Last updated: 27th June 2023
These Terms and Conditions, including any Frame Agreement, Specific Agreement, Data Protection and Confidentiality Policy, Fees and other agreements, are the Legal Agreement between: DEK-CO (UK) LIMITED, an authorized Payment Institution existing registered in United Kingdom, and having its registered office at FIRST FLOOR 22 CITY ROAD, LONDON, ENGLAND, EC1Y 2AJ, licensed under the European Payment Service Directive (the “Law”), fully authorized to provide services to clients worldwide, under the prudential supervision of the Financial Conduct Authority (FCA – http://www.fca.org.uk/) and The Client.
A copy of the Public Register of FCA of licensed Authorized Payment Institutions can be seen at:
The following defined terms are used in these General Terms and Conditions:
1.1. Use of the Service is subject to the Terms and Conditions. The Terms and Conditions will be effective from the date of acceptance by Client ("Effective Date").
By accepting the “Terms and Conditions”, Client agrees to use the Services in accordance with the requirements of the Terms and Conditions.
Client can accept the Terms and Conditions by:
1.2. The Services are described in Section Definitions as Service in these Terms and Conditions. Client may be required by DEK-CO (UK) to agree with a Special Agreement related to the type of account or Services of DEK-CO (UK). There Terms and Conditions apply to current accounts, as well as to the other type of accounts offered by DEK-CO (UK).
1.3. DEK-CO (UK) may introduce innovations, improvements, developments, new functionalities, upgrade accounts or amend the names of accounts or products unilaterally and without the consent of Client, for which DEK-CO (UK) shall inform Client via the website for the Service or via the Client’s online account or via e-mail. However, where a change to the Service constitutes a modification to the preliminary information to be presented to Client prior to concluding these Terms and Conditions, as required by the Law, or narrowing the Services, Client will be given notice by an email sent to Client email address stated in the Account Application form.
1.5. A copy of the Terms and Conditions will be provided to Client in a hard-copy or printable form during the sign-up process. A copy of the Terms and Conditions, as amended from time to time, is available to Client on the website for the Services and in the online account. Client may request to be provided with a copy of the Terms and Conditions, and a link to the Terms and Conditions will be sent to Client email address for printing.
1.6. The Terms and Conditions and all communication with Client will be in English language. Where DEK-CO (UK) has provided Client with a translation of the English-language version of the Terms and Conditions or communication, Client agrees that the translation is provided only for Client convenience and that the English-language versions of the Terms and Conditions and communication will govern the relationship with DEK-CO (UK). If there is any contradiction between the English-language version and a translation, the English-language version takes precedence.
2.1. To be eligible for the Service, Client must (i) be a resident of one of the countries acceptable to DEK-CO (UK); and (ii) has full legal capacity to enter into a contract; and (iii) not be present on any black list or sanctions lists, related to Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) purposes, officially published and notified by Regulators or other black lists as per the Internal AML Rules of DEK-CO (UK).
2.2. Types of accounts: DEK-CO (UK) offers payment accounts in different currencies, supported by DEK-CO (UK).
2.3. Information about the transactional limits is available on the website of DEK-CO (UK). or regulatory, risk and security reasons DEK-CO (UK) may impose or change the limits unilaterally and without the consent of Client, for which DEK-CO (UK) shall inform Client via the website for the Service or via the Client’s online account or via e-mail, unless DEK-CO (UK) is not permitted by law to notify Client in certain cases. DEK-CO (UK) is entitled at its sole discretion to decide whether to change the limits after a customer request for change of limits and DEK-CO (UK) shall not be liable in case of decline of request.
2.4. Clients enrolling for the Services via website of DEK-CO (UK) or via business introducers or Clients, who have successfully completed the verification procedure available in the Online Account for the Service or other customer verification procedure of DEK-CO (UK), may be eligible for a payment account. DEK-CO (UK) may require at any time additional information as a condition of continued use of the Service or to assist in determining whether to permit Client to continue to use the Service. Client agrees to provide such information without delay, as DEK-CO (UK) may require in this regard.
Upon registration for the Service and during the term of these Terms and Conditions, Client must provide current, complete and accurate information for Know your customer (KYC) needs, as requested by DEK-CO (UK) and maintain it as current and accurate during use of the Service. In case of any changes in information provided by Client, Client agrees to update the information in the online account without DELAY.
2.5. Upon registration for the Service, Client will be provided by DEK-CO (UK) with credentials – username and password to the online account platform of DEK-CO (UK). Client may activate the access to the online account as per the instructions or procedures of DEK-CO (UK).
2.6. Client declares that Client is registering for the Service on Client’s behalf (individually or as a legal representative of an entity or organization) or, alternatively, on behalf of a third party, in which case the Client has to send to DEK-CO (UK) a notarized power of attorney or another legal document, acceptable to DEK-CO (UK), authorizing the person on behalf of the Client.
2.8.1. In the business relationship with the Client, DEK-CO (UK) relies on the representations made to it by the Client or by third parties at the request of the Client, in particular relating to:
2.8.2. The Client shall comply with all applicable laws and regulations, including legislation on anti-money laundering and anti-terrorist financing and any orders issued by the relevant regulatory authorities in so far as the Bank’s services are involved.
2.8.3. In the event that any representation appears to the "DEK-CO (UK)" to be incomplete or incorrect, then the "DEK-CO (UK)" shall be entitled to suspend all and any payment instructions of the Client and unless satisfactory information and/or evidence is brought to the attention of the "DEK-CO (UK)" within a reasonable time, the "DEK-CO (UK)" shall be entitled to terminate immediately its relationship with the Client in terms thereof.
2.9. The Card/s, linked to the account, is issued and/or activated after a valid and correct application or registration by Client made online at DEK-CO (UK) web site , approval by DEK-CO (UK) and payment of Issuing fee and if necessary of shipment fees via the payment methods accepted by DEK-CO (UK). The Card is issued in the currency requested by Client and supported by DEK-CO (UK). The Card is sent to the address of Client or one of its Agents, The Card may be used only by the cardholder and only after its activation, as instructed by DEK-CO (UK).
