Money Transfer Policy
1. Money Transfer Service
This Money Transfer Policy shall apply to all Transactions in which we transfer funds provided by you (or of which you are the beneficial owner) on your instructions to either another account in your name or a third party recipient ("Money Transfer Transactions"). This Money Transfer Policy must be read along with the Client Agreement - Terms and Conditions (the "Agreement"). The definitions set out in the Agreement shall equally apply to this Money Transfer Policy. Where the terms of the Agreement are inconsistent with the terms of this Money Transfer Policy then the terms of this Money Transfer Policy shall prevail to the extent of that inconsistency. Copies of the Agreement and this Money Transfer Policy may be accessed and viewed at any time via our website at www.ofx.com. You can obtain a paper copy at any time by writing to us at our head office address or telephoning us on the telephone number set out at Clause 8.2.
2. Using our Money Transfer Service
2.1 You can instruct us to carry out a Money Transfer Transaction (an "Instruction") by giving us instructions to carry out a Transaction in accordance with Clauses 4.1 to 4.5 of the Agreement, and by instructing us to carry out a Money Transfer Transaction in connection with that Transaction. You will consent to the Money Transfer Transaction by providing us with the following information:
2.1.1 The bank account details of the account to which the Money Transfer is to be credited;
2.1.2 The bank account details of the account from which the Money Transfer is to be debited; and
2.1.3 Any further information we request from you at the time you give us your instructions. Your consent forms part of the Instruction. It is your responsibility to ensure that the information you provide to us in relation to this Clause 2.1 is accurate and complete.
2.2 Each Instruction will be treated as a separate contract between us consisting of:2.2.1 The specific details of each Instruction, including the amounts to be transferred;
2.2.2 The Agreement; and
2.2.3 This Money Transfer Policy.
We will provide you with a deal confirmation once the Transaction and Money Transfer Transaction are complete.
2.3 Once we have received an Instruction, that Instruction cannot generally be withdrawn. In exceptional circumstances we may consent to withdrawal of an Instruction after it has been received, in which case we may charge a fee. We will notify you of the fee at the time you make the request to withdraw the Instruction.
2.4 We may apply limits to the number of Money Transfer Transactions that you can make each day. We may also apply limits to the amount of money that you can transfer each day. Where this is the case, we will notify you separately.
2.5 For certain Money Transfer Transactions (such as transactions that are relatively low in value) we may charge a transfer fee. We will tell you what the fee is upon request and, in any event, before you confirm an Instruction in relation to a particular Money Transfer Transaction. Details of the applicable fees are also available on our website (www.ofx.com/information/fees-and-fee-free-thresholds.asp). 2.6 We will not pay interest on any funds that we hold for you.
3. Execution Times
3.1 If we receive an Instruction as well as the cleared funds to be transferred before 2.30 p.m. on a Business Day, your Instruction will be carried out by the end of that Business Day. 3.2 If either an Instruction to carry out a Money Transfer Transaction, or the cleared funds to be transferred are received by us after 2:30 p.m. or are received on a non-Business Day, that Money Transfer Transaction will not be processed until the next Business Day.
4.1 You must take all reasonable steps to keep your Username and Password secret and safe, and you must take all reasonable steps to prevent loss, theft or fraudulent misuse of them. 4.2 If you know or suspect that your Username and Password have been lost, stolen or misappropriated, or that there has been an unauthorised Money Transfer Transaction made using your Username and Password, you must notify us immediately by telephoning us on 0845 686 1950 or emailing us at firstname.lastname@example.org.
5. Liability for theft, loss and fraud
5.1 Unless Clause 5.2 applies, where your Username and Password have been lost, stolen or otherwise misappropriated, you will have to pay a maximum of £50 for any losses in respect of unauthorised payments arising as a result.
5.2 You will have to pay ALL losses incurred where:5.2.1 you have acted fraudulently;
5.2.2 you have (with intent or gross negligence) failed to notify us without undue delay after becoming aware of the loss, theft or unauthorised use of your Username and Password; or
5.2.3 you have (with intent or gross negligence) not acted in accordance with the provisions of the Agreement or this Money Transfer Policy.
