This card is issued by Cornercard UK Limited pursuant to license by Mastercard International. Cornercard UK Limited is authorised by the Financial Conduct Authority to conduct electronic money services activities under the Electronic Money Regulation 2011 (Ref: 900186).
Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
TallyMoney Ltd Customer Terms and Conditions
What is Tally?
TallyMoney Ltd (‘Tally’ or ‘us’ / ‘we’) is an Electronic Money Directive (‘EMD’) Agent (Financial Conduct Authority (‘FCA’) Reference Number 902059) under the FCA-licensed E-Money Institution, PayrNet Limited (FCA Reg. No. 900594). Your (or, ‘he/she’, ‘him/her’, or ‘you’ as the ‘applicant’, ‘customer’ / ‘client’) usage of the Tally smartphone banking app (‘Tally app’) is governed by these terms and conditions (“Terms”). Please read these Terms carefully before you use the Tally app, as these Terms govern the opening, usage and closing of your Tally account and other payment services relating to same.
How can you contact us or learn more about us?
If you have comments or questions, please contact firstname.lastname@example.org. Additionally, we recommend that you familiarise yourself with our “Frequently Asked Questions” published on our App and Website. If you prefer, you may also call us on 0203 8580373 or write to us at TallyMoney Ltd, Salisbury House, London Wall, London EC2M 5QQ. Our response method and timing will vary depending upon the circumstances, but any response will be in English via the Tally app, email, phone, text message or letter to your home address. If we communicate with you by telephone, you accept that your call may be recorded and may be used as evidence in any dispute between the parties. If any of your contact information changes, please let us know as soon as possible.
- Accepts that this Agreement documents the contractual relationship between Tally and the Customer. A hard copy of this Agreement shall constitute proof and evidence in a Court of Law of the commercial and other terms of this contractual relationship.
- Accepts that in the event of a discrepancy between these terms and the content of the Website, the terms of this Agreement will always hold precedence.
- Represents that he/she has fully read and understood the terms of this Agreement.
- Consents to be bound by the terms of this Agreement, and by the rights and obligations created here within.
- Accepts that he/she agrees to benefit from using the Tally transactional platform as was intended by the company founders and is provided for in this Agreement.
- Acknowledges that Tally reserves the right to close his/her account, selling his/her gold holdings and return his/her funds to him/her in cash (at full prevailing current market value, less any and all commissions and fees due), if Tally reaches the conclusion that the customer has breached any of the Terms, without any recourse from the customer, or future liability for Tally.
- Accepts that Tally may change the App, or the Website and products or services offered in relation to same, without first notifying the customer.
1. Introduction and purpose of our business relationship
The Tally transactional platform is a service that, upon acceptance by Tally of an applicant’s application to transact on the Tally app, allows customers to easily and cost effectively buy, hold sell or transfer gold through the Tally app. You have chosen to use Tally’s service for these reasons and understand that by using the service, Tally will follow the fees structure as modified from time to time and located within the app under the Fees Table (‘Fees Table’). Tally reserves the right to change its fees, charges and limits structure, with notice. You accept that Tally may earn a profit from your use of Tally’s service. For the avoidance of doubt, Tally is not a bank but is registered by the FCA as an EMD agent. Tally is a holding of gold which can be used to make purchases through a deposit & payment account with an individual IBAN, rather than a current account with an individual IBAN. Accordingly, a Tally account cannot receive interest on the unspent balance, can only receive funds electronically, and does not qualify for the up to £85,000 protection under the FSCS. However, Tally’s storage partners also provide industry specific insurance cover to protect your gold holding, as more fully described in Section 8 herein.
2. Registering in the Tally App and Creating an Account
a) Applicants may establish an account and become a Tally customer by completing the registration procedure set forth in the Tally App, which process also utilises the applicant’s valid email address
b) Tally relies on the information submitted by the applicant, and the applicant warrants the accuracy and completeness of all this information. To open a Tally account, an applicant has to be a minimum of 18 years old. When doing our reference checks, this will be confirmed. Additionally, the Customer shall notify Tally immediately of any changes to the information he/she provided when registering to create an account via the Tally App;
c) The Customer accepts that, upon Tally’s acceptance of the Customer’s application to create an account and use the Tally app:
i) He/she must use his/her Tally App and account in accordance with the terms of this agreement
ii) He/she is obligated to comply with any instructions that relate to the maintenance of his/her Tally account and/or use of the Tally App;
d) Upon Tally’s approval of the applicant’s registration, the new customer must comply in full with this Agreement at all times. Tally reserves the right to restrict the Customer’s usage of the Tally app where Tally believes there has been improper use of its service. Such restrictions can prevent the Customer from accessing his/her account or the Tally app.
