Legal info

Terms and Conditions Koto Account

Koto Card Limited card terms and conditions

Koto Card Limited (“Koto”) is a business registered in the United Kingdom with company number 11224081 and head office at Nightingale House, 46-48 East Street, Epsom, Surrey, KT171HQ. Your Koto Card and any e-money issued to you is issued by PrePay Technologies Ltd (“PPS”) pursuant to a license granted by Mastercard International. PPS is authorised by the FCA under the Electronic Money Regulations 2011 (FRN: 900010) for the issuing of electronic money and provision of payment services. Koto has been appointed as an agent of PPS. This e-money Agreement is between us and you, the Koto Account Holder. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Important information you need to know

The Koto Account e-money Agreement

Please read this e-money Agreement carefully before using your Koto Account or activating your Koto Card or using any of our services. This information forms the e-money Agreement for your Koto Account including any associated Koto Card and payment services that we may provide to you. By confirming that you accept the terms of this e-money Agreement, or by using your Koto Account or activating your Koto Card and/or using our services, you accept this e-money Agreement. If there is anything you do not understand, please don’t hesitate to contact Customer Services using the contact details in paragraph 21 of this e-money Agreement.

Koto also provides consumer Credit Facility products that may be entered into via a separate credit agreement. PPS is not responsible for any credit agreement entered into by you and Koto, this is strictly between you and Koto.

Any Credit Facility provided to you by Koto will be added to your Koto Account which will become e-money, and can be used in accordance with this e-money Agreement.

Subject to a Koto Credit Agreement, should your Koto Account go into a negative balance then Koto will fund your Koto Account either up to the value of your Koto Credit Agreement or with the equivalent amount to cover your negative balance. You will be liable to pay Koto of any amount that Koto will fund under the Koto Credit Agreement, plus any additional charges you may have agreed with Koto.

Defined Terms

A list of all defined terms used in this e-money Agreement can be found at paragraph 22 below.

1. KOTO ACCOUNT LIMITS

For Koto Account:

Subject to any further risk assessment requirements, on opening a new account, Koto Account Limits are set out in the table below. Please note that it may be necessary for us to set lower Koto Account Limits than those set out below. We can also change limits at our discretion at any time to comply with our regulatory obligations and to reduce the risk of financial crime. In the event that we lower Koto Account Limits, if we are able to, we will notify you of the revised Koto Account Limits applicable to your Koto Account.

Any Credit Facility that you may have under a separate agreement with Kolo Card Limited may contribute to your Maximum Balance.

Koto Account Maximum Balance

£10,000

Topping up

Daily load limit

£5,000

Maximum amount per load

£5,000

Maximum amount per cash load at Post Office and PayPoint

£500

Incoming UK Faster Payment

Per transaction

£10,000

Per day

£10,000

Incoming UK BACS payment

Per transaction

£10,000

Per day

£10,000

Outgoing UK Faster Payment

Per day

£10,000

Outgoing UK Direct Debit payment

Per day

£10,000

Card transactions

Daily ATM withdrawals limits

£500

Single Card transaction

£10,000

2. SCOPE OF THIS E-MONEY AGREEMENT

2.1 Your Koto Account is an e-money account held in pounds sterling. If you qualify for a Koto Account, you will be issued a virtual Koto Card that is associated with your Koto Account. Upon your request we will issue you a plastic/physical Koto Card. Both virtual and physical card will be Mastercard debit product, it is not a credit card or a charge card.

2.2 The Koto Account is an electronic money product and the electronic money stored in the Koto Account is issued by PPS, and distributed and administered by Koto as agent for PPS.

2.3 All Koto Cards are issued by us pursuant to our license from Mastercard. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Your Koto Card remains PPS’ property.

2.4 Your rights and obligations relating to the use of your Koto Account and Koto Card are as set out in this e-money Agreement between you and us; you have no rights against Mastercard or its respective affiliates. If you experience any difficulties in using your Koto Account and/or Koto Card you should contact Customer Services.

2.5 This e-money Agreement is written and available in English only. All our communications with you relating to this e-money Agreement, the Koto Account and any Koto Card will be in English.

2.6 You acknowledge that we may communicate with you by e-mail and/or SMS and/or via the Koto App or a messenger such as WhatsApp or iMessage, when we provide you with any service notifications or other information about your Koto Account and therefore it is important that you ensure you keep your e-mail address and mobile phone number updated via the Koto App. You may download a copy of this e-money Agreement from our website (getkoto.com/legal-info).

2.7 If you wish to make use of services provided by an Authorised Third Party Provider on your Koto Account, you may do so provided that you have signed up to use Koto App and your Koto Account is active. We advise that before using an Authorised Third Party Provider, you ensure that the Authorised Third Party Provider is authorised by a Regulator to provide their services. In the UK, the Financial Conduct Authority’s register (available at https://register.fca.org.uk/) and in other EEA countries respective registries maintained by national authorities will tell you whether a company is authorised. You must provide your explicit consent or share your Koto App credentials with the Authorised Third Party Provider each time an access to your Koto Account is required for them to provide you with their services. You should always consider the implications of sharing your Koto App credentials and your personal information.

2.8 If an Authorised Third Party Provider requests access to your Koto Account to provide you with their services using your Koto App credentials, we will assume that you have given consent to do so. Please note, once you have so approved this request we are obliged to provide access to your Koto Account if it is requested by an Authorised Third Party Provider and can only refuse access in certain circumstances.

2.9 If you do not wish to use services provided by an Authorised Third Party Provider on your Koto Account, you simply refuse to provide your consent or refuse to share your Koto App credentials with an Authorised Third Party Provider.

3. APPLYING FOR AND REGISTERING YOUR KOTO ACCOUNT

3.1 To apply for a Koto Account, you must be at least 18 years old.

3.2 We will register your Koto Account for you on the basis of the Information that you have provided to us. You must provide accurate information and tell us of any changes to your Information as soon as possible so that our records remain correct.

3.3 If we discover that the information we hold about you is incorrect, we may have to suspend or cancel your Koto Account until we can establish the correct information, in order to protect us both.

3.4 To use the Koto Account, you will need to download the Koto App via your mobile phone.

3.5 You may be able to apply for a Credit Facility offered by Koto subject to a separate agreement with Koto.

3.6 A Koto Account is for personal use only, not for business use. If you use your Koto Account for business purposes we may close your Koto Account immediately.

4. RECEIVING AND ACTIVATING A CARD

4.1 You will receive a virtual card immediately in app once you have successfully been onboarded. You can request a physical card to be sent to you. This can be done through the Koto App.

4.2 If you receive the Koto Card, you must immediately sign it and activate the Koto Card according to instructions you receive in the envelope in which the card is delivered. If the Koto Card is intercepted before you receive it you will not be liable for any misuse.

4.3 Once the Koto Card has been activated, the Koto App will provide a PIN. You must never reveal your PIN to anybody and agree to keep your Koto Card safe. We will not reveal the PIN to a third party.
4.4 You may change the PIN at most ATMs that have PIN change functionality. When selecting or changing the PIN, you must not select a PIN that may be easily guessed, such as a number that:

4.4.1 is associated with you, such as your telephone number or birth date; or

4.4.2 is part of data imprinted on your Koto Card; or

4.4.3 consists of the same digits or a sequence of running digits; or

4.4.4 is identical to a previously selected PIN.

5. USING THE KOTO CARD

5.1 The Koto Card can be used at any Merchant to make purchases in-store, via the internet or over the phone and can be used to obtain cash through ATMs within the UK, EEA and abroad (fees may apply, see paragraph 11).

Each transaction will need to be authorised by you at any Merchant by entering the PIN or other security code, if the Merchant does not accept chip and PIN authorisation, the Merchant may allow you to authorise the transaction by signature of the receipt. A transaction can also be authorised by tapping your Koto Card or mobile device with Koto enabled Apple Pay or Google Pay against a Contactless enabled reader. From time to time the Contactless terminal may require you to enter your PIN for security reasons. We may refuse to execute a transaction if we believe the transaction is unlawful or fraudulent. We will treat the transactions as authorised by you if:

5.1.1 the Koto Card PIN or other security code personal to you is used; or

5.1.2 the Koto Card is used and you have authorised the transaction by signature of the receipt.

5.2 The Koto Card is a debit card, which means that the Available Balance will be reduced by the full amount of each transaction you make, plus any applicable taxes and charges, including additional ATM charges if any.

5.3 You must not use your Koto Card if the Full Deductible Amount exceeds the Available Balance, however subject to a Credit Facility you may have with Koto, you may be able to use your Koto Card if the Full Deductible Amount exceeds the Available Balance.

5.4 Once you have authorised a particular transaction, you will not be able to withdraw your consent to that transaction.

5.5 Your Koto Card can be used to make transactions in a currency other than pounds sterling (“foreign currency transaction”). The amount deducted from your Koto Account will be converted to pounds sterling on the day of receipt of the transaction request. We will use a wholesale rate set by Mastercard that day and we will display the exchange rate in your Koto App. Exchange rates can fluctuate and they may change during the day. You can find out the exchange rate applied to a transaction in your transaction history. When you use your Koto Card to make a foreign currency transaction (transaction in currency other than the underlying currency of your Koto Card).

5.6 Due to security safeguards, Merchants that accept your Koto Card are required to seek authorisation from us for all of the transactions that are made by you. In some circumstances Merchants may require you to have an Available Balance greater than the value of the transaction they wish to make. You will only be charged for the actual and final value of the transaction they make. Merchants request this as they may need to access more funds than you initially planned to spend. This may be the case for:

5.6.1 hotels, rental cars, and

5.6.2 internet Merchants – certain internet Merchant sites will, on registration or at checkout stage, send a request for payment authorisation to verify if funds are available. This will temporarily impact the Available Balance.

Many merchants, particularly online merchants, will not deduct payment from your Koto Card until goods are dispatched. You should be aware of any payments that will be deducted in this manner when you are making other purchases to ensure that your Available Balance is enough to cover all purchases. We will not block funds in instances of transactions of unknown amounts as suggested under 5.6.1 and 5.6.2 unless you authorise the exact amount of funds to be blocked. We will release any blocked funds without undue delay after becoming aware of the amount of the payment transaction, and in any event immediately after receipt of the payment order.

5.7 Where you have agreed that another person can take a payment made from your Koto Account (e.g. if you have given your Koto Card details to a retailer for the purpose of making a payment for renting a car or booking a hotel room), you can ask us to refund a payment if all the following conditions are satisfied:

5.7.1 the authorisation given did not specify the exact amount to be paid;

5.7.2 the amount that has been charged to your Koto Account was more than you could reasonably have expected to pay, based on the circumstances, including previous spending patterns; and

5.7.3 you make the refund request within eight weeks of the date when the payment was taken from your Koto Account.

5.8 We may ask you to provide information as is reasonably necessary to verify that conditions in 5.7.1 – 5.7.3 are satisfied.

5.9 If you ask us to make a refund under paragraph 5.7 then, within 10 Working Days of the date we receive your request (or if we ask for more information under paragraph 5.8, within 10 Working Days of the date we receive that information) we will either:

5.9.1 refund the payment in full; or

5.9.2 tell you the reasons why we do not agree to the refund.

5.10 You will not be entitled to a refund under paragraph 5.7 if:

5.10.1 you have given us your consent for the payment to be made; and

5.10.2 where applicable we (or the person or a Merchant you agreed to pay) have given you information on the payment in question at least four weeks before the due date of the payment; or

5.10.3 if the payment in question was higher than you reasonably expected to pay is due to a change in any currency exchange rate.

5.11 Paragraph 5.10 does not limit your rights under the Direct Debit Guarantee Scheme.

5.12 If a Merchant agrees to give you a refund for a purchase made using the Koto Card, the funds will be added to the Available Balance of the Koto Account when we receive the funds from the Merchant.

LIMITS ON THE USE OF THE KOTO CARD

5.13 Your Koto Card cannot be used in all situations. Where it is not possible to obtain online authorisation that you have a sufficient Available Balance for the transaction, the Koto Card cannot be used. This may be the case for transactions on trains, ships, and some inflight purchases. You will be responsible if an offline transaction does go through for whatever reason and you must repay us the amount that exceeds the Available Balance.

5.14 Your Koto Card cannot be used to pay at the pump at self-service petrol pumps; however, you can use your Koto Card to pay for the petrol by taking it to the cashier.

5.15 Your Koto Card should not be used as a form of identification.

5.16 Your Koto Card should not be used for any illegal purpose or in any manner prohibited by law.

5.17 Your Koto Card should not be used for gambling, for any adult entertainment or for Quasi Cash transactions

5.18 We may ask you to surrender any Koto Cards at any time for a valid reason in accordance with the provisions in paragraph 14 or 15 or 16 of this e-money Agreement.

EXPIRY DATE

5.19 The expiry date of your Koto Card is printed on the back of your Koto Card. You will not be able to use your Koto Card once it expires. If you request a replacement Koto Card, we may send you a replacement Koto Card.