3.1. Client can receive a transfer to Client’s account provided by DEK-CO (UK). DEK-CO (UK) is not responsible for and does not control when DEK-CO (UK) will receive the funds from other parties and whether other parties or correspondent banks will charge Client fees for the transfer and will transfer the full amount to DEK-CO (UK). Client will be notified through information in the online account in the balance and transaction history on the amount of the transfer and date of credit operation.
3.2. In order to receive an inward transfer the Client (as Payee) must provide correctly to the payer the following mandatory information: name, address and account number, or the respective replacing information if allowed by DEK-CO (UK). The absence of the mandatory information might result in the postponing or rejection of the inward transfer for which DEK-CO (UK) shall not be responsible.
In cases of inward transfers with wrong or missing data in the payment order (e.g. discrepancy between the name and Account Holder, missing account number or name of the Account Holder, account written in a wrong way, etc.), DEK-CO (UK) is entitled not to credit the amount and return the amount and/or make investigations and correcting actions necessary for correct payment order, for which fees specified in the Fees section of charges of DEK-CO (UK) may be applied.
3.3. Client agrees that DEK-CO (UK) may for regulatory reasons impose different limitations on amounts transferred, or special requirements, or not accept bank transfers from certain banks, upon discretion of DEK-CO (UK).
3.4. The credit “Value Date” for the payee's account (Client’s account) and the amount of the inward payments shall be available no later than the Business Day on which the amount of the transfer is credited to DEK-CO (UK).
4.1. Internal transfers: Client may transfer money to Client’s accounts or third parties accounts within the system of DEK-CO (UK). In order to make an internal transfer, Client must state the correct account number or another Client’s email address and submit a correct payment order via the Service.
4.2. EFT transfers: Client can make via the Service outward money transfers from Client’s account/s in 40 currencies in over 45 different countries. To make a correct payment order for EFT transfer Client must provide full and correct names of beneficiary, correct beneficiary account number details, country and BIC of beneficiary (bank of recipient).
4.3. International Transfers: Client can make via the Service outward money transfers from Client’s account/s to any bank account, except for bank accounts in countries or of persons or entities, which are not allowed by the Service. DEK-CO (UK) will perform correct payment orders for international transfers in compliance with SWIFT rules on international transfers. To make a correct payment order for international money transfer Client must provide full and correct names of beneficiary, correct beneficiary account details, such as account number and Bank Identifier Code (BIC) for bank of beneficiary or other number of beneficiary account and SWIFT code of bank of beneficiary, and other data, as requested by the Service in the online account of Client.
4.4. External Card Transfers: For some countries, DEK-CO (UK) may support External Bank Card transfers. To make a correct payment to an external bank card, Client must provide full and correct names of beneficiary, correct beneficiary bank, card number, bank, card expiration date, address of the beneficiary, nationality of the beneficiary, or other data, as requested by the Service in the online account of Client.
5.1. Instructions to, communications and statements with DEK-CO (UK) are given in writing. DEK-CO (UK) will act on verbal instructions only if such instructions are confirmed in writing. Instructions may be placed via the online account of DEK-CO (UK), unless otherwise allowed by DEK-CO (UK).
5.2. Transmission of Instructions – Facsimile, Telex, E-mail or Other Electronic Means
It is at the Payment Institution’s discretion, whether to act upon any instructions received by electronic mail or other electronic means from the Client from time to time, notwithstanding that the Client may have given authorization to the Bank to do so.
When the payment order is submitted via the online account of DEK-CO (UK), the payment order shall be considered as authorized by the Client and irrevocable after Confirmation and entry of a valid one-time password (OTP). In some cases, as described below, the payment order will be authorized and irrevocable only after confirmation via the online account and there will be no need of entry of OTP (One-Time Password) for each payment order.
The Payment Institution shall not be liable for any adversarial effects arising out of the use of such means of communications and must be kept fully indemnified against all claims, damages, charges and expenses which the Payment Institution may incur directly or indirectly in compliance with these instructions or any incorrect or improper authorizations received by the Payment Institution through use of these electronic means of communication.
5.3. DEK-CO (UK) shall execute the authorized payment order of Client, provided that Client has enough balance in the debited account to cover the amount of the transfer and the applicable fees. DEK-CO (UK) may refuse to execute a specific transaction if there is not enough balance in the respective account, or DEK-CO (UK) reasonably believes that the payment order is made by unauthorized person or transaction is fraudulent, illegal or in breach of the present “Terms and Conditions” or any law or regulation.
Furthermore, DEK-CO (UK) shall not be under any obligation to process any Payment Order in any of the following cases:
5.4. DEK-CO (UK) is not obliged to, process an order if it results in any account being overdrawn and the mere fact than an account will thereby be overdrawn shall not imply any obligation on the part of DEK-CO (UK) to advise the Client before processing it, as the Client is expected to know the effects of his own instructions.
5.5. Deadline for performance of correct payment orders for outward money transfers:
5.6. Client may submit Standing orders for money transfers via Client’s online account and within the limits allowed by the Service. Client has to specify the frequency, amount of the payments, account to be debited, beneficiary’s payment details (names, account number/IBAN and other as requested by the Service) start date and validity of the Standing order. The validity can be up to a specified date, reached number of payments or until cancelation. Client understands and agrees that OTP (one-time passcodes) may be requested by the Service upon setting up of the Standing order and not after upon execution of the future transfers from the Standing order, which will be executed automatically without need of entry of OTP.
