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 TallyMoney?
How can you contact us or learn more about us?
If you have comments or questions, please contact email@example.com. Additionally, we recommend that you familiarise yourself with our “Frequently Asked Questions” about the Tally product published on our TallyApp and the 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 TallyApp, 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. Any payments sent to us to purchase Tally will not be covered by Financial Services Compensation Scheme.
- accepts that these Terms and the documents referred to in them govern the contractual relationship between TallyMoney and the Customer. A hard copy of these Terms 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, these Terms will always hold precedence.
- represents that he/she has fully read and understood these Terms.
- consents to be bound by these Terms, and by the rights and obligations created here within.
- accepts that he/she agrees to use the TallyMoney Platform to buy, hold and sell gold and spend the net proceeds of the sale of gold using any medium provided by TallyMoney and for no other purpose.
- accepts that a unit of Tally is 1 milligram of physical gold stored by TallyMoney and allocated to the Customer, the value of which will fluctuate to reflect the global spot price of gold.
- accepts that neither TallyMoney nor or any its employees, officers or agents (together ‘Tally Parties’) are able to provide any advice on the merits or otherwise of buying, holding and selling any gold and it is up to the Customer to decide whether an investment in gold is suitable to his/her circumstances. If you are in any doubt whether you should use a TallyAccount, you are recommended to seek your own financial advice immediately from an appropriately authorised stockbroker, bank manager, solicitor, accountant or other independent financial adviser who, if you are taking advice in the United Kingdom, is duly authorised under the Financial Services and Markets Act 2000 (‘FSMA’). Nothing contained on the TallyMoney Platform or provided to the Customer by any Tally Party shall constitute compliance or legal advice.
- understands that TallyMoney will deduct certain fees without notice in respect of the operation of the TallyMoney Platform and/or transactions on it from time to time in accordance with its fee table located within the TallyApp (‘Fees, Charges & Limits Information Document’).
- acknowledges that TallyMoney reserves the right to close his/her account, sell his/her holdings of gold 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 TallyMoney reaches the conclusion that the Customer has breached any of these Terms, without any recourse from the Customer, or future liability for any Tally Parties.
- accepts that TallyMoney may change the TallyApp, or the Website and products or services offered in relation to same, without first notifying the Customer.
- accepts the material displayed on the Website are provided without any guarantees, conditions or warranties as to its accuracy.
- gives permission to TallyMoney to correct administrative errors in respect of your TallyAccount or if funds or Tally have been incorrectly credited to your TallyAccount.
1. Introduction and purpose of our business relationship
1.1. The TallyMoney Platform is a service that, upon acceptance by TallyMoney of a user’s application to open a TallyAccount on the TallyApp, the account holder can buy, hold, sell or transfer gold through the TallyApp. TallyMoney reserves the right to change its fees, charges and limits without notice. You accept that TallyMoney may earn a profit from your use of the TallyMoney Platform.
1.2. For the avoidance of doubt, TallyMoney is not a bank and will not and cannot accept deposits from you but is registered by the FCA as an EMD agent. The Tally in your TallyAccount record the price at which the gold we are holding on your behalf can be sold in order to make a payment using the TallyCard. When Tally are sold the proceeds are transferred to an electronic account with an individual International Banking Identification Number (‘Card Account’) that can be accessed by the Customer using the TallyCard provided by TallyMoney. The Card Account has very limited functionality and does not have many of the features associated with a current account including that it cannot receive interest on the unspent balance, it can only receive funds electronically, and does not qualify for the up to £85,000 protection under the FCA’s Financial Services Compensation Scheme (‘FSCS’). No interest will be paid on Tally held.
2. Registering in the TallyApp and Creating a TallyAccount
2.1. Applicants may establish a TallyAccount and become a TallyMoney customer by completing the registration procedure set forth in the TallyApp, which process also utilises the Applicant’s valid email address and valid mobile number.
2.2. TallyMoney relies on the information submitted by the Applicant, and the Applicant warrants and represents to TallyMoney the truth, accuracy and completeness of all information provided by the Applicant to us.
