1. Muloot Money
1.1. ‘Muloot Money’ is a trading name of Aspire Payments Limited.
1.2. Aspire Payments Limited is a company registered in England under the company registration number 09609407. The company is registered with the Financial Conduct Authority as a Small Electronic Money Institution to issue e-money and provide payment services under the Electronic Money Regulations 2011 with firm reference number 900883.
1.3. In these terms and conditions:
a. ‘APP Scam’ means an authorised push payment scam, where a person uses a fraudulent or dishonest act or course of conduct to manipulate, deceive or persuade another person to transfer money from the payer’s account to another account not controlled by the payer, where:
- The beneficiary is not who the payer intended to pay; or
- The payment is not for the purpose that the payer intended.
b. 'Beneficiary' means the intended recipient of a payment i.e. a person or company
c. ‘e-money’ means electronic money, and is an electronically stored monetary value.
d. ‘FCA’ means the Financial Conduct Authority or any relevant successor authorities established from time to time
e. ‘Foreign Currency’ means a currency that is not Pound Sterling
f. 'Forward Contract' means a foreign exchange contract under which we agree, on a specific date in the future to physically exchange money with you at an agreed exchange rate and at an agreed time to facilitate payments for a commercial purpose for identifiable goods, services or direct investments;
g. ‘FX’ means changing your e-money from a Foreign Currency into another Foreign Currency or from Pound Sterling into a Foreign Currency or vice versa.
h. ‘FX Contract’ means our written acceptance of an order from you (whether online or offline) to make a FX.
i. ‘group’ means Aspire Payments Ltd and its trading name Muloot Money and any other companies within its group. This means any subsidiary or holding company from time to time of Aspire Payments Limited, and any subsidiary from time to time of a holding company of Aspire Payments Limited. A reference to a holding company or a subsidiary means a holding company or a subsidiary (as the case may be) as defined in section 1159 of the Companies Act 2006.
j. ‘insolvency event’ means you becoming unable to pay your debts as and when they fall due or any bankruptcy, winding-up or liquidation petition or order or resolution, the appointment of an administrator or receiver, an insolvent reorganisation (by way of voluntary arrangement or otherwise) or the occurrence of any similar or analogous insolvency event.
k. ‘Margin’ means, in relation to a Forward Contract, advance payment of such amount that we determine at any time and from time to time, in our sole discretion, that you are required to provide to us for the purposes of securing or otherwise collateralising your obligations and liabilities to us under this agreement or otherwise;
l. ‘Margin Call’ means a request by us to you for Margin;
m. ‘Muloot Money Personal Account’ ‘your account’ means a personal account which we open in your name and which consists of an online E-Money Account and a FX service.
n. ‘offline’ means an action initiated via a means, accepted by us, which is not online.
o. ‘online’ means an action initiated via our website.
p. ‘Pound Sterling’ means the lawful currency of the United Kingdom from time to time
q. ‘PSR’ means the UK Payment Services Regulations 2017 as from time to time amended, restated or re-enacted.
r. ‘Spot Contract’ means a Contract where the Foreign Currency is scheduled to be available in the relevant Wallet within 2 business days of the date of the FX Contract.
s. 'Standing Orders' means a regular payment of a fixed amount from your account wallet to another account
t. ‘System’ means the online foreign exchange and payments system used by Muloot Money from time to time.
u. ‘Value Date’ means the date when a FX Contract matures and the Foreign Currency or Pounds Sterling you buy is available in the relevant Wallet Currency.
v. ‘Vulnerable Customer’ means someone who, due to their personal circumstances, is especially susceptible to harm - particularly when a firm is not acting with appropriate levels of care.
w. ‘Wallet’ means the place where each Wallet Currency e-money is stored.
x. ‘Wallet Currencies’ means Canadian Dollars (‘CAD’), Swiss Francs (‘CHF’), Czech Koruna (‘CZK’), Danish Krone (‘DKK’), Euros (‘EUR’), Pound Sterling (‘GBP’), Hungarian Forint (‘HUF’), Norwegian Krone (‘NOK’), Polish Zloty (‘PLN’), Romanian Leu (‘RON’), Swedish Krona (‘SEK’) and US Dollars (‘USD’).
y. ‘website’ means www.mulootmoney.com
z. ‘we’ ‘us’ ‘our’ means Aspire Payments Ltd trading as Muloot Money.
aa. ‘you’ ‘your’ means the named account holder in whose name the account is opened.
2. Introduction and account opening
2.1. This document sets out the terms and conditions for your Muloot Money Personal Account. These terms and conditions along with the fees page on our website and any other terms and conditions that we advise apply to our services, form a legal agreement and explain our obligations to you and your obligations to us.
2.2. Your account is intended for personal use only. Personal use means for your personal enjoyment only, and not for business or investment purposes.
2.3. The Muloot Money Personal Account will not pay interest on any money contained in the account.
2.4. The Muloot Money Personal Account does not have an overdraft facility.
2.5. In regards to foreign exchange, the Muloot Money Personal Account can only be used to buy and sell Foreign Currency for non-speculative purposes. This means that we will not accept an order for FX if you are seeking to enter into the FX Contract as an investment or to profit by speculation on currency movements.
2.6. Muloot Money may in its own discretion decline any application for a Muloot Money Personal Account.
2.7. Muloot Money and you agree that these terms and conditions and the provision of the Services by Muloot Money shall be governed by the provisions of PSR as from time to time amended, restated or re-enacted.
