Terms & Conditions
General Terms and Conditions P.F.C.
This is an English translation. The Swedish original version can be found on http://www.getpfc.com. Should there be any discrepancies between the Swedish version and the English translation, the Swedish version shall prevail.
PFC Technology AB, 556851-3112, Box 55983, 102 16 Stockholm (“PFC”)
General Terms and Conditions: these terms and conditions
User: the physical person using the Service
App: the application provided by PFC in Appstore and Android named P.F.C.
Group: the service wherein the User may create a group, invite other users and add Card Transactions executed using the PFC-card
Card: debit card provided by PFC and issued by Svea Bank AB
Card Transactions: transactions made with Card
Service/Services: provision of information in the App, other features of the App such as transfers of funds from or to Users initiated in the App
Settlement Payments: transactions between members of a Group, taking into account each User’s expenses in the Group where the service calculate how much each User will pay or receive from the other Users in the Group
1.1 PFC is authorised by the Swedish Financial Supervisory Authority to provide payment services as a payment institution. PFC is under the supervision of the Swedish Financial Supervisory Authority (Finansinspektionen) and is subject, among other things, to the regulations laid down in the Act (2010:751) on payment services (“LBT”) as well as in the Swedish Financial Supervisory Authority’s regulations and general advice on payment institutions and registered payment service providers (FFFS 2010:3).
1.2 The User has the right to access the General Terms and Conditions and information about the Service at any time and may access the General Terms and Conditions and information regarding the Service through the App or the PFCs website www.getpfc.com.
The Terms and Conditions apply to the use of the App and the Service.
- About PFC
P.F.C. is a brand owned by PFC Technology. Through the App, PFC provides a number of services for physical individuals. The purpose of the Service is to provide access to simple tools that can make the everyday management of money both smoother and more transparent.
- PFC card
As part of the Service, PFC provide debit cards connected to the User’s balance. To be able to fully use the services provided by PFC, the User should also register for a Card. There are specific terms and conditions regulating the Card and the terms and conditions of the Card is therefore not regulated in these General Terms and Conditions.
- PFC’s services in the App
PFC provides a number of Services through the App. The terms and conditions for some of the services are set out below. The user adds to the balance in accordance with paragraph 12 below and all transactions carried out by the User are debited the balance.
PFC provides the following Services in the App:
- transaction overview, whereby the User can view their transaction history and details of the transactions;
- budgeting, whereby the User can set a budget and then follow how Card Transactions relate to the budget set over a certain period;
- categorization of transactions, whereby the User can categorize Card Transactions into groups (“Group” or “Groups”) and see the sum of all Card Transactions in a specific Group;
- shared groups (“Group”), whereby the User can share information about Card Transactions with other users, thus enabling multiple users to collect their Card Transactions in a Group and share collected expenses and settle them through Settlement Payments;
- transfers (“Transfers”), whereby the User can return funds to their bank account;
- goals (“Goals”) whereby the User can earmark funds for a future transaction and which, during the time of the earmarking, cannot be used for purchase with the User’s Card; and
- additional services.
- Conditions for the Service
5.1 The following conditions must be met in order to register and have full access to the Service:
- The User is 18 years of age or older
- The User is registered in Sweden and has a Swedish social security number
- The User does not have protected identity
5.2 Children under the age of 18 may, with the approval of their guardians, be connected to the service Junior, where they can access a limited part of the Service and can apply for Card. Junior is regulated by separate terms and conditions.
5.3 The Service may not be used for transactions relating to business activities or to the assets and transactions of legal entities.
5.4 Users agree to notify PFC if they are or have been a politically exposed person* (“PEP”) and thus have or have held a high political or governmental position, or in the event that the User is a related and/or known associate of a PEP. Such notice shall be sent to PFC by e-mail to email@example.com and include details of the social security number, address, function, title and country of activity or organization regarding you or the PEP to whom the User is a related and/or known employee. The User further undertakes to notify the PFC of any changes in the circumstances set out in this paragraph.
