Terms & Conditions

Terms and Conditions v4 (pdf)

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. 

These standard terms and conditions are applicable for the services: 

  • that P.F.C. provides to the User in the App
  • the accounts that P.F.C. provides to the user and
  • the payment services that P.F.C. provides to the User. 


Account: the P.F.C.-account and the Duo-account

App: the application provided by P.F.C. in Appstore and Android named P.F.C.

Duo-account: the account with two account holders which is created when two Users connects to the Subscription Service Duo

Duo-User: two Users with a joint Duo-account

General Terms and Conditions: these terms and conditions

P.F.C. or the Company: P.F.C. Technology AB (publ.), 556851-3112, Box 55983, 102 16 Stockholm

P.F.C.-account: the individual account that P.F.C. provides as a part of the Service 

P.F.C. balance: the P.F.C.-account

P.F.C.-card: debit card provided by P.F.C. and issued by Svea Bank AB connected to the P.F.C.-account and possibly also the Duo-account

Service/Services: the services that P.F.C. provides to the User under these General Terms and Conditions 

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

Subscription Service: different types of subscription services in which the User obtains more functionality, see point 9

User: the physical person using the Service 

1. General

1.1 P.F.C. is authorized by the Swedish Financial Supervisory Authority to provide payment services as a payment institution. P.F.C. 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 P.F.C.s  website  www.getpfc.com.

2. About P.F.C. 

P.F.C. also is a trademark owned by the Company. Through the App, P.F.C. provides a number of services for physical individuals. The Company’s board is placed in Stockholm.

3. The purpose of the service

By accepting these terms and conditions, the User accepts to comply to use the Service to make the day-to-day money management smother, more overviewed and more transparent (the purpose of the service). A User does not have the right to use the Service with any other purpose. 

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. 

4. P.F.C.-card

P.F.C. provide debit cards connected to the User’s P.F.C.-account and possibly also the Duo-account. To be able to get the P.F.C.-card, the User needs to apply for the card and enter into an agreement concerning the card. The application for a card needs to be approved by the Issuer and by P.F.C. The Company cannot guarantee that the user will be granted a card.

There are specific terms and conditions regulating the P.F.C.-card use. 

5. P.F.C.’s services in the App

5.1 P.F.C. provides several features as a part of the Service and the App. The features change over time and P.F.C. reserves the right to, without further notice, change the availability of the features.  

5.2 P.F.C. provides inter alia the following features in the App:

  • transaction overview;
  • the feature Group;
  • the feature withdrawal; 
  • subscriptions services; 
  • the feature Goals and
  • additional services. 

6. Preconditions for the Service

6.1 The following conditions must be met in order for a physical person to register and have full access to the Service: 

  • the User is 18 years of age or older and is authorized to entering into an agreement, for minors, the guardians may enter into an agreement and approve theses terms and condition, see further in 6.2;
  • the user is registered in Sweden, has a Swedish social security number and is living in Sweden, and
  • the User does not have protected identity. 

6.2 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.

6.3 The Service may not be used for transactions relating to business activities or to the assets and transactions of legal entities. 

6.4 Users agree to notify P.F.C. 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 P.F.C. by e-mail to hello@getpfc.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 P.F.C. of any changes in the circumstances set out in this paragraph. 

6.5 The User cannot agree on limitations in the Service pursuant to Chapter 4, Section 10, p. 19, LBT.

7. The feature Group

7.1 Users may share information about card transactions with other Users and in such way make it possible for other Users to gather their card transactions in a group and to share joint expenses directly in the group through a Settlement Payment. 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.

7.2 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 7.3 below.

7.3 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 P.F.C.-account and e = the sum of the Settlement Payments received by the group member and credited to his/her P.F.C.-account. 

7.4 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 P.F.C. The Company 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. P.F.C. will not offer any aid (except for the transaction history) or collections if User wishes specifications to be able to independently calculate the financial situation between the members of a group. 

8. The feature Goals

8.1 Goals allow the User to earmark funds for a future transaction which, during the time of earmarking, cannot be used for purchase with the P.F.C.-card or for other transactions. 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. The User can remove the earmark of the funds at any given time which makes the funds available for transactions. 

8.2 It is not allowed to save funds without purpose and indefinitely by earmarking them in a goal or by placing funds on the P.F.C.-account or Duo-account for indefinite time. P.F.C. reserves the right to terminate the earmarking of funds for Users who, according to P.F.C.’s assessment, abuse the service Goals and do not use it for the intended purpose. 