5.20 Any Available Balance remaining on the Koto Account at Koto Card expiry will remain yours for a period of six years from the expiry date. Within this period, you may at any time transfer any Available Balance on the Koto Account to a UK bank account via Faster Payment in pounds sterling (subject to Koto Account Limits). You will not have access to your Koto Account and we will not return any funds remaining on the Koto Account after six years from Koto Card expiry and this e-money Agreement will terminate. We may charge you £5 redemption fee for this service.

5.21 You are responsible for the use of your Koto Card issued to you under this e-money Agreement and any fees or charges that your Koto Card may incur.

6. USING THE KOTO ACCOUNT

6.1 The Koto Account can be used for setting up Direct Debit, for making and receiving Faster Payments and for receiving BACS Credits and CHAPS payments, each subject to Koto Account Limits (see paragraph 1).

ADDING FUNDS TO THE KOTO ACCOUNT

6.2 Subject to the limits set out in paragraph 1, funds can be added to your Koto Account through UK Faster Payments, UK BACS Credit and UK CHAPS payments, you will require your Koto Account Details for adding funds via any one of these methods. Funds can also be added to the Koto UK Account by depositing cash at a UK Post Office or PayPoint.

Subject to being approved for a Credit Facility, funds can also be added to your Koto Account by Koto with any amount that has been granted to you under a separate credit agreement with Koto.

6.3 We may not credit your Koto Account with a payment intended for your Koto Account if:

6.3.1 the Koto Account has reached the Koto Account Maximum Balance or Koto Account Limits;

6.3.2 the Koto Account is inactive or blocked;

6.3.3 the sender has provided incorrect/invalid Koto Account Details for your Koto Account;

6.3.4 we suspect fraudulent activity on your Koto Account; or

6.3.5 to do so is prohibited by any law.

6.4 The funds may be sent back to the sender without notifying you if paragraph 6.3 applies.

UK FASTER PAYMENTS OUT

6.5 To make a UK Faster Payment from your Koto Account, you must first set up the recipient as a new payee. For setting up a new payee to make UK Faster Payments from your Koto Account, you will need to provide name, account number and sort code of the person you wish to pay (these details are referred to as the “Unique Identifier”). You will then undergo some security authorisation steps on the Koto App.

6.6 Once the security authorisation steps have been successfully completed, a payment to that authorised payee can be made via the Koto App. Provided we process the payment transaction in accordance with the Unique Identifier provided by you, we will not be liable for any non-execution or defective execution if the Unique Identifier provided is incorrect.

6.7 It is your responsibility to check there is sufficient Available Balance before sending any payments out. If your Koto Account does not have sufficient Available Balance or a valid Credit Facility to cover the payment, your payment will be rejected.

6.8 If you update your mobile number via the Koto App or Customer Services, you not able to set up a new payee for making payments for 24 hours.

6.9 If a payment is rejected by the recipient bank, a refund is automatically credited to your Koto Account after we receive the funds from the recipient bank.

DIRECT DEBITS

6.10 Koto will allow you to setup Direct Debits outgoing from your Koto Account.

6.11 To set up a Direct Debit from your Koto UK Account, you must first authorise the organisation taking Direct Debit payments from the Koto Account.

6.12 If a Direct Debit on the Koto Account specifies that a payment is to take place on a specified day or on the last day of a certain period, then we will treat the Payment Instruction as being received on the day specified.

6.13 Any Direct Debit payment is usually taken from your Koto Account at the beginning of the Working Day it is due.

6.14 It is your responsibility to check there is sufficient Available Balance before any payment is due. If your Koto Account does not have sufficient Available Balance or a valid Credit Facility to cover the payment, any Direct Debit payment will be rejected.

6.15 In the case of a Direct Debit, you can revoke a payment order at any time up to the end of the working day preceding the day agreed for debiting the funds. The revocation will be effective for all future direct debits.

Type of Transaction

Timescale

UK Faster Payments out

Will be sent within 2 hours

Incoming payment

Funds will be added to your Koto Account the same Working Day we receive the funds

6.16 We will only allow a payment to be made if the payment is within your Koto Account Limits and there is sufficient Available Balance and/or a valid Credit Facility to cover the payment.

6.17 The time of receipt of a transaction order is when we receive it. If receipt of the transaction is received out of Working Day, it is deemed to be received on the following Working Day. You cannot stop a transaction after it has been transmitted to us and you have given your consent, or when you have given your consent to a pre-authorised payment.

6.18 In relation to any payment order you give directly to us we will on request from you tell you the maximum execution time and the amount of any charges payable, including a breakdown if appropriate.

AUTHORISATION FOR PAYMENTS AND STOPPING PAYMENTS

6.19 It is your responsibility to ensure you provide correct recipient account details and payment amount when making any payment or setting up a payee. You are responsible if you give us incorrect instructions or mistakenly instruct us to make the same payment more than once, but we will try to help you get the money back. We may not always be able to do this, but we will do all we can. We may charge you a fee for tracing, recalling or cancelling a payment. If we cannot get the money back, you can request the relevant information we have about the transaction to help you reclaim the money. We will provide this information on receiving a written request from you, unless the law prevents us doing so.

6.20 You can authorise us to make a payment from your Koto Account via the Koto App by setting up electronic payments and giving us instructions via a third party, such as through a Direct Debit scheme or Payment Initiation Service Provider. We will treat a payment as authorised by you if:

6.20.1 the transaction was authorised from the Koto App using the required app entry passcode or credentials and that the payee had been approved;

6.20.2 you have set up or agreed to any Direct Debit payments to be taken from your Koto Account; or

6.20.3 a Payment Initiation Service Provider has made a payment from your Koto Account.

6.21 We may refuse to execute or process a payment (without prior notice to you) if:

6.21.1 the Koto Account does not have sufficient Available Balance to cover the payment; or

6.21.2 the Koto Account is suspended or closed; or

6.21.3 the Koto Account has reached its Koto Account Limits; or

6.21.4 we need to do so to comply with the rules of the payment system; or

6.21.5 we suspect fraudulent activity on your Koto Account or the payment is unlawful or fraudulent;

6.21.6 we are concerned about fraud or unauthorised access to your Koto Account by a Payment Initiation Service Provider; or

6.21.7 required to comply with any law.

6.22 If we refuse to process a payment under 6.21:

6.22.1 we will notify you via email/SMS/in-app of the refusal and unless the law prevents us we will tell you the reasons, at the earliest opportunity and no later than the end of the next Working Day following receipt of the payment order

6.22.2 we will not be liable for any loss this may result in, nor will we be obliged to inform the intended recipient;

6.22.3 you can check your Koto Account to ensure there was enough Available Balance and/or that correct recipient details were provided and if you contact Customer Services we will if possible tell you what you can do to correct any errors in the Payment Instruction;

6.22.4 due to concerns detailed in 6.21.6.

6.23 In the event of suspected or actual fraud or security threat to your Koto Card or Koto Account, we will use in-app messaging, SMS, telephone, post, email or another secure procedure to contact you. We may ask you to verify your identity for security purposes.

6.24 You will generally not be able to stop any payment once it has been authorised by you or Payment Initiation Service Provider. However you may be able to stop a Direct Debit payment provided that:

6.24.1 you cancel the Direct Debit before the end of the Working Day preceding the day your Koto Account is due to be debited; and

6.24.2 the payment has not already been made.

6.25 If you stop or cancel a Direct Debit, you must tell the recipient to whom the Direct Debit is payable. We will not be responsible if you fail to inform them and the recipient will not have any claim against us.

6.26 If, for any reason, a payment is processed for an amount greater than the Available Balance on your Koto Account, you must repay us the amount by which the Full Deductible Amount exceeds your Available Balance immediately after receiving an invoice from us. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action and/or closing the Koto Account, to recover any monies outstanding. However, if you have a Koto Credit Agreement with Koto, you will be liable to pay Koto.

6.27 The Available Balance on the Koto Account will not earn any interest.

7. CHECKING YOUR KOTO ACCOUNT BALANCE

7.1 You can check the Available Balance and transaction history on the Koto Account via the Koto App.

7.2 Your monthly Koto Account statements will be available in the Koto App. You will be able to receive your monthly Koto Account statements in a durable medium, such as email. We will send you a monthly notification to inform you that your account statement has been produced.

8. CANCELLING, CLOSING YOUR KOTO ACCOUNT AND REDEEMING E-MONEY

8.1 You may close your Koto Account and cancel any Koto Card at any time by contacting Customer Services. Any Available Balance may be transferred to a UK bank account via UK Faster Payments in pounds sterling (subject to Koto Account Limits) before cancelling the Koto Account.

8.2 Subject to paragraph 8.5, once the Available Balance is redeemed and the Koto Account is closed, your e-money Agreement will terminate. However, if paragraph 8.5 applies to your Koto Account then your Koto Account will remain active and your e-money Agreement will continue to apply to you until there is no money outstanding on your Koto Account.

8.3 All Direct Debit transactions that were set up on the Koto Account will be rejected once your Koto Account is closed.

8.4 Any Credit Facility that you may have with Koto must have come to a conclusion and be fully paid before your Koto Account is closed. You will not be able to use the Koto Account nor the Credit Facility after the Koto Account is closed.

8.5 If we find any additional withdrawals, fees or charges have been incurred on your Koto Account following the processing of the redemption request, we’ll send an itemised invoice to you and we will require you to refund us immediately after receiving the invoice. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.

8.6 Even if you do not wish to close your Koto Account and cancel you Koto Card you can at any time redeem any part of monetary value by transfer to a UK bank account via UK Faster Payments in pounds sterling or by cash withdrawal at an ATM (subject to Koto Account Limits).

9. YOUR LIABILITY AND AUTHORISATIONS

9.1 You are responsible for the use of your Koto Account and any Koto Cards issued for your Koto Account.

9.2 You are responsible for keeping your Koto Card, security information related to your Koto Card and Koto Account and Koto App credentials safe.

9.3 You must not:

9.3.1 allow a third party other than an Authorised Third Party Provider to use your Koto Account and Koto App to provide you with their Services;

9.3.2 allow another person to use your Koto Card or Koto App;

9.3.3 write down your PIN or any security information in a way that enables a third party to make fraudulent use of your Koto Account or Koto App or Koto Card;

9.3.4 disclose or make available your PIN or other security information related to your Koto Card, Koto App and Koto Account to third parties;

9.3.5 disclose or make available your Koto App credentials to a third party unless the third party is an Authorised Third Party Provider and you want to use services provided by them; or

9.3.6 enter the PIN in any ATM that does not look genuine, has been modified, has a suspicious device attached or is operating in a suspicious manner.

9.4 You will be responsible for all transactions which you and a Payment Initiation Service Provider authorise in accordance with the provisions of this e-money Agreement.

9.5 You will be liable for all transactions that take place as a result of your acting fraudulently or failing to comply with this e-money Agreement with intent or gross negligence.

9.6 You agree to indemnify and hold harmless, us and our distributors, partners, agents, sponsors, and service providers and their group companies from and against the costs of any legal action taken to enforce this e-money Agreement and/or any breach of this e-money Agreement or fraudulent use of the Koto Account, Koto Card, Koto App log-in details, or PIN by or authorised by either you.

9.7 The Koto App is only supported on devices where the operating system has not been modified, or jailbroken, or configured to allow software installation from sources other than those approved by Koto (including but not limited to the Apple App Store and Google Play). Use of the Koto App on such a device is at your risk and we cannot be held responsible for any financial loss or loss of data or Information.
9.8 All Koto intellectual property rights contained therein, including but not limited to any content, are owned or licensed by Koto. Nothing in these Agreement grants you any legal rights in the Koto App or the Koto website, other than as necessary to enable you to access the Koto App. You agree not to adjust or try to circumvent or delete any notices contained on the Koto App and the particular in any digital rights or other security embedded or contained within the Kota App.

10. LOST, STOLEN OR DAMAGED CARDS

10.1 In the event of loss, theft, fraud, or any other event that results in the risk of an unauthorised use of the Koto Card or Koto Account, or if the Koto Card is damaged or malfunctions, you must ensure that the Koto Card is blocked via the Koto App immediately or contact Customer Services. Please refer to 19.2 for further information as to how you can contact Customer Services.

10.2 Provided that you have followed one of the steps in accordance with paragraph 10.1 and that paragraph 10.4 does not apply, then you will not be liable for losses that take place following the date on which you blocked your Koto Card and/or Koto Account or informed Customer Services. If there is an Available Balance remaining on your Koto Account, you can request for a replacement Koto Card for your Koto Account via the Koto App. If we replace the Koto Card, the Koto Card will be delivered to your home address (fees apply, see paragraph 11).

10.3 In the event that we have reason to believe that you have acted fraudulently or have acted with gross negligence or intentionally (i) in failing to notify us of the lost or stolen Koto Card or Koto Account security details or (ii) where you have failed to keep your Koto Card or security information related to the Koto Card or Koto Account safe or (iii) where you have breached this e-money Agreement, then you shall be liable for all resulting losses.