3. Data Protection
4. Verifying the customers’ identity
To comply with the relevant Know-Your-Client and Anti-Money Laundering Regulations (e.g., Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and the Proceeds of Crime Act 2002, Tally and/or its partners are obliged to verify its customers’ registration information. A recognised agency may be used for verification purposes and details of the agency may be provided to you upon request.
5. Using the Tally App
b) You therefore take full responsibility and liability for all transactions and instructions carried out on the Tally app;
c) Your buying, selling, holding and transferring of Tally via the Tally app will be accepted by Tally provided you have sufficient funds of the relevant currency in your Tally account;
d) All transactions are recorded electronically using Tally as the unit of account. Each Tally is one milligram of physical allocated gold;
e) Tally requires that you can only deposit from a single bank account that is registered with the same details as the Tally account holder. When paying into your account, you will be asked for the following, and these can be found in the Tally app under ‘Buy Tally’ or ‘Make a Bank Transfer’:
- Account number
- Sort code
- Subject reference/unique code
i) You can transfer or “gift” Tally to or from another person as long as they have a Tally account. You will need to have the person’s email and Tally ID to send Tally to his/her account.
ii) On occasion, we may introduce certain specific offers or promotions intended to benefit the Customer. These certain specific offers may be subject to additional, separate terms and conditions that shall sit alongside these Terms and Conditions. In any case, any and all Tally offers or promotions shall be contingent upon the Customer first transferring and depositing an amount from his/her named bank account into Tally prior to us crediting the Customer with the amount of Tally that is detailed in the subject of the relevant offer or promotion.
g) You bear responsibility for the security of your Tally account by keeping your login details, card and PIN secure. If you need to change your password, you can do so within the app by clicking Forgotten Password and inputting the email address connected to your account.
We advise that you check your account regularly, and if you see any suspicious transaction in the app or you have lost your card, please get in touch with us straight away so we can stop any other activity within your account, and you will receive acknowledgement within 2 working days and a response to the matter by a senior officer of the company. The sooner you let us know the better we can assist you in get your money back.
But you won’t be able to claim money back you have lost if:
- You have not kept your login details, card and PIN safe
- You input the incorrect information (however we will still try to help with this matter)
- You allow Tally to correct administrative errors or if someone has set money into your account by mistake and return the funds to them.
h) You undertake to use the Tally services for legitimate purposes only. In particular, you undertake not to
i. engage in any activity which has the purpose or effect of causing damage to, or in any way hindering Tally’s business operations or generating or increasing a liability on Tally, including without limitation any tax, levy or duty collecting authority; or
ii. manipulate the Tally market in bad faith or in a manner which Tally believes has the purpose or effect of adversely affecting the integrity of the transactional platform.
i) You will not attempt to hack, make unauthorised alterations or introduce any kind of malicious code, or virus to the Website or the Company by any means. Unless given prior written approval from Tally, you will not (a) reverse engineer or decompile (whether in whole or part) any software available through the Website; or (b) make copies, modify, reproduce, transmit, alter or distribute all or any part of the Website or any material or information contained on it.
j) You will not disguise or interfere in any way with the IP address of the smartphone you are using to access the transactional platform or otherwise take steps to prevent Tally from correctly identifying the actual IP address of the smartphone you are using whilst accessing the transactional platform.
k) You understand and accept that any and all of the intellectual property rights including trademarks, service marks, trade names, copyright and other rights used or embodied by Tally, the Tally App or the tallymoney.com Website are and shall at all times remain the company’s property;
l) All information, content, and material presented to Tally’s customers by Tally, excluding information specific to a customer’s Tally account, remains the property of Tally. Customers may not reproduce, disclose, or circulate such information without the written consent of Tally;
m) The Customer acknowledges and accepts that he may have his/her Tally account (and corresponding usage of the Tally app) restricted at any time where Tally has reasonable grounds to believe that the user is compromising the intellectual property rights of Tally or engaging in an activity which, in Tally’s opinion is potentially a threat to its operation or the smooth running of the business.