5.5 The User cannot agree on limitations in the Service pursuant to Chapter 4, Section 10, p. 19, LBT.
- The service Group
6.1 Group members and Card Transactions can be added at any time after Group has been created until that Group is deleted, but members cannot be removed from or leave a Group. A Group can be deleted at any time by a Group member, which means that that Group is deleted for all members of the Group and that all transaction history in the group is deleted. However, the executed Card Transaction information remain in the individual Users’ own transaction history and can, if necessary, be re-added to one or more Groups.
6.2 All members of a Group can see all Card Transactions that the group members have added to the Group. A Group member can at all times track the total sum of the Card Transactions that each and every one of the group members have added to that Group (“Group Balance”). The total sum of all Card Transactions that group members have added to the Group and how the Group Balance is distributed to the group members as set out in section 6.3 below.
6.3 Each individual member’s share of the Group Balance is calculated according to the equation below where a positive balance means that the group member has paid more than his/her share of the Group Balance and a negative balance means that the group member has paid less than his /her share of the Group Balance:
-a/b+c+d-e = Group Balance
where a = the sum of all transactions added by the Users of that Group have added to that Group, b = number of Users in that Group, c = the sum of the actions in that Group added by the group added by the group member and charged to the Group, d = the sum of the Settlement Payments made by the group member and charged his/hers balance and e = the sum of the Settlement Payments received by the group member and credited to his/her balance.
6.4 Groups shall only be considered an aid to keep track of and calculating the distribution of shared expenses and to easily transferring money between members of a Group. The mere use of a Group does not result in any debts among the members of a Group or between the group members and PFC. PFC has no responsibility for or connection to any underlying debt relationship between possible debts among the members of the group and the numbers of which the calculations are based on.
- The service Goals
7.1 Goals allows the User to earmark funds available for purchase on the User’s Card for a future transaction which, during the time of earmarking, cannot be used for purchase with the User’s Card. The User can choose between different options for when and how much money to earmark for a specific Goal. The purpose of the service Goals is that the funds earmarked for a specific Goal shall be used for future payment transactions at the time specified by the User.
7.2 It is not allowed to save funds without purpose and indefinitely by earmarking them in a Goal. PFC reserves the right to unilaterally terminate the earmarking of funds for Users who, according to PFC’s assessment, abuse the service Goals.
- The service Transfer
The user can return funds to a bank account that belongs to the User. The user specifies the amount and the bank account number to which the funds will be transferred to and by pressing “Approve”, the User accepts the transfer and that the specified amount is transferred from the User’s balance to the specified bank account. The user undertakes not to carry out transfers to others than the User.
- Subscription Services
9.1 PFC provides a number of Services governed by these Terms and Conditions. Some of these Services are included in the basic services provided by PFC free of charge, while other services or upgraded versions of the Services are provided only to Users with a particular subscription (“Subscription Services”) By registering for a Subscription Service, the User subscribe to a Service provided by PFC at a cost and the User can thereby benefit from additional functionality through the App, as detailed on our website for the respective Subscription Service. The User who signs up for a Subscription Service is referred to in relation to the Subscription Service as the “Account Owning User”. Some Subscription Services may be available to additional Users for at or without a fee, but each Subscription Service may have only one Account Owning User.
9.2 By registering for a Subscription Service, the Account Owning User agrees that he/she will be charged a subscription fee in accordance with the applicable price list. The subscription fee is not connected to the issuing of Card but is charged by PFC for the additional functionality that PFC provides from time to time through the App. The subscription fee will be charged to the Account Owning User balance prior to the commencement of each agreed billing period as set out below. If the Account Owning User does not have sufficient funds on his/her balance to cover the subscription fee, the balance may be negative, and additional fees may apply in accordance with paragraph 17.2.
9.3 If the Account Owning User has registered for a Subscription service with a monthly billing period, the subscription fee will be charged to the Account Owning User balance monthly starting on the day the Subscription Service is activated until the Subscription Service is terminated. The same applies to other billing periods such as annual billing. The Account Owning User may cancel a Subscription Service at any time. If the Account Owning User cancels a Subscription Service, no additional subscription fees will be charged, and the Subscription Service will expire at the end of the current billing period. A paid subscription fee will not be refunded.