10.4 Subject to 10.3, you may be liable up to a maximum of £35 for any losses you incur for unauthorised payment transactions using your Koto Account or Koto Card where the Koto Account or Koto Card security information has been lost or stolen, or where you have failed to keep such security information safe from misappropriation. This charge, however, will not apply if: it was not possible you to detect the loss, theft or misappropriation before the payment was made (unless you have acted fraudulently) or the loss was caused by an employee or agent of us or of anybody which carried out the activities on our behalf.

11. FEES

11.1 Your Koto Account is subject to the following fees. The fees detailed below relate to the core bundle of services provided to you that are core services in relation to normal use of your Koto Account. Our revenue is generated by the core fees that we charge to you. The other fees are charged to you on an ad hoc basis when certain services are used/required by you on your Koto Account.

Fee description

Fee

Notes

In store purchase (POS)

£0

Card Purchases

£0

ATM withdrawal within the UK

£0

Some ATM providers may apply an additional fee

ATM withdrawal outside of the UK

£0

Some ATM providers may apply an additional fee

Card issue and replacement Card

We do not charge any card issuance fee nevertheless we want you to top-up minimum £10 to issue the plastic card

£0 *

We reserve the right to charge up to £5 if we consider you to be abusing this facility

Foreign currency transactions

0% on top of Mastercard wholesale currency exchange

Plastic Card Issue

£5

11.2 We will deduct any charges due from the Available Balance on your Koto Account. If there is no Available Balance of funds, or taxes or charges exceed the balance of funds available on your Koto Account we shall send an invoice to you and will require you to refund us immediately after receiving the invoice. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.

11.3 We reserve the right to use the balance in your Koto Account to make repayments towards any credit facility that you may have open with us. All top-ups and repayments for the credit facility will be collected from the Koto Account.

12. UNAUTHORISED AND INCORRECT TRANSACTIONS

12.1 If you have a reason to believe that a transaction on your Koto Account was not authorised by you or a Payment Initiation Service Provider, you must inform Customer Services immediately via telephone or in-app chat, but in any event within 13 months of the date of the relevant transaction.

12.2 If you inform us of an unauthorised executed transaction under paragraph 12.1:

12.2.1 the obligation lies with us to prove that the transaction was authenticated, accurately recorded, entered in our accounts and not affected by a technical breakdown or any other deficiency in our services;

12.2.2 we will by the end of the next Working Day following receipt of notification in accordance with 12.1 and subject to 12.2.1 refund the unauthorised amount including any fees to your Koto Account to the position it would have been in if the unauthorised or improperly executed transaction had not taken place.

12.2.3 we are not obliged to refund the unauthorised sums to you if we or Koto have reason to believe that you have acted fraudulently and we may notify the police or any other authority permitted by law. If we don’t provide a refund by the end of the next Working Day but subsequently confirm that the transaction was unauthorised, we will refund the unauthorised sums to you straight away. These will be back valued to ensure you suffer no loss.

12.2.4 We will have no further liability to you once we have refunded the unauthorised sums to you. If we subsequently discover on investigation that you were not entitled to a refund, we shall treat the refund as a mistake and be entitled to reapply the transaction, including any fees, to your Koto Account. We shall give you reasonable notice if any such reversal of a refund.

12.3 You will be liable for all unauthorised transactions made from your Koto Account if you have deliberately or with gross negligence failed to keep your Koto Account security details or Koto Card or Koto Card security information safe in accordance with the terms of this e-money Agreement, or where you have failed to notify us without undue delay on becoming aware that your Koto Account security details or Koto Card or Koto Card security information has been lost, stolen or otherwise misappropriated.

12.4 Unless you have acted fraudulently you will not be liable for any losses in respect of unauthorised transactions from your Koto Account after you have told us that your Koto Card or Koto Card security information or Koto Account security details has been lost, stolen or compromised or where the Koto Card has been used in connection with a distance contract.

12.5 We are responsible for making payments on your Koto Account correctly. If you tell us that a payment has been made incorrectly, we will immediately refund your Koto Account with the amount including fees of the incorrect payment transaction and, restore your Koto Account to the state in which it would have been had the incorrect transaction not taken place. However, this will not apply if:

12.5.1. you fail to tell us of the incorrect payment without undue delay and in any case within 13 months of the date on which the transaction occurred;

12.5.2 any part of the Unique Identifier in the Payment Details you gave us was incorrect. If so, we will make reasonable efforts to recover your money if the payment has gone missing, but we may charge you a fee to cover our costs in doing so. We will tell you how much it is before we start recovery. If we are unable to recover the funds, you can request the relevant information we have regarding the transaction to help you reclaim payment amount. For legal reasons, we are obliged to provide this information on receipt of a written request, except where the law prevents us from doing so; or

12.5.3 we can show that the payment was actually received by the other bank (in which case they are liable).

12.5.4 if the failure giving rise to the incorrect payment was due to abnormal and unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite all efforts to the contrary, or if it arose because of our having to comply with other EU or UK law.

12.6 If funds have been paid into your Koto Account by mistake, we can take the funds back out of your Koto Account and/or put a hold on the money so it cannot be spent.

12.6.1 We don’t have to tell you before we take the money back or put a hold on the money.

12.6.2 If funds go into your Account by mistake, we are required to provide sufficient details about you and the incorrect payment to the bank or institution that sent the payment to enable them to recover the funds.

12.7 If an error is made in Direct Debit, you will be entitled to a refund from the payee or us under the Direct Debit Guarantee.

12.8 Regardless of liability, if you wish to make a request for information regarding the execution of a payment transaction, we will make immediate efforts to trace the transaction and notify you of the outcome, free of charge.

13. CHANGING THE E-MONEY AGREEMENT

13.1 We may change this e-money Agreement, including fees and limits by providing you with at least two months’ notice by e-mail (provided you have supplied us with an up-to-date e-mail address). In addition, the most recent version of this e-money Agreement will be available on the Koto App.

13.2 If you do not agree with the changes to the e-money Agreement, you may at any time within the two months’ notice period terminate your e-money Agreement and close your Koto Account at that time in accordance with paragraph 8.1 without a charge. However, in the event you do not cancel during this period then you will be deemed to have accepted them and the changes will apply to you.

13.3 If any part of this e-money Agreement is inconsistent with any regulatory requirements then we will not rely on that part but treat it as if it did actually reflect the relevant regulatory requirement.

13.4 There are some situations where we can make changes to this e-money Agreement and we do not have to tell you in advance. These are changes you probably expect because of the nature of the product or service, or that we deem to be an improvement to the service with no negative monetary impact to you. We do not have to tell you personally in advance when any of the following happen:

13.4.1 The change has no monetary detriment to you, better protects customer funds, provides a better service or if we introduce a new service or feature from which you can benefit.

13.4.2 Whilst we will always, where possible, give you at least 2 months’ notice of any changes required by UK or EU law or regulation, there may be exceptional instances where this may not be possible. In such circumstances we will give you as much notice as possible.

14. TERMINATION OF THIS E-MONEY AGREEMENT

14.1 This e-money Agreement will continue until terminated by you or us. You may terminate this e-money Agreement at any time by giving notice to Koto. If you terminate this e-money Agreement and you also have a Credit Facility from Koto, you must ensure that you do not have an outstanding amount payable under your credit agreement. Once you have settled any outstanding principle and fees owed under your credit agreement we can terminate all agreements together.

14.2 We can terminate this e-money Agreement at any time if we give you two months’ notice via email, in-app messaging or text and refund the Available Balance to you without charge. We can also terminate this e-money Agreement with immediate effect if you, in your capacity as either the Koto Account Holder or the Cardholder, have breached any provision of this e-money Agreement, or if we have reason to believe that you have used, or intend to use the Koto Account or Koto Card in a grossly negligent manner or for fraudulent or other unlawful purposes, or your behavior towards our staff members is improper, insulting, violent or threatening or making it difficult for us to continue dealing with you or if we can no longer process your transactions due to the actions of third parties. If you also have a Credit Facility, we will terminate this at the same time. All monies owed by you to Koto will still be payable under the terms of a separate credit agreement with Koto.

14.3 In the event that any additional fees are found to have been incurred on your Koto Account following termination by either you or us, then subject to this e-money Agreement, or Credit Facility agreement you shall refund to us any sum which relates to a withdrawal on the Koto Account or fees and/or charges validly applied whether before or after termination. We will send an invoice to you and will require you to refund us immediately. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.

15. SUSPENSION OF THIS E-MONEY AGREEMENT

15.1 We can suspend or cancel your Koto Account or Koto Card at any time with immediate effect without any prior notice to you if:

15.1.1 we discover any of the Information that you provided to us when applied for your Koto Account was incorrect; or

15.1.2 we suspect or to prevent suspected unauthorised or fraudulent use of the Koto Account, Koto Card or any security information related to your Koto Card or Koto Account;

15.1.3 you have reached your Koto Account Limit;

15.1.4 you have breached this e-money Agreement;

15.1.5 we believe that this is necessary for security reasons;

15.1.6 any legal obligations require us to do so; or

15.1.7 we have reason to believe that you, in your capacity as the Koto Account Holder have used, or intend to use the Koto Account or Koto Card in a grossly negligent manner or for fraudulent or other unlawful purposes or if we cannot process any transactions due to the actions of third parties.

15.2 In the event that we do suspend or terminate your Koto Account or Koto Card, we will, if able to do so, tell you prior to suspending or terminating them. In addition, we may advise anyone involved in the transaction if a suspension has taken place.

16. BLOCKING YOUR KOTO CARD

16.1 We may block or stop your Koto Card if:

16.1.1 We believe this is necessary for security reasons,

16.1.2 We have reason to suspect unauthorised or fraudulent use of your Koto Card, or

16.1.3 We are required to do so by UK or EU legal obligations

16.2 In the event that we do stop or block your Koto Card, we will, if able to do so, tell you prior to stopping or blocking and provide you with the reasons for doing so. If we are in the circumstances unable to give you such prior notice we will inform you immediately we are able of the stoppage and the reasons. In addition, we may advise anyone involved in the transaction if a suspension has taken place.

16.3 If we do block or stop your Koto Card we will unblock it as soon as practicable after the reasons for so blocking or stopping cease to exist.

17. OUR LIABILITY

17.1 Subject to paragraph 17.2, our liability in connection with this e-money Agreement (whether arising in contract, tort (including negligence), breach of statutory duty or otherwise) shall be subject to the following exclusions and limitations:

17.1.1 we shall not be liable for any default resulting directly or indirectly from any cause beyond our control, including but not limited to, a lack of funds and/or failure of network services at ATMs, maximum withdrawal limits set by ATM operators and failure of data processing systems;

17.1.2 we shall not be liable for any loss of profits, loss of business, (in each case whether direct or indirect) or for any indirect, consequential, special or punitive losses;

17.1.3 where the Koto Card is faulty due to our default, our liability shall be limited to replacement of the Koto Card, or at our choice, refund of the Available Balance;

17.1.4 where sums are incorrectly deducted from your Available Balance due to our default, our liability shall be limited to payment to you of an equivalent amount;

17.1.5 in the unlikely event that sums are deducted from your Available Balance but you did not authorise such deduction in accordance with this e-money Agreement, then our liability shall be as set out in paragraph 12; and

17.1.6 in all other circumstances of our default, our liability will be limited to refund of the Available Balance.

17.2 Nothing in this e-money Agreement shall exclude or limit our liability for death or personal injury resulting from our negligence or fraud, or otherwise to the extent that such liability cannot be limited or excluded under applicable law or regulation.

17.3 To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.

17.4 The above exclusions and limitations set out in this paragraph shall apply to any liability of our affiliates such as Mastercard, and other suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to you, which may arise in connection with this e-money Agreement.

18. YOUR INFORMATION

18.1 Some personal data will be necessary for us to provide you with the Koto Account and services under this e-money Agreement. Both Koto and PPS are the Data Controllers in respect to our responsibilities in providing you with the services subject to this e-money Agreement and will use your personal data for this purpose. Should you apply to have a credit facility with Koto your personal information will be used during the onboarding and collections process. Please see the Privacy Policy published at https://getkoto.com/legal-info#privacy-notice for full details on the personal data that PPS and Koto hold, how we will use it and how we will keep it safe.

18.2 To make a payment we may transfer your Information/data to any payment service provider used to complete your Payment Instruction. By making a Payment Instruction you acknowledge this transfer of your Information. We will contact you if any additional information is required from you in relation to such payment. If you require any information about payment service providers used in relation to payments, you can contact Customer Services. We may also transfer your Information outside of the European Union and the EEA to enable the Cardholder to use their Koto Card while they are travelling or as permitted by law.

18.3 If you allow or give consent to an Authorised Third Party Provider to access your Koto Account to provide their services to you, you should know that we have no control over how an Authorised Third Party Provider will use your information nor will we be liable for any loss of information after an Authorised Third Party Provider has access to your information.

19. COMPLAINTS PROCEDURE

19.1 Complaints regarding any element of the service provided by us can be sent to us via in-app messaging center. Once a complaint has been raised it will be dealt with through email or in-app messaging.

