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tally® relative to GBP (£) can rise or fall due to fluctuations in the global gold price.
A TallyMoney Everyday Account with IBAN (International Bank Account Number) (“TallyMoney Account”) is issued under Financial Conduct Authority (“FCA”)-licenced Electronic Money Institution (“EMI”) Transact Payments Limited (“TPL”). TPL is authorised and regulated by the FCA to conduct electronic money and payment services activities under the Electronic Money Regulation 2011 (FCA Ref No. 900864). The services of TPL are governed between a separate set of terms and conditions between you and TPL which are set out here.
Deposits into E-Money accounts are protected through “safeguarding” and are not covered under the Financial Services Compensation Scheme (“FSCS”). The FSCS exists to fulfil the fiat currency obligations of a bank to its depositors, up to an individual limit of £85,000, in the event that a bank goes into administration/liquidation. When fiat currency (such as pounds and euros) is transferred into a TallyMoney Account it arrives via TPL. During this brief period your fiat money is protected by TPL under the process known as “safeguarding” – a regulatory requirement for all Electronic Money Institutions. Unlike a bank, E-Money account balances must be segregated from all other cash balances of the E-Money Institution and TPL cannot use your fiat funds for its own purposes or lend your funds to other customers. In the unlikely event TPL ceases trading, any money deposited that hasn’t yet converted to tally® will be available to the customer, subject to charges by an insolvency practitioner/administrator, and the process for distributing safeguarded funds may take longer than a claim under the FSCS. However, this would only affect you if TPL went into administration/liquidation during the brief period before your fiat money (pounds) is converted to tally®. Once you hold tally® you are no longer holding fiat currency so the FSCS does not apply.
When fiat money is sent to a TallyMoney Account it is automatically converted to tally® and each unit of tally® is an electronic record of ownership and right to the value of 1 milligram of physical gold stored in a Brink’s vault in Switzerland, operated by TML’s parent entity, Tally Central Ltd, as a custodial service, with the added protection of a security trust structure with FCA-licensed trustee Woodside Corporate Services Ltd (FCA No. 467652 ). In the unlikely event TML or Tally Central Ltd ceases trading, all of the gold represented as tally® in customer accounts will promptly be sold, and the corresponding proceeds returned to each customer’s designated bank account, less a 1% fee to pay for the legal mechanism and process. tally® balances are protected to their full value (with no limits.)
The TallyMoney Debit Mastercard® (“TallyMoney Card”) linked to the TallyMoney Account is issued by Transact Payments Limited pursuant to licence by Mastercard International. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Designed and built by Tally Central Ltd (“TAL”), a Guernsey-incorporated Non-Bank Financial Institution (“NBFI”) that is the monetary authority of tally®, and owner of its UK-incorporated wholly-owned subsidiary, TallyMoney Ltd (TML or “us” / “we”), the TallyMoney platform technology and ecosystem (“TallyMoney Platform”) is a full-reserve non-fiat monetary system and platform that enables customers to use the value of London Bullion Market Association (“LBMA”)-certified, ethically-sourced physical gold as digital money, called tally® (spelt with a lowercase “t”), that seamlessly operates with the incumbent fiat currency fractional-reserve banking system.
Your (or, “he/she/they”, “him/her/them”, or “you” as the “Applicant” or “Customer”) use of the TML smartphone app (“TallyMoney App”) and tallymoney.com website (“Website”) is governed by these terms and conditions (“Terms”). TML works with multiple partners, including TAL and TPL, to deliver its service (“TallyMoney Partners”). For example, your usage of the corresponding TallyMoney Debit Mastercard (“TallyMoney Card”) that is linked to your TallyMoney Account is addressed in this document but is also governed by separate terms and conditions (the “Consumer Cardholder Terms”), which are available in the TallyMoney App and on the Website. You should read all of these documents carefully before you use the TallyMoney App or the TallyMoney Card, as these Terms, along with our Privacy Policy, form the legal relationship between you and TML, and govern the opening, usage and closing of your TallyMoney Account with us and other services relating to same.
If you have comments or questions, please contact [email protected]. Additionally, we recommend that you familiarise yourself with the “Frequently Asked Questions“ (including questions about the TallyMoney Account, TallyMoney Card, TallyMoney App and tally®) published within the TallyMoney App and the Website. If you prefer, you may also call us on 0203 858 0373 or write to us at TallyMoney Ltd, 22 NW Works, 135 Salusbury Road, London, NW6 6RJ. Our response method and timing will vary depending upon the circumstances, but any response via the TallyMoney App, email, phone, text message or letter to your home address will be in English. 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.
The below terms (which includes the Specific Information) apply to Customers of TML and TAL using the TallyMoney Platform, which includes the TallyMoney App and Website. By creating and using a TallyMoney Account with TML, the Customer:
Such restrictions can prevent the Customer from accessing his/her/their TallyMoney Account or the TallyMoney App. If TML terminates your TallyMoney Account the Termination provisions under clause 17 shall apply.
Name of the account provider:
TallyMoney Ltd, under FCA licensed E-Money Institution Transact Payments Limited (FCA Ref No. 900864)
Account name: TallyMoney Everyday Account
Date: 29th of February 2024
This document informs you about the fees, charges and limits related to using the TallyMoney Platform.
Service
Fee, Charge or Limit
Accessing the Tally Platform
Account Activation Fee
£19 upfront
Using the Tally Everyday Account and Easy Access Safes
Account Keeping Fee
0.9% p.a. of the Account balance calculated daily and charged monthly, which covers all ongoing account transactions and transfer activity, security, storage, insurance and operational costs.
Payments In
Paying into Tally Account
Tally Debit Mastercard®
Ordering Tally Debit Mastercard®
Replacement cards
Spending and sending
Paying with tally®
Daily spend limit
ATM withdrawals
Sending tally® from Tally Account to Tally Account
Sending tally® from your Tally Account to another customer’s Tally Account is free.
Using tally® outside of the UK.
FX fees
ATM withdrawals
Value of tally in GBP fluctuates in line with the gold price. Tally and TallyMoney are registered trademarks with respect to the goods and services the marks are registered for.
Your Mastercard is now welcomed at millions of locations worldwide. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated. This card is issued by Transact Payments Limited pursuant to licence by Mastercard International Incorporated. Transact Payments Limited is authorised and regulated by the Gibraltar Financial Services Commission.
2024 TallyMoney
Value of tally in GBP fluctuates in line with the gold price. Tally and TallyMoney are registered trademarks with respect to the goods and services the marks are registered for.
Your Mastercard is now welcomed at millions of locations worldwide. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated. This card is issued by Transact Payments Limited pursuant to licence by Mastercard International Incorporated. Transact Payments Limited is authorised and regulated by the Gibraltar Financial Services Commission. ®
2024 TallyMoney