5.7. Upon setting up the Standing order Client is able to see the applicable fees of DEK-CO (UK). However, DEK-CO (UK) can amend the FEES as allowed by these Terms and Conditions and the law, and this will not suspend or terminate the Standing order automatically and the new fees will apply for the Standing order as of the moment of their entry into force. The funds in the account to be debited for execution of the Standing order have to be sufficient to cover the amount to be transferred and the applicable fees of DEK-CO (UK). In case the funds in the account to be debited for execution of the Standing order are not enough to cover the amount of the transfer and/or the applicable fees, shall not execute a specific transaction. In such case DEK-CO (UK) shall not be liable for whatsoever damages or compensations.
5.8. Client acknowledges and agrees that a Payment Order, including from a Standing order, has been executed correctly by DEK-CO (UK), even if Client has submitted a Payment Order with incorrect data, and as a result of this, the money transfer has not been successful and/or has been received by wrong payee and/or was returned to DEK-CO (UK), as a result of which Client has to cover the charges for the return, reversal or cancellation of such incorrect payment order.
5.9. Client is entitled to set up via Client online account with DEK-CO (UK) templates for trusted beneficiaries. To set up a template for trusted beneficiary the Client must log-in the online account with the credentials, with which the Client agrees with the creation of the template for trusted beneficiaries and that all subsequent payment orders to such trusted beneficiary might not require entry of OTP (One Time Password). Client may delete or edit a trusted beneficiary template via the online account of the Client.
5.10. Client understands and agrees that the creation of standing orders or payment orders to trusted beneficiaries does not preclude the rights and obligations of DEK-CO (UK) under the anti-money laundering, anti-terrorist laws and other regulations, as well as the discretion of DEK-CO (UK) to impose limits or not perform certain payment orders for security or regulatory purposes.
6.1. Where DEK-CO (UK) refuses to execute a Payment Order, the refusal and, if possible, the reasons for it as well as the procedure for correcting any factual mistakes that led to the refusal shall be notified to Client, unless prohibited by national legislation. DEK-CO (UK) shall provide or make available the notification to Client via email or via the online account at the earliest opportunity.
DEK-CO (UK) may charge a fee for providing additional information for such a notification if the refusal is objectively justified.
6.2. In the event of unauthorized transaction or incorrect payment order, the payment transaction is deemed to be correctly executed by DEK-CO (UK) in accordance to national legislation. Client, or a person explicitly authorized by Business Client, may submit a Request for reversal of unauthorized transaction or Reversal of incorrect order to DEK-CO (UK) via email, without undue delay and within 30 (thirty) days after Client has known for the transaction or no later than a longer period from the debit date, provided in applicable national legislation in the interest of a Consumer. This term shall not release Client from Client obligation to notify DEK-CO (UK) immediately and without delay in case of loss, theft, misappropriation or unauthorized use of Identifying Credentials and/or Card/s and to take all preventive and security measures as allowed by the Service or DEK-CO (UK) to limit the risks and damages. Client who is not a Consumer cannot claim that a transaction is not authorized, because of lack of Client consent for the transaction.
6.3. DEK-CO (UK) will assist the Client to a reasonable extent for reversing the unauthorized transaction or incorrect payment order as required by national law. In case of incorrect Payment Order, such as wrong account identifier, wrong name, wrong BIC, wrong name of bank of the payee, wrong amount, or other incorrect data, submitted by Client, DEK-CO (UK) may assist the Client to submit a new and correct Payment Order if DEK-CO (UK) has not executed the incorrect Payment Order, for which DEK-CO (UK) may charge the Client a fee. In case DEK-CO (UK) has executed the incorrect Payment Order as per the Terms and Conditions and the law, the Client can make a request for reversal via email to DEK-CO (UK) and DEK-CO (UK) will initiate a reversal procedure, for which DEK-CO (UK) will charge Client with the respective fee. DEK-CO (UK) cannot guarantee the outcome of the reversal procedure, and even if the amount is reversed to Client’s account the other banks (the bank of the payee or the correspondent banks) may withdraw from the amount their own fees for reversal and/or investigation or similar, which is beyond the control of DEK-CO (UK).
6.4. In case of unauthorized transaction DEK-CO (UK) shall conduct a procedure for proving correct execution of payment transaction and if this procedure is completed in favor of Client, DEK-CO (UK) shall reverse the operation and return the amount to Client’ account, less the applicable fee in the Fees, within the deadline provided in the law.
6.5. Client agrees that DEK-CO (UK) may not be always able to reverse the amount of unauthorized transaction or incorrect payment order, in cases, where the deadlines for chargeback or reversal procedures have expired or in other cases according to the applicable laws, in which cases DEK-CO (UK) shall not owe reversal or compensation to Client.
6.6. When Client receives a payment, Client is liable to DEK-CO (UK) for the full amount of the payment plus any fees if the payment is later invalidated for any reason. In addition to any other liability, if there is a Reversal, or if Client loses a Chargeback or Claim, Client will owe to DEK-CO (UK) an amount equal to the Reversal, Chargeback or Claim and applicable fee as per the FEES and other charges related to the Reversal, Chargeback or Claim. DEK-CO (UK) may debit Client’s account to recover any amounts and fees, due by Client in connection to Reversal, or Chargeback or Claim or Reserve, immediately and without prior notice.
6.7. Client agrees that in case a payment transaction is not approved for some reason or Merchant wishes to refund full or partial amount, then the following rules shall apply:
7.1. If DEK-CO (UK) has issued Card to Client, Client may make payment orders and transactions with the Card, linked to Client’s account and on account held by Client. The Card must be activated as instructed by DEK-CO (UK). Card must be signed by Client. The card payment transaction may be :A payment for Goods and Services on POS at Merchants accepting the Card as payment method, or in Internet, or ATM withdrawals or other, as indicated by DEK-CO (UK) in FEES or on DEK-CO (UK) website for the Service.
DEK-CO (UK) may charge a fee for providing additional information for such a notification if the refusal is objectively justified.