6. Products and markets on Tally
a) Some products and markets on Tally are offered in conjunction with commercial partners of Tally;
b) The details, fees and nature of these products will be made clear on the relevant market page;
c) In offering these products and markets, Tally will only work with highly respected third parties to ensure integrity of product and market;
d) Some of these products may involve some product management by the relevant Tally commercial partner, and by agreeing to this Agreement you accept this situation as well as the commercial partner’s expertise and agree to this third-party service provision;
e) Buying into such a product or market requires you to transact exactly the same as if you were buying gold on Tally;
7. Custody of your money
a) Tally will do its best to ensure that client funds are always deposited and held at a bank of adequate and reputable standing;
b) Tally holds the responsibility for ensuring that all client deposits are received and held in the designated client accounts with its partner bank;
c) Tally confirms that its partner bank acknowledges that funds held in the client segregated accounts are client monies held in custody by Tally;
d) Tally has the right to manage monies held in the designated client account.
e) Tally will ensure that at all times there are sufficient funds in the designated client account to pay back the cumulative cash balances of all Tally accounts, and to have said monies at call within a business day;
f) Customers’ withdrawal instructions are only processed after having been approved by an operations operative and senior company officer;
g) Tally will display a daily reconciliation of Tally’s client funds at the partner bank to enable the Customer to check these against Tally’s own records of client monies held as cash on Tally’s server (i.e. – the total funds that all Tally’s clients hold in their Tally accounts as cash);
h) You agree to fund your Tally account from your validated bank account;
i) Tally expects, and it is your responsibility to ensure that your bank provides the following with each transfer to Tally:
- Bank name
- Branch name/code
- Account name
- Account number
- Your 6-character unique depositing reference;
j) Any failure by your bank to provide the information listed in i) above could delay your Tally account being credited. Deposits from un-validated bank accounts can be held by Tally until the Customer provides satisfactory remittance information;
k) Where client remittance details are provided independently of the bank transfer, Tally retains the right to suspend withdrawals from the affected Tally account for a discretionary period;
l) Tally will not accept cheques, cash, banker’s drafts or unreferenced deposits as a means of crediting a Tally account. All deposits must take the form of cleared funds from bank accounts, that are identifiable from their associated unique depositing reference;
m) Where Tally is not satisfied with the source of a deposit, Tally retains the right to return the funds minus any associated costs;
n) Where reasonable supporting evidence can be provided by the Customer regarding source of funds, Tally is entitled to use its discretion and allow crediting of a Tally account;
o) Tally is entitled to ask for as much detail as it requires regarding a customer proving the source of their funds;
p) Tally is not responsible for losses arising where a client seeks to fund their account by incorrect means;
q) After passing Tally’s ‘Know Your Client’ checks, and having your bank account details validated by Tally, you are able to execute a withdrawal instruction on the Tally platform;
r) Once a withdrawal request is received, Tally will act upon it, so you are entirely responsible for checking the accuracy of the transfer details prior to accepting the withdrawal instruction;
s) Tally will transfer funds as instructed by the client within three working days via the most appropriate transfer medium;
t) Tally will not pay any transfer charges (e.g., international transfer fees), and will opt that the recipient bank account accepts the associated fees, and it will not deduct any fees and costs from the transferred funds prior to transfer;
u) Tally accepts no responsibility or liability for other fees generated in other parts of the banking system by your transfer (e.g. your funds being received by a SWIFT correspondent bank, prior to arriving at your bank when an international transfer is being processed);
v) Tally reserves the right to conduct extra security checks before acting on a client’s withdrawal request to preserve the integrity of its service;
w) Where a customer withdrawal request is made when said customer has outstanding fees to pay, these fees can and will be deducted from the amount the customer has instructed to withdraw;
x) Tally has been created and designed to allow customers to easily and cost effectively invest in gold using their legitimately acquired funds, and has been designed to deter money launderers from finding Tally’s service conducive to their needs;
y) Except in the most extenuating circumstances Tally therefore enforces a policy of needing clients to deposit from, and withdraw to, a single bank account;
z) Tally will keep your financial data private at all times, except where it is required to comply with Government or regulatory intervention;
aa) Client confidentiality is assured at all times, unless money laundering or criminal activity can be reasonably suspected.
bb) Tally’s Money Laundering Reporting Officer can be contacted by email at email@example.com.