2.8. These terms and conditions are provided to you in the English language, and any information or notifications required under the PSR will also be communicated to you in English.
2.9. We may communicate with you and accept instructions for transactions from you, by telephone, email, via the System or any such means as we may determine from time to time.
2.10. You can request a copy of and download these terms and conditions at any time through our website. You can also contact us to request a copy by email, phone or post.
3. Our contact details
3.1. You can contact us:
a. Via our website: www.mulootmoney.com
b. By email: customerservices@mulootmoney.com
c. By phone: +44 345 266 8758
d. By post: Muloot Money, PO Box 3968, Chester, CH1 9RR
3.2. We do not accept service of legal proceedings through our email address. We will accept service of legal proceedings at our registered office address in clause 3.1(d). Please mark any legal proceedings for the attention of the Legal Department.
4. Changes to these terms and conditions
4.1. You will find the most up to date version of these terms and conditions on our website.
4.2. Any changes to these terms and conditions will be communicated to you by using the email address that you provided to us.
4.3. Sometimes we may make changes to these terms and conditions. Depending on the nature of the changes, we may be required to give you two months' notice.
4.4. If you don't agree to these changes, you can let us know before the changes take effect and we'll close your account. We'll transfer any money in the account (less any money that you owe us) to another account that you nominate.
4.5. If we don't hear from you before the changes come into effect, we'll assume you're happy and accept the changes we've made.
5. Setting up a Muloot Money Personal Account
5.1. To be eligible to apply for a Muloot Money Personal Account, you must be at least 18 and have a residential address in the UK or the European Economic Area (‘EEA’) at which you permanently reside. By law, we must check your identity. We will do so by searching your record at identity authentication companies and fraud prevention agencies. The agencies will keep a record of our search. We may use an automated scoring system as part of our verification process, or we may ask you for documentary evidence. If we suspect that you have given us false or inaccurate information, we may record our suspicions at fraud prevention agencies and may pass information about you to law enforcement agencies. If you would like details of the organisations with which we share information, please ask us by e-mail or post.
5.2. If an insolvency event occurs in relation to you, then you agree we may:
5.3. decline to act on any instructions from you or any other party unless you have previously obtained an appropriate order from a Court or we have been authorised to act on such instructions by a third party (such as an appointed insolvency practitioner) from whom we should obtain authority.
5.4. set up a separate account or accounts in your name to which any incoming payments may be credited.
5.5. In so doing, we will not be held liable for any expenses, costs or losses incurred by you or your representative, advisor or insolvency practitioner. You must inform us if you enter into an insolvency event within 7 days of entering into the event.
6. Your details
6.1. It is your responsibility to inform us of any changes to your contact information. You must tell us as soon as possible if you change your name, address, phone number or email address.
6.2. If we contact you about your account we will do so using the most recent contact details which you have provided.
6.3. We will not be liable for any failure by you to receive correspondence from us, if you have failed to update us of any change of contact details.
6.4. We will treat any communication as being received by you by email, mobile phone or text message as soon as we send it.
7. Using your Muloot Money Personal Account
7.1. You may hold money in any Wallet Currency within your account at the same time. Each Wallet Currency will be held in a separate Wallet.
7.2. You can use your account and the money in it to:
a. send money to and receive money from other accounts, both Muloot Money accounts and non Muloot Money accounts;
b. conduct FX;
c. view information and manage your account.
8. Payments into your Muloot Money Personal Account
8.1. Money paid into your account must be made by way of electronic fund transfers. If you expect to receive large payments, especially international payments of any kind, we may not accept these without prior arrangement and you should contact us in advance to discuss. Proof of source of funds may be requested. We may refuse to accept a payment into your account if we reasonably believe that doing so may cause a breach of our legal obligations or expose us to action from any government, regulator or third party.
8.2. We currently offer Wallets in the Wallet Currencies.
8.3. Any money which is paid into your account in a Wallet Currency will be held in the currency in which it is received, and will not be converted to Pound Sterling other than through an FX Contract.
8.4. If money is paid into your account in a currency which is not a Wallet Currency, then it will be converted to Pound Sterling at the current exchange rate at the time the money is received by us and we will charge you a fee to receive that payment. Please refer to our fees page on our website.
8.5. If we are informed by another financial institution that money has been paid into your account in error, we can take an amount up to that sum from your account. We are not required to ask your permission but will endeavour to inform you if that happens. We will act reasonably to try and minimise any inconvenience to you.
8.6. There is a maximum average balance permitted in your account of £100,000 or equivalent value in Wallet Currency over a period of three months.
9. Payments out of your Muloot Money Personal Account
9.1. You can transfer money out of and make payments from your account by using our website. You will have to pay a fee for making a payment and these can be found on our fees page on our website. When the transaction is processed this fee will be taken from your account balance immediately, we will transfer these fees from the Safeguarding account daily by 16:30.
9.2. Once you have made a request for a transfer of money out of your account or a request for a payment to be made to another account, and we have received it, we are not able to stop that payment. You are not able to revoke your consent to that payment or transfer being made.
9.3 You must have enough funds in your account to cover the full amount of any transaction you wish to make, including our fees. If you do not, we will normally reject the transaction. However, if we do allow a transaction despite a lack of funds, you must repay the amount owing to us immediately, otherwise you will be considered to be in arrears and clauses 9.14 and 9.15 will apply.