9.4 Premium is a service where PFC provides additional features and other benefits in the form of a Subscription Service. The features and benefits of Premium is described on ouor website and may change from time to time. One of the benefits of Premium is that the User, once every 12 months, can order a replacement card free of charge. However, the right to a free replacement card only applies if the User has been or remains a Premium subscriber for at least three consecutive months. If the User terminates the Premium Subscription Service without having been a Premium customer for at least three consecutive months, the User will be charged for the replacement card according to the applicable price list.
- Services by third-party providers
PFC may, through the App, provide services and products to various third-party providers in which case the User is given the opportunity to enter into agreements on these services/products directly with the respective third party provider. Where agreements are entered into directly between the User and the third-party supplier, PFC is not responsible for the performance of these agreements or for any disputes that may arise as a result of the agreement.
- Disposal of funds
When PFC receives funds from the User, these funds are invested with accountability with a Swedish bank or a bank established within the European Union with a registered branch in Sweden and are kept separate from PFC’s own funds in accordance with the Accounting Funds Act (1944:181). The user then becomes the owner of an accounting claim on PFC in and the funds are thus protected in accordance with the Deposit Guarantee Act (1995:1571) as if the funds were held in the bank account in the User’s own name. The User’s accounting claim is non-transferable.
- Deposits – adding to the balance
The User can top up the balance by depositing funds to PFC, using one of the deposit alternatives offered through the App from time to time. The user is responsible for the account number and the amount being correctly filled in. Only the User may deposit funds to the User’s balance, no deposits from third parties are allowed. Third party deposits will not be credited to any User, even if it is clear to whom the deposit was intended to be made. PFC is not responsible for any incorrect transactions because the User has entered incorrect information.
13.1 The user can carry out transactions by approving Settlement Payment in the service Group. Settlement Payments are based on the individual group member’s balance in a Group calculated in accordance with paragraph 6.3 above. When the User taps “Settle” in a Shared Group and then “Pay now”, one or more Settlement Payments will be displayed with information about amounts and recipients for each Settlement Payment that will be performed if the User authorises the Settlement Payments. By tapping “Yes”, the User authorises the Settlement Payments and the stated amounts are transferred from the User’s Balance to the relevant group members’ balance.
13.2 In order for the Service to function and be provided properly, the User must follow the instructions given in the App or on PFC’s website when registering, when topping up the balance and at the respective transaction time.
13.3 A Settlement Payment is normally executed and accounted for in the balance immediately. A Transfer to the User’s bank account is normally executed and accounted for within one business day.
- Unauthorized Transactions and incorrectly executed Transactions
14.1 If there has been an unauthorized transaction through the Service, the PFC shall, upon notification from the User, refund the amount unless otherwise stated below.
14.2 If PFC has refunded an amount to the User and PFC subsequently determines that the transaction was authorized or that the User was not entitled to recoup the full amount for any reason, the User is liable for repayment. PFC then has the right to deduct the corresponding amount from the User’s balance.
14.3 If unauthorized transactions have been executed through the Service as a result of the User’s failure to protect a personal information such as PIN code, the User shall pay the amount, up to a maximum of SEK 400.
14.4 If unauthorized transactions have been executed through the Service as a result of an obligation under the General Terms and Conditions being breached by gross negligence, the User is liable for resulting losses up to a maximum of SEK 12 000. If the User has acted fraudulently (Sw. särskilt klandervärt), the User shall be liable for all losses relating to the unauthorized payment transaction.
14.5 The User shall without undue delay inform PFC when discovering an unauthorized transaction. Failure to do so results in the in the User being responsible for the full amount charged to the User’s balance. The same applies if the User did not report to PFC within 13 months after the amount was charged to the balance.
- Restrictions on certain transactions
PFC applies certain limits to withdrawals per transaction and for a certain period. Exceeding these limits may result in transactions not being able to be executed. It is the responsibility of the User to comply with the limits communicated by PFC.
- PFC’s right to block access to the Service
PFC reserves the right to block User access to the Service if PFC considers there is a risk of unsafe use of the Service, if there is reason to suspect that there is a right to immediate termination pursuant to 23.4 below or if PFC T suspects that the Service is used or has been used by unauthorized persons. In the event PFC blocks the Service, PFC will inform the User about this as soon as possible. When there is no further reason for PFC to block User’s acess to the Service, PFC shall suspend the block.