2.3. Applications to open TallyMoney Accounts by, or on behalf, of persons under 18 years old will be rejected. The age of Applicants will be cross checked as part of our reference checks.
2.4. Customers shall notify TallyMoney immediately of any changes to the information he/she provided to TallyMoney when registering to create an account including any changes of address or name;
2.5. The Customer accepts that, upon TallyMoney’s acceptance of the user’s application to create a TallyAccount and use the TallyApp:
2.5.1. he/she must use the TallyApp and his/her TallyAccount in accordance with the terms of this Agreement;
2.5.2. he/she agrees that they will not use the TallyApp and his/her TallyAccount in an inappropriate way or for illegal means, including the transmission of illegal, defamatory, explicit or other inappropriate content, or to facilitate any of the foregoing; and
2.5.3. he/she is obligated to comply with any instructions that relate to the maintenance of his/her TallyAccount and/or use of the TallyApp;
2.6. Upon registration, the Customer must comply in full with these Terms at all times. TallyMoney reserves the right to restrict the Customer’s usage of the TallyApp where TallyMoney believes there has been improper use of its service including without limitation use of TallyApp or the TallyAccount:
2.6.1. in an inappropriate way;
2.6.2. for illegal means, including the transmission of illegal, defamatory, explicit or other inappropriate content, or to facilitate any of the foregoing; and
2.6.3. which threatens the stability, security or accessibility of the TallyMoney Platform, or the reputation of the TallyMoney or the TallyMoney Platform.
Such restrictions can prevent the Customer from accessing his/her TallyAccount or the TallyApp.
3. Data Protection and Privacy
3.3. You agree that TallyMoney and its TallyPartners shall be entitled to monitor your use of the TallyMoney Platform and TallyApp for the purposes of prevention and detection of fraudulent and other unlawful activities. TallyMoney may need to share your data with third party TallyPartners (including but limited to a Carrier, the EMI or the Custodian) in order for them to perform their obligations in respect of the TallyMoney Platform and for them to comply with their legal obligations under the applicable money laundering regulations and other related legislation. TallyMoney and its TallyPartners may solely, to the extent necessary for them to comply with any legal and regulatory obligation, shall be entitled to use and disclose any Data to any competent authority having jurisdictions over the same.
3.4. TallyMoney and its TallyPartners under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, may be required to retain certain Data. Some of these obligations may continue beyond the closure of your TallyAccount and a TallyPartner ceasing to provide services that form part of the TallyMoney Platform.
3.5. You agree that TallyMoney and its TallyPartners shall be entitled to use the Data on the TallyMoney Platform and TallyApp an anonymised basis in order to carry out data analytics and analysis for its own business.
3.6. Whilst the United Kingdom remains a member of the European Union, TallyMoney and its TallyPartners may transfer your Data outside of the European Union, provided that the obligations of all applicable legislation (including GDPR) are complied with. If the United Kingdom ceases to be a member of the European Union, TallyMoney and its TallyPartners may transfer your Data outside of the United Kingdom provided that the obligations of all applicable legislation are complied with.
3.7. For the purposes of these Terms, ‘Confidential Information’ shall mean any information, however, conveyed or presented, that relates to the business, affairs, operations, customers, processes, budgets, pricing policies, product information, strategies, developments, trade secrets, know how, personnel and suppliers of the disclosing party , together with all information derived by the receiving party from any such information and any other information clearly designated by a party as being confidential to it (whether or not it is marked “confidential”), or which ought reasonably be considered to be confidential.
3.8. Except to the extent set out in this clause 3 (including without limitation as permitted by clauses 3.2, 3.3, 3.4, 3.5 and 3.9), or where disclosure is expressly permitted elsewhere in these terms, each party shall:
3.8.1. treat the other’s party’s Confidential Information as confidential; and
3.8.2. not disclose the other party’s Confidential Information to any other person without the owner’s prior written consent.
3.9. Clause 3.7 shall not apply to the extent that:
3.9.1. such information was in the possession of the party making the disclosure, without obligation of confidentiality, prior to its disclosure; or
3.9.2. such information was obtained for a third party without obligation of confidentiality; or
3.9.3. such information was already in the public domain at the time of disclosure otherwise than through a breach of this Agreement; or
3.9.4. such information was indemnity developed without access to the other party’s Confidential Information.