9.4. When setting up a new payee, you must ensure all information provided is accurate and complete. If it is not, we may not be able to process a payment instruction to that payee or the payment may be delayed or fail to reach that payee. We will not be liable for any loss you suffer if you do not include all the necessary information for a new payee or if the information you provide is incorrect. The information we require is: Account Name - Account Number or IBAN (International Bank Account Number), Bank Identifier e.g. Sort code or BIC/SWIFT code, and the address of the person or Company you are paying.
9.5. You must read and act upon all warnings (including any fraud links which include additional information) presented to you when making payments out of your account, particularly when setting up a new payee or changing a payee's details.
9.6. We may apply confirmation of payee for payments from your Wallet where the beneficiary account is located in the UK. This means that when you provide us with new beneficiary account details, we will check through the confirmation of payee system that the name of the beneficiary you have provided us with matches the name on the account with the sort code and account number you have provided us with. You may be provided with four possible outcomes from the confirmation of payee system:
a. Yes, the name and account type you supplied matches the details on the account;
b. No, the name is a close match;
c. No, the name doesn’t match the name held on the account;
d. Unavailable, it has not been possible to check the name because: timeout, account doesn’t exist etc.
9.7. You should take extreme caution when placing a request to execute a payment, where the name you have provided us with does not match, exactly or at all, the name on the account with the sort code and account number you have provided us with.
9.8. You should not take the fact that the name you have provided us with matches the name on the account, with the sort code and account number you have provided us with, as an assurance that you are not the subject of an APP Scam. If you have any concerns that you might be the victim of an APP Scam, you must contact us prior to executing the payment.
9.9. If you are in doubt about making any payment, do not proceed with the payment and contact us.
9.10. You can arrange a payment through our website, or via telephone. You cannot cancel once the funds have been debited from your account.
9.11. If you ask us to undertake a transaction from your account, and we reasonably believe that doing so would cause us to breach a legal obligation or expose us to action from any government, regulator or third party, we can refuse to make that payment.
9.12. We may also refuse to act on any instruction made by you including payment instructions where we believe that:
a. the instructions are incomplete, ambiguous or unclear;
b. valid consent has not been given by you;
c. you or someone else is using the account for illegal activities, fraud or in breach of these terms and conditions;
d. we are required to do so for regulatory or legal reasons;
e. there are insufficient funds in your account to process the transaction including our fees.
9.13. We will get in touch with you as soon as possible if we have refused to act on your instruction, or held a payment instruction, unless we are not allowed to for legal reasons.
9.14. If a transaction is made and/or our fees paid from your account where there are insufficient funds in your account for that transaction or fees (‘shortfall’), we will seek for the shortfall to be reimbursed by you immediately upon request. We may immediately suspend all your personal accounts with us until that shortfall has been reimbursed in full.
9.15. If you fail to reimburse us for the shortfall immediately when requested, we may deduct an amount equal to the shortfall from any or all of the personal accounts you hold with us or from any sums subsequently paid into any of your personal accounts by you or a third party. You may make a payment from an alternative bank account in order to pay the shortfall.
9.16. You can access your full statement of all transactions and your account balance on your account page on our website. You will need to log onto your account via our website. You can download transaction history from each of your Wallets; you can also request to receive a copy of your statement by post or email. You should check your online account regularly.
9.17. If on reviewing your statements or your account balance you notice an entry or a balance that seems to be wrong, you should tell us as soon as possible so that we can undertake an investigation. During any investigation you should cooperate with us and with the police, if involved.
9.18. We will deduct any fees immediately, as and when they are incurred. Our fees page can be found on our website.
10. Standing Orders
10.1. You can transfer money out of your account by means of Standing Orders. Standing Orders are when you ask us to make a regular payment of a fixed amount from your account to another account and allows you to automate regular payments from your account.
10.2. You can give your standing order an end date, or limit the number of payments, or you could choose to leave it open-ended.
10.3. You can set up a standing order through our website or via telephone.
10.4. To create a standing order, you will need to have the following details:
- The name of the person or company you are sending money to (the beneficiary)
- The beneficiary account details - Account Number or IBAN (International Bank Account Number), Bank Identifier e.g. Sort code or BIC/SWIFT code, and the address of the person or company you are paying
- A payment reference, so they know who the money has come from (optional)
- The fixed amount you wish to pay
- The payment date and frequency
- Duration for which you wish the standing order to be in place – i.e. a specified end date, a specified number of payments, or open-ended
10.5. You will have to pay a fee for payments made via standing order and these can be found on the fees page on our website. When each transaction is processed this fee will be taken from your account immediately.
10.6. You can cancel a scheduled standing order payment up to the end of the working day before the payment is due to be made. You can cancel through our website or by telephone. After this time, you are not able to revoke your consent to that scheduled standing order payment being made.
10.7. You must have enough funds in your account to cover the full amount of any standing order transaction you wish to make, including our fees, by the end of the working day before the standing order payment is due to be made. If you do not, we will normally reject the transaction. However, if we do allow a transaction despite a lack of funds, you must repay the amount owing to us immediately, otherwise you will be considered to be in arrears and clauses 9.14 and 9.15 will apply.