- Prices and fees
17.1 PFC offers a simple and transparent pricing model for the Service. At any time the applicable prices are listed on www.getpfc.com.
17.2 If the User carries out a transaction for an amount exceeding the available balance that the User has at the time of execution and the User does not top-up the balance with at least the total amount of the outstanding amount no later than two days after the completion of the transaction, PFC will charge the User an administrative fee of 100 SEK. If the User does not restore the balance, the debt may be sent to collections whereby statutory reminder and collection fees may be applied.
- User’s responsibility
18.1 The User is responsible for ensuring that there is sufficient funds in the balance for a transaction order and that the information provided in the transaction order is sufficient and correct.
18.2 The User is responsible for ensuring that sensitive security information related to the Service, such as login information, passwords and the like, is used and handled securely and kept secret and unavailable to unauthorized persons.
18.3 The User undertakes.
-not to use the Service in violation of applicable law;
-to ensure that no unauthorized user uses the Service
-does not note sensitive security information in such a way as to enable a third party to use the Service unauthorized, and
-not disclose or provide security information to third parties.
18.4 The User is responsible for using the Service in accordance with these General Terms and Condition and undertakes not to use the Service in a manner that could cause harm to PFC or third parties.
18.5 Subject to the disclosure of unauthorized transactions in section 19 below, the User undertakes to indemnify PFC Technology for any claims that third parties may claim from PFC based on the User’s intentional or grossly negligent action, or failure to act, which violates these Terms unless PFC’s negligence, breach of contract or intentional purpose caused harm to a third party.
18.6 The User undertakes to check the transaction history of their balance regularly in the App and by reviewing receipts. In the event that the User fails to notify PFC Technology of an unauthorized Transaction according to Clause 14.5 the User shall be responsible for the entire amount charged to the balance.
18.7 The User shall, as soon as possible, after detect of loss of a Card or suspicion that any unauthorized person has received knowledge of the PIN code to the Card, password or equivalent information or that the Card or Card number is being utilized, without authorization, block the Card in the App. In case the User does not have access to the App, the User must immediately block the Card by calling 08-662 96 00 (standard rates apply) so that PFC Technology can block the Card. If the User suspects that any unauthorized person has received knowledge of the personal identification code used by the User to log in to the App, the User must immediately inform PFC Technology through the App or, if the User does not have access to the App, through email to firstname.lastname@example.org and state “block request” in as Subject.
- PFC’s responsibilities
19.1 Provided that the conditions set out in paragraph 18.1 above are fulfilled, PFC is responsible for correctly processing the transaction initiated by the User. Provided that the conditions set out in paragraph 18.1 above are met and that the amount has not yet been transferred to the recipient’s bank or the transaction is otherwise defectively executed and the User complains in accordance with clause 14.5, PFC Technology shall, in an appropriate manner and without unnecessary delay, refund the amount and restore the User’s balance to the amount the balance had been if the defective transaction had not been executed.
19.2 If PFC can show that the recipient’s bank has received the transaction, the recipient’s bank is liable for the transaction not being completed or executed in a defective manner.
19.3 PFC is not responsible for damage that may be caused to the User due to power failures or telecommunications or internet connections or other technical equipment not belonging to PFC.
19.4 PFC is not liable for loss caused by law enforcement, government action, war, lockout, strike, boycott and blockade or other unusual or unpredictable circumstance in Sweden or abroad, as PFC has no influence over and whose consequences would have been impossible for PFC to ward off. The reservation regarding strike, lockout, boycott and blockade also applies if PFC itself is subject to such a conflict. If there is an obstacle for PFC to execute transactions or to take any other action due to circumstances under this clause, the action may be postponed until the obstacle has ceased. Loss that may occur in other cases should not be replaced by PFC if PFC has been treated with normal care. PFC is not responsible for any indirect loss, provided that such loss was not cause by PFC’s gross negligence.