7.2. The payment order executed with Card will be received by DEK-CO (UK) in electronic form. The Client’s consent for execution of the payment transaction with Card becomes irrevocable and the payment order becomes irrevocable when Client presents the Card for execution of the transaction and: (a) the chip or the magnetic stripe of Card is read by the ATM or POS device and/or a valid PIN and/or Client or authorized cardholder signs the receipt from the device; or (b) by giving the Card or entering it into a terminal and reading of its chip on a self-service terminal; or (c) by entering the data of Card, such as the 16-digits number, validity date or CVC2 code in the Internet; or (d) by providing the card data (number, validity, CVC2) to the provider of goods or services and authorizing him to use it for payment of the respective service by fax, telephone or other communication device.
7.3. Card, which has been personalized with the name of a cardholder, must be used only by the cardholder to whom the Card is issued. The Card is linked to the account of Client, who has ordered or activated the Card, and provides access to Client’s account, unless otherwise agreed with Client.
7.4. The spending limits with Cards are set out in the Fees section .
8.1. DEK-CO (UK) reserves the right to keep any documents or other information relating to Client or the Service offered to the Client in an electronic format. DEK-CO (UK) may provide electronic copies to Client to satisfy any request for original copies of the said documents. DEK-CO (UK) shall be entitled to destroy all records, correspondence and other documents that may have relating to Client upon satisfying any record keeping obligations which DEK-CO (UK) may have in terms of any applicable legislation.
8.2. Client’s account statements, history of transactions and accounts details will be available within the Client’s online account. If Client wishes to receive paper statements, Client will need to advise the Payment Institution in writing via the Client’s e-mail stated in the Account opening form or via secure message and DEK-CO (UK) will send Client’s paper statements for each account once a year or on ad hoc principle against a fee.
9.1. DEK-CO (UK) has provided to Client personalized security features for using all payment instruments, included in the Service, such as, but not limited to, username and unique password for the online account, OTP (one-time passcodes) received via SMS or EMAIL for access to online account and making a payment order and others, which are necessary tools for preserving the security of the payment instruments of Client . DEK-CO (UK) will make sure that the personalized security features of the payment instruments are not accessible to parties other than the Client or user entitled to use the payment instrument, without prejudice to the obligations on Client.
9.2. Client agrees to use the Client’s credentials, such as username and password and other personalized security features for Client’s payment instruments only in accordance with these Terms and Conditions and with the law. Client must not provide and must not allow disclosure of the personalized security features to a third party even where the payment instrument is protected with OTP, because even in this case the payment instrument can be comprised and result in unauthorized transactions, for which Client is fully liable. Client must not disclose the credentials for access to a Business/Corporate account (username and password), because they may be identical with the credentials for access to Client personal online account and there is a risk of unauthorized transactions. The breach of this obligation is breach of Client’s obligation for protection of personalized security characteristics of payment instrument and Client will be fully liable for unauthorized transactions as a result of Client’s breach of this obligation.
9.3. If Client is using the Service in a business capacity or as a Client of Business/Corporate account, Client agrees that:
9.4. Client acknowledges and agrees that all Cards linked to Client’s account are providing access to the Client’s account and Client shall be liable for all transactions and charges arising of the use of Cards, associated with Client’s account.
9.5. If Client believes that Client’s account, including online account or other payment instruments have been used in an unauthorized manner or in case of unauthorized transactions, Client has to contact DEK-CO (UK) without undue delay. Client agrees to notify DEK-CO (UK) via the Contact Center or via "Contact us" on DEK-CO (UK) website for the Service or via the Client’s e-mail stated in the Account opening form, immediately and without delay in case of loss, theft, misappropriation or unauthorized use of credentials and/or personalized security features and/or payment instruments, including, but not limited to Cards, and to take all preventive and security measures as allowed by the Service, including to disable the compromised payment instruments via the Service, or allow DEK-CO (UK) to do it and limit the risks of unauthorized transactions and damages. Client also agrees to notify DEK-CO (UK) without undue delay and in the same manner of any other breach of security regarding the Service of which Client has knowledge.
9.6. DEK-CO (UK) may suspend the use of the Service in part of wholly, including block account/s, where it suspects that their security may have been compromised or that unauthorized or fraudulent use has taken place. DEK-CO (UK) will inform Client in advance or, if that is not possible, immediately after, of the suspension of the use of the Service, specifying the reasons for the suspension, unless such provision of information would compromise reasonable security measures or be otherwise unlawful. DEK-CO (UK) will provide the Service or replacement credentials or personalized security characteristics to Client, as soon as practicable after the reasons for the suspension cease to exist and on condition that Client has performed all obligations towards DEK-CO (UK).
9.7. In case Client wishes to use an alternative method for two-factor authentication and receipt of one-time password, as may be required by the Service, Client has to select this option from Client’s online account. Transactions, operations and activities confirmed with the one-time password, generated via each of the available two-factor authentication methods, supported for the Service, will be considered as valid and binding on the Client.
9.8. DEK-CO (UK) may at DEK-CO (UK) discretion block the possibility for specific types of payment transactions in principle or in countries or in some cases, in order to comply with risk and compliance requirements. DEK-CO (UK) may, at its reasonable discretion (for example, for fraud, risk and compliance reasons) impose limits on the amount of money Client can withdraw, transfer, receive or fund for a certain period of time or for the whole period of use of Service.
10.1. Protection : DEK-CO (UK) is bound, in accordance with the laws of United Kingdom, to observe secrecy and confidentiality with regards to all information which Client discloses to the Payment Institution about the Client (“Secret Information”). However, DEK-CO (UK) is authorized and required by the laws of United Kingdom or international laws to disclose “Secret Information” in so far as the declaration of such Secret Information is:
10.2. In accordance with the provisions of United Kingdom Law, by accepting these Terms and Conditions, the Client consents to disclose information about Client, acquired during the course of the relationship in the circumstances specified hereunder:
10.3. Client Identity Verification for Anti-Money-Laundering Requirements and Fraud detection:
11.1. Client may only use the Service in bona fide and in accordance with the functionalities of the Service as defined in these Terms and Conditions. Client agrees to use the Service only as permitted by:
11.2. It is strictly forbidden to use the Service in violation of the present Terms and Conditions, or for any illegal purposes including but not limited fraud, money laundering, tax evasion or other illegal activities. In particular, Client shall under no circumstances use the Service for activities or execution of transactions, which without limitation involve or may involve any of the following:
11.3. DEK-CO (UK) may temporarily stop or terminate the Service or Terms and Conditions immediately and without prior notice to Client, if:
11.4. DEK-CO (UK) shall be entitled to notify Client at any time on non-acceptance to the Service via e-mail. The decision for the refusal is strictly in DEK-CO (UK)’s discretion and DEK-CO (UK) shall not be liable for whatsoever compensations.