10.8. Clauses 9.4 to 9.18, inclusive, in these Terms and Conditions also apply to payments initiated via Standing Order.
11. Using the FX service
11.1. As part of your account, we offer a FX service for the Wallet Currencies. This can be withdrawn by us at any time. We can only provide our FX service online whilst the money market is open, and offline on UK working days, between 9am-5.30pm Monday to Friday. Our FX service shall be limited to providing facilities for the sale and purchase of foreign currencies for the account holder’s use only and not for resale. We will endeavour to make your onward payment within the Business Hours of 9am-5.30pm Monday to Friday. Please note there are payment cut-off times for multi-currency payments. If a payment request is received after cut-off we will make you onward payment during the next available payment window. UK cut-off times for payments in the three core currencies are:
British Pounds - GBP - Business Hours
Euro - EUR - 2:30pm
United States Dollar - USD - 2:30pm
Your payee will receive your payment in line with their local banking processing time - GBP in the UK should clear same day. International payments in multi-currencies do not have defined processing times, our EUR payments are processed via Target 2 and all other international payments are processed via the priority SWIFT payment method, all will usually be received either same day or within 72 Business Hours.
11.2. In using your account for FX, you hereby warrant that you are not acting for any third party, and that the transactions are for private purposes only.
11.3. We only conduct Spot Contracts online. However, if you contact us, FX contracts other than a Spot Contract, such as a Forward Contract, may be available.
11.4. Whilst we may provide you with information about FX markets and related matters, we do not provide advice. Any decision you make to enter into a FX is made on your judgement alone. It is your responsibility to familiarise yourself with the FX products or services you are buying and we will assume that you have done so.
11.5. We may at our absolute discretion refuse to enter into an FX Contract without giving any reason or being liable for any loss you suffer as a result of such refusal.
11.6. Your FX will be made using an exchange rate as advised to you and which you will need to be agree to as part of the FX Contract.
Our exchange rates are relayed through a live data feed and therefore change directly with market fluctuations. Online, we present the indicative rate of exchange at the point you look to convert funds and provide you with the opportunity for you to confirm, re-quote or walk away. The online exchange rate we quote includes a small hedge margin to cover risk of market fluctuations between us presenting you the exchange rate and us hedging your contract. Our telephone service will view the same live data feed, without the hedge margin
11.7. You should check the FX Contract thoroughly before you enter into it. Subject to manifest error, on entering into the FX Contract a binding contract will be created between us and you, on the commercial terms set out in the FX Contract including the amount of relevant Foreign Currency, the foreign exchange rate and the Value Date and which will be subject to these terms and conditions.
11.8. We will not be responsible for any errors made by you once the FX Contract is entered into.
11.9. You cannot cancel, rescind or amend a FX Contract without our express written consent.
11.10. We may also at any time, without giving notice to you, refuse to perform or cancel any part of a FX Contract without being liable for any loss you suffer as result of that refusal or cancellation, should the following events occur:
a. there is a manifest error on our part;
b. failure by you to provide the correct amount of money in the correct currency at the stipulated time;
c. failure by you to make any payment when due under these terms and conditions;
d. any other material breach by you of any part of these terms and conditions.
e. you entering into any form of insolvency event;
f. any representations or information provided by you becomes materially inaccurate or materially changed;
g. it is unlawful for us to carry out the FX;
h. we are requested not to perform or carry out the FX or transaction by any government or regulatory authority whether or not that request is legally binding;
i. we consider it necessary to do so for our own protection including (without limitation) in circumstances where we suspect fraud, money laundering or where we feel we need to protect us from loss, market failure or volatile conditions.
11.11. If we refuse or cancel any FX for any reason, we are entitled, at our discretion, to charge you for any outstanding fees, losses and expenses incurred by us during that FX transaction. We will send to you the sum due to you, less any outstanding fees, losses and expenses and a notice setting out how the sum due to you has been calculated.
12. Forward Contracts
12.1. From time to time we may agree to enter into a Forward Contract with you, which means a foreign exchange contract under which we agree, on a specific date in the future to physically exchange money with you at an agreed exchange rate and at an agreed time. You understand and agree that:
a. we buy and sell currency for non-speculative purposes only and will not trade with you if you are seeking to enter into Forward Contract(s) as an investment or to profit by pure speculation on foreign exchange rate movements;
b. we will only enter a Forward Contract with you if we are satisfied that you are entering such Trade (i) for nonspeculative reasons and (ii) to facilitate the payment by you of goods, services and/or direct investments; and (c) you will immediately notify us if the purpose of your Forward Contract (i) has ceased to become one to facilitate payment of identifiable goods, services and/or direct investment or (ii) could be considered as being for speculative reasons.
12.2. A Forward Contract must be supported by an agreed initial margin (“margin”) paid by you within 24 hours of entering a Forward Contract. The Margin is held in support of the contract and is not deemed ‘relevant funds’ and therefore not covered by our Safeguarding obligation in Clause 19.5 and 19.6. The Margin is redeemed against the contract settlement.
12.3. During periods of significant exchange rate fluctuations, we may require additional margin (“Margin Call”) to support the contract. You understand and agree that in the event we consider (in our sole discretion) from time to time, that the amount of Margin you have transferred to us hereunder is insufficient to secure or otherwise collateralise your obligations and liabilities to us, we may make additional Margin Calls to you.
12.4. In the event of a Margin Call, you must transfer the relevant Margin amount (or additional Margin amount, as the case may be) to our Nominated Account by the later of (i) twenty-four (24) hours of us notifying you of a Margin Call or (ii) the due date stipulated in the Margin Call Receipt (if applicable).
12.5. You agree, it is your responsibility to ensure that we hold sufficient contact details so that we can contact you in the event of a Margin call. If we are unable to contact you by the end of the day in which a margin call occurs we will be entitled to cancel the FX Forward Contact in accordance with Clause 11.10.