3.10. TallyMoney may disclose the Customer’s Confidential Information to its employees, officers, representatives or advisers who need to know such information for the purposes of carrying out TallyMoney’s obligations under these Terms, or as may be required by law, a court of competent jurisdiction or any governmental or regulatory authority.
4. Verifying the Customer’s identity
4.1. To comply with the relevant Know Your Customer (‘KYC’) and Anti-Money Laundering Regulations (e.g., Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, EU Wire Transfer Regulations (regulation (EU) 2015/847) and the Proceeds of Crime Act 2002), TallyMoney and/or TallyPartners are obliged to verify its Customers’ registration information . If the information you provided expires, we may be required to ask you for updated information. We reserve the right to verify your identity by engaging a specialist information provider such as a credit referencing agency or fraud prevention agency to carry out searches. The information provider will record details of the searches whether or not you become a Customer. Other users of the services of the information provider may share these searches in order to prevent fraud. Scoring methods may be used as part of this process. We may keep records of the contents and results of such searches in accordance with all current and applicable laws. TallyPartners may also carry out similar checks to comply with their legal obligations and you consent to the same including by the operator of Railsbank Platform and PayrNet.
4.2. You accept that us or our TallyPartners will carry out updates on a regular basis, which may impact the delivery of our services during this period.
4.3. In the future we may need to impose additional obligations on you to comply with new legal obligations imposed upon us or the requirements of our TallyPartners’ requirements.
5. Using the TallyApp
5.1. A condition of using the TallyApp and TallyMoney Platform is that:
5.1.1. you accept that you are of sound body and mind, and are fully competent to use the TallyMoney Platform; and
5.1.2. you therefore take full responsibility and liability for all transactions and instructions carried out on the TallyApp;
5.2. All transactions on the TallyMoney Platform and TallyApp are recorded electronically using Tally as the unit of account. Each Tally represents one milligram of physical allocated gold. You will only be able to buy gold via the TallyApp if you have deposited sufficient funds of the relevant currency with us. Likewise, you are only able to sell gold that you are recorded as owning in the register of Tally.
5.3. You acknowledge and agree that TallyMoney will carry out ongoing updates to the TallyApp, and as the TallyApp is updated, you will need to download any updates we provide to maintain the optimum operational functionality and integrity of the TallyApp.
Depositing fiat currency
5.4. As part of your application to open an account with TallyMoney you will be asked to specify a single bank account from which deposits are made (‘Customer’s Bank Account’) which will need to be in the name of the holder of the TallyAccount. You can amend the details of this account through the TallyApp.
5.5. You can purchase Tally using a debit or credit card through the Tally App under ‘Buy Tally’ or ‘make a bank transfer’.
5.6. Deposits from bank accounts that are not a Customer’s Bank Account can be held by TallyMoney until the account can verified as belonging to the Customer and reasonable supporting evidence can be provided by the Customer regarding source of funds.
5.7. Where large sums are deposited by a Customer in their TallyMoney Account, TallyMoney is entitled to suspend the relevant account pending the Customer providing details on the source of those funds.
5.8. We accept no responsibility in the event that you mistakenly send us funds.
5.9. We do not accept cash, cheques, banker’s drafts or unreferenced deposits as a means of crediting a TallyAccount, and only accept monies by electronic funds transfer pursuant to the procedure set out on the TallyApp.
5.10. All deposits must take the form of cleared funds from a Customer’s Bank Account and be identifiable from their associated unique depositing reference.
5.11. TallyMoney accepts deposits in Sterling. The prices of gold on the TallyMoney Platform are quoted in Sterling (‘Quote Currency’). Where cash is deposited in a Euro or Dollars, TallyMoney will convert it on your behalf on the basis of the daily global interbank spot rates. Currently only Sterling TallyCards are available from TallyMoney. In the future, TallyMoney may issue TallyCards in other currencies. Where this is the case, Customers with TallyCards in multiple currencies will be able to designate which TallyCard they wish the proceeds to be allocated to. Again, in the event of any currency conversion this will be at published rates.