9. General information about Subscription Services 

9.1 P.F.C. provides a number of features and services governed by these terms and conditions. Some of the features and services are included in the basic services provided by P.F.C. free of charge, while other features and/or services or upgraded versions are provided only to Users with a particular subscription. When a User signs up for a Subscription Service, the User signs up for a service that is provided to the User for a set fee. By registering for a Subscription Service, the User approves that he/she will be charged the fee in accordance with the applicable pricelist and description at P.F.C.s website and in the App. 

9.2 The fee for a Subscription Service is debited the Users account. At the description of each Subscription Service, the debited account will be found. 

9.3 The fee for the Subscription Service is not a part of the issuing of the P.F.C.-card but is charged by P.F.C. for the additional service or feature that is included in the Subscription Service. If the User does not have enough funds on the relevant account to cover for the fee for the Subscriptions Service, the account may be over drafted which may result in additional charge, see further in point 25.2 

9.4 When a User sign up for a Subscription Service, he or she choose an interval for the charges of the fees for the Subscription Service. The Subscription service will be charged regularly starting from when the Subscription Service is activated until the Subscription Service is terminated. A User can terminate the Subscription Service at any time. For Junior, only the account Owning User can terminate the Subscription Service. If a User terminates a Subscription Service, not more fees will be charged, and the Subscription Service will be terminated by the end of the billing period. Paid fees will not be refunded. That means that if a User has chosen yearly payment and the Subscription Service is terminated before the year, P.F.C. will not make a refund even if the service is terminated. For the Subscription Service Duo, the subscription will be terminated when the billing period has ended. 

10. About the Subscription Service Junior

The User who first signs up for a Junior is referred to as the “Account Owning User”. For Junior, additional Users may be added without any additional charge. Only legal guardians can be added to the service. For the service Junior, specific terms and conditions apply. The fee for Junior will be charged the P.F.C.-account of the Account Owning User at the start of every billing period. 

11. About the Subscription Service Premium

Premium is a Subscription Service where P.F.C. provides additional features and other benefits.   The features and benefits of Premium is described on P.F.C.’s website and may change from time to time. The fee for Premium will be charged the Users P.F.C.-account. 

12. About the Subscription Service Duo

12.1 Duo is a Subscription Service where two Users (Duo-Users) have a joint account (Duo-Account). The Duo-Account is opened when both Duo-Users have accepted to sign up to the Subscription Service. Both Duo-Users are holders of the Duo-Account which means that both parties can access the account separately. Both users must be registered Users of P.F.C. to be able to access the Service. 

12.2 P.F.C. has no responsibility or connection to any underlying debts between the Duo-Users. P.F.C. will, not offer any aid (except the transaction history in the App) or summaries for the Duo-Users. 

12.3 The fee for Duo will be charged the Duo-Account. By accepting the invite to Duo, the invited User accepts that the fee for Duo will be charged. The fee for Duo will be charged at the start of every billing period. 

12.4 Both Duo-Users are jointly liable to P.F.C. for the debts that may occur on the Duo-Account. Both Duo-Users may terminate Duo. The Subscription Service including the Duo-Account will be terminated when paid billing period comes to an end. When the Duo-Account is closed, any remaining positive balance will be shared evenly between the Duo-Users and will automatically be transferred by P.F.C. to their individual P.F.C.-accounts. 

12.5 If the one or both Duo Users are terminated for any reason or if P.F.C. blocks any of the Users access in accordance with point 21 below, both User may lose the access to the Duo-account with immediate effect. Any funds on the Duo-account stay on the account even though the account holders lose the access. P.F.C. will decide at own disclosure to which User the funds will be paid. 

13. Services by third-party providers

13.1 P.F.C. 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. P.F.C. is not responsible for the performance of these agreements between the User and the third-party provider or for any disputes that may arise as a result of the agreements.

14. Funds at P.F.C.

14.1 When P.F.C. 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 P.F.C.’s own funds in accordance with the Accounting Funds Act (1944:181). The user then becomes the owner of an accounting claim on P.F.C. 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.

Such a bank is appointed by P.F.C. of their choice. 

14.2 Placement in a bank usually takes place in P.F.C.’s name on behalf of the User and the User’s funds are placed with other users’ funds (client account). 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 P.F.C. 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 P.F.C.’s own funds.

15. About accounts at P.F.C.

When a User for the first time approve these terms and conditions and log in to the App, P.F.C. will create an account for the User (P.F.C.-account). P.F.C. apply specific limitations on the account. For example, the user cannot make payments to, Plusggiro, Bankgiro or make withdrawals to foreign bank accounts. 