8. Custody of your commodities
a) Tally only offers for sale products from a recognised market professional according to the best practices of the local bullion markets;
b) Your commodities are held as weighed bars of gold and are vaulted with Tally’s chosen providers according to a legally binding storage agreement Tally has executed with them;
c) Tally warrants that your gold is held as bailment for the sole purpose of ensuring proper safekeeping, and legal protection of your assets within professional vaults;
VAULT OPERATORS AND TERMS:
d) Vault operators are companies that specialise in the management of receipts of bullion, as well as storage, insurance, and delivery, according to practices required by the professional bullion and commodity markets;
e) Tally uses the most respected vault operators and storage providers in the field to provide secure custody of your commodity assets and by submitting your application you authorise Tally to act as agent to arrange the storage, transportation and insurance of your commodity assets. You authorise Tally to enter into contracts on your behalf in relation to the storage, transportation or insurance of your commodity assets (“Third Party Contracts”) and acknowledge and accept that such Third Party Contracts may contain provisions permitting a lien to be exercised over the commodity assets in certain circumstances.
f) Tally’s professional storage partners have accepted and understood Tally’s business model, and therefore agree that Tally will pay client storage and insurance fees on your behalf relating to your commodity assets;
g) Tally’s storage partners also provide industry specific insurance cover to protect your gold holding. This cover to you is included in our fee structure. Tally’s storage partners provide Tally with documentary evidence of this insurance, which Tally is happy to publish knowing that some customers will want to confirm that existence of this cover and its terms;
h) You acknowledge and accept that certain storage partners in certain jurisdictions may request your name and address details in order to comply with their anti-money laundering and ‘know your client’ procedures and checks. By submitting your application, you authorise Tally, where necessary, to send your name and address details onto such storage partners for this sole purpose.
i) Gold stored with Tally’s vault operators and storage providers are ‘allocated’ meaning that the quantity of bullion which is owned by Tally’s customers at any one time is fully backed (i.e. if it was ever required, it would be possible to distribute that bullion amongst Tally’s customers in the quantities owned) and regarded as your property by the vault operator or storage provider;
j) However, you understand and accept that your gold ownership does not relate to a specific bar of bullion, i.e. it is not identifiable, but to a specific quantity of commodity in a storage facility provided by Tally’s storage partner;
k) Your gold assets, once allocated to you, cannot be used by Tally for any purpose;
l) In accordance with industry practices, Tally’s contracted storage partners have agreed to keep the assets of Tally’s customers specifically identified as belonging to Tally’s customers and physically segregated at all times from assets owned by other parties who are not Tally’s customers;
m) Through Tally’s storage agreement, Tally’s contracted storage partners have also agreed to take full responsibility for vaulting, storing and insuring gold assets held with them from the inception of full custody, to relinquishment of custody following legitimate instruction from Tally;
n) When you instruct a gold purchase on the Tally app, the asset is delivered by the seller within the storage facility provided by Tally’s storage partner to you. Tally then becomes your appointed custodian of this commodity asset. Conversely, when you sell a gold asset on the Tally app, the asset is delivered by you within the storage facility provided by Tally’s storage partner terminating your bailment to the extent you instructed on the Tally app;
o) On a daily basis, or as near to daily as reasonably practicable, Tally will make available upon request its reconciled customer records of commodity ownership in the storage facilities, and all monies held in the designated client bank accounts;
p) As part of preserving Tally’s ownership records against loss, Tally will always ensure that its database is backed up according to industry standards;
q) Tally accepts full responsibility for establishing security procedures to prevent any unauthorised removal of gold from its storage partners’ storage facilities;
r) Tally supports several currencies.
s) Tally may store and vault gold in several locations (e.g., London, Hong Kong, Dubai, Singapore, Geneva and Zurich) and may extend or contract its range of vaulting locations to satisfy client demands.