5.12. You can “gift” Tally to or from another person’s TallyAccount. If a “gift” of Tally is made, the relevant Tally will be deducted from the donor’s TallyAccount by permitting us to purchase the corresponding gold for nil consideration and we will credit the relevant Tally to the donee’s TallyAccount. The gold related to the relevant Tally will then be held by us for the donee. In order to make a “gift” both the donor and donee need to have a TallyAccount. You will need to have the person’s email and Tally ID of the TallyAccount that you want the additional Tally to be credited to.
Offers or promotions
5.13. 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. In any case, any and all Tally offers, or promotions may be contingent upon the Customer first transferring and depositing an amount into their TallyAccount prior to us crediting the Customer with the amount of Tally that is detailed in the subject of the relevant offer or promotion.
5.13.1. TallyMoney reserves the right to limit, change, extend or withdraw any promotion at any point without prior notice.
5.13.2. TallyMoney reserves the right to withdraw the proceeds of any promotion from a customer’s account if it deems the customer has breached any of the terms and conditions.
5.13.3. No promotional offer can be used in conjunction with any other offer, deal or promotion offered by TallyMoney.
5.13.4. To qualify for any offer run by TallyMoney, the customer must be:
- 18 years or over
- have downloaded the Tally app
- have completed the registration process and passed the relevant security criteria.
5.13.5. If all the conditions of the promotion are met, the relevant promotional amount will be credited to the customer’s account within 7 days.
Using the Tally
5.14. When you instruct a purchase of gold on the TallyApp, TallyMoney instructs its relevant TallyPartner to purchase the gold and deliver it to the storage facility provided by TallyMoney’s storage partner who holds it on behalf of TallyMoney. Conversely, when you sell gold on the TallyApp, TallyMoney instructs its relevant TallyPartner to sell the relevant gold terminating your bailment over that gold to the extent you instructed on the TallyApp.
5.15. Customers who hold a TallyAccount will be issued with a TallyCard. Customers can use the TallyCard to instruct us to sell Tally and use the proceeds to purchase goods and services using the same TallyCard. Currently, the TallyCard can be used by the Customer anywhere that accepts MasterCard, although in the future, TallyMoney may use other payment service providers such as Visa. Customers going aboard should notify us in advance to ensure their transactions are processed smoothly. Otherwise TallyMoney’s anti-fraud system may block their transactions.
5.16. Customers may instruct TallyMoney through the TallyApp to transfer any cash balance in their TallyAccount to their nominated Customer’s Bank Account (‘Withdrawal Request’). TallyMoney, subject to clause 5.18 will execute such transfer instructions by BACS transfer within three working days. Any charges (e.g., international transfer fees) will be deducted from the proceeds returned to the Customer or the recipient bank account will accept the associated fees. TallyMoney accepts no responsibility or liability for other fees generated in other parts of the banking system by transfers to Customer’s Bank Accounts (e.g. your funds being received by a SWIFT correspondent bank, prior to arriving at your bank when an international transfer is being processed).
5.17. Customers may also request that the Tally in their TallyAccount be sold and the corresponding gold be delivered to them (‘Gold Delivery Request’’). Details of how to make a Gold Delivery Request are contained within the TallyMoney FAQ section. TallyMoney, subject to clause 5.18, will execute such Gold Delivery Request’ within seven days.
5.18. If a Customer has made a Withdrawal Request or Gold Delivery Request, any fees owed to TallyMoney, or any compliance costs associated with the applicable Request, will be deducted in Tally from the amount the Customer has requested to be returned.
5.19. TallyMoney reserves the right to conduct extra security and/or money laundering checks before acting on a Customer Withdrawal Request or a Gold Delivery Request to preserve the integrity of its service and comply with its legal obligations.
5.20. TallyMoney may from time to time impose periodic limits on the amount of Tally that can be purchased, which may change without notice.