If there is more than one account holder, each account holder has the full right to dispose the account. 

P.F.C. may charge the account with the following: 

  • The amount that the User has requested or approved, 
  • Costs or fees agreed between the User and P.F.C.
  • Costs for missions that the P.F.C. has executed on behalf of the User.
  • Costs for overdrafts and applicable interest for the overdraft
  • Costs in accordance with applicable pricelist on P.F.C.’s homepage. 

The charges will be in accordance with P.F.C.’s routines at the time of the charge. 

16. About transactions

The User must follow the instructions that P.F.C. provides in the App or on P.F.C.’s homepage, in order for transactions to be executed correctly. 

A transfer from an account at P.F.C. to another account at P.F.C. is normally performed instantly while other transactions might take a couple of bank days.  

17. Deposits 

Deposits to a P.F.C.-account and a Duo-account may be made through the alternatives offered through the App from time to time. Deposits to an account may only be made by the holder of the account or through settlement in the feature Group. If P.F.C. discovers a deposit from other than the above mentioned, the deposit will not be credited to any User, even if it is clear to whom the deposit was intended to be made to. 

18. Transactions between members of a group

18.1 In addition to deposits and withdrawals to bank account, the User can to transactions to other members of a Group. The transactions are made by approving a 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 7.3 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 authorizes the Settlement Payments. By tapping “Yes”, the User authorizes the Settlement Payments, and the stated amounts are transferred from the User’s P.F.C.-account to the relevant group member’s P.F.C.-account. A Settlement Payment is normally executed and accounted for immediately.

19. Transaction between accounts at P.F.C.

By using the features Duo and Junior, Users can transfer funds from their P.F.C.-account to another individuals P.F.C.-account or to a Duo-account of which the sender is account holder to. These are normally executed and accounted for immediately.

20. Transactions to Paynova

When the User wants to pay to Paynova (third-party provider) from their P.F.C.-account, the User choose which invoice to pay in the list of invoices. By choosing the option “pay now” a transfer is made from the Users P.F.C.-account to Paynova. A payment is normally executed immediately and is received by Paynova one bank day later. 

21. Withdrawal to bank account

The user can transfer 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 P.F.C.-account to the specified bank account. The user undertakes to only make withdrawals to bank accounts of which he/she is the account holder to. A withdrawal to a bank account ex normally executed instantly but it may take up to three bank days until the transferred funds are accounted for and booked at the bank account. 

22. Unauthorized and incorrectly executed transactions

22.1 If there has been an unauthorized transaction from any of the User’s accounts, P.F.C. shall, upon notification from the User, refund the amount as though the transaction had not been executed, unless otherwise stated below. Please note that unauthorized transactions with the P.F.C.-card is regulated in the terms and conditions for the card and not here. 

22.2 Refunds shall be made instantly and at the latest by the end of the bank-day after P.F.C. has received information about the transaction. If there is reason to suspect that the transaction is correct, P.F.C. has the right to investigate the matter before refund is made. 

22.3 If the transaction is a withdrawal to a bank and P.F.C. can show that the receiving bank has received the transaction, the recipients bank is liable for the transaction. 

22.4 If P.F.C. has refunded an amount to the User and P.F.C. 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. P.F.C. then has the right to deduct the corresponding amount from the User’s P.F.C.-account. 

22.5 If unauthorized transactions have been executed through as a result of the User’s failure to protect a personal information such as mobile BankID, the User shall pay the amount, up to a maximum of SEK 400.

22.6 If unauthorized transactions have been executed 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 transaction.

22.7 The User shall without undue delay inform P.F.C. when discovering an unauthorized transaction from the P.F.C.-account or the Duo-account. Failure to do so results in the in the User being responsible for the full amount charged to the User’s account. The same applies if the User did not report to P.F.C. within 13 months after the amount was charged to relevant account.

23. Restrictions on certain transactions

P.F.C. applies certain limits on transactions for a specific period. P.F.C. may also set and communicate individual limits to Users. Exceeding the limits may result in transactions not being able to be executed. It is the Users responsibility to follow and comply with the restrictions communicated by P.F.C. regardless of if there is general limitations or individual limitations.  

24. P.F.C.’s right to block access to the Service

P.F.C. reserves the right to block User access to the Service if 

  • P.F.C. considers there is a risk of unsafe use of the Service, 
  • there is reason to suspect that there is a right to immediate termination pursuant to 230.4 below or 
  • P.F.C. suspects that the Service is used or has been used by unauthorized. 