a) Tally will follow the fees structure as modified from time to time as described in the Fees Table. Tally reserves the right to change its fees, charges and limits structure, with notice;
b) The Customer authorises Tally to deduct from his/her account and or holdings to satisfy any fees the Customer owes, and or incurs;
c) Tally reserves the right to change its fee structure for any user according to its needs, subject to a notice period of 10 days, excluding changes to transaction fees (incurred when buying/selling gold) and storage fees;
d) Tally reserves the right to charge and collect administrative fees to cover costs incurred by Tally assisting clients in extraordinary, unique and unpredictable circumstances. Tally will retain complete discretion to decide what constitutes such extraordinary, unique and unpredictable circumstances;
e) Each fee that the Customer is charged shall be recorded for their records in their client statement, along with a reasonable explanation for its incurrence by Tally;
f) The Customer acknowledges their complete responsibility for telephone, satellite, TV, and/or internet service provider charges incurred by them whilst using the Tally exchange market.
10. Changes in Terms or Fee structure
a) Subject to a 10-day notice period and communicated to the Customer via email correspondence and/or other forms of communication where possible, Tally may alter its fee structure and fee collection methods;
b) Tally may amend the terms of this Agreement where it communicates such amendment via email correspondence and/or other forms of communication where possible.
11. Risk warnings
Tally cannot be held responsible for the following risks:
i) Client investment or divestment decisions, and the merits thereof;
ii) Any and all trading client transaction decisions;
iii) Commodity price fluctuations;
iv) iMonetary Geo-Politics;
v) Bank failure or Financial Crisis;
vi) Identity theft of any nature;
vii) Illiquid Markets;
viii) Delisting markets;
ix) App and Website unavailability:
x) Force Majeure:
A Force Majeure is an extraordinary event or circumstance beyond the control of the parties to this Agreement, such as, but not restricted to, a war, strike, riot, crime, or an event described by the legal term “act of God” (e.g., flooding, earthquake, volcanic eruption), which prevents one or both parties from fulfilling their obligations under the contract. Tally is in no way liable for any client loss due to Force Majeure.
xi) Limits of Insurance:
Insurance cover for precious commodities including gold is subject to a number of exclusions that are viewed as uninsurable by the underwriting industry in relation to the protection of your assets. These exclusions cover risks such as, but not excluded to, nuclear war, and Tally is in no way responsible for these risks. Irrespectively, Tally will always have an unavoidable responsibility to secure client properties in ways that are acceptable to good industry practices.
Tally does however have a duty of care to its customers and is responsible for the following risks which it seeks to manage to ensure their lowest levels of existence:
1) Gold theft:
Tally is responsible for monitoring its vault and storage partners and their security measures and records, whilst also ensuring maintenance of sufficient insurance cover by the storage partner to cover all gold assets stored by them for Tally’s customers. Tally is responsible for any failures of duty here;
2) Theft of monies from the designated client account:
Tally has modelled its operations to ensure that transfers out of the designated account have to be approved by two senior officers of the company. However, where Tally fails in its duty to offer safe custody of client monies, and is seen to be grossly negligent by a court, it can be held liable;
3) Record Keeping:
Tally is responsible for ensuring satisfactory company records and accounts so that relevant third parties can audit Tally as dictated by regulations, and to preserve the on-going integrity of the business and mode of operation;
4) Company Failure:
Tally has structured and modelled itself in such a way that in the highly unlikely circumstances that the company should fail, your rights to your gold assets would not be affected, however, there may be some delays and/or inconvenience in your securing of that property;
5) Failure of Tally IT infrastructure:
Tally backs up its databases to location independent cloud storage facilities and in accordance with the applicable data protection regulations to ensure that any data loss is a temporary issue, not a disaster impossible to recover from. Tally’s clients can also save copies of Tally’s holdings list with their holding code clearly showing, thus proving their ownership of their commodity assets in extremis.