12.6. In providing us with Margin, you agree that such monies (i) will become the absolute property of ours, free from any equity, right, title or interest of yours; (ii) may be used by us in the ordinary course of our business, including without limitation to cover any exposure we may have to a third party liquidity provider with whom we have entered into transactions to hedge our exposure; (iii) will not be maintained by us in a segregated account.
12.7. If at any time and from time to time we determine that the Margin you have transferred to us is in excess of the amount we require for the purposes of securing or otherwise collateralising your obligations and liabilities to us hereunder, we will notify you of the existence of such excess Margin. At any time following such notification by us to you: (a) you may request the return of any excess Margin; and (b) subject to us determining that there continues to be excess Margin on the day on which you make such request, we will return to you as soon as reasonably practicable the relevant excess (if any).
12.8. You are not entitled to receive any interest on Margin delivered to us.
12.9. You may ask us to bring forward (pre-deliver) the Delivery Date or to extend (roll over) the Delivery Date in relation to the whole or only part of your Forward Contract. If we in our discretion agree to do so, you acknowledge that we may adjust the Payment Amount to reflect the new Delivery Date, to cover any additional costs we incur in doing so.
12.10. If you request and we agree to Close-Out a Forward Contract in advance of its original maturity or termination date, there may be a delay in us returning Margin (subject to any deductions we may make from such Margin pursuant to the terms of this Agreement) to you whilst we close out or otherwise terminate any transaction(s) which we have entered into with our liquidity providers and such liquidity providers return the margin related to such transaction(s) to us.
13. Keeping your Muloot Money Personal Account safe
13.1. Taking care of your account information, personal details, passwords and other security information is essential in order to prevent fraud and to protect you and your account. You should review and follow the advice that we provide. You should not let anyone else use your account, and you should not inform anyone of your password or other important account information. You should keep any statements or receipts safe and destroy them carefully.
13.2. If you are suspicious of any contact from us, or in any doubt as to whether a caller is genuine, or if you are suspicious about any email or other correspondence received, you should contact us and provide details so that we can investigate. You can contact us via the following methods:
By email: customerservices@mulootmoney.com
By phone: +44 345 266 8758
By Post: Muloot Money, PO Box 3968, Chester, CH1 9RR
13.3. If we need to contact you in the event of security threat or fraud, we will do so via telephone.
13.4. You should keep your mobile devices, computer, and security details secure. If these are lost or stolen, you must update us as soon as possible. You should also use up-to-date antivirus software, spyware and a personal firewall.
13.5. You should keep your password and log in information for our website secret, and you should not share this with another party. We will never ask you for that information.
13.6. You should always access our website by typing in our website address: www.mulootmoney.com. You should never access our website by clicking on a link in an email. Always make sure you can see the padlock symbol in the URL bar. You should be wary of emails claiming to be from us, especially those asking for personal information and passwords. We will never send you an email asking for your password information.
13.7. If you suspect your account has been used by anyone else, or if you suspect that someone has obtained your personal information and/or passwords, you must contact us as soon as possible. You can do this by using the contact us button on the login area of your account, or contacting us by email or phone.
13.8. You may be responsible for unauthorised payments made from your account if you have not kept your mobile devices, computer and your security details safe.
13.9. If you believe that a payment has been made from your account that was not authorised by you, you must inform us in writing within 13 months of the date of the transaction. We will refund the transaction amount and any associated fees by the end of the business day following receipt of your written notification. If you don’t inform us within 13 months we will not be able to investigate or provide any refund.
13.10. We will investigate, in accordance with PSR, the transaction that has been reported as unauthorised by you. If we find that any of the following has occurred we will not be required to provide a refund and if a refund has already been provided we will be entitled to recover the full amount of the refund:
a. you acted fraudulently,
b. the transaction(s) are found to have been authorised by you,
c. you acted with gross negligence,
d. you failed to keep your account safe and secure, including the security credentials to your account,
e. you failed to notify us of security issues regarding your account, including lost, stolen or compromised security credentials to your account,
f. you failed to notify us as soon as you were aware of the unauthorised transaction.
13.11. We will, upon request, investigate any other disputed transactions or misuse of your account. However, if during the course of our investigation we find that the disputed transaction was authorised by you, or such transaction or misuse was due to you failing to take reasonable care or to your negligence or fraud, we will seek to recover the transaction amount and associated fees from you and will charge you an administration fee for the work undertaken during this investigation.
13.12. If we find that you are using your account fraudulently or criminally, we will charge you for all reasonable costs that we incur in taking action to stop you from using it and in recovering those costs from you.
14. Our liability to you
14.1. We cannot guarantee that we will authorise any particular transaction, whether due to events outside of our reasonable control, or if we have a concern about the transaction or misuse of your account. Accordingly, we shall not be liable if we do not authorise a transaction, or if your account is closed or suspended.
14.2. We are not responsible for the quality, safety, legality or any other aspect of any goods or services that you purchase with your account. Any disputes about purchases should be settled with the supplier concerned. If you use your account to make a purchase you cannot stop that transaction once it has been processed.
14.3. Nothing in these terms and conditions excludes or limits in any way our liability to you where it would be unlawful to do so. This includes liability for: death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation; for breach of your legal rights in relation to your account; and/or for breach of our statutory obligations, including any applicable rules of the FCA. However, we will not be liable for any default where it is a result of our duty to comply with any applicable laws of the European Union or the United Kingdom.