If P.F.C. blocks the Service, P.F.C. will inform the User about this as soon as possible. When there is no further reason for P.F.C. to block User’s access to the Service, P.F.C. shall suspend the block.

25. Prices and fees

25.1 P.F.C. offers a simple and transparent pricing model for the Service. At any time the applicable prices are listed on  www.getpfc.com. P.F.C. reserves the right to change prices. If the price change to the Users disadvantage, P.F.C. must notify the User within at least 30 days before the price change is applied. The same applies if P.F.C. chooses to introduce a fee on services that has previously been offered without additional fees. 

25.2 If the User carries out a transaction for an amount exceeding the available balance at the account 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, P.F.C. will charge the User an administrative fee of 100 SEK (overdraft fee). P.F.C. also has the right to charge interest for late payment in accordance with the 6 § interest act (Sw. räntelagen 1975:635). Debts to P.F.C. may be managed by a debt collection company and reminder fee of SEK 60 may be charged. In addition to that, further statuary debt collection cost and other cost may be charged for P.F.C. to exercise its rights. 

26. Responsibility of the User

26.1 The User is responsible for ensuring that there is sufficient funds at the P.F.C.-account or Duo-account for a transaction order and that the information provided in the transaction order is sufficient and correct.

26.2 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 (others than the User). 

26.3 The User undertakes. 

-not to use the Service in violation of applicable law; 

-to ensure that no one else than the User use 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 a third party.

26.4 The User is responsible for using the Service in accordance with P.F.C.’s instructions and these General Terms and Condition and undertakes not to use the Service in a manner that could cause harm to P.F.C. or third parties.

26.5 Subject to the disclosure of unauthorized transactions in section 22, the User undertakes to indemnify P.F.C. for any claims that third parties may claim from P.F.C. based on the User’s intentional or grossly negligent action, or failure to act, which violates these Terms and Conditions, unless P.F.C.’s negligence, breach of contract or intentional purpose caused harm to a third party.

26.6 The User undertakes to check the transaction history of their P.F.C.-account and possible Duo-account in the App and by reviewing receipts. In the event that the User fails to notify P.F.C. of an unauthorized Transaction according to 22.6 the User shall be responsible for the entire amount charged to the relevant account. 

26.7 The User shall, as soon as possible after detecting loss of security information or suspicion that any unauthorized person has received knowledge of password or equivalent information, contact P.F.C. through the App or, if the User does not have any access to the App, through e-mail to hello@getpfc.com and state “block request” in as Subject.

27. P.F.C.’s liability

27.1 P.F.C. is not liable for wrong transactions if the User has filled in wrong information or has not followed P.F.C.’s instructions. 

27.2 P.F.C. is not liable for not damages or loss that may be caused to the User due to power failures or telecommunications or internet connections or other technical equipment not belonging to P.F.C.

27.3 P.F.C. 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 P.F.C. has no influence over and whose consequences would have been impossible for P.F.C. to ward off. The reservation regarding strike, lockout, boycott and blockade also applies if P.F.C. itself is subject to such a conflict. If there is an obstacle for P.F.C. 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 P.F.C. if P.F.C. has been treated with normal care. P.F.C. is not responsible for any indirect loss, provided that such loss was not cause by P.F.C.’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 P.F.C. (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, P.F.C. may not be held responsible for any economic loss or loss of data or information.

28. Processing of personal data

P.F.C. is data controller and processes personal data in accordance with the General Data Protection Regulation (EU) 2016/679 (GDPR). more information about how P.F.C. manage personal data, can be found in the privacy policy. 

29. Additions and amendments of the General Terms and Conditions

29.1 Save for 29.4 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, P.F.C. has the right to amend the General Terms and Conditions by notifying the User of such amendments at least two months before the 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 P.F.C.s website http://www.getpfc.com.

29.3 If the User does not approve the amended terms and conditions, the User must notify P.F.C. 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 the customer relationship with P.F.C. on the day that the amendments take effect. If the User has not notified P.F.C. by the day that the amended terms and conditions take effect, the User is considered as he/she has approved the new terms and conditions. 

29.4 P.F.C. always has the right, with immediate effect, to make such amendments to these terms and conditions (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. 

30. Term and termination

30.1 These terms and conditions are in force until further notice.

30.2 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 P.F.C. through the in-app chat. Payments for Subscription Services will not be refunded. 