12. Corrections and Errors
a) Tally is entitled to correct administrative errors after the event, and to make all necessary corrections to your account records;
b) No user of Tally’s transactional platform, including Tally, has the right to profit from system failure. Tally’s markets have been designed to eliminate risk to users from their own trading errors, but the system relies on the technology powering Tally’s market place as well as input from other third parties (e.g., pricing information). Tally cannot be held responsible or liable for failure of external links in the IT infrastructure. You accept this fact and that Tally is entitled to make discretionary system adjustments after any such failure in Tally’s pursuit of ensuring a fair, efficient, and well-ordered market;
c) The Customer agrees to check their Tally account regularly to ensure that their balances and account activity are to the best of their knowledge correct;
d) Where the Customer has reasonable grounds for suspecting that his/her account has been tampered with, he/she must immediately contact firstname.lastname@example.org. Said communications to Tally will be acknowledged within 2 working days, and responded to as a matter of urgency by a senior officer of the company;
e) If the Customer does not contact Tally within 30 days of holding reasonable grounds for suspecting that his/her account has been tampered with, the Customer accepts and acknowledges that Tally’s ability to assist with their grievance has been reduced, and their responsibility for investigating and possibly rectifying said grievance is significantly diminished;
f) If the Customer does not inform Tally of any tampering of his/her account within 30 days of the first occurrence then, whilst Tally will make its best endeavours to rectify the situation, Tally will not be liable for any loss or damages whatsoever which may or may not have been suffered by the client.
13. Termination and in the event of death
a) Tally accounts are not designed to be terminated by the client, as it was intended that they could remain dormant for periods of time when the client does not wish to use the Tally app. However, in the rare likelihood that a client desires termination of use of the Tally app and their Tally account, the Tally management can take their request into consideration, and if they so choose, exercise their discretion and instruct a termination. If you desire to close your account, you should contact us via email or phone so that we can assist you with the matter. Should your account be closed, you will no longer be able to use the App (or card that may have been issued). You will need to repay any money owed to us before we close your account and transfer any funds in your account back to you.
b) In the event of death Tally has various procedures that Tally follows which are documented in the FAQs section of the app and Website. Through these procedures, Tally endeavours to process your Tally account with the instructions of your legally authorised executors or estate administrators.
c) Tally reserves the right to terminate or suspend your Tally account without notice where Tally management determines you have breached these Terms (or other terms incorporated by reference herein), or we have reason to believe your Tally account has been compromised. If Tally makes a decision to close your account, we will sell your gold holdings and return your funds in cash to you, excluding any costs on doing so, and fees owed to us will be deducted.
14. Actions for Dormant Accounts
If the Customer fails to access his/her Tally account for more than five years, the account shall be judged dormant. Tally agrees to then try all available channels of communication to contact the Customer, until all channels have been exhausted and no reply from said customer has been received for 60 days. If Tally is then unable to trace a next of kin, having exhausted all means of communication with the holder of a dormant account, Tally will then judge any gold assets held within this account as discarded. This dormant account can then be closed by Tally, and the discarded assets forfeited and paid to Tally. Tally reserves the right to charge administration fees for Tally’s endeavours to locate the holder, or next of kin, of a dormant account holder.
In the event that any of the provisions of this Agreement are broken or are deemed invalid or unenforceable, all remaining provisions shall remain in effect and thus enforceable.
16. Limitation of Liability
a) The below provisions detail Tally’s full financial liabilities (and liabilities for the acts and omissions of Tally’s employers, agents, and contractors) to Tally’s customers in respect of:
i) Any serious breach of the terms of this Agreement; and
ii) Any representation, omission, or tortuous act (including gross negligence) covered by or in connection with the terms of this Agreement.
b) To the greatest extent as is permitted by law, all warranties, conditions, and all other terms implied by either stature or common law, are fully excluded herefrom (section 12 of the Sale of Goods Act 1979 implies certain conditions which are specifically not excluded here).
c) No provision in the terms of this Agreement limits the liability of Tally:
i) Under section 2(3) of the Consumer Protection Act 1987; or
ii) for death or personal injury caused by the gross negligence of Tally; or
iii) for matters that Tally cannot legally exclude its liability from; or
iv) for fraud and misrepresentations deemed fraudulent.
d) Subject to b) and c) above:
i) Tally’s total liability under contract, misrepresentation, restitution, tort, or otherwise, arising due to non-compliance with the terms of this Agreement shall at all times be limited to the value of your cash and gold holdings within Tally; and
ii) Tally holds no liability whatsoever for customer losses in value, profit, goodwill or otherwise, due to falls in gold or currency values; and
iii) Tally holds no liability whatsoever for claims for consequential compensation (however caused) which arise in connection with the terms of this Agreement.