5.3 Once you have notified us of the loss, theft, or misappropriation of your Username and Password in accordance with Clause 4.2 above, you will not be liable for any losses incurred in respect of an unauthorised Money Transfer Transaction that was made subsequently, unless you have acted fraudulently. In addition, you will not be liable if we have failed to provide an appropriate way for you to notify us in accordance with Clause 4.2 above.
6. Refusing Money Transfer Transaction Instructions
6.1 We may refuse to carry out any Instructions made using your Username and Password where you have not complied with any provision of the Agreement or this Money Transfer Policy, or where it would be unlawful or in contravention of any applicable regulations for us to do so.
6.2 We may prevent the use of your Username and Password to issue Instructions if we reasonably believe that:
6.2.1 the security of your Username and Password have been breached;
6.2.2 there may have been an unauthorised or fraudulent transaction made using your Username and Password; or
6.2.3 we have to do so under an applicable law or regulation or order of a court or other regulatory body.
6.3 Where reasonably possible (and where it would not be a breach of security or be against the law), we will attempt to contact you when we take action under either Clause 6.1 or Clause 6.2, and explain our reasons for doing so. If we cannot contact you in advance, we will attempt to contact you as soon as possible afterwards (and in any event, no more than three Business Days after we received the relevant Instruction).
6.4 Where we have taken action under this Clause 6, unless we terminate the Agreement as a result, we will allow the normal use of your Username and Password to resume as soon as practicable once our reasons for taking such action cease to exist. 6.5 We will not be responsible to you for any failure to carry out a Money Transfer Transaction where any failure on our part was due to unavoidable, abnormal and unforeseen circumstances beyond our control, or such failure arose as a result of applicable laws and regulations.
7.1 Where you give us an Instruction we will ensure that we carry out your Instruction correctly in accordance with the Agreement and this Money Transfer Policy.
7.2 If we make a mistake in relation to an Instruction, or if a Money Transfer Transaction was carried out without your authorisation, we will make immediate efforts to trace the payment and we will notify you of the outcome. If necessary, we will refund the amount of the payment without undue delay, and, if applicable, put you back in the position you would have been in if we had not incorrectly made the payment or if the payment without your consent had not been made.
7.3 You will only be entitled to a refund under Clause 7.2 if you notify us of the mistake by contacting us by any of the ways set out in the "How you can contact us" section below, without undue delay after becoming aware of it, and in any event no later than 13 months after the debit date (unless you have not received any information regarding the Money Transfer Transaction from us that we were under an obligation to provide).
7.4 If we can prove to you that we executed the Money Transfer Transaction correctly on the basis of the Instruction you gave to us we will not be responsible to you for any loss and you will not be entitled to a refund under this Clause 7.
8. How you can contact us
8.1 Our head office is at 1st Floor, 85 Gracechurch Street, London EC3V 0AA, United Kingdom.
8.2 You can contact us by: " Writing to us at our head office address; " Telephoning us on 0845 686 1950; " Sending us a fax at 020 7614 4180; or " Sending us an email at email@example.com. Details of the ways that you can contact us are also available on our website - www.ofx.com.
8.3 This Money Transfer Policy, the Agreement and all other documents we make available to you are written and available only in English and we will only communicate with you in English.
9. How we will contact you
From time to time we may need to contact you in relation to the services we provide. We will contact you by way of the address, email address or telephone number that we have on file. You must notify us of any changes to these contact details.
10. Regulation and complaints
10.1 OFX is registered with the Financial Conduct Authority ("FCA") as a Payment Institution (Registered No. 521566). Our registration can be viewed at http://www.fca.org.uk/
10.2 If you are not satisfied with any aspect of our Money Transfer Service, please contact us in any of the ways set out in the 'How you can contact us' section above. For details of our internal complaint handling procedures please refer to our Dispute Resolution Policy which can be found on our website. Alternatively we can send you a hard copy of this policy on request.
10.3 If your complaint remains unresolved after you have followed such procedures then you may be entitled to refer it to the Financial Ombudsman Service ("FOS"). Further information, contact details and the eligibility requirements can be located on www.financialombudsman.org.uk. In certain circumstances you may also be able to submit your complaint to the FCA who will use your complaint to inform their regulatory activities. For further details please contact the FCA on 0800 111 6768 (freephone).
11. Governing Law
11.1 This Money Transfer Policy shall be interpreted in accordance with the laws of England and Wales, and both parties submit to the jurisdiction of the courts of England and Wales.