19.2 All complaints will be subject to our complaints procedure. We will provide you with a copy of our complaints procedure upon request and, if we receive a complaint from you, we will confirm the procedure when we send you receipt sent to you by email or via in-app messaging.

19.3

Where possible Koto will endeavour to provide you with a final response within 3 working days of receiving your complaint. If we are unable to and your complaint relates to an issue with a payment or transaction then we aim to issue a final response within 15 days, but where this maybe out of our control no more than 35 business days. If your complaint relates to any other matter, we will respond to your complaint within no more than 8 weeks.

19.3 If we fail to resolve your complaint to your satisfaction you may refer your complaint to the Financial Ombudsman Service (Exchange Tower, London E14 9SR, phone 0800 023 4567 when calling from UK and +44 20 7964 0500 when calling from abroad). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.

19.4 There are also other options available, for example, you could submit a complaint to the FCA, our regulator, or try to invoke an alternative dispute resolution procedure by visiting the ODR Platform at http://ec.europa.eu/odr.

20. GENERAL

20.1 Any delay or failure to exercise any right or remedy under this e-money Agreement by us shall not be construed as a waiver of that right or remedy or preclude its exercise at any subsequent time.

20.2 If any provision of this e-money Agreement is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.

20.3 You may not assign or transfer any of your rights and/or benefits under this e-money Agreement and you shall be the sole party to the contract between us. You will remain liable until all Koto Accounts and/or Koto Cards registered in your name are terminated and all sums due under this e-money Agreement have been paid by you in full. We may assign our rights and benefits at any time without prior written notice to you. We may subcontract any of our obligations under this e-money Agreement to the extent permitted by applicable law and regulation.

20.4 No third party who is not a party to this e-money Agreement has a right to enforce any of the provisions in this e-money Agreement, save that Mastercard and their respective affiliates may enforce any provision of this e-money Agreement which confers a benefit or a right upon them and a person specified in paragraph 17.4 may enforce paragraph 17.

20.5 This e-money Agreement contains the information set out in Schedule 4 of the Payment Service Regulations 2017 and you can obtain a copy of this e-money Agreement at any time by visiting the Koto App or the Website.

20.6 This e-money Agreement is governed by English law. By entering into this e-money Agreement, you agree to the exclusive jurisdiction of the courts of England and Wales.

20.7 The Financial Services Compensation Scheme is not applicable for this Koto Account. No other compensation schemes exist to cover losses claimed in connection with your Koto Account. In the event that we become insolvent, your funds are safeguarded under the EU Electronic Money Directive 2009/110/EC and UK Electronic Money Regulations 2011 which are designed to ensure the safety of funds held in electronic money accounts like your Koto Account.

21. CONTACTING CUSTOMER SERVICES

21.1 If you have a query regarding your Koto Account, you can contact us via in-app messager.

21.2 Lost, damaged or stolen cards can be blocked immediately via the Kota App or can be reported via in-app customer service.

22. DEFINITIONS

Account Information Services – An online service which provides consolidated information on accounts held by you with one or more payment service providers such as banks.

Account Information Services Provider – A third party payment service provider which is authorised by its Regulator to provide Account Information Services to you with your explicit consent and under a separate e-money Agreement which you have signed with them.

ATM - Automated Teller Machine, otherwise known as a cash machine.

Authorised Third Party Provider – Includes Account Information Service Provider and/or Payment Initiation Service Provider.

Available Balance - The value of funds available on your Koto Account to use.

BACS Credit – Means UK BACS Direct Credit, a payment service applicable to Koto UK Accounts that enables a payment to be made into an account which normally takes 3 Working Days for the funds to be cleared.

Card Number - The 16-digit number on the front of your Koto Card.

CHAPS - Clearing House Automated Payments System, bank-to-bank technology which enables same-business day payments to be made within the UK, provided the payment instruction is received by the sending bank or organisation before a certain time.

Contactless - A payment feature that enables Cardholders to pay by tapping the Koto Card on a point-of-sale terminal reader for transactions of up to £30 for Koto UK Card and up to €50 for Koto Eurozone Card (limit may vary from country to country and amended from time to time).

Credit Facility – A credit facility provided to youby Koto in the form of either a payment instalment plan or buffer facility made in accordance with a separate agreement which you have entered into with Koto.

Customer Services - The team responsible for supporting queries relating to your Koto Account. Contact details for Customer Services can be found in paragraph 21.

Direct Debit – A service allowing a third party to collect pre-authorised funds from your Koto Account electronically on agreed dates, for example to pay bills.

EEA - The European Economic Area, which currently includes all countries in the European Union together with Iceland, Norway and Liechtenstein.

e-money - The electronic money associated with your Koto Account.

e-money Agreement - This e-money Agreement with PPS regarding the services provided by PPS only and as varied from time to time. This e-money Agreement does not include any separate arrangements you may have with Koto such as for Credit Facility.

Faster Payment – A service allowing you to make and receive electronic payments in the UK using your Koto Account which is received by the recipient bank within 2 hours provided that the receiving organisation or bank is part of the UK Faster Payments Scheme.

Full Deductible Amount - The full transaction amount, including the transaction itself along with any associated fees, charges and taxes.

Information – Means any personal information related to you.

Koto – Kolo Card Limited, a company registered in England and Wales with number 11224081 who can be contacted at Nightingale House, 46-48 East Street, Epsom, Surrey, England.

Koto Account - The e-money account in pounds sterling which may have a Koto Card linked to it.

Koto Account Details – Any details related to a Koto Account, including but not limited to, Sort Code and Account Number.

Koto Account Holder – you, the individual entering into this e-money Agreement with us.

Koto Account Limits – Maximum limits in relation to the Koto Account, such as Koto Account - Maximum Balance, and topping up limits as shown in paragraph 1.

Koto Account Maximum Balance – The maximum balance you can have on your Koto Account as referred to in paragraph 1.

Koto App – A smartphone App that allows you to have access to your Koto Account which is provided to you by Koto.

Koto Card – A virtual card and a physical card (if you opt to have one). Both these are referred Koto Prepaid Mastercard Card associated with your Koto Account, including any additional cards.

Koto Credit Agreement – A separate agreement with Koto which gives you permission to spend an amount greater than the Available Balance on your Koto Account.

Mastercard Acceptance Mark - The Mastercard International Incorporated Brand Mark, indicating acceptance of the Koto Card.

Mastercard - Mastercard International Incorporated whose head office is at 2000 Purchase Street, Purchase, New York, 10577-2509, USA.

Merchant - A retailer, or any other person, firm or corporation that accepts cards which display the Mastercard Acceptance Mark.

Payment Details – The details you provide to enable funds to be received into your Koto Account or the details that you provide in order to send funds from your Koto Account.

Payment Initiation Services – An online service which accesses your Koto Account to initiate the transfer of funds on your behalf.

Payment Initiation Service Provider – An third party payment service provider which is authorised by its Regulator to provide Payment Initiation Services to you with your explicit consent and under a separate e-money Agreement which you have signed with them.

Payment Instruction – An instruction from you to make a payment from your Koto Account.

PIN - Your four digit personal identification number for use with the Koto Card.

PPS - PrePay Technologies Ltd, a company registered in England and Wales with number 04008083, with its head office at 6th floor, 3 Sheldon Square, London W26HY, which can be contacted at PO BOX 3883 Swindon SN3 9EA.

Quasi Cash – Means transactions that includes, but not limited to, purchasing travelers cheque, lottery tickets, casino gaming chips, money orders, deposits and wire transfer money orders.

Regulator – Means Financial Conduct Authority in the UK or another European financial services regulator.

Unique Identifier - For UK Faster Payments the name, account number and sort code of the person you wish to pay.

we, us or our - means PPS or Koto acting on its behalf.

Website –getkoto.com

Working Day – Monday to Friday but does not include bank or public holidays in England.

you, your - The Koto Account Holder.

Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.

Terms and Conditions Koto Credit

UNEXECUTED CREDIT AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974 FOR RUNNING-ACCOUNT CREDIT

Parties

This Agreement is made between:

Koto Card Limited (“us”, “we”)

Our address is Nightingale House, 46-48 East Street, Epsom, Surrey, England, KT17 1HQ

Your Details: (the identity and geographical address of the debtor) (“you”, “your”)

How long your agreement lasts

The Agreement has no fixed end date and will last until it is ended by you or us. There is no minimum duration of this Agreement.

Your Credit Limits

£400 Extra Credit Limit £1 000 Spread Credit Limit

A minimum expenditure amount of £200 is required in order for you to qualify for an Advance from your Spread ‎Credit Facility. A Spread Plan cannot be set up for less than £200‎.

At times we may make changes to your Credit Limit and will notify you of this, see clause 3.

How and when we provide you with credit

In relation to the Extra Credit Facility we will make an Automatic Advance of credit to your Koto Account either (i) if you have insufficient funds in your Koto Account to meet the obligations registered against your Koto Account (such as direct debits or continuous payment authorities) and/or (ii) if you use your Koto Card for a purchase and there are insufficient funds in your Koto Account to pay for the transaction;

In relation to the Spread Credit Facility we will make an Advance of credit if you should request that one be made to you to support a purchase which you are about to make using your Koto Card or if you wish to transfer an existing purchase made with your Koto Card onto a Spread Plan and the terms of this Agreement allow you to do so, see clause 2.5. You must use your Koto Card to qualify for the Spread Credit Facility.

Interest rates

0.00%

For the duration of this Agreement we will not charge you interest.

Total amount payable and annual percentage rate (APR)

The APR will vary depending on which credit facility you are using as detailed below:

Extra Credit Facility

Spread Credit Facility

APR: 26.9 % (fixed)

Total Amount Payable: £491.25

We have used the following assumptions to calculate the APR and the Total Amount Payable:

  • Both you and we keep to the terms of this Agreement;
  • You make a purchase for the maximum Extra Credit Limit in sterling in the UK on the ‎date of this Agreement and you pay the ‎Extra Minimum Payment each ‎month and clear any balance outstanding in the 12th ‎month;
  • ‎there is a £0.25 Credit Usage Fee charged every day for a year.

APR: 23.7% (fixed)

Total Amount Payable: £1 120

We have used the following assumptions to calculate the APR and the Total Amount Payable:

  • Both you and we keep to the terms of this Agreement;
  • The maximum Spread Credit Limit is drawn down on the date of this Agreement and you pay the Spread Minimum Payment each month and clear any balance outstanding in the 12th month;
  • A £10 Credit Usage Fee is payable monthly for the same period of one year.

Making payments to us under this Agreement and how much

We will provide you with a Statement each month. The Statement will inform you of the Total Minimum Payment you must make to us for that month.

If you have used the Extra Credit Facility, the Statement will inform you of the Extra Minimum Payment due. The Extra Minimum Payment will consist of (a) (i) an amount equal to at least that which repays any Credit Usage Fees; (ii) any Default Fees applied; (iii) any Deferred Spread Minimum Payment and (iv)1% of the principal ; or (b) £1 whichever is greater. See clause 4.3, below, for more information.

If you have used the Spread Credit Facility, this Statement will inform you of your Spread Minimum Payment due. The Spread Minimum Payment will be calculated by totalling up the Spread Plan Minimum Payments due for that month and applying the Credit Usage Fee.

The Spread Plan Minimum Payment will be calculated by dividing the Advance you have requested in relation to that Spread Plan equally over the term in which you select you wish to repay it creating equal monthly payments over that term for you. You can set your repayment term up under any Spread Plan up to a maximum of 24 months.

In any month you may make payments over and above the specified Extra Minimum Payment and Spread Minimum Payment without penalty.

If you have used both the Extra Credit Facility and the Spread Credit Facility, this Statement will inform you of the Extra Minimum Payment due, the Spread Minimum Payment due and the Total Minimum Payment due (being the Extra Minimum Payment due plus the Spread Minimum Payment due) for the month.

The Statement will also show you the date by which you must make such payment to us (known as your Payment Due Date).

The Statement will also provide you with the Total Credit Balance being the total amounts outstanding to us under this Agreement pursuant to both the Spread Credit Facility and the Extra Credit Facility which you may also repay in full or part at any time without penalty.

Unless we agree otherwise, all payments to us must be made in pounds sterling (GBP) from your Koto Account.

How we apply the payments you make

Unless you inform us otherwise, repayments received from you will be allocated against your Total Credit Balance in the following order:

  • first, to your Extra Credit Balance in chronological order beginning with the oldest amount outstanding ;
  • second, to your Spread Credit Balance in chronological order beginning with the oldest amount outstanding;
  • then to Credit Usage Fees;
  • then to Default Fees;
  • Lastly, any remaining funds following the repayment of all of the above will be transferred to your Koto Account.

Charges

You must have a Koto Account in order to obtain the credit under this Agreement.

Credit Usage Fees

A daily Credit Usage fee of £0.25 will be payable when you drawdown any Advance from the Extra Credit Facility from the date on which you drawdown that Advance until that Advance is repaid to us in full and at any time when you have an Extra Credit Balance. You must make payment of the total of the daily Credit Usage Fees incurred to us on a monthly basis as part of your Extra Minimum Payment on the Payment Due Date or on the day on which the Extra Credit Balance is repaid to us in full.