19.5 The App is only supported on devices where the operating system has not been modified or configured to allow program installation from sources other than those approved by PFC (including but not limited to Apple App Store and Google Play). Use of the App on such device is at the User’s sole discretion and, in such use, PFC may not be held responsible for any economic loss or loss of data or information.
19.6 If a User violates the General Terms and Conditions, PFC has an obligation with Finansinspektionen to investigate whether the business relationship must be terminated. In such cases, PFC is entitled to inform the User of the infringement and terminate the business relationship and the User’s account at PFC. When PFC receives funds with a duty to account, these funds are placed at a Swedish bank or a bank based in the European Union with a branch in Sweden. Such a bank is appointed by PFC of their choice. Placement in a bank usually takes place in PFC’s name on behalf of the User and the User’s funds are placed with other users’ funds. The User is thus aware that their funds may be stored in a collection account at a bank. Whether the User has a proprietary right of separation in the event that PFC or the bank would be bankrupt or affected by another measure with the corresponding legal effects may vary and depend on applicable law. In Sweden, the right of separation is generally applied, provided that the funds are kept separate from PFC’s own funds.
- Processing of personal data
- Additions and amendments of the General Terms and Conditions
21.1 Save for 21.4 below, amendments to these General Terms and Conditions may be made with immediate effect only if the User expressly has agreed to the amendments.
21.2 In addition to the General Terms and Conditions, PFC has the right to add and/or amend the General Terms and Conditions by notifying the User of such additions and/or amendments at least two months before the additions/amendments enter into force. Information about changes in the General Terms and Conditions, will be sent by e-mail to the e-mail address provided by the User upon registration and updated General Terms and Conditions, will be made available in the App and/or on the PFC Technology’s website http://www.getpfc.com.
21.3 The User is deemed to have accepted the amended Terms if the User does not notify PFC Technology that the User does not accept the amended terms no later than the day before the amended Terms come into effect. If the User does not agree to the amended Terms, the User has the right to close his or her account, to expire on the day that the amendments take effect.
21.4 PFC always has the right, with immediate effect, to make such amendments to the Terms (including price changes) that are prompted by Swedish or foreign laws, or regulations or other binding decisions made by Swedish or foreign law making bodies, authorities or judicial body (including such amendments of the Terms that are required as a result of the United Kingdom and Northern Ireland leaving the European Union).
- Term of contract and termination
22.1 The Terms and Conditions are valid until further notice.
22.2 The User has the right to terminate the agreement for the Service at any time with immediate effect. Termination shall be made in writing to PFC through the in-app chat. Payments for Subscription Services will not be refunded.
22.3 PFC has the right to terminate the contract in writing regarding the Service, subject to a notice period of two months.
22.4 PFC may terminate the General Terms and Conditions with immediate effect if the User has committed a material breach of contract. The Issuer and/or PFC Technology also have the right to terminate immediately the terms of
(i) it appears that the User provided incorrect information in connection with the initiation of the contractual relationship, including incorrect information to the Issuer, and accurate information would have led to him or her not being able to reach an agreement for the use of the Service or the Card; or
ii) The User has used the Service and/or the Card for illegal purposes
22.5 When these General Terms and Conditions cease due to termination or for any other reason, the right to new transactions or otherwise use the Service will cease. The User is liable for both for transactions that were carried out before the right to use the Service had expired but are posted to the User’s balance after the termination and for transactions carried out despite the discontinuation of the right to use the Card and the Service.
23.1 Complaints regarding any element of the Service shall be sent to PFC’s Complaints Manager via e-mail to email@example.com and state “Complaint” as the subject. The User can request a copy of that procedure at any time by contacting PFC’s Customer Service.
23.2 If the User considers that a complaint does not result in a satisfactory correction on the part of PFC, the User may apply to the National Board for Consumer Disputed (Sw. Allmänna Reklamationsnämnden) (“ARN”), Box 174, 101 23 Stockholm, www.arn.se. The notification to ARN must be made in writing. In order for the ARN to examine the case, there are, among other things, certain value and time limits.
- Disputes and applicable law
Swedish law applies to these General Terms and Conditions and in the contractual relationship between Users and PFC. Should disagreement persist after an ARN’s review or if claims are made from PFC, the matter shall be reviewed by the Stockholm District Court as the court of first instance.