14.4. If we fail to comply with these terms and conditions, we will, subject to this clause 12, be responsible for any direct loss or damage that is a foreseeable result of our breaking of these terms and conditions. Loss or damage that is foreseeable means if it is either obvious it will happen, or if, at the time the account was opened, both we and you knew it might happen.
14.5. Subject to clause 14.3, we exclude liability for all losses other than the liability we have accepted in clause 14.4. The losses for which we are not liable include, but are not limited to, the following:
a. indirect and consequential losses;
b. losses (whether direct or indirect) incurred in connection with your inability to use your account;
c. economic losses incurred (whether direct or indirect), including loss of profits, business, business opportunity, revenue, turnover, reputation or goodwill;
d. any loss or corruption (whether direct or indirect) of data or information;
e. loss (whether direct or indirect) of anticipated savings or wasted expenditure (including management time);
f. any loss or liability (whether direct or indirect) under or in relation to any other contract;
g. losses incurred (whether direct or indirect) in connection with business interruption;
h. losses incurred (whether direct or indirect) in connection with your inability to access the website;
i. losses incurred (whether direct or indirect) in connection with any failed payment due to you not holding sufficient funds in the main part of your account or any of your Wallets (as applicable);
j. losses incurred (whether direct or indirect) in connection with using a third-party app in connection with a feature or service we offer;
k. losses incurred (whether direct or indirect) as a result of abnormal or unforeseeable circumstances or circumstances outside our reasonable control, including delays or failures caused by problems with another system or network, data-processing failures, mechanical breakdown or industrial action;
l. losses or costs incurred (whether direct or indirect) where a regulatory requirement means we must break these terms and conditions;
m. losses incurred (whether direct or indirect) in connection with your negligence, fraud or breach of any of the terms of these terms and conditions; or
n. losses incurred (whether direct or indirect) in connection with you sharing your information, security information or our website with any other person.
14.6. Our total aggregate liability in contract, tort (including negligence and breach of statutory duty howsoever arising), misrepresentation (whether innocent or negligent), restitution or otherwise, arising in connection with the provision or contemplated provision of your account or any collateral contract shall be limited to the total fees paid by you to us during the 12-month period immediately before the date on which the first cause of action first arose.
15. Authorised push payment scams
15.1. Unless we have a reason not to reimburse you set out in clause 15.2, we will reimburse you the amount of money that you have lost, as a result of the APP Scam, up to a maximum of £85,000, less an excess of £100, where all of the following apply:
a. you have been the victim of an APP Scam;
b. the money which was the subject of the APP Scam was sent:
- from your GBP Wallet held with us;
- to a GBP payment account located in the UK that is not controlled by you; and
- via the faster payments system or CHAPS.
We will not deduct an excess from the amount we reimburse you, if you were a Vulnerable Customer at the time the relevant payment was executed.
15.2. We will not reimburse you under paragraph 15.1, if one of the following circumstances applies:
a. we determine that you
- are a party to the fraud;
- are claiming fraudulently or dishonestly;
- are claiming for an amount which is the subject of a civil dispute or other civil legal action or which was paid for an unlawful purpose;
b. the money subject to the payment is in a currency other than GBP;
c. you reported the payment as being as a result of an APP Scam more than 13 months after the payment was executed;
d. the payment was executed prior to 7 October 2024;
e. where we can demonstrate that you have, as a result of gross negligence, not complied with one or more of the requirements set out in the Consumer Standard of Caution, provided that you were not a Vulnerable Customer at the time of the payment and this had a material impact on your ability to protect yourself from the scam.
15.3. The Consumer Standard of Caution requires you to:
a. have regard to any intervention made by us (including through the Confirmation of Payee system) and/or any competent national authority (such as the Police or the National Crime Agency);
b. upon learning or suspecting that you were the victim of an APP Scam, report it promptly to us;
c. respond to any reasonable and proportionate requests for information made by us;
d. (upon our request) report the scam to the police or consent to us reporting the scam to the police on your behalf.
15.4. It will be more likely that we can demonstrate that you have been grossly negligent in complying with the Consumer Standard of Caution if:
a. you proceed with a payment, despite having been told that the name of the beneficiary you have provided us with does not match the name on the account that you have provided us with the sort code and account number of;
b. you rely upon a confirmation that the name of the beneficiary you have provided us with matches the name on the account you have provided us with the sort code and account number of as proof that you are not the victim of an APP Scam.
15.5. We will reimburse you within five business days of you telling us about the APP Scam unless we “stop the clock”. We are entitled to “stop-the clock” to gather further information to assess your claim for reimbursement. If we “stop the clock”, we must in any event decide whether your claim is to be reimbursed or not within 35 business days of you telling us about the APP Scam. If you believe that you are entitled to reimbursement under this clause 15, please contact us using the following details:
- Call us on +44 (0) 345 266 8758
- Send us an email at fraud@mulootmoney.com
15.6. We reserve the right to temporarily or permanently freeze any funds you hold in your Wallet, whether subject to a payment instruction or not, if we suspect, or are informed by another financial institution that these funds are in your Wallet as a result of fraudulent activity. This includes, but is not limited to, funds that are in your Wallet as a result of an actual or alleged APP Scam.
15.7. We may freeze funds held in your Wallet if:
a. we have reasonable grounds to suspect that a transaction or series of transactions are fraudulent, including transactions resulting from an APP Scam.
b. we receive a report or notification from a relevant authority or another financial institution that money credited to one of your Wallets is as a result of an actual or alleged APP Scam.
c. we detect unusual or suspicious activity through our monitoring systems that indicate potential fraud.