A Credit Usage fee of £10.00 will be payable on the Payment Due Date for each month in which you have a Spread Credit Balance. You must make the first payment to us on the first Payment Due Date following the month in which the Advance was made to you and for each consecutive month thereafter until the Advance is repaid in full. The Credit Usage fee will form part of your Spread Minimum Payment due.

You must immediately pay to us all expenses, losses, charges or costs which we reasonably incur as a result of your breaching the terms of this Agreement or of our having to enforce the terms of this Agreement including any costs we have to pay to third parties, legal expenses or otherwise.

Default Fees

The following Default Fees apply to both the Spread Credit Facility and the Extra Credit Facility and will be charged to you as part of your liability under the Extra Credit Facility:

Type of Default Fee

Amount

Late Fee

£10

Customer Trace Fee

£25

We may review our fees and charges from time to time and vary them to reflect market changes, any increase to our costs or for any other legitimate reason. We will inform you of any change, along with our reason for it, in writing by giving you 30 days’ notice prior to any change.

Missing payments

Missing payments could have severe consequences such as the possibility of legal proceedings and may make it more difficult for you to obtain credit in the future due to the fact that we will register your default with Credit Reference Agencies.

Your right of withdrawal

You have the right under section 66A of the Consumer Credit Act 1974 (“the Act”) to withdraw from this Agreement, without giving any reason, within 14 days beginning with the day after the day on which the latest of the following occur: (i) you receive a copy of the executed Agreement; (ii) when you are informed in writing that the Agreement has been executed in identical terms to a copy of the unexecuted agreement already given to you; or (iii) you are informed of your credit limit, and ends 14 days after that date.

If you want to withdraw you must notify us of your intention to do so either through the Koto App, by email to support@getkoto.com, by messaging us through the koto in-app support or by writing to us at: Koto Card Limited, Albert House, 256-260 Old St, Old Street, London EC1V 9DD.

If you give us notice of withdrawal, the Agreement will be treated as if it was never entered into. Once you have exercised your right to withdraw, you will have to repay any credit which has been drawn down without delay, and in any event no later than 30 calendar days after you told us that you want to withdraw. No interest is payable. You can repay the credit due to us using the funds you have in your Koto Account via your Koto APP and/or by transferring money from another bank account to your Koto Account and requesting that we use this money to settle your Total Credit Balance Due, see clause 16.

Your Rights under Section 75 Consumer Credit Act 1974

You may have the right to sue the supplier, the creditor or both if you have received unsatisfactory goods or services paid for under the Agreement costing more than £100 and not more than £30,000.

You will however only have a claim against us if you use your Koto Card to pay for the goods or services directly. You will not be able to claim against us if you pay for them with cash withdrawn using your Koto Card, if the money has been transferred from your Koto Account to your personal bank account or with money from your Koto Account which was not credit provided by us.

Your right to make early repayments

Under section 94 of the Act you are entitled to make early repayments and Overpayments to us at any time.

You can repay the credit early in full or in part at any time. Your Total Credit Balance is available via your Koto App or you can request this from us via your Koto App, by email to support@getkoto.com, by messaging us through the koto in-app support or by writing to us at: Koto Card, Albert House, 256-260 Old St, Old Street, London EC1V 9DD.

You can pay the Total Credit Balance using the funds in your Koto Account via your Koto APP, see clause 13.

Where you make a partial repayment to us under your Spread Credit Facility we will apply the payment to the Spread Plan of your choice if indicated by you or apply the payment to the oldest Spread Plan if no indication is received from you. This may reduce the term of your Spread Plan and cause it to end early.

Your right to end this agreement

You are entitled to terminate this Agreement at any time and without any penalties provided you have repaid all the credit advanced to you. To terminate your Agreement you should notify us either through your Koto App by email to support@getkoto.com, by messaging us through the koto in-app support or by writing to us at: Koto Card, Albert House, 256-260 Old St, Old Street, London EC1V 9DD. See clause 15.

Making a complaint

If you have a complaint about the service we provide, please contact us either through your Koto App, by email to support@getkoto.com, by messaging us through the koto in-app support or by writing to us at: Koto Card, Albert House, 256-260 Old St, Old Street, London EC1V 9DD. We can provide you with a copy of our internal complaints handling procedure on request, or you can find it via the ‘contact us’ page of our website, www.getkoto.com/contact.

If we cannot resolve a complaint to your satisfaction and if you are not a business debtor, you have the right to complain to the Financial Ombudsman Service by writing to them at Exchange Tower, London E14 9SR, telephoning them on 0800 023 4 567, by completing the online complaint form on their website (www.financial-ombudsman.org.uk/) or by email to complaint.info@financial-ombudsman.org.uk. If you are a ‎business debtor then you may have a right to complain to the Financial ‎Ombudsman Service. See clause 17‎.

Supervisory Authority

We are authorised and regulated by the Financial Conduct Authority (Financial Services Register No. 11224081). The Financial Conduct Authority is our supervisory authority under the Act and its address is 12 Endeavour Square, Stratford, London E20 1JN.

This is a Credit Agreement regulated by the Consumer Credit Act 1974. Sign it only if you want to be legally bound by its terms.

Signature of Customer(s)

<Date / Timestamp>

Check the onscreen box and click “I accept”

Customer Declaration

By signing this agreement you confirm that:

  1. You can afford and sustain to pay to us any repayments which may fall due up to the Credit Limit for both the Extra Credit Facility and the Spread Credit Facility and that you will immediately inform us if such repayments are or later become unaffordable for you;
  2. You have received the SECCI and Pre-Contractual Adequate Explanation document and have had an opportunity to consider the contents of them and this Agreement, and raise any questions, before signing this Agreement;
  3. This Agreement was fully completed and the information was correct and accurate when it was presented to you for signature (save for our signature);
  4. You have read and understood this Agreement including the terms and conditions and you agree to be bound by it and them;
  5. In considering whether or not to enter into this Agreement you acknowledge that we have relied upon the truth of the information you have supplied;
  6. You will inform us immediately should there be any changes to your circumstances which may affect your ability to make payments under the Agreement or generally to perform your obligations under this Agreement;
  7. You have read the ‘Important Information – use of your information’ Declaration Notice set out below, have read our Privacy Notice prior to your entry into this Agreement and you are aware of where you can find out further information about how we use your personal data should you need to do so.

IMPORTANT – USE OF YOUR INFORMATION

We are Koto Card Limited and we can be contacted via your Koto APP, through your Koto Account, by email to support@getkoto.com, by messaging us through the koto in-app support or by writing to us at: Koto Card, Albert House, 256-260 Old St, Old Street, London EC1V 9DD.

You should have reviewed our Privacy Notice prior to entering into this Agreement. This Privacy Notice details how we will control, handle and process your personal data in connection with this Agreement. This also gives you full information as to your data protection rights. If you have not reviewed this Privacy Notice then you can access it here www.getkoto.com. If you cannot access this link you must immediately notify us by contacting us on the details we have set out above in this section for you.

For more information on your data protection rights, you can also contact us using the contact details above.

If you are unhappy about how your personal data has been used or anything else to do with how we have acted in relation to your personal data please request a copy of our complaints policy. You also have a right to complain to the Information Commissioner's Office which regulates the handling of personal data. You can contact them by telephone on 0303 123 1113 or by post to Information Commissioner's Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF. Their website address is ico.org.uk.

Signed for and on behalf of Koto Card Limited

<Signature> duly authorised

On xx/xx/20xx which is the date of this Agreement (“Agreement Start Date”)

TERMS AND CONDITIONS FOR CREDIT AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974 FOR RUNNING-ACCOUNT CREDIT

1. Definitions

Advance” means the payment to you of credit under the terms of this Agreement.

Agreement” means these terms and conditions and the Schedule immediately preceding them.

Authorisation Amount” means the amount of credit which we agree you may use from the Spread Credit Facility to finance a pending purchase, see clause 2.5.1.

Automatic Advance” means (i) our advance of credit to you without your request where we have reasonably determined you have insufficient Funds in your Koto Account to meet your obligations under this Agreement; (ii) if you use your Koto Card and there are insufficient Funds in your Koto Account to pay for the transaction.

Bank Account” means your usual and regular bank account, the details of which you have supplied to us prior to your entry into this Agreement, into which you would like payments from your Koto Account to be made if necessary and/or out of which you may look to transfer Funds into your Koto Account.

Credit Limit(s)” means the total limit on the Advances we are willing to provide to you by way of credit under either or both the Extra Credit Facility and the Spread Credit Facility.

“Credit Usage Fee” means the fees payable by you for the use of the credit under either or both of the Extra Credit Facility or the Spread Credit Facility, see clause 5.

“Deferred Spread Minimum Payment” means where you have failed to pay a Spread Minimum Payment and we, in our absolute discretion, agree that you may defer paying it for one month. You will then be liable to pay this the following month as part of your Extra Minimum Payment.

Customer Trace Fee” means any fee payable by you to us in connection with our costs of having to locate you.

Default Fees” means any fees or charges payable by you to us as a result of your breaching the terms of this Agreement including any Late Fee and Customer Trace Fee incurred in connection with either or both of the Extra Credit Facility or the Spread Credit Facility and which will be payable to us as a liability due from you under your Extra Credit Facility.

Drawdown” means the method and process of our making an Advance to you by way of credit under the terms of this Agreement.

Extra Credit Facility” means the product under which you can receive credit from us up to your Extra Credit Limit as detailed in clause 2.2.

“Extra Credit Balance” means the amount of credit that you have used by way of Advances to you under your Extra Credit facility.

Extra Credit Limit” means the amount of credit we are willing to Advance to you in relation to the Extra Credit facility.

“Extra Minimum Payment” means the minimum payment due under the Extra Credit Facility each month which will consist of (a) (i) an amount equal to at least that which repays any Credit Usage Fees; (ii) Default Fees; (iii) any Deferred Spread Minimum Payment and (iv) 1% of the balance outstanding; or (b ) £1 whichever is greater. You may make payments which exceed this figure each month without penalty.

Funds” means the e-money in your Koto Account at any relevant time.

Koto Card” means the card which is linked to your Koto Account virtual or actual.

Koto APP” means the electronic application which allows you access to view and manage your Koto Account using a smartphone or other compatible device.

Koto Account” means your e-money account.

“Koto Credit” means your Extra Credit Facility and your Spread Credit Facility provided through the running account credit facility which constitutes this Agreement.

“Late Fee” means the fee payable by you should you fail to make any repayments.

Minimum Payments” means the total of the Spread Minimum Payment and the Extra Minimum Payment.

Overpayment” means the payment you may choose to make towards the balance due under any Spread Plan which exceeds the Spread Minimum Monthly Payment.

Payment Due Date” means the date on which you must repay to us the credit that has fallen due for repayment and any fees or charges due as detailed in your Statement.

“Pre-contractual Adequate Explanation” means the document given to you to assist to explain the terms of the Agreement.

Priority Debts” means those debts which you are due to pay regularly and which you have agreed with us are to be of priority for you.

Schedule” means the pages of this Agreement immediately preceding these terms and conditions.

SECCI” means the Standard European Consumer Credit Information document summarising the terms of this Agreement.

“Spread Credit Balance” means the amount of Spread Credit which you have used under your Spread Credit Facility.

Spread Credit Facility” means where we advance to you credit which is repayable monthly to us under a Spread Credit Plan.

“Spread Credit Limit” means the amount of credit we are willing to Advance to you in relation to the Spread Credit facility.

“Spread Minimum Payment” means the total of all Spread Plan Minimum Payments due in the relevant month plus the Credit Usage Fee for that month.

Spread Plan” means where credit has been advanced under the Spread Credit Facility such that it is repayable by way of equal minimum monthly payments over a duration selected by you and agreed by us forming a planned future repayment profile as detailed in clause 2.3.

“Spread Plan Minimum Payment” means the payment due under a Spread Plan each month calculated by dividing the total amount due under that particular Spread Plan equally over the term in which you select you wish to repay it creating equal monthly payments over that term for you .

Statement” means the statement of account which will detail the movements on your account over the last calendar month and confirm for you the Spread Minimum Payment, the Extra Minimum Payment and the Total Minimum Payment due for that month plus the Total Credit Balance due overall in connection with the credit facilities. It will also inform you of your Payment Due Date for that month. Any charges or fees payable will also be shown.

Termination Balance” means the total of the sums set out in clause 11.1.

Total Credit Balance” means the total credit amount advanced to you under this Agreement through your use of either the Extra Credit Facility, the Spread Credit Facility or both and which you have yet to repay to us at the relevant time.

“Total Minimum Payment” means the Extra Minimum Payment and/or the Spread Minimum Payment if applicable forming the total minimum amount you must pay to us for the relevant month to remain in compliance with the terms of this Agreement.

Trigger Event” means those events set out in clause 10.1.

2. Types of Credit Facility

2.1. You are entitled under this Agreement to have access to two types of credit facility: the Extra Credit Facility and the Spread Credit Facility.