25.1 PFC’s delay in exercising a right or imposing a penalty under the General Terms and Conditions shall not affect PFC’s or ability to subsequently exercise the right or impose the penalty, except when PFC does not adhere to applicable time limits.
25.2 Should any provision or part thereof in the General Terms and Conditions be found to be invalid or otherwise not applicable, the remaining parts of the General Terms and Conditions shall not in any way be affected or impaired. Other provisions shall continue to be valid in full.
25.3 The User is not entitled to transfer rights or obligations under the General Terms and Conditions without PFC’s prior written consent. However, PFC has the right to transfer its respective rights and obligations under the General Terms and Conditions to third parties.
- Messages and languages
26.1 Swedish is used for the contractual relationship and communication between the parties. Written messages from PFC to the User are sent primarily by notice to the User’s account in the App and shall be deemed to have been received by the User no later than the following day. It is therefore important that the User ensures that the User has enabled the notification features via the App for notifications to the User’s e-mail address, mobile phone, and user account in the App. Messages that are not considered urgent may be sent to the User by email or text message to the e-mail address or phone number specified by the User in the contact information in the App. PFC may not be held liable for notifications that have not been obtained by the User because the User has entered incorrect or outdated contact information.
26.1 If PFC suspects unauthorized use of the Service or security risks have been identified, the User will be notified by telephone or by encrypted message to the user account in the App.
- Information pursuant to the Distance Doorstep Sales Act
27.1 Under the Distance and Doorstep Sales Act, consumers are entitled to withdraw certain financial services with PFC (withdrawal) if the agreement has been concluded at a distance or elsewhere than in PFC’s business premises. The right of withdrawal for agreements outside PFC’s business premises is valid only if the price that the consumer will pay in total under the agreement exceeds 400 SEK. By distance agreement is meant an agreement where PFC and the customer have not met personally, e.g. when contracts are concluded via the Internet.
27.2 Anyone who wants to exercise their right of withdrawal under the law may do so by sending a message to PFC within 14 days from the date of the agreement with PFC or from the date the User was granted the General Terms and Conditions and other information about this at a later date than upon conclusion of the agreement.
27.3 If the User exercise his right of withdrawal, PFC Technology has the right to compensation for the contracted Service for the time the User used the Service and for costs until the right of withdrawal was exercised.
27.4 For PFC’s marketing, the rules of the Swedish Marketing Act (2008:486) apply.
* Politically exposed persons (PEP)
The Act (2017:630) on Measures against Money Laundering and Terrorist Financing (“the PTL”) contains certain provisions for the establishment of business relations with politically exposed persons (PEP), including requirements for stricter measures to achieve knowledge about customers. The PTL defines a PEP as “a) physical person who has or has had an important public function in a state; and b) a physical person who has or has had a role in the management of an international organization.” Furthermore, the kind of provisions mentioned above shall also apply to a PEP’s family members and close associates. The Swedish Financial Supervisory Authority has issued supplementary regulations in this area (FFFS 2017:11).
The notion of important public function refers to functions held by:
- heads of state or government, ministers and deputy and assistant ministers;
- members of parliament;
- members of the boards of political parties;
- judges of the Supreme Court, constitutional courts or other high-level legal bodies whose judgments can only be appealed against in exceptional cases;
- senior officials at audit authorities and members of central banks’ governing bodies;
- ambassadors, heads of mission and high-ranking officers in the Armed Forces;
- people included in the administration, management or supervision of state-owned companies; and
- people in the management of international organisations.
Family members mean:
- registered partners;
- children’s spouses, registered partners or cohabitants; and
Close associate means:
- a physical person who, according to what is known or can reasonably be assumed, is jointly with a PEP a beneficial owner of legal entities or legal arrangements or who otherwise has or has had close links with a PEP; and
- a physical person who is the sole beneficial owner of a legal entity or legal arrangement which, according to what is known or can reasonably be assumed, has actually been established in favour of a PEP.
The notion of close links in clause 1 refers to close business relationships and other relationships that may cause the close associate to be linked to an increased risk of money laundering or terrorist financing.