11.5. Client authorizes DEK-CO (UK) to obtain a credit report and/or to otherwise make credit or other background enquiries from time to time, as DEK-CO (UK) may deem appropriate, to evaluate Client registration for or continued use of the Service.
11.6. Client agrees not to access (or attempt to access) any of the Service by any means other than through the User interface of the Service and Card that are provided by DEK-CO (UK) for the Service, unless Client have been specifically allowed to do so in a separate agreement with DEK-CO (UK). Client acknowledges that this restriction will apply to use of the Service by any automated means.
11.7. Client agrees that Client will not engage in any activity that interferes with or disrupts the Service (or the servers and networks which are connected to the Service).
11.8. Client agrees that Client will not reproduce, duplicate, copy, sell, trade or resell the Service for any purpose.
11.9. Client agrees that Client is fully responsible for (and that DEK-CO (UK) has no responsibility to Client or to any third party for) any breach of Client obligations under the present Terms and Conditions and for the consequences (including any loss or damage which DEK-CO (UK) may suffer) of any such breach.
11.10. Client acknowledges and agrees that in order to meet all obligations after the Prevention of Money Laundering Act and ( the Prevention of ) Money Laundering and Funding of Terrorism Regulations and other documents related to their execution, DEK-CO (UK) may establish general practices and limits concerning the use of the Service without prior notice to Client, including, without limitation, individual or aggregate transaction limits on the value or turnover, transaction or other limits on the value, type or number of funding transactions or Payment transactions during any specified time period(s). DEK-CO (UK) shall notify Client for every amendment in the common practices and limitations within reasonable time unless such notification is prohibited by Money Laundering (Prevention) Act and Regulations.
11.11. Client must not place into any of Client’s accounts any funds or assets belonging to third parties without the prior written consent of the Payment Institution. If Client’s wishes to do so, Client must advise the Payment Institution, in advance, of any such funds/assets which are to be remitted to the Payment Institution or received by it in Client’s name or account. Without prejudice to the right of the Payment Institution to refuse to receive such funds or assets, in the case provided for by this clause, Client is obliged to advise the Payment Institution of the full details of the beneficial owner of the funds or assets and to supply the Bank with all evidence as to the identity of the beneficial owner and the reason(s) for such deposit, together with documentary evidence of the underlying transaction, if applicable, as the Payment Institution may require.
11.12. DEK-CO (UK) may refuse to execute any funding, crediting of account following inward transfer, outward transfer or any payment transaction, Payment Order or other use of the Service if DEK-CO (UK) has reasonable grounds to suspect fraud, or a breach of the applicable Terms and Conditions by Client, or a violation of law, regulation of Card Organization or other Organization, or for risk (e.g. Money laundering, Combating Funding Terrorism) and or compliance reasons. Transactions may also be delayed due to DEK-CO (UK)’s compliance with its obligations under applicable anti-money-laundering legislation, including if DEK-CO (UK) suspects that the transaction involves fraud, abuse or illegal or non-acceptable activities. In the event that DEK-CO (UK) refuses to execute a Funding or Payment transaction or Payment Order, Client will be notified, unless it is unlawful for DEK-CO (UK) to do so or would compromise reasonable security measures. For risk or compliance purposes DEK-CO (UK) might require additional information or additional documents and/or gather such additional information and/or documents necessary for performing of the operation, prior or after the operation. DEK-CO (UK) may reject performing of a payment operation for risks, risk of reputational damages or compliance reasons, for which DEK-CO (UK) shall not be responsible.
11.13. Client acknowledges and agrees that if DEK-CO (UK) disables access to the account/s or to any payment instrument by stopping the use of Client Identifying Credentials, or specific accounts, Client may be prevented from accessing the Service, Client’s account details or any files or other content which are contained in Client’s account or connected to Client account/s or payment instruments.
11.14. DEK-CO (UK) is not liable for declined payment transactions or lack of Service, due to lack of enough balance in the account , lack of Internet, or problems with hardware or software of Client, or exceeding the limits set by Client as allowed by the Service, or the general limits, determined by DEK-CO (UK), or any other reason beyond the reasonable control of the DEK-CO (UK).
11.15. Non-satisfaction of the conditions in these Terms and Conditions and/or DEK-CO (UK) Acceptance Policy, may result in immediate suspension of the Client's use of the Service, blocking of funds in Client’s account, right of DEK-CO (UK) to withhold funds in Client’s account for satisfaction of damages incurred by DEK-CO (UK), because of Client breach, claim by DEK-CO (UK) against Client, initiation of procedures before competent regulatory bodies or Card Organizations, and also termination of these Terms and Conditions without prior notice to Client.
12.1. In the absence of a written agreement providing otherwise, the amount of fees and charges for the Services shall be those given in the FEES. In case of services which are not listed therein, DEK-CO (UK) shall charge rates/amount fees and charges according to DEK-CO (UK) sole discretion. If Client does not agree with the Payment Institution’s charges, commissions or fees, Client has the right to terminate the Service as provided hereunder in Section 14 “Termination of the Business Relationship”.