2.2. The Extra Credit Facility operates by our sending to you an Automatic Advance should we note that (i) you have insufficient Funds in your Koto Account to meet your obligations registered against your Koto Account at the relevant time (such as direct debits or continuous payment authorities) and/or (ii) if you use your Koto Card to enter into a transaction but have insufficient Funds in your Koto Account to cover that transaction. .

2.3. The Spread Credit Facility operates by allowing you to request through your Koto APP that a Spread Plan be set up in relation to a transaction you wish to finance using your Koto Card. You will select the term over which you wish to repay the credit under each Spread Plan up to a maximum limit of 24 months. Each Spread Plan will reduce your entire Spread Credit Limit for the value of that Spread Plan but each monthly payment you make in relation to a Spread Plan will refresh the entire Spread Credit Limit available to you by the value of that payment unless you are in breach of this Agreement or we have suspended or terminated your right to draw credit, see clause 10 below.

2.4. A minimum expenditure amount of £200 is required in order for you to qualify for an Advance from your Spread Credit Facility. A Spread Plan cannot be set up for less than £200.

2.5. We will notify you of the Spread Plan structure and the Spread Plan Minimum Payment at the time you set up your Spread Plan. This information will also be available within your Koto APP. The first Spread Plan Minimum Payment will become payable as will be detailed in a Statement which will be made available to you, see clause 9 below.

2.6. You can access the Spread Credit Facility in two ways when using your Koto Card:

2.6.1. by selecting the option in the Koto APP to use a Spread Plan prior to making the purchase for which you require reliance on the Spread Credit Facility. Where you select this option in the Koto APP, we will send to you a pre-purchase authorisation amount (“Authorisation Amount”). This Authorisation Amount will be valid up to 11.55p.m on that same day of your indicating to us that you wish to use a Spread Plan unless you no longer have the available Spread Credit Limit at the time the purchase actually occurs in which case the Authorisation Amount is automatically withdrawn without our needing to give notice to you. Should the purchase exceed the Authorisation Amount given by 10% or less, you will be entitled to automatically receive that further 10% credit in addition to the Authorisation Amount if you have the available credit within your Spread Credit Limit. This further Advance will then be added to your Spread Plan. If you use less than the Authorisation Amount, the Spread Plan will be set up for the actual amount of credit you used;

2.6.2. you can convert a single purchase into a Spread Plan provided you have made the purchase with your Koto Card within the last 30 calendar days by selecting the relevant option within your Koto APP.

2.7. You must use your Koto Card to qualify for the Spread Credit Facility. The Spread Credit Facility is not available for any other type of transaction.

3. Credit Limits and Advances

3.1 We agree to grant you a running account credit facility on the terms set out in this Agreement.

3.2. This facility is subject to the Credit Limits which are set out within the Schedule. There will be a Spread Credit Limit and/or an Extra Credit Limit. You are not able to use or rely on the Spread Credit Limit in connection with the Extra Credit Facility. You are also not able to use or rely on the Extra Credit Limit in connection with the Spread Credit Facility. The Credit Limits are separate and attach to the relevant credit facility, they cannot be combined or shared with each other.

3.3. If you drawdown (rely on) equal to or less than the credit allowed under the Extra Credit Facility, and have no Funds within your Koto Account, then we ‎will automatically assume that you wish to use the Extra Credit Facility.‎

3.4. Subject to clause 3.5 below, we may vary your Spread Credit Limit, your Extra Credit Limit or both from time to time in our reasonable discretion if there are valid reasons for doing so. Any such variation will be notified to you by us at least 30 days’ prior to such variation taking effect.

3.5 Further to clause 3.4, we may adjust your Extra Credit Limit, your Spread Credit Limit or both without notice if:

3.5.1. we reasonably consider there is a valid reason to do so due to your poor management of your Koto Account, the Credit Limits (either separately or together) and/or the credit already provided;

3.5.2. you fall into arrears;

3.5.3. we reasonably believe that you may not be able to repay your Spread Credit Balance, your Extra Credit Balance or your Total Credit Balance;

3.5.4. we have reviewed updated information from credit reference agencies and determine that an adjustment is necessary;

3.5.5. there has been a change in your financial status;

3.5.6. there has been a change in the value of money/currency;

3.5.7. because of legal or regulatory requirements.

3.5.8. You can request that we do not increase your Extra Credit Limit, Spread Credit Limit or both or request that we reduce your Extra Credit Limit, Spread Credit Limit or both at any time by contacting us either on your Koto APP, by email to support@getkoto.com, by messaging us through the koto in-app support or by writing to us at Albert House, 256-260 Old St, Old Street, London EC1V 9DD. We will in all circumstances not reduce your Credit Limits to less than any Total Credit Balance owed to us at that relevant time.

3.6. You may control how you would like Credit Limit increases to be applied by accessing the preferences area of the Koto APP.

3.7. If we make an Advance to you we will transfer the amount of this Advance into your Koto Account within one business day of your request. Where there is an Automatic Advance this drawdown of credit will be immediate.

3.8. You must not exceed your Extra Credit Limit or your Spread Credit Limit or seek to do so.

4. Making repayments under the Extra Credit facility and the Spread Credit facility

4.1. We will make a Statement available to you on the 1st of each month.

4.2. The Statement will contain details of the payments which you must make to us including the Total Minimum Payment due and the Payment Due Date. You must make the Total Minimum Payment due to us by the Payment Due Date. Time is of the essence for payment of the Total Minimum Payment due as relevant.

4.3. In relation to the Extra Credit Facility, your Extra Minimum Payment due monthly will be comprised of: (a) (i) any Credit Usage Fees which have fallen due; (ii) any Default Fees payable; (iii) any Deferred Spread Minimum Payment; and (iv) 1% of the balance outstanding under the Extra Credit Facility or (b) £1, whichever is the greater.

4.4. In relation to the Spread Credit Facility, your Spread Minimum Payment will be comprised of: the total of the Spread Plan Minimum Payments due that month and the Credit Usage Fee which has fallen due.

4.5. The Payment Due Date will be at least 24 days from the date of the Statement.

4.6. You will be considered to be in arrears of repayments if you fail to pay the Total Minimum Payment detailed in the Statement on the Payment Due Date.

4.7. Each time you make a Total Minimum Payment to us, your credit will refresh so as to allow you to draw down again that part of the credit which you have repaid when making your Total Minimum Payment to us unless you are in breach of this Agreement or we have suspended or terminated your right to draw credit, see clause 10 below.

4.8. If you are unable to make a Spread Minimum Payment, we may in our absolute discretion agree that you can defer making that payment for one month. This Deferred Spread Minimum Payment will then fall due for payment as part of the Extra Minimum Payment the following month.

5. Credit Usage Fees

6.1. We will charge you a £0.25 Credit Usage Fee for each day that you have a balance outstanding under the Extra Credit facility.

6.2. We will accumulate these fees over the course of a month and the total of them will then form part of your Extra Minimum Payment for that month and will be included within your Statement.

6.3. A single monthly Credit Usage Fee of £10.00 will be payable for each month in which you have a Spread Credit Balance regardless of the number of Spread Plans that you have with us.

6.4. We will not charge you any Credit Fee Usage charges where your Total Credit Balance is made up only of Default Fees.

7. Default Fees and other expenses

7.1. You must pay to us the Default Fees set out in the Schedule. Whether you incur these fees in relation to a Spread Plan or in relation to the Extra Credit Facility, the Default Fee will be added to your liability under the Extra Credit Facility.

7.2. You must immediately pay us all expenses (including, but not limited to, tracing fees, legal costs and third party costs) that we incur if you breach the terms of this Agreement or if we have to enforce any of the terms against you.

8. Variation of Charges

We may review our charges from time to time and vary them to reflect market changes, any increase to our costs or for any other legitimate reason. We will inform you of any change, along with our reason for it, in writing by giving you 30 days’ notice prior to any change.

9. Statements

9.1. We will provide to you on a monthly basis, a digital and durable Statement.

9.2. The Statement will contain details of your debit and credit transactions in relation to both the Extra Credit Facility and in relation to the Spread Credit Facility including any fees or charges incurred during the period covered by the Statement. The Extra Credit Facility and the Spread Credit Facility will be detailed separately on the same Statement and there will be a summary page with the Total Minimum Payment due. The Total Minimum Payment will consist of your Spread Minimum Payment and the Extra Minimum Payment due for that month

9.3. You and we agree that it is your responsibility to review this Statement to ensure that you are happy with the transactions covered therein and you agree that you will notify us immediately should you not be happy with the transactions covered therein and/or suspect any fraudulent activity on your Koto Account or in relation to the credit facilities provided to you under this Agreement. We do not bear any responsibility save as required by law for any such fraudulent activity.

9.4. Should you experience any problems accessing or viewing your Statement or are unable to locate such Statement, it is your responsibility to inform us of these problems. You can contact us either through your Koto App, by email to support@getkoto.com, by messaging us through the koto in-app support or by writing to us at Albert House, 256-260 Old St, Old Street, London EC1V 9DD.

9.5. You can request a copy of a Statement at any time by contacting us on the details given in clause 9.4 above. No charge will be payable by you.

10. Trigger Events

10.1. If any of the following occurs then we may, after giving you any written notice required by law, end this Agreement:

10.1.1. if you fail to make your Spread Minimum Payment, fail to make your Extra Minimum Payment and/or fail to make your Total Minimum Payment;

10.1.2. you die;

10.1.3. if you have reached either your Spread Credit Limit or your Extra Credit Limit and we, in our reasonable discretion, determine that you are unable to settle the Total Credit Balance due to us;

10.1.4. if you exceed your Spread Credit Limit or Extra Credit Limit or would do if any transaction proceeded to complete;

10.1.5. if we suspect unlawful or fraudulent use of your Koto Card whether by you or any third party and/or suspect that the security of your Koto Account has been compromised;

10.1.6. if we are unable to contact you for a reasonable period of time to speak to you about the activity on your Koto Card or Koto Account;

10.1.7. if we suspect the email address you have given to us is invalid for any reason;

10.1.8. if you inform us that your Koto Card or Koto App security details have been lost or stolen;

10.1.9. if we consider, in our reasonable discretion, that your repayments under this Agreement are no longer sustainable or affordable for you or shortly will be no longer sustainable or affordable for you;

10.1.10. if we become aware that any information provided by you before entering into this Agreement is false in a material respect;

10.1.11. if you are declared bankrupt or enter into any scheme or arrangement with your creditors or if you are unable to pay your debts as and when they fell due or if we consider you are or may become insolvent;

10.1.12. if you commit a minor breach of any term of this Agreement and fail to remedy the same within 10 days of our notifying you of such breach;

10.1.13. if you materially breach any of the terms of this Agreement;

10.1.14. any event occurs which, in our reasonable opinion, has or is likely to have, a material adverse effect on your ability to duly perform and observe your obligations under this Agreement;

10.1.15. if a County Court Judgment is awarded against you;

10.1.16. if we suspend or terminate your right to receive credit under this agreement or we suspend or terminate your Koto Account for any reason including fraudulent or unauthorized use.

10.2 If any Trigger Event as set out in clauses 10.1.1 to 10.1.16 occurs then, as an alternative to ending this Agreement, we may, after giving you any written notice required by law, terminate or suspend your right to drawdown or use the credit usually provided under the terms of this Agreement.

11. Consequences of Suspension and/or Termination

11.1. Upon suspension or termination of this Agreement or upon the suspension, withdrawal or termination of your right to draw credit under this Agreement, you must immediately pay to us the Termination Balance which comprises of:

11.1.1. the Total Credit Balance due;

11.1.2. all fees or charges which are due or which will fall to be due including all Default Fees and Credit Usage Fees; and

11.1.3. all expenses, losses or costs which we have or will reasonably incur as a result of your breaching ‎the terms of this Agreement or of our having to enforce the terms of this Agreement including but not limited to ‎administrative costs, legal expenses and fees charged by a collection agency or a firm of solicitors.‎

11.2. You agree that we may use any funds within your Koto Account towards the settlement of the Termination Balance save where this would impact on your ability to make payment of your Priority Debts.

11.3. Upon suspension or termination of this Agreement or upon the suspension, withdrawal or termination of your right to draw credit under this Agreement you must immediately:

11.3.1. stop using your Koto Card where you are relying on credit to do so;

11.3.2. stop any obligations registered to your Koto Account for which credit is required.

12. Variation of Conditions

We may vary any of these terms or conditions at any time by giving you 30 days’ notice in writing, if it becomes necessary or appropriate to do so in order to comply with legal, fiscal or regulatory requirements, to reflect alterations in the nature and extent of the service which we are able to provide to you having regard to our systems capabilities, technology, market practice and the level of customer demand, or to rectify errors, inconsistencies, ambiguities or omissions in them. If you do not agree with these changes then you have the right to terminate the contract under clause 15 below without the changes taking place.

13. Early Repayment

13.1. You can repay the Total Credit Balance, any particular Advance and any fees or charges early in full or in part at any time.