15.8. If we freeze funds held in your Wallet, we will inform you as soon as reasonably practicable, unless doing so would compromise any ongoing investigation. We may request additional information or documentation from you to verify the legitimacy of the transactions in question.
15.9. The freeze on your funds in your Wallet will remain in place until:
a. we have completed our investigation and determined that the funds are not the result of fraudulent activity; or
b. we receive confirmation from the relevant authorities that the funds can be released.
15.10. If we conclude that the funds are not the result of fraudulent activity, the relevant funds held in your Wallet will be released. If we conclude that the funds are the result of fraudulent activity, including APP fraud, we reserve the right to:
a. retain the funds as required by law or regulation;
b. return the funds to the rightful owner if applicable; and
c. take any other action required to comply with legal and regulatory obligations.
15.11. You shall indemnify us against all amounts we are required to pay to another financial institution, together with all associated losses, expenses and costs (including all interest, penalties, legal costs (calculated on a full indemnity basis) and professional costs and expenses, where both:
a. that other financial institution has compensated its customer as a result of its customer claiming to have been the victim of an APP Scam; and
b. any money which that customer paid, as part of the APP Scam, was credited to or meant to be credited to your Wallet.
We may deduct any monies you owe us in accordance with clause 15.11 from your Wallet and if you do not have sufficient funds, this will result in your Wallet having a negative balance.
16. Closing your Muloot Money Personal Account
16.1. You have a legal right to cancel your account within 14 days of opening the account. The 14-day period is known as the ‘cooling off period’. If you cancel your account during this ‘cooling off period’, we will return to you any remaining funds after deducting any incurred fees and the fees for any transactions that had already been authorised at the time of cancellation within 5 business days.
16.2. You can also close your account at any time by providing 30 days' notice in writing to us by email or post. You can find our contact details in clause 3 of these terms and conditions. We will return all remaining money less outstanding transactions and fees. We will then arrange an electronic transfer to an account nominated by you. You can view our fees page on our website.
16.3. If we need to close your account for any reason, we will give you 60 days’ notice unless we are closing it for any of the reasons listed in clause 16.4.
16.4. We can close, restrict (in whole or in part), or suspend your account immediately without notice if:
a. we suspect fraud, criminal conduct or misuse of your account;
b. have security concerns;
c. we suspect someone else is using your account without your authority;
d. are required to do so by law or our regulator;
e. we do not have sufficient information to operate your account or it turns out that you were not entitled to open an account with us in the first place;
f. you are no longer entitled to have an account with us;
g. you do not accept any revised terms and conditions;
h. you do not pay any fees or any interest on those fees which is payable to us on time;
i. if any of the information you have provided becomes false, inaccurate or misleading in any way;
j. you act in a threatening or abusive manner to our employees or representatives;
k. you breach these terms and conditions;
l. you die;
m. you are imprisoned;
n. an insolvency event occurs to you.
16.5. We will inform you of the closure of your account as soon as we reasonably can or when we are permitted to do so.
16.6. Once your account is closed, we will not process and will reject any further transaction requests and will not pay any further payments from your account.
16.7. We will after your account has been closed, and following a request from you, transfer any remaining funds held in your account to another account of your choosing. You will need to provide us with full details of the account for the transfer to take place. If this request is made over 1 year after the closure of your account, we are entitled to charge a proportional fee for our administrative costs in arranging this transfer. Any request must be made within 6 years of your account being closed.
16.8. Once your account is closed it is your responsibility to arrange for any credits to be paid to another account.
17. Using and sharing your information (Data Protection)
17.1. We will observe the requirements of the Data Protection Act 1998 (as amended and supplemented) and the General Data Protection Regulation (as amended, supplemented and superseded) in the performance of our obligations and will comply with any request made or direction given by you, which is directly due to the requirements of the relevant data protection legislation. The personal data we hold in relation to you may include, without limitation, identification information, contact information and financial information. This personal data may come from (i) the way the you interact with us for example, the services you use; (ii) the way you use your account, including information about payments you make and receive, such as amount, currency and the details of the payee; (iii) third parties, such as people appointed to act on your behalf, credit reference agencies or fraud prevention agencies. If you download any mobile applications or use any online platforms, these may contain additional requests for your consent to use your information or personal data. If you give us information about other people which we use to provide services, you confirm that you have obtained these people’s consent to provide the information to us.
17.2. We collect and use personal data to allow us (and, where relevant, other group companies) to:
a. provide services to you;
b. assess our risks in providing those services;
c. develop new and improved products and services, including conducting market and product analysis;
d. carry out regulatory checks and meet our obligations to our regulators;
e. prevent and detect fraud, money laundering, identity theft and other crime;
f. analyse, assess and improve our services to you, and for training and quality purposes; and
g. enable us to enforce our rights under this agreement if necessary.
17.3. We may pass personal data to third-party service providers, other Group Companies, or our agents (including their subcontractors), on the understanding that they keep it confidential.
17.4. We may also pass personal data to third parties in order to prevent fraud (including fraud prevention agencies), UK and overseas regulators and authorities in connection with their duties (such as crime prevention), credit referencing agencies and identity checking agencies (and other sources of information that help to verify your credit rating and identity). A record of this process may be kept by third parties and may be used to help other companies verify your credit rating and identity, and to prevent fraud.