12.2. Where DEK-CO (UK) has incurred expenses upon Client’s instructions, such as legal and notarial fees, court fees, maintenance costs, insurance fees, and so on, these expenses will be borne by the Client. Client agrees that the Payment Institution is authorized to debit the Client’s Account directly without having to obtain his/her consent each time a direct debit is made.
12.3. PERSONAL/BUSINESS FEES may be changed by DEK-CO (UK) unilaterally with 1 (one)-month notice to Client. Updates in FEES will be indicated on the website for the Service or via the online account, and the Client will be duly notified in accordance to the Terms and Conditions.
12.4. Currency conversion: If a transaction involves a currency conversion, it will be completed at a foreign exchange rate determined by DEK-CO (UK). DEK-CO (UK) may charge a foreign exchange fee expressed as a certain percentage above the exchange rate if such fee is stated in the Tariff. Foreign exchange rate is adjusted regularly based on market conditions (the wholesale exchange rate at which DEK-CO (UK) obtains foreign currency). The exchange rate may be updated daily by DEK-CO (UK) and may be viewed on the website for the Service or in the online account. The applicable exchange rate and the “Currency Converter” tool can be accessed through the online account of the Service and used to see what foreign exchange rates plus foreign exchange fee apply for a certain transaction, involving currency exchange.
12.5. Where a currency conversion is offered by DEK-CO (UK) at the point of sale Client will be shown the foreign exchange rate that will be applied to the transaction before authorizing the payment transaction on the website of DEK-CO (UK) for the Service. By proceeding with authorization of the payment transaction Client is agreeing to the currency conversion on the basis of the foreign exchange rate. Where a currency conversion is offered at the point of sale by the Merchant, not by DEK-CO (UK), Client chooses to authorize the payment transaction on the basis of the Merchant's exchange rate and charges, DEK-CO (UK) has no liability to Client for that currency conversion.
12.6. In case of an inward transfer in a currency different from the currency of the account, DEK-CO (UK) shall credit the account, converting the received amount into the currency of the account in accordance with the exchange rates “buy”/ “sell” for the relevant currency and the currency of the account. If DEK-CO (UK) does not quote the respective currency DEK-CO (UK) has the right to reject the transfer. DEK-CO (UK) exchange rates are defined in accordance with the relevant trade market scales of the currencies, so rates are subject of adjustment depending on the changes in the market conditions. DEK-CO (UK) shall apply the exchange rate in force in the day of crediting the account, which may be different from the one announced at DEK-CO (UK) premises or on the web site: www.paydek.com for the date of the operation. The exact exchange rate applied shall be indicated in the statement of account.
12.7. In case where the balance in Client’s account in certain currency is not enough to cover the amount of a certain transaction or debit operation DEK-CO (UK) shall be entitled not to execute the transaction or to debit another account of the Client in other currency. Client agrees and authorizes DEK-CO (UK) to debit the necessary amount from available balance in Client’s account held in other currency, applying the foreign exchange rate of DEK-CO (UK) for the date of the conversion, notified on DEK-CO (UK) website for the Service. The priority order for conversion of currencies in Client’s account is given after System’s default order or may be set by Client in which case DEK-CO (UK) is obliged to keep the manually determined order.
12.8. Payment transactions with Card, made in a currency other than the currency of the issued Card, will be converted by DEK-CO (UK) applying foreign exchange fee expressed as a certain percentage above the effective foreign exchange rate of the respective Card Organization for day in which the payment transaction has been executed, cleared or settled with the Card Organization. Foreign exchange fee is shown in the tariff and retained by DEK-CO (UK). All fees shall be charged to Client in the currency of the issued Card.
12.9. DEK-CO (UK) shall not be liable for any adverse effects arising as a result in fluctuations in currencies in the event that it retains funds in one currency and does not convert them to another or, conversely, if it converts currency into the business relationship currency from the currency in which they were received by it.
13.1. Client shall be fully liable for all losses incurred in respect of unauthorized transactions and/or all damages, notwithstanding the amount of the losses or damages, if Client has acted fraudulently or has, with intent or gross negligence, failed to comply with the present Terms and Conditions or law, including Client’s obligations to preserve the security of Client Identifying Credentials, providing access to Client’s account or other payment instruments.
13.2. Client shall be entitled to redress losses (excluding normal fees in case of Clients who are not Consumers) incurred by Client in respect of unauthorized or incorrect transactions made after Client has informed DEK-CO (UK) for the unauthorized or incorrect transaction and DEK-CO (UK) has been able to block the Account and/or Card or other payment instrument without undue delay in the day when the Client’s account was debited or within 7 (seven) days afterwards, and in case where Client is Consumer, no later than any longer period after the debit date, as provided in applicable legislation in the interest of consumer. DEK-CO (UK) will, on Client request, make efforts to trace the transaction and notify Client of the outcome. Where Client is entitled to redress, DEK-CO (UK) will refund the amount of the unauthorized transactions, less applicable fees as per FEES, by crediting Client’s account.
13.3. Client agrees to indemnify, defend and hold harmless DEK-CO (UK), from and against any losses or negative balance on Account or Cards, resulting from any and all actions, causes of actions, claims, demands, liabilities, judgments, damages or expenses (collectively, "Claim" or "Claims") which DEK-CO (UK) may at any time during the term of these Terms and Conditions or within 5 (five) years after its termination incur, sustain or become subject as a result of any Claim and: (a) connected to the Client’s or his employees, agents or sub-contractors, using the Service; or (b) arising out of the Client’s or his employees, agents or sub-contractors, or end customers using the Service, wilful acts or omissions, gross negligence, or other similar wrongdoings or claims, or fraud, charge back, including, but not limited to amounts and fees debited or charged by Card Organizations for charge back, initiated by Client offline transactions, recurring transactions, currency conversions, preauthorization, manual operations, stand-in process, system malfunction, or other unlawful use; or (c) arising from Client’s or his employees, agents or sub-contractors, or end customers using the Service, failure to comply with any law or regulation including but not limited to AML, data protection laws and other rules and regulations. Client agrees that DEK-CO (UK) is authorized to satisfy immediately as they become due any obligations of Client by debiting or withdrawing directly funds from the Client’s account, or from Security provided by Client (if Security is provided), or any outstanding sums owed by DEK-CO (UK) to Client. DEK-CO (UK) shall inform Client on the ground, amount and value date of such withdrawals, unless it is forbidden by law or regulations for AML or security reasons to make such notice.