13.2. You can request a Statement from us at any time by contacting us either on your Koto App, by email to support@getkoto.com, by messaging us through the koto in-app support or by writing to us atKoto Card, Albert House, 256-260 Old St, Old Street, London EC1V 9DD

13.3. You can request that we use the Funds you have available in your Koto Account to make any repayments due to us and we will arrange to transfer them over for such purposes.

13.4. Where you make a partial repayment to us under your Spread Credit Facility we will apply the payment to the Spread Plan of your choice‎ or if you do not indicate which Spread Plan you wish for it to be applied to, we will apply the payment to the oldest Spread Plan. This may reduce the term of your Spread Plan and cause it to end early.

14. Our right to end this Agreement

14.1. We can terminate this Agreement by giving you two months’ notice even where no Trigger Event has occurred.

14.2. Should we terminate this Agreement under clause 14.1 you must immediately pay to us the Termination Balance set out in clause 11.1 and comply with clause 11.3. We may also use the Funds in your Koto Account to settle any amounts outstanding to us as set out in clause 11.2.

15. Termination by you

15.1. You are entitled to terminate this Agreement by giving us two months’ notice at any time provided and on the condition that you have paid to us the Termination Balance as set out in clause 11.1.

15.2. To terminate your Agreement you should contact us either on your Koto App, through your Koto Account, by email to support@getkoto.com, by messaging us through the koto in-app support or by writing to us at: Koto Card, Albert House, 256-260 Old St, Old Street, London EC1V 9DD

15.3. You must immediately comply with clause 11.3 should you give us any such notice.

16. Withdrawal from this agreement

16.1. You have the right under section 66A of the Consumer Credit Act 1974 to withdraw from this Agreement, without giving any reason, within 14 days beginning with the day after the day on which the latest of the following occur: (i) you receive a copy of the executed agreement; (ii) when you are informed in writing that the agreement has been executed in identical terms to a copy of the unexecuted agreement already given to you; or (iii) you are informed of your Credit Limits.

16.2. If you want to withdraw you must notify us of your intention to do so either via your Koto App, by email to support@getkoto.com, by messaging us through the koto in-app support or by writing to us at Albert House, 256-260 Old St, Old Street, London EC1V 9DD.

16.3. If you give us notice of withdrawal, the Agreement will be treated as if it was never entered into.

16.4. Once you have exercised your right to withdraw, you will have to repay to us the Total Credit Balance without delay, and in any event no later than 30 calendar days after you told Us that you want to withdraw. No interest is payable.

16.5. You can repay the Total Credit Balance due to us using the funds you have in your Koto Account via your APP or by transferring money from another bank account to your Koto Account and requesting that we use this money to settle your Total Credit Balance.

17. Complaints

17.1. We operate a complaints handling procedure, a copy of which is available upon request and/or will be sent to you upon our acknowledgment of a complaint from you. This will be provided to you by us free of charge. If you have a complaint, we will investigate it and may give any redress to which we feel you are entitled.

17.2. If you are not happy with our final response to your complaint or you have not received a final response from us to your complaint within eight weeks of your contacting us about it, you may have the right to have your complaint dealt with by the Financial Ombudsman Service (FOS). To contact FOS you can visit their website at financial-ombudsman.org.uk, email them as complaint.info@financial-ombudsman.org.uk, contact them on 0800 023 4567 or write to them at The Financial Ombudsman Service, Exchange Tower, London, E14 9SR.

18. Miscellaneous

18.1. No relaxation forbearance or delay by us in enforcing our rights under this Agreement shall affect our rights under this Agreement neither shall any waiver by us of any breach by you operate as a waiver or otherwise affect our rights under this Agreement in relation to any subsequent or continuing breach.

18.2. We shall be entitled to assign our rights under this Agreement to another party at our absolute discretion. We will inform you in writing of any assignment that is made. You are not entitled to assign, transfer, charge against or sell this Agreement.

18.3. You agree that we can send you correspondence, documents and notices by email to the email address you have provided to us when signing up for your Koto Account or, if later, should you notify us in writing that you wish to change the email address you gave to us at the time of signing up to your Koto Account to a different email address and we confirm in writing to you that this has been so changed. Such correspondence and documents will not contain any marketing materials unless you have consented to receive them and are restricted to matters concerning this Agreement.

18.4. You agree it is your responsibility to inform us should you change physical or electronic addresses.

18.5. Any document, notice or demand we give to you will be assumed to have been properly given and legally served on you if it is given to you personally or sent by email to the email address referred to in clause 18.3 or left or sent by prepaid envelope addressed to you at your current address or last known business or private address.

18.6. If you are two or more persons, the liability of such persons will be joint and several.

18.7. The law of England and Wales governs this Agreement. This Agreement shall be construed according to the laws of England and Wales.

18.8. The contact telephone numbers and email addresses are provided for information only. They do not form part of this Agreement. If any of our contact details change from time to time, we will advise you of these by e-mail.

18.9. We are authorised and regulated by the Financial Conduct Authority and our reference is 813940.

18.10. You must tell us tell us immediately if:

18.10.1. your financial circumstances have changed;

18.10.2 you suspect or know someone has carried out an unauthorised transaction on your account or they may do so;

18.10.3. you suspect or know that your account and/or its security has been compromised including where you suspect or know that someone has access to your card details, your pin, your login details to access the Koto APP or any other account details;

18.10.4. you have lost or card or believe it has been stolen;

18.10.5. you change your name;

18.10.6. you change your contact details including telephone or mobile number;

18.10.7. you move overseas permanently;

18.10.8. your Statement includes any information that you think is incorrect or inaccurate.

Product Summary

KOTO CARD

PRODUCT SUMMARY BOX

The information contained in this table summarises key product features and is not intended to replace any terms and conditions.

APR

Rates depend on individual circumstances

Extra Credit Facility:

Representative 26.90% APR variable

Spread Credit Facility:

Representative 23.70% APR variable

Interest Rate

0.00%

Interest-free period

No interest is charged in relation to this product but fees and charges apply

Allocation of payments

Unless you inform us otherwise, repayments received from you will be allocated against your Total ‎Credit Balance in the following order:‎

  • ‎to your Extra Credit Balance in chronological order beginning with the oldest amount ‎outstanding;
  • to your Spread Credit Balance in chronological order beginning with the oldest amount ‎outstanding;‎
  • to Credit Usage Fees;‎
  • to Default Fees;‎ and then finally
  • any remaining funds following the repayment of all of the above will be transferred to ‎your Koto Account.‎

Minimum repayment

If you make only the minimum payment each month, it will take you longer and ‎cost you more to clear your ‎balance.‎

Extra Credit Facility:

  • an amount equal to at least that which repays (a) (i) any Deferred Spread Minimum Payment, (ii) Credit Usage Fees, ‎(iii) Default Fees and (iv) 1% of the ‎balance outstanding; or
  • (b) £1 if greater than the total of the above.‎

Spread Credit Facility:

  • the total of all the amounts due under any Spread Plan in place that ‎month; and
  • a monthly Credit Usage Fee.‎

Credit Limit

All credit is subject to status

Minimum Extra Credit Limit:

£100

Minimum Spread Credit Limit:

£0

Maximum Extra Credit Limit:

£400

Maximum Spread Credit Limit:

£1000

Fees

Extra Credit Facility:

A daily fee of £0.25 will apply at any time you have an Extra Credit Balance.

Spread Credit Facility:

A monthly fee of £10.00 will apply for each month in which you have a Spread Credit Balance.

Charges

There is a £5 fee for our issuing you with a plastic card.

Foreign Usage

Payment Scheme Exchange Rate

Rates can be found at

https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html

Default Fees

Late Fee – £10

Late Fee – £10

Customer Trace Fee – £25

Customer Trace Fee – £25

PRODUCT INFORMATION GUIDE: ABOUT YOUR CREDIT PRODUCT

This document is not intended to represent the terms and conditions of the product and where there is any conflict between this document and the credit agreement, the credit agreement will prevail. All credit is subject to status and affordability checks. Credit Limits will apply.

Your product is a running-account credit agreement. It provides you with two different types of credit facilities within the one agreement. These are called the Extra Credit Facility and the Spread Credit Facility.

Summary of the Extra Credit Facility

The Extra Credit Facility provides you with an automatic advance of funds into your Koto Account if:

1. You have insufficient funds in your Koto Account to meet any obligations you have registered against it such as direct debits or continuous payment authorities; and/or

2. Should you use your Koto Card to pay for a purchase but you do not have sufficient funds in your Koto Account to cover that purchase.

In the above two circumstances, we will automatically advance credit to you (provided you have sufficient credit limit available) without you needing to do anything.

There will be a £0.25 charge per day, this is called a Credit Usage Charge, until you repay the credit in full to us.

You can repay the credit to us by making payment to us either in full or by way of minimum monthly payments from your Koto Account. We will send to you a statement detailing the minimum payment due for each month and informing you of the date by which you are to make that payment to us (known as your Payment Due Date).

The minimum payment will be (a) (i) 1% of the credit balance due to us for that month plus the total of (ii) the Credit Usage Charges; (iii) Default Charges (we discuss these below); and (iv) any Deferred Spread Minimum Payment; or (b)will be the sum of £1 if this is of greater value than the previous calculation.

Summary of the Spread Credit Facility

The Spread Credit Facility allows you to contact us to request an Advance of credit should you plan to make a purchase of any item using your Koto Card but spread the cost of that purchase over a period of months. The purchase must be for £200 or more and you can select a repayment term of up to 24 months. The cost of the purchase will be split evenly over those months. This will form your Spread Plan.

You can set up multiple Spread Plans provided you remain within your Spread Credit Limit.

You can also transfer an existing purchase made within your Koto Card onto a Spread Plan provided you made that purchase within the last 30 days.

For each month there is a balance due to us because of any Spread Plans, we will charge you a £10 monthly fixed fee. This is regardless of how many Spread Plans you have ongoing at the time the fee falls due for charging.

You can repay the credit to us by making payment to us either in full or by way of minimum payments from your Koto Account. We will send to you a statement detailing the minimum payment due for each month and informing you of the date by which you are to make that payment to us (known as your Payment Due Date).

The minimum payment will be the total of the monthly payment due under each of your Spread Plans plus the £10 Credit Usage Fee. If you incur any Default Charges these will be added to your liability under the Extra Credit Facility.

If you have a balance due under the Extra Credit Facility and/or under the Spread Credit Facility the Statement will inform you of the Total Minimum Payment you must pay to us that month which will be the total amount due under the Extra Credit Facility and/or the total due under the Spread Credit Facility including Credit Usage Fees and any Default Charges.

Default Fees

If you fail to make the Total Minimum Payment due on the Payment Due Date, then you will incur a £10 late fee.

If we have to locate you, you will incur a £25 customer trace fee.

Your liability for these Default Fees will be added to your liability under your Extra Credit Facility.

Privacy Notice

Privacy Notice

This notice explains how we use your personal data, and for what purposes.  It applies to when you use our app or our website and when you apply for any of our products and services.

We are committed to collecting and using your data fairly and in line with General Data Protection Regulation (GDPR) and the Data Protection Act 2018.

1. Who we are:

We are Koto Card Limited (“we”, “our”, “us”). We are committed to protecting and respecting your privacy.

If you have a question or concern about this notice or your data protection rights please contact us through the Koto app, by emailing us at support@koto.com or by writing to us at Koto Card Limited, Albert House, 256-260 Old St, Old Street, London EC1V 9DD.

We are registered with the Information Commissioner’s Office under number ZA455892.

2. Our legal grounds for handling your personal data:

The UK’s data protection laws allows us to use your personal data provided we have a lawful basis to do ‎so. This includes sharing it in certain circumstances, as described below.‎

We consider we have the following reasons (legal bases) to use your personal data: ‎

  • Performance of contract with you: we need to use your personal data to be able to ‎successfully legally contract with you;
  • Compliance with our legal obligations: we need to use your personal data so as to comply ‎with certain legislation such as financial crime legislation;
  • Legitimate interests: we have legitimate interests in using your data to ‎help prevent and detect financial crime, fraud and money laundering, to promote responsible ‎lending, to support our tracing, collection and litigation procedures and to assist our compliance ‎with the legal and regulatory requirements placed upon us;
  • Your consent: we may also use your data when you consent to it. You can withdraw this ‎consent at any time, in which case we will cease to use it, unless we have a right and a need to ‎continue processing it for one of the other reasons set out above‎.

3. What personal data is collected from you:

(i) Data provided by you: ‎

  • When you apply for our services and throughout the course of our dealings with you: for example, your ‎name, postal address, previous postal addresses, your email address, your IP address, ‎telephone numbers, date of birth, a photo of you (selfie) marital status, dependents, employment details, employment ‎history, bank account details, driving license details, home ownership status and details, your ‎income, your assets and liabilities, details of your proof of identity documentation and proof of ‎address documentation; ‎
  • When you talk to us: for example on the phone or in person including call recordings and voice ‎messages. We may monitor or record calls with you to check we have carried out your ‎instructions, to resolve queries or disputes, to improve the quality of our service, or for ‎regulatory or fraud prevention purposes;
  • In writing: for example letters, proposal forms, survey responses, emails, chat messages and ‎texts;
  • Online: for example when you use our website and information from any accounts you share with us;
  • Electronically: for example when you use our mobile application (“APP”);
  • In financial reviews, for renewals and in any surveys;
  • Through your phone: for example your address book, photos, geolocation and data from your camera.