30.3 P.F.C. has the right to terminate the contract in writing (through e-mail) regarding the Service including these terms and conditions, subject to a notice period of two months. P.F.C. does not have to provide grounds for the termination. 

30.4 P.F.C. may terminate the customer relationship with immediate effect if the User has committed a material breach of contract. P.F.C. also has the right to terminate the terms and conditions and the customer relationship if: 

a) 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

b) the User has not fulfilled his/her obligations to P.F.C.

c) P.F.C. does not have enough information about the customer (KYC) in accordance with the law of actions to prevent money laundering and financing av terrorism (Sw. lagen om åtgärder mot penningtvätt och finansiering av terrorism)

d) P.F.C. suspects that the Service, the App or the Card has been used by someone else than the User

e) The User has used the Service and/or the Card for illegal purposes

f) the User has not made any transactions for the past 24 months

g) P.F.C. suspects that the User has used the services in breach with laws or other binding provision by authorities

h) the Use is deceased, declared bankruptcy or is subject to a trustee in accordance with 11 chapter 7 § parental code (Sw. föräldrabalken)

i) the User does not leave information or meet the requirement that P.F.C. has on the User in accordance with law or other binding provisions. 

If there is reserved fund that has not been accounted for, P.F.C. may wait and terminate the customer relationship in until the reservations have been cleared. 

30.5 When the customer relationship ceases 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 booked to the User’s account after the termination and for transactions carried out despite the discontinuation of the right to use the Service.

30.6 If the balance at the P.F.C. account 

I below 0.5% of the current base amount according to the national insurance act (Sw. lagen om allmän försäkring, prisbasbelpp) and the User has not made any deposits or withdrawals during the previous 24 months, P.F.C. is not obligated to pay the remaining balance on an account to the User, unless the User requests it. 

31. Complaints

31.1 Complaints regarding any element of the Service shall be sent to P.F.C.’s Complaints Manager via e-mail to hello@getpfc.com and state “Complaint” as the subject. The User can request a copy of that procedure at any time by contacting P.F.C.’s Customer Service.

31.2 If the User considers that a complaint does not result in a satisfactory correction on the part of P.F.C., 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.

32. Disputes and applicable law

Swedish law applies to these General Terms and Conditions and in the contractual relationship between Users and P.F.C. Should disagreement persist after an ARN’s review or if claims are made from P.F.C., the matter shall be reviewed by the Stockholm District Court as the court of first instance.

33. Rights

33.1 P.F.C.’s delay in exercising a right or imposing a penalty under the General Terms and Conditions shall not affect P.F.C.’s or ability to subsequently exercise the right or impose the penalty, except when P.F.C. does not adhere to applicable time limits.

33.2 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. 

33.3 The User is not entitled to transfer rights or obligations under the General Terms and Conditions without P.F.C.’s prior written consent. However, P.F.C. has the right to transfer its respective rights and obligations under the General Terms and Conditions to third parties.

34. Messages and languages

34.1 Swedish is used for the contractual relationship and communication between the parties. Written messages from P.F.C. 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. P.F.C. 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.

34.2 If P.F.C. 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.

35. Information pursuant to the Distance Doorstep Sales Act

35.1 Under the Distance and Doorstep Sales Act, consumers are entitled to withdraw certain financial services with P.F.C. (withdrawal) if the agreement has been concluded at a distance or elsewhere than in P.F.C.’s business premises. The right of withdrawal for agreements outside P.F.C.’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 P.F.C. and the customer have not met personally, e.g., when contracts are concluded via the Internet.

35.2 Anyone who wants to exercise their right of withdrawal under the law may do so by sending a message to P.F.C. within 14 days from the date of the agreement with P.F.C. 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.

35.3 If the User exercise his right of withdrawal, P.F.C. 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.

* 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:

    1. heads of state or government, ministers and deputy and assistant ministers;
    2. members of parliament;
    3. members of the boards of political parties;
    4. judges of the Supreme Court, constitutional courts or other high-level legal bodies whose judgments can only be appealed against in exceptional cases;
    5. senior officials at audit authorities and members of central banks’ governing bodies;
    6. ambassadors, heads of mission and high-ranking officers in the Armed Forces;
    7. people included in the administration, management or supervision of state-owned companies; and
    8. people in the management of international organisations.

Family members mean:

  1. spouses;
  2. registered partners;
  3. cohabitants;
  4. children;
  5. children’s spouses, registered partners or cohabitants; and
  6. parents.

Close associate means:

  1. 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
  2. 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 favor 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.