13.4. In case of delay for payment of amounts due to DEK-CO (UK), Client shall owe a penalty for delay in the amount of the statutory interest according to the Payment Service Regulations 2017.
13.5. Right of Retention: DEK-CO (UK) may exercise a right of retention over all Client’s funds in Client’s account/s with the Bank until all outstanding fees, costs, charges, expenses and liabilities due to DEK-CO (UK) have been paid in full.
13.6. Without prejudice to the above, Client agrees and acknowledges that the reporting and payment of any applicable taxes, which by law are obligations of Client, is Client’s responsibility and liability. Client hereby agrees to comply with any and all applicable tax laws.
14.1. Client acknowledges and agrees that DEK-CO (UK) may stop providing the Service to Client, as provided in the present Terms and Conditions. Client may stop using the Service at any time, without need to inform DEK-CO (UK) when Client stops using the Service. The Terms and Conditions will continue to apply until terminated either by Client or DEK-CO (UK), as set out below.
14.2. If Client wants to terminate legal Terms and Conditions with DEK-CO (UK), Client may do so immediately and without charge for termination at any time by:
14.3. In case of any risk of damages for DEK-CO (UK), resulting from reversals, chargebacks, claims, fees, fines, penalties, Client’s non-compliance with AML/FT or other regulations and other similar liabilities arising from Client‘s use of the Service, DEK-CO (UK) may hold the Client’s funds for up to 180 (one hundred and eighty) days even after Termination of Terms and Conditions or shorter or longer period, as required by the law, including laws in favor of the consumer. Client will remain liable for all obligations arising under these Terms and Conditions even after Termination of Terms and Conditions and/or closing of account.
14.4. DEK-CO (UK) may, at any time close account or accounts of Client, or terminate the Terms and Conditions with Client, without notice if:
14.5. Unless a shorter period is provided in these Terms and Conditions, as permitted by law, DEK-CO (UK) may, at any time, terminate the Terms and Conditions by giving Client 2 (two) months' notice.
14.6 When these Terms and Conditions comes to an end, all of the legal rights, obligations and liabilities that Client and DEK-CO (UK) have benefited from, or which have accrued over time whilst the Terms and Conditions has been in force, or which are expressed to continue indefinitely, will be unaffected by this cessation, and the provisions of clause 20.5 will continue to apply to such rights, obligations and liabilities indefinitely.
14.7.1. Individuals: DEK-CO (UK) will assume that the relationship between the Payment Institution and the Client persists until the Payment Institution is notified in writing about the death of the Client. The Payment Institution must be notified by who is legally vested with the rights and obligations to act on behalf of Client’s affairs and will take instructions from him/her/them. Such person may be the heir, legatee, administrator, executor or otherwise. The Payment Institution shall be entitled to receive to its satisfaction such evidence, at Client’s cost, as may be required by the Payment Institution to establish the proper entitlement and authority of the person claiming to be in charge of acting on behalf of Client’s affairs and the Payment Institution shall not be bound to act upon such instructions until such time as the Payment Institution is satisfied of such authority.
14.7.2. Legal Entities: In the event that Client is placed into liquidation, bankruptcy or administration or any other analogous process wherein a liquidator, curator or trustee or similar officer is appointed and in whom legal authority and representation is vested, to the exclusion of the persons Client may have nominated in the Payment Institution Mandate, the Payment Institution shall be entitled to receive to its satisfaction such evidence, at Client’s cost, as the Payment Institution may require to establish the proper entitlement and authority of the person claiming power to give the Bank instructions and the Payment Institution shall not be bound to act upon such instructions until such time as the Payment Institution is satisfied of such authority. In case where the legal entity or organization is dissolved, the successor of the assets in the account has to provide to the Payment Institution a legal document, proving that he is the successor of the assets in the account and he/she is entitled to dispose of these assets. The Payment Institution may have additional requirements for identification and verification of a successor of the assets in the account or other documents prior to providing access to the account or afterwards.
15.1. DEK-CO (UK), its Agents/make no express warranties or representations with respect to the provision of the Service. In particular, DEK-CO (UK), its Agents/ do not warrant to Client that:
15.2. No conditions, warranties or other terms (including any implied terms as to satisfactory quality, fitness for purpose or conformance with description) apply to the Service, except to the extent that they are expressly set out in the present Terms and Conditions.
15.3. The Payment Institution shall not be liable for:
15.4. Nothing in the Terms and Conditions will affect those mandatory statutory rights to which Client is entitled as a consumer and that Client cannot contractually agree to alter or waive.
16.1. Nothing in the Terms and Conditions will exclude or limit DEK-CO (UK)’s liability for losses which may not be lawfully excluded or limited by these Terms and Conditions or by applicable law.
16.2. Subject to clause 16.1 above, DEK-CO (UK) will not be liable to Client for:
17.1. Client agrees that DEK-CO (UK) may make changes to the Terms and Conditions from time to time. DEK-CO (UK) shall give Client 2 (two) months' notice of changes in the Terms and Conditions, unless shorter period is necessitated by a Regulatory change, or is allowed by law, by e-mail sent to Client e-mail address and/or by notifying Client in the online account or the website of the Service before their proposed date of entry into force.
17.2. Client understands and agrees that Client will be deemed to have accepted the changes unless Client notifies DEK-CO (UK) to the contrary by notice, as provided in clause 18.5 below, prior to the date on which the changes are to come into effect, in which case the Terms and Conditions will terminate without charge for termination immediately before the effective date of the changes.