(ii) Data we collect when you use our services: ‎

  • Transaction data: for example when we deal with or manage your account and when you request credit from us;
  • Pay data: for example, the amount, origin, frequency etc. of your payments to us;‎
  • Usage and profile data: for example, from your use of our website and APP. We gather this data ‎from the devices you use using cookies and other software;
  • Your location data and configuration information about your mobile phone: We use location data ‎and phone data to supplement information and for Fraud detection when you log in to the App. The phone data also helps us to fix bugs e.g. APP crashes on the operating ‎system or network.‎

(iii) Data provided by third parties: ‎

  • Data from persons that may introduce you to us: for example brokers, introducers, financial ‎advisers, agents or other third parties;
  • Data from credit reference agencies (Experian);‎
  • Data from Comply Advantage;
  • Data from fraud prevention agencies;
  • Publicly available information: for example, from the land registry, companies house, the ‎electoral register, other information available online or in the media, including social media;
  • Data from your representatives where relevant: for example your legal and financial advisers ‎such as lawyers and accountants.

4. Why personal data is collected by us

We collect personal data from you for many reasons including:

Activity

Legal basis

Legitimate interest

  • exercising our contractual rights and obligations
  • contract performance
  • business efficacy
  • pre contractual checks
  • post contractual checks
  • customer service
  • account management and maintenance
  • contract performance
  • legitimate interests
  • legal duty
  • consent
  • verifying identity
  • maintaining up to date records
  • seeking consent where relevant
  • business efficacy
  • risk management
  • product analysis and development
  • business development
  • profiling, statistical and analytics
  • legitimate interests
  • contract performance
  • business efficacy
  • risk management
  • product development
  • regulatory and legal requirements
  • managing risk
  • business management and operations, including record keeping
  • legitimate interests
  • legal duty
  • contract performance
  • business compliance
  • business efficacy
  • risk management
  • recovery of money owed to us
  • reporting to credit reference agencies and fraud prevention agencies
  • contract performance
  • legitimate interests
  • legal duty
  • business efficacy
  • business compliance
  • risk management
  • marketing
  • research
  • consent
  • legitimate interests
  • business development
  • business efficacy
  • brand management

From time to time we may contact you to ask for your consent to use your personal data for other purposes. Your personal data may also be used for other purposes where required or permitted by law.

5. Fraud Prevention Agencies

(i) General

Before we provide services, goods or financing to you, we undertake checks for the purposes of preventing fraud and money laundering, and to verify your identity. These checks require us to process personal data about you.

The personal data you have provided, we have collected from you, or we have received from third parties will be used to prevent fraud and money laundering, and to verify your identity.

Details of the personal information that will be processed include, for example: name, address, date of birth, contact details, financial information, employment details, device identifiers including IP address and vehicle details.

We and fraud prevention agencies may also enable law enforcement agencies to access and use your personal data to detect, investigate and prevent crime.

We process your personal data on the basis that we have a legitimate interest in preventing fraud and money laundering, and to verify identity, in order to protect our business and to comply with laws that apply to us. Such processing is also a contractual requirement of the services or financing you have requested.

Fraud prevention agencies can hold your personal data for different periods of time, and if you are considered to pose a fraud or money laundering risk, your data can be held for up to six years.

(ii) Automated Decisions

As part of the processing of your personal data, decisions may be made by automated means. This means we may automatically decide that you pose a fraud or money laundering risk if our processing reveals your behaviour to be consistent with money laundering or known fraudulent conduct, or is inconsistent with your previous submissions, or you appear to have deliberately hidden your true identity. You have rights in relation to automated decision making: if you want to know more please contact us using the details above.

(iii) Consequences of Processing

If we or a fraud prevention agency determine that you pose a fraud or money laundering risk, we may refuse to provide the services of financing you have requested, or to employ you, or we may stop providing existing services to you.

A record of any fraud or money laundering risk will be retained by the fraud prevention agencies, and may result in others refusing to provide services, financing or employment to you. If you have any questions about this, please contact us on the details above.

(iv) Data Transfers

Whenever fraud prevention agencies transfer your personal data outside of the European Economic Area, they impose contractual obligations on the recipients of that data to protect your personal data to the standard required in the European Economic Area. They may also require the recipient to subscribe to ‘international frameworks’ intended to enable secure data sharing.

(v) Your Rights

Your personal data is protected by legal rights, which include your rights to object to our processing of your personal data; request that your personal data is erased or corrected; request access to your personal data. See ‘Your Rights’ at section 11 below.

6. Credit Reference Agencies (CRAs)

In order to process your application, we may supply your personal information to credit reference agencies (CRAs) in which case they will give us information about you, such as about your financial history. We do this to assess creditworthiness and product suitability, check your identity, manage your account, trace and recover debts and prevent criminal activity. When CRAs receive a search from us they may place a search footprint on your credit file that may be seen by other lenders and used to assess applications for finance from you and members of your household. The CRA may also share your personal information with other organisations.

We may also continue to exchange information about you with CRAs on an ongoing basis, including about your settled accounts and any debts not fully repaid on time. CRAs will share your information with other organisations. Your data will also be linked to the data of your spouse, any joint applicants or other financial associates. The CRA we use and information on how it uses your personal data is available at http://www.experian.co.uk/crain/.

From time to time we may provide your information to our partners, third parties and customer service agencies for research and analysis purposes so that we can monitor and improve the services we provide. We may contact you by post, e-mail or telephone to ask you for your feedback and comments on our services.

From time to time we may contact you about our other goods or services similar to those that you have engaged with us about previously that may be of interest to you.

7. When personal data is shared

We may share your personal information with:

  • Anyone who works for us when they need it to do their job;
  • Any organisation which supports any of our services you use, when they need it to offer those services. That includes:
  • Card producers and networks;
  • Credit reference agencies (for information on how they use data please read the Credit Reference Agency Information Notice);
  • Analytical, Know Your Customer (KYC) and cyber security service providers;
  • Customer ‘interface’ providers (like the ones who manage our in-app chat service);
  • Companies that do advertising for us (but we won’t share identifiable personal data with third parties for their own direct marketing unless you give us permission, and you can opt out any time);
  • Certain authorities that detect and prevent terrorism (including authorities outside the UK if one of your payments is processed through a worldwide payment system);
  • Anyone who you give us explicit permission to share it with. We will also share it to comply with the law; to enforce our Terms and Conditions or other agreements; or to protect the rights, property or safety of us, our customers or others.

If, in the future, we sell, transfer or merge all or part of our business or assets, including the acquisition of other businesses, we may share your data with other parties. We will only do this if they agree to keep it safe and private and to only use it in the same ways as set out in this notice.

8. How long we keep your personal data

We keep your data as long as you are a customer of Koto. In some circumstances, like cases of anti-money laundering or fraud or in the case of a dispute, we may keep data longer if we need to and/or the law says we have to.

We may also retain your data for research and statistical purposes in which case we will ensure it is kept private and used only for these purposes.

Data about live and settled accounts is kept on credit files for six years from the date they are settled or closed. If the account is recorded as defaulted, the data is kept for six years from the date of the default.

9. When personal information is transferred outside the European Economic Area (EEA)

Whenever we or fraud prevention agencies transfer your personal information outside the EEA, we or they will:

Make sure that the organisations to which your personal information is to be transferred apply an equivalent level of protection to it; and impose conditions in the contracts with the recipients of your personal information to protect it to the standard ‎required in the EEA.

We or they may also require the recipient to subscribe to ‘international frameworks’ ‎intended to enable the secure sharing of information.‎

In any other case, if we transfer your personal information outside the EEA for example, because we have to do so to help prevent or detect a crime, we will only share it lawfully.‎

10. Consequences

If we, or a fraud prevention agency, determine that you pose a fraud or money laundering risk, we may refuse to provide the services and financing you have requested or we may stop providing existing services to you. A record of any fraud or money laundering risk will be retained by the fraud prevention agencies, and may result in others refusing to provide services, financing or employment to you.

If you fail to provide us with data we require, this may delay or prevent us from entering into a contract with you and or complying with our obligations. Depending on the importance of the data, it may mean that we are entitled to terminate an agreement with you.

If you have any questions about the above, please contact us on the details in section 1.

11. Your rights

Your personal data is protected by legal rights which include your right to:

  • Access the personal data we hold about you, or to get a copy of it;
  • Request that we amend, update or correct inaccurate data;
  • Request that your personal data is erased or that its processing be restricted;
  • Object to our controlling and processing your personal data;‎
  • Request that we transfer your personal data to another lender;
  • Object to our sharing of your personal data with others or with certain organisations;
  • Request that we confirm what personal data we currently control and/or process in relation to you;
  • Withdraw any consent you’ve previously given us.

To do so, please contact us through the app or by emailing support@getkoto.com.

There may be reasons why we need to keep or use your data, but please tell us if you think we should not be processing your data.

If you are unhappy about how your personal data has been used, you may raise a complaint. Our complaints procedure is available on our APP or via the website getkoto.com.

You also have a right to complain to the Information Commissioner's Office which regulates the processing of personal data. You can contact them at: Information Commissioner's Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF, on 0303 123 1113 or by email to casework@ico.org.uk. See also ico.org.uk/global/contact-us.

12. Changes to our Privacy Policy

We will post any changes we make to our privacy notice on this page and, if they are significant changes we will let you know by email.

13. Direct Marketing

We can only use your personal information to send you marketing information if we have your consent or ‎a legitimate interest. A legitimate interest will usually be a commercial reason which cannot be used ‎unfairly against you. ‎

14. Cookie information

Our Cookie Policy has more information on what cookies are and how we use them.

Cookie policy

Cookie Policy

Like most websites and apps we use cookies to help you in your interactions with us and enhance your user experience. By using the Koto website and/or app, you are agreeing to our use of cookies.

Cookies are small files placed on your computer's hard drive, or in your browser memory, when you visit Koto Card Limited’s website. It helps us speed things up for you when you come back. It tells us what parts of the site you visit, what you like and what's most relevant to you. Our cookies don’t store any personal or confidential information about you and are used for analysis only.

To make sure you get the best from our website, we advise that users keep cookies active on their machine whilst visiting our website.

What do we use cookies for?

Session Cookies

Most of the cookies we use are session cookies, which last only for the duration of your visit and are deleted when you close your browser. No personal data is collected. These simply enable us to identify that the same person is moving from page to page. We store and collect a unique ID to track your session from page to page via session cookie. This is important to understand our customers’ experience as you move around our website.

Persistent Cookies

We also use certain cookies that are persistent, meaning that they last beyond your session enabling an enhanced user-experience when you return to the site. Most browsers automatically accept cookies and you should be able to accept, delete or reject them if you wish by adjusting the settings on your browser. This will, however, affect your use of the areas of our Website that use cookies.

Third party cookies

From time to time, we may embed external content or media from third party websites (e.g. Facebook, YouTube, Twitter) within our website. As a result of this, these websites may apply a cookie to the page where the embedded content or media is viewed. Koto Card Limited do not take responsibility for third party site cookies and you should check the website of the provider for more information.

Turning cookies off

Exactly how to do this depends on your browser or phone settings. Try looking in your ‘Help’ section or Alternatively, the Interactive Advertising Bureau has produced a guide (see www.allaboutcookies.org) which explains to users how cookies work, can be managed and blocked by all browser types.

If you turn cookies off you may still see adverts for Koto in other places but they will be general and not specific to you.

The cookies we may use

Below is a list of the cookies we may use with a description of what they are used for and details of any other information that may be appropriate:

Cookie Name

Purpose

More information / Category of Cookie

Expiry

1P_JAR

reCAPTCHA

These cookies make sure that the site is able to run and includes your site preferences

Necessary cookie

24 hours

APISID

2 years

CONSENT

20 years

HSID

2 years

NID

6 months

OGPC

1 month

SAPISID

2 years

SID

2 years

SIDCC

3 months

SSID

2 years

OTZ

1 month

allowCookies

Used to store state of cookie consent acceptance

Service cookie

1 year

_ga

Google Analytics - these cookies are used to collect information about how visitors use our website. The information is used to compile reports and help us improve the site. For an overview of privacy and how to block these cookies please visit

Analytics cookies

2 years

_gid

24 hours

_gat

1 minute

AMP_TOKEN

30 seconds to 1 year

_gac_<property-id>

90 days

_utma

2 years

_utmt

10 minutes

_utmb

30 minutes

_utmc

end of browser session

_utmz

6 months

_utmv

2 years

utm_stored

Temporary storing parameters of visitor’s traffic source. This information is used to improve the functionality of the customer engagement bonus program

Service cookies

Session