17. In event of company liquidation
In the extremely unlikely event that Tally should cease trading, the company would be wound up in an orderly way by an administrator. During this process Customer assets would be sold for the best available price in the market, after receiving at least two quotes, and the cash balances returned to the Customer, within 90 days of the company ceasing trading. Tally’s clients’ assets are fully ‘allocated’, meaning that said are 100% their property and cannot appear on Tally’s balance sheet, and therefore can receive no claim upon them from any potential creditor of Tally. As such, even were Tally to be wound down, Customers’ assets will be protected from company failure by ‘allocated’ ownership.
18. Governing Law and Regulation
a) In all cases, the contracting parties to this Agreement shall settle all and any disputes as may arise as set out below. First, you will contact Tally with your problem and Tally will attempt to try and resolve it immediately. Then, if it cannot be resolved immediately by Tally, Tally asks that you then put your grievance in writing and Tally will arrange a local meeting in London between duly authorized officers of the respective parties to try and resolve the issues. In the event of any continued disagreement or dispute arising out of any provision of this Agreement which have not been resolved after 30 days, the parties hereto mutually agree that the matter shall then be submitted to arbitration in accordance with the rules and regulations of the English Arbitration Association and the Chartered Institute of Arbitrators in the United Kingdom.
b) The arbitration shall be governed by both the Arbitration Act 1996 and Rules as agreed between the parties. Should the parties be unable to agree on an arbitrator or arbitrators, or be unable to agree on the Rules for Arbitration, any party may, upon giving written notice to other parties, apply to the President or the Deputy President, for the time being, of the Chartered Institute of Arbitrators for the appointment of an Arbitrator or Arbitrators, and for any decision on rules that may be necessary.
c) The arbitration proceedings shall take place in the United Kingdom in London within 30 days of the notice of arbitration, and judgement upon reward shall be final, binding and conclusive upon all parties, and may be entered into the court of the forum having jurisdiction over parties hereto. By your execution of this Agreement, you submit to the arbitration process and to the jurisdiction of the United Kingdom, and that the maximum total liability (including all associated costs, penalties etc.) for Tally will be the cash value of the assets held in your account.
19. Conforming to Laws
a) You acknowledge and accept full responsibility for paying taxes as required by your local authorities, for seeking expert independent tax advice to understand you full tax implication of using the Tally service, and understand that we will assist you as we can in capital gains tax (‘CGT’) calculations;
b) Tally in no ways set out of offer professional investment or tax advice, and any tax related representations the company makes are for Tally’s customers to digest at their own will in full knowledge of this fact;
c) The Customer is responsible for their complete compliance with all the laws of the jurisdiction from which the Customer accesses the Tally app or Website;
d) The Customer is responsible for ensuring they have the relevant permissions to use the Tally service;
e) The Customer’s responsibilities under this provision will cease after termination of this Agreement.
a) This Agreement forms the record of agreement between the service provider, in Tally, and the Customer, in you;
b) The provisions within this Agreement, and none outside this Agreement, shall constitute the terms of this business relationship;
c) Neither party can waive any of the rights or obligations contained here within.
7 March 2019
Name of the account provider: TallyMoney Ltd, EMD Agent (FCA Ref. No. 902059) under FCA-licensed E-Money Institution, PayrNet Limited (FCA Reg. No. 900594)
Account name: Tally savings and payment account
Date: 9 May 2019
- This document informs you about the fees, charges and limits related to using the services linked to the Tally savings and payment account.
- The fees, charges and limits set forth herein can be easily compared to those of other accounts.
- Additional information is available under the relevant Terms and Conditions tabs of the Tally App and at the tallymoney.com Website.
Fee, Charge or Limit
General savings and payment account service
Tally savings and payment account
Includes a package of services consisting of:
- Services beyond these quantities will be charged separately.
Converting from fiat into Tally
Send, spend, deposit, transfer
No customer fees in, no customer fees out
0.9% p.a. (calculated daily, charged monthly, in Tally) [e.g., for every £1,000 of Tally equivalent in deposit, fee is the Tally equivalent of £0.75/month]
Transferring Tally between Tally Customers
Foreign Exchange (FX)
No FX fees or commission.
0% charge above spread.
Use of Tally provides the Customer with access to Mastercard’s best exchange rate.
One free replacement card per annum, then 200 Tally equivalent (~£6 as at date of Table completion) for any replacement card supplied by TallyMoney Ltd in a given year beyond the provision of the first free replacement card