(a) the debiting of an amount of electronic money from your Account and the concurrent crediting of such amount to a Merchant account or other User account, as designated by you, or (b) the crediting of an amount of electronic money to your Account and the concurrent debiting of a Merchant account or other User account, in each case less any applicable Fees.
(i) PSI is not a bank; (ii) Accounts are not insured by any government agency; this means that in the unlikely event that PSI is unable to satisfy claims against it in relation to e-money there is no Financial Services scheme that will compensate Members; (iii) PSI does not act as a trustee, fiduciary or escrow holder in respect of balances in your Account; and (iv) PSI does not pay you interest on any balances in your Account.
(i) be at least 18 years of age and of the age of majority in your country of residence. We may require at any time that you provide evidence of your age. (ii) open an Account in accordance with the instructions set out on the registration page of our Website; (iii) not be in default of any Terms of Use or otherwise have had access limited to your Account, or have had your Account closed by us; and (iv) not be a resident of any country to which PSI does not provide the PSI Service.
(i) purchase electronic money to be credited to your Account so that you may make transfers to, and receive transfers from, Merchants or other Users; and (ii) redeem electronic money from your Account.
(i) using the PSI Service to obtain a cash advance from your credit card (or assisting others in such activity); (ii) using the PSI Service in a manner that may amount to an abuse of a bank’s reversal process, credit card system or a violation of a credit card association rules; (iii) using the PSI Service for any purpose contrary to laws, contract, statutes or regulations applicable to you, including without limitation, those concerning money laundering, fraud, criminal activity, financial services, unfair competition or consumer protection; (iv) sending unsolicited email or similar methods of mass messaging (spam); (v) tampering, hacking, modifying, damaging, interfering with or otherwise corrupting the security or functionality of the PSI Service, or attempting to do any of the foregoing; (vi) infringing PSI’s or any third party’s intellectual property rights; and (vii) refusing to cooperate in any investigation to confirm your identity or any information you provide us.
(a) breach of any of these Terms of Use; (b) if we have reasonable grounds to believe that your Account has been used in connection with unauthorised or unusual credit card or bank account use, including without limitation, notice of same by your bank or credit card issuer; (c) abuse by you of the reversal or charge back process provided by your bank or credit card company; (d) receipt in your Account of potentially fraudulent funds; (e) refusal to cooperate in an investigation or to provide adequate confirmation of identity or other identity or security information when requested; (f) initiation of transactions that may be considered to be cash advances or assisting in cash advances; (g) your Account has been used or allegedly used in or to facilitate fraudulent or other illegal activity; (h) return of a payment for insufficient funds in the bank account; (i) we believe that your Account or activities pose a security, credit or fraud risk to us; and (j) to comply with money laundering or terrorist financing investigations conducted by government authorities, agencies or commissions.
(a) errors made by you or any Merchant or other User in sending or receiving transfers or withdrawals, such as making a transfer to an unintended person or transferring an incorrect amount; (b) use of your Account by another person who passes all identity and security validation and verification checks; (c) any fraud or misrepresentation made by a Merchant or User, even if the Merchant or Member passes all identity and security validation and verification checks; (d) errors or omissions in our Website content; (e) misuse or inability to use our Website, whether due to reasons within our control or not; (f) delays, losses, errors or omissions caused by the failure, interruption, infiltration or corruption of any hardware, software or other telecommunications or data transmission system; (g) interception or seizure compelled by law; and (h) circumstances beyond our reasonable control.