17.5. We may also need to give our auditors, professional advisers, agents or subcontractors access to personal data or anyone who is interested in our business. We may send personal data outside the European Economic Area (EEA) to jurisdictions which may not have an equivalent standard of data privacy laws as that in Europe or the EEA. Where we do this, we will take appropriate steps to protect personal data. If you have been referred to us by a third party, we may provide them (or any party to whom they assign their rights under their agreement with us) with personal data relating to your contracts in which they are interested by virtue of our agreements with them.
17.6. Your attention is drawn to our full privacy policy which is available on our Website or you can request a copy via email.
18. Complaints
18.1. If you are unhappy in any way with your Muloot Money Personal Account let us know immediately so that we can try and resolve your issues. You can complain by contacting us via email or telephone on +44 800 145 6708, or you can send a letter to our address in clause 3.1.
18.2. You can view a copy of our complaints policy on our website. You can also request a copy by email.
18.3. We will try to resolve your complaint immediately. However, in cases where we are not able to do so we aim to resolve your complaint within 3 business days.
18.4. If we are not able to resolve your complaint within 3 business days, you may ask for it to be escalated to the Complaints Manager. We will endeavour to resolve your complaint and provide a full response within 15 business days, though this may be extended up to 30 days in exceptional circumstances.
18.5. If we are not able to resolve your complaint to your satisfaction and you are eligible, you may be able to refer it to the Financial Ombudsman Service.
18.6. The Financial Ombudsman Service is a free, independent service which might be able to settle a complaint between you and us. Their contact details are: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR; phone 0300 123 9 123, website www.financial-ombudsman.org.uk.
19. How we protect your money
19.1. Aspire Payments Limited, trading as Muloot Money, is registered with the FCA as a Small Electronic Money Institution (EMI) for providing electronic money services.
19.2. As an EMI, we are committed to the highest standards of financial security and protection for our customers. We adhere to the safeguarding requirements set out by PSR and the Electronic Money Regulations 2011 (EMR).
19.3. This differs from how banks protect your money in the UK, as they are covered by the Financial Services Compensation Scheme (FSCS).
19.4. Unlike with the FSCS, which provides compensation up to £85,000, all relevant funds are protected by safeguarding, even above £85,000.
19.5. When you deposit funds with us, these funds are received in exchange for the issuance of e-money. These funds are classified as ‘relevant funds’ and are subject to safeguarding requirements. This means that your funds are kept separate from our company’s funds. This process is known as ‘segregation of funds’.
19.6. In the unlikely event of us becoming insolvent, all safeguarded funds (minus administrative costs applied by the insolvency practitioner) will be returned to you as part of the insolvency process. No third-party creditors would have access to these funds.
19.7. We also maintain robust systems and controls to manage and mitigate risks to the safeguarded funds. This includes regular audits and compliance checks to ensure we are meeting our regulatory obligations.
19.8. Your trust is our top priority and we are dedicated to maintaining the highest levels of financial security for your funds.
19.9. When you transfer funds to us, or where we receive funds from a payment service provider on your behalf, for the purpose of fulfilling a FX Contract, such funds will not be relevant funds under PSR and will be placed into our operational bank account and will not be afforded the safeguarding protections as set out in PSR. Once any FX Contract has been concluded and funds are available for an onward payment transaction, we will classify such funds as relevant funds and such relevant funds will be dealt with in accordance with clause 19.5 and 19.6.
19.10. For more information and details on your rights when using our payment services please visit https://www.fca.org.uk/consumers/using-payment-service-providers
20. General
20.1. Subcontracting. We rely on some third parties to provide our service to you, which very rarely may cause a disruption to services.
20.2. Transfer. We may assign, transfer, mortgage, charge, subcontract, delegate, declare a trust over or deal in any other manner any of our rights and obligations under these terms and conditions and in relation to your account to another party (including any of our affiliates). This will not affect your rights in relation to your account in any way. You may not transfer or deal in any way with any of your rights or obligations in relation to your account.
20.3. Subrogation. You agree that if you lose any money (for example, as a result of fraud) which we choose to reimburse later, whether partly or in full, to transfer to us any rights of recovery relating to those losses that you may have against a third party. You agree that we will decide which third party (or parties) we may seek to recover such losses from. You will not do anything which could impact our rights of recovery against any third parties under this clause or you may be responsible for any losses we have incurred or may incur as a result. You also agree to help us enforce any such rights of recovery we may have against a third party (for example, by providing any further information we may need).
20.4. Intellectual property. We own or licence all intellectual property rights in our brand and name, our website and System and all related materials. No right (including intellectual property right) in these things will vest in you at any time.
20.5. Reimbursement of costs/expenses. If we receive a court order or other such legal document from any party relating to your account, you will be required to pay any costs and/or expenses which we reasonably incur to comply with that court order or legal document.
20.6. Waiver. If we do not insist that you perform your obligations under our terms and conditions, it does not mean you do not have to. If we choose not to exercise our rights immediately, this does not constitute a waiver of our rights and we may choose to do so at a later date.
20.7. Miscellaneous. Each term of these terms and conditions operates independently and if any such term is deemed to be unlawful or unenforceable, this will not affect any other term of these terms and conditions.
20.8. Events beyond our reasonable control. We will not be liable for any breach of these terms and conditions or otherwise liable for any failure or delay in the performance of our obligations if such delay or failure results from events, circumstances or causes beyond our reasonable control. The time for performance of our obligations shall be extended accordingly.
20.9. Governing Law. The laws of England and Wales apply to these terms and conditions. You agree that the courts of England and Wales have jurisdiction to settle any dispute or claim arising out of or in connection with the terms and conditions or its subject matter or formation.