusive jurisdiction of the courts of the Republic of Cyprus.