17.3. Nothing in this Section 17 will limit:
18.1. All information will be made available or provided to Client in an easily accessible manner, in easily understandable language, in a clear and comprehensible form and in English.
18.2. Statements, notices and other communications to Client may be made by mail, e-mail, postings on the DEK-CO (UK)’s website for the Service or other reasonable means.
18.3. DEK-CO (UK) may communicate with Client regarding the Service by means of electronic communications, including (a) sending e-mail to Client e-mail address or (b) posting notices or communications on DEK-CO (UK)’s website for the Service. Client agrees that DEK-CO (UK) may send electronic communications to Client in relation to any matter relating to Client use of the Service, including the Terms and Conditions (and revisions or amendments to the Terms and Conditions), notices or disclosures regarding the Service and payment authorizations. Particular communications will be handled as follows:
18.4. Client should maintain copies of electronic communications by printing a paper copy or saving an electronic copy, and information that is provided to Client in an electronic format is provided under the assumption that Client will be able to print or save such information.
18.5. Any notice sent to DEK-CO (UK) under these Terms and Conditions should be sent by registered post to DEK-CO (UK)’s address of registered office, stated above in the Terms and Conditions, except that:
I represent that I am contacting Paydek exclusively on my own initiative to open an account without having received any solicitation or advertising from Paydek or pursuant to any personal communication initiated by a Paydek representative or agent.
20.1. Any claim or dispute arising under the Terms and Conditions or as a result of the provision of the Service by DEK-CO (UK) should, in the first instance, be referred to DEK-CO (UK) in writing to the:
DEK-CO (UK) LIMITED
or via e-mail to: email@example.com
The Client has to clearly state the reasons for complaint. DEK-CO (UK) shall try to resolve the complaint, within reasonable term upon receipt of clear and correctly submitted complaint. The Payment Institution will then investigate and, where appropriate and necessary, take immediate action to rectify the situation. The Payment Institution also undertakes to take the necessary steps to prevent a recurrence. All complaints will be acknowledged and the Client will be informed accordingly of the investigation’s outcome. If the Client is still dissatisfied with the outcome of the Bank’s investigation, he/she may direct his/her complaint to:
The Financial Ombudsman Service
London E14 9SR
or by calling
+44 20 7964 0500
21.1. Unless otherwise expressly stated in the Terms and Conditions or FEES, all amounts stated in the Terms and Conditions are denominated in United States Dollars (USD).
21.2. Sometimes Agents of DEK-CO (UK) may provide all or part of the Service to Client on behalf of DEK-CO (UK). Client acknowledges and agrees that DEK-CO (UK) has the right to use Agents to provide the Service to Client.
21.4. Client agrees that if DEK-CO (UK) does not exercise or enforce any legal right or remedy which is contained in the Terms and Conditions (or which DEK-CO (UK) has the benefit of under any applicable law), this will not constitute a waiver of DEK-CO (UK)’s rights and that those rights or remedies will still be available to DEK-CO (UK).
21.5. If any court of law having the jurisdiction to decide on a matter relating to the Terms and Conditions rules that any provision of the Terms and Conditions is invalid in respect of a certain Client or Client, who is a Consumer, then that provision will be removed from the Terms and Conditions with this Client without affecting the rest of the Terms and Conditions. The remaining provisions of the Terms and Conditions will continue to be valid and enforceable.
21.6. Client may not assign Client rights under the Terms and Conditions or otherwise sub-contract or transfer any of Client rights or obligations under the Terms and Conditions without the prior written consent of DEK-CO (UK).
21.7. DEK-CO (UK) may transfer its rights and obligations under the Terms and Conditions to third party which is licensed as banking, payment or e-money institution giving to Client at least two-month notice previous the date of the transfer per e-mail. In case of such transfer and if Client disagrees with it DEK-CO (UK) shall provide the Client the possibility to terminate the Terms and Conditions free of penalties.
21.8. Both Parties agree that the authentic and/or correct execution of transactions and operations shall be proven with print-outs or statements printed or generated from DEK-CO (UK) IT systems, such as the platform of DEK-CO (UK) for accounts, the online account of Client, the website of DEK-CO (UK) for the Service, Card System of DEK-CO (UK) or BIN Sponsor, Issuer or Acquirer, or other software systems or platforms used by DEK-CO (UK) in the capacity of regulated bank or its Agents/Distributors or sub-contractors, in their capacity of authorized Agents/Distributors or sub-contractors of DEK-CO (UK), licensed to use software or platforms of DEK-CO (UK).
21.9. “DEK-CO (UK)”, “DEK-CO (UK) Card”, www.paydek.com and all related URLs, logos, marks or designs, software, interfaces or other related to the Services, including logos and marks of Card Organizations are protected by copyright, trademark registration or Patent or other intellectual property right of DEK-CO (UK) or third party Licensor. Client may not use, copy, imitate, modify, alter or amend, sell, distribute or provide them without DEK-CO (UK)’s prior written explicit consent to do so in a separate Terms and Conditions.
We are an authorized payment institution regulated by the UK Financial Conduct Authority. The manner in which we hold customer deposits is not subject to the Financial Services Compensation Scheme.
Instead, we are required to protect customers' funds by what is known as "Safeguarding", which refers to the manner in which customers' funds are moved into a segregated account known as a "Safeguarding Account". A Safeguarding Account exists to ensure that customers' funds are kept separate from a payment institution's own assets and funds, and are always readily available to return to customers, even if a payment institution becomes insolvent.
Our Safeguarding Account is held at Nano Banc, which provides regular confirmation of our Safeguarding arrangements.
DEK-CO (UK) is an authorized payment institution established under the Laws of United Kingdom.
DEK-CO (UK) is licensed to provide payment account and money remittances to clients worldwide.
Registered office and head office is situated at
DEK-CO (UK) LIMITED
FIRST FLOOR 22 CITY ROAD
Telephone Number: +44 (160) 430-0044