PREPAID ISLAND PAY Non-Reloadable MASTERCARD® CARD CARDHOLDER AGREEMENT
Important: PLEASE READ THIS AGREEMENT CAREFULLY AND RETAIN IT FOR YOUR RECORDS.
The following terms and conditions govern your use of the Island Pay non-reloadable prepaid MasterCard card. By accepting, signing or using the prepaid MasterCard card, you are agreeing to these terms and conditions.
The term “Card” refers to the prepaid MasterCard card issued by Island Pay. The value of the funds that are loaded onto the Card and are available for spending is referred to herein as the “Balance.” “Cardholder” means an individual who activates, receives and/or uses the Card. “. “Transaction Amount” means the amount that is debited from the Balance in connection with your use of the Card, which amount includes both the amount of the Balance to be transferred and the fees imposed to complete the transaction. Island Pay is the issuer of the Card. “MasterCard” means MasterCard International and its successors and assigns. “We”, “us,” and “our” each mean Island Pay. “You”, “your” and “yours” each mean the Cardholder.
IMPORTANT INFORMATION ABOUT THE CARD
The Card is a prepaid Card that can be used anywhere that MasterCard cards are accepted, including mail order, online and point of sale retail merchants, subject to the terms of this Agreement. You may not use your Card to obtain cash from an Automated Teller Machine (“ATM”), Point-of-Sale (“POS”) device, or by any other means. The MasterCard logo is featured on your Card and will be imprinted along with the issuer’s name. The Card is not a credit card or debit card and its usage will not improve your credit rating. No interest, dividends, or other earnings will be paid on the Balance. Neither the Card nor the Balance is a deposit account with Island Pay or any other financial institution. The Card is not reloadable, returnable or refundable, and may not be cancelled by you. You shall have no right to write cheques on or demand repayment of the outstanding Balance, and your rights relating to the Card are strictly limited to the right to use the Card in accordance with this Agreement as payment for goods and services from merchants who accept MasterCard debit cards.
OWNERSHIP OF THE CARD
The Card is and will remain the property of Island Pay. However, you will be solely and completely responsible for the possession, use and control of the Card. You must surrender the Card to us immediately upon request.
ACTIVATING THE CARD
The Card has no value until it is activated by the Kiosk at the time of purchase. We recommend that you write down the Card number and the customer service number on a separate piece of paper in case the Card is lost or stolen.
USE OF THE CARD
You may use the Card to make purchases with the Card up to the Balance in accordance with this Agreement, subject to any fees or other charges described in this Agreement. The Card may not be used for gambling or for any illegal transactions or purposes. You will not receive a personal identification number (PIN) for your Card. You may not request an additional Card for another person. If you authorize another person to use the Card you agree, to the extent permitted by law, that you will be liable for all transactions arising from use of the Card by such person.
To use the Card, simply present the Card at the time of payment, and sign the receipt with the same signature you used when you signed the Card. You may wish to retain the receipt as a record of the transaction. As you use the Card, the Balance will be reduced by the full amount of each purchase including applicable taxes, charges and other fees, if any. The Card can be used to pay the full amount of the purchase and applicable taxes, charges and other fees so long as the Balance remaining on the Card is sufficient. If you want to make a purchase for an amount greater than the remaining Balance, you must notify the merchant before completing the transaction. Some merchants do not allow cardholders to conduct split transactions (where you use the Card as partial payment for goods and services and pay the remainder of the balance with another form of legal tender). If you wish to conduct a split transaction and it is permitted by the merchant, you must tell the merchant to charge only the exact amount of funds available in the Card Account to the Card. You must then arrange to pay the difference using another payment method. Some merchants may require payment for the remaining balance in cash. If you fail to inform the merchant that you would like to complete a split transaction prior to swiping your Card, your Card is likely to be declined.
When you use your Card to pay for goods or services, certain merchants may ask us to authorize the transaction in advance and may estimate its final value. When we authorize the transaction, we commit to make the requested funds available when the transaction finally settles and may place a temporary hold on your available Balance for the amount indicated by the merchant. Some merchants may also add an amount to ensure that sufficient funds will be available to cover the final transaction (such as an estimated tip). If the amount of the authorization request exceeds your Balance, the transaction may be declined. Transactions at certain merchants that authorize high dollar amounts, especially rental car companies and hotels, may cause an “authorization” or a “hold” on your available Balance for up to 90 days. Until the transaction finally settles or we determine that it is unlikely to be processed, the funds subject to the hold will not be available to you for other purposes. We will only reduce your Balance for the correct amount of the final transaction, but we will only release any excess amount when the transaction finally settles. Please note that we may not manually release authorizations without a certified letter or fax from the merchant. In addition, if you commence a purchase and the merchant obtains an authorization, and then you cancel the purchase without completing it, the authorization may still result in a temporary hold for that amount of funds for 10 days, or longer in some cases.
You agree that we are not required to verify the signature on any sales draft prepared in connection with a transaction on your Card and we may authorize and process a transaction even if the signature on the sales draft is different than the signature on your Card. You do not have the right to stop the payment of any transaction you conduct with the Card. You may not make pre-authorized regular payments through the use of your Card. We are not liable to you for declining authorization for any particular transaction, regardless of our reason.
INFORMATION ABOUT BALANCES
You should keep track of the Balance remaining on your Card. You may call us at any time using the Customer Service number shown on your Card to obtain the current Balance amount. You may also request information about previous transactions by calling Customer Service or visiting www.islandpay.com. Your Balance will reflect all transactions that have been posted to our system. To reach Customer Service, call the number on the back of your Card.
If you have a question or a problem about a posted transaction (for example, a transaction that appears to be a duplicate transaction) you must notify us immediately and no later than sixty (60) days from the date of the transaction or you will be deemed to have accepted such posted transaction. You must tell us your Card number, the date and dollar amount of the error, and explain as clearly as possible why you believe there is an error. If we ask you to put your dispute in writing, you agree to do so within five (5) business days of our request. We will investigate and will notify you of the results of our investigation within sixty (60) business days.
TRANSACTIONS IN EXCESS OF REMAINING BALANCE
It is your responsibility to keep track of your spending on the Card. If you attempt to use the Card when there is insufficient Balance available to cover the full Transaction Amount, the transaction in most instances will be declined. However, if due to a systems malfunction or for any reason whatsoever, a transaction occurs despite insufficient Balance on the Card, creating a negative amount, you agree to reimburse us, upon request, for the amount of the Transaction Amount in excess of the Balance.
TRANSACTIONS MADE IN FOREIGN CURRENCIES
If you make a transaction in a foreign currency, the transaction will be converted by MasterCard into a US dollar amount in accordance with the operating regulations or conversion procedures in effect at the time that the transaction is processed. The currency conversion rate in effect on the processing date may differ from the rate in effect on the transaction date or the posting date. A Foreign Transaction Fee of $1.5+2.5% of the amount of the transaction will be charged (see “Fees” below).
Please note that the Card has an “expiry date” imprinted on the face of the Card. The Card may not be used after the expiry date.
We encourage you to use your Card soon! Except where prohibited by law, a monthly Service Fee of $0.95 per month will be applied against the Balance of the Card beginning in the first month when the Card was purchased. The Service Fee will not be charged once the balance on the Card reaches $0.00. If you have any questions about the monthly Service Fee, please call Customer Service. An inactivity fee will be charged when the card has no activity for 60 consecutive calendar days. A dormancy fee will be charged if the card has not activity for 90 days.
Activation Fee $5
Monthly Service Fee $0.95 per month, beginning in the first month after the Card is purchased.
Foreign Transaction Fee $1.5 + 2.5% of the amount of the foreign transaction
Inactivity fee $2.95
Dormancy fee $1.95
PROTECTION AGAINST LOSS, THEFT, OR UNAUTHORIZED USE
You agree to protect your Card against loss, theft, or unauthorized use by taking all reasonable precautions. If your Card has been lost or stolen or if you have reason to believe that someone has made an unauthorized transaction with your Card or may attempt to use your Card without your permission, you agree to notify us IMMEDIATELY by calling Customer Service. All transactions carried out prior to such notification shall be deemed to have been authorized by you. You will be asked to provide us with your name, the Card number, the expiry date, the original Card value and transaction history. We cannot re-issue a Card if you do not have your Card number.
If our records show that a Balance still remains on the Card, we will deactivate the Card and make such Balance amounts available to you on a re-issued Card. A $9.95 fee will apply to cover printing, shipping and handling a re-issued card to replace your lost, stolen or deactivated card. It may take up to 30 days to process your re-issue request. The Card may be deactivated at any time if fraud is suspected. You agree, to the extent permitted by law, to cooperate completely with us in our attempts to recover from unauthorized users and to assist in their prosecution.
NO WARRANTY OF AVAILABILITY OR UNINTERRUPTED USE
From time-to-time Card services may be inoperative, and when this happens, you may be unable to use your Card or obtain information about the Balance on your Card. Please notify us if you have any problems using your Card. You agree that we are not responsible for any interruption of service.
CHANGE OF TERMS
We will not increase any fees associated with your Card or impose any fees other than those listed above. Otherwise, subject to the limitations of applicable law, we may at any time change or remove any of the terms and conditions of, or add new terms or conditions to, this Agreement and will notify you of such changed or new terms by posting the then current terms of this Agreement on our website at www.islandpay.com. As of the effective date included in any notice posted on our website, the changed or new terms will apply to the Card, including, without limitation, all future transactions made using the Card.
Notwithstanding the foregoing, advance notice of any changed or new terms may not be given if it is necessary to make any such change immediately in order to maintain or restore the security of the Card or any related payment system or comply with applicable law. We may, in our sole discretion, cancel or suspend this Agreement or any features or services of the Card at any time, with or without cause, and without prior notice to you.
PURCHASE DISPUTES AND REFUNDS
If there is any dispute in regard to purchases you make using the Card, you agree to settle such disputes with the merchant from whom the purchase was made. We are not responsible for any problems that you may have with any goods or services that you purchase with your Card, whether with regard to quality, safety, legality, or any other aspect of your purchase. If you are entitled to a refund for any reason for goods or services obtained with the Card, you agree to accept credits to the Balance on your Card in place of cash.
ASSIGNMENT AND WAIVER
At our sole discretion, we may assign our rights and responsibilities under this Agreement at any time and without notice to you. This Agreement will ensure to our benefit and the benefit of our successors and assigns and remains binding on you and your executors, administrators, successors, representatives and permitted assigns, as applicable. In the event we provide you with a credit or payment with respect to any problem arising out of any transaction made with the Card, you are automatically deemed to assign and transfer to us any rights and claims that you have, had or may have against any third party for an amount equal to the amount we have credited to your Card or paid to you. You agree that you will not pursue any claim against or reimbursement from such third party for the amount that we paid or credited to your Card, and that you will cooperate with us if we decide to pursue the third party for the amount paid or credited. If we do not exercise our rights under this Agreement, we do not waive our right to exercise them in the future.
DISCLAIMER OF WARRANTIES
EXCEPT AS EXPRESSLY OTHERWISE PROVIDED IN THIS AGREEMENT, WE MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND TO YOU, WHETHER EXPRESS OR IMPLIED, REGARDING THE CARD, CUSTOMER SERVICE FUNCTIONS, OR ANY OTHER SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR THOSE ARISING BY STATUTE OR OTHERWISE IN LAW OR FROM A COURSE OF DEALING OR USAGE OF TRADE.
LIMITATION OF LIABILITY
EXCEPT AS OTHERWISE EXPRESSLY REQUIRED BY THIS AGREEMENT OR APPLICABLE LAW, WE WILL NOT BE LIABLE TO YOU FOR PERFORMING OR FAILING TO PERFORM ANY OBLIGATION UNDER THIS AGREEMENT UNLESS WE HAVE ACTED IN BAD FAITH. WITHOUT LIMITING THE FOREGOING, WE WILL NOT BE LIABLE TO YOU FOR DELAYS OR MISTAKES RESULTING FROM ANY CIRCUMSTANCES BEYOND OUR CONTROL, INCLUDING, WITHOUT LIMITATION, ACTS OF GOVERNMENTAL AUTHORITIES, NATIONAL EMERGENCIES, INSURRECTION, WAR, RIOTS, FAILURE OF MERCHANTS TO HONOR THE CARD, FAILURE OF MERCHANTS TO PERFORM OR PROVIDE SERVICES, FAILURE OF COMMUNICATION SYSTEMS, OR FAILURES OF OR DIFFICULTIES WITH OUR EQUIPMENT OR SYSTEMS. WITHOUT LIMITING THE FOREGOING, WE WILL NOT BE LIABLE TO YOU FOR ANY DELAY, FAILURE OR MALFUNCTION ATTRIBUTABLE TO YOUR EQUIPMENT, ANY INTERNET SERVICE, ANY PAYMENT SYSTEM OR ANY CUSTOMER SERVICE FUNCTION. IN THE EVENT THAT WE ARE HELD LIABLE TO YOU, YOU WILL ONLY BE ENTITLED TO RECOVER YOUR ACTUAL AND DIRECT DAMAGES. IN NO EVENT SHALL YOU BE ENTITLED TO RECOVER ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY OR SPECIAL DAMAGES (WHETHER IN CONTRACT, TORT OR OTHERWISE), EVEN IF YOU HAVE ADVISED US OF THE POSSIBILITY OF SUCH DAMAGES.
The parties attorn to the jurisdiction of The Bahamas and this Agreement shall be construed in accordance with and governed by the laws of the Bahamas applicable therein.
This Agreement sets forth the entire understanding and Agreement between you and us, whether written or oral, with respect to the subject matter hereof and supersedes any prior or contemporaneous understandings or agreements with respect to such subject matter.
Section headings in this Agreement are for convenience of reference only, and shall not govern the interpretation of any provision of this Agreement.
If any of the terms of this Agreement are invalid, changed by applicable law or declared invalid by order of court or regulatory authority, the remaining terms of this Agreement shall not be affected, and this Agreement shall be interpreted as if the invalid terms had not been included in this Agreement.
WEBSITE AND AVAILABILITY
Although considerable effort is expended to make our website and other operational and communications channels available around the clock, we do not warrant these channels to be available and error free every minute of the day. You agree that we will not be responsible for temporary interruptions in service due to maintenance, website changes, or failures, nor shall we be liable for extended interruptions due to failures beyond our control, including but not limited to the failure of interconnecting and operating systems, computer viruses, forces of natures, labor disputes and armed conflicts.
You agree to act responsibly with regard to the website and its use. You will not violate any laws, interfere or disrupt computer networks, impersonate another person or entity, violate the rights of any third party, stalk, threaten or harass anyone, gain any unauthorized entry, or interfere with the website’s systems and integrity.
We shall not bear any liability, whatsoever, for any damage or interruptions caused by any “computer viruses” that may affect your computer or other equipment. We advise the regular use of a reputable and readily available virus screening and prevention software.