Security and login
5.21. Each Customer is responsible for keeping their login details, card and PIN (‘Security Credentials’) secure. If you need to change your password, you can do so within the TallyApp by clicking “Forgotten Password” and inputting the email address connected to your TallyAccount. Customers should check their TallyAccount regularly for suspicious transactions. In the event a Customer becomes aware of any such transactions or if a Customer loses their card or has it stolen, they should lock their card immediately using the in app card locking function, and contact TallyMoney immediately to order a replacement card. TallyMoney will not be responsible if you:
5.21.1. have not kept your Security Credentials safe; and
5.21.2. have input the incorrect information.
Furthermore, Customers will not breach or circumvent (or attempt to breach or circumvent) any of the security restrictions on use of the TallyMoney Platform and/or the TallyApp.
5.22. You undertake to use your TallyAccount for legitimate purposes only. In particular, you undertake not to:
5.22.1. engage in any activity which has the purpose or effect of causing damage to, or in any way hindering TallyMoney’s business operations or generating or increasing a liability on TallyMoney, including without limitation any tax, levy or duty collecting authority; or
5.22.2. manipulate the value of Tally in bad faith or in a manner which Tally believes has the purpose or effect of adversely affecting the integrity of the TallyMoney Platform.
5.23. You will not attempt to hack, make unauthorised alterations or introduce any kind of malicious code, or virus to the Website or TallyMoney by any means. Unless given prior written approval from TallyMoney, you will not i:
5.23.1. reverse engineer or decompile (whether in whole or part) any software available through the Website; or
5.23.2. make copies, modify, reproduce, transmit, alter or distribute all or any part of the Website or any material or information contained on it.
5.24. You will not disguise or interfere in any way with the IP address of the smartphone you are using to access the TallyMoney Platform or otherwise take steps to prevent TallyMoney from correctly identifying the actual IP address of the smartphone you are using whilst accessing the TallyMoney Platform.
5.25. You understand and accept that any and all of the intellectual property rights including trademarks, service marks, trade names, copyright and other rights (‘IPR’) used or embodied by Tally, the TallyApp or the Website (‘TallyMoney IPR’) are and shall at all times remain TallyMoney’s property and the Customer shall not acquire any right, title or interest in TallyMoney’s IPR through the use of the TallyApp or the Website. Furthermore you undertake to us you will not adapt, modify, copy, reproduce, reverse engineer, publish, redistribute, sell, sub-license, exploit or otherwise part with or make any other use of the TallyMoney Platform or the TallyApp, the TallyMoney IPR, any data on the TallyMoney Platform or TallyMoney App or the concept of a Tally, the TallyMoney App or the TallyMoney Platform.
5.26. All information, content, and material presented to Customers by TallyMoney, excluding information specific to a Customer’s TallyAccount, remains the property of TallyMoney. Customers may not reproduce, disclose, or circulate such information without the written consent of TallyMoney.
5.27. The Customer acknowledges and accepts that he may have his/her TallyAccount (and corresponding usage of the TallyApp) restricted at any time where TallyMoney has reasonable grounds to believe that the user is compromising TallyMoney IPR or engaging in an activity which, in TallyMoney’s opinion, is potentially a threat to its operation or the smooth running of the TallyMoney Platform.
6. Custody of your money
6.1. Any cash sent from the Customer’s Bank Account to us (‘Customer Money’) will upon receipt be used to purchase gold from us. We will not at any time hold any of your cash on your behalf.
6.2. In the event that your TallyAccount is closed, any Electronic Money on the TallyCard will, subject to regulatory requirement be returned to the relevant Customer’s Bank Account net of any outstanding fees or costs due to us.
7. Custody of your Gold
7.1. TallyMoney uses third party vault operators and storage providers in the field to provide secure custody of your gold assets, and by submitting your application, you authorise TallyMoney to act as agent to arrange the storage, transportation and insurance of your gold. You authorise TallyMoney to enter into contracts on your behalf in relation to the storage, transportation or insurance of your gold (‘Third Party Contracts’) and acknowledge and accept that such Third Party Contracts may contain provisions permitting a lien to be exercised over the gold in certain circumstances.
7.2. TallyMoney shall retain legal title to any gold purchased by TallyMoney on behalf of the Customer but will hold the gold on trust for the Customer.
7.3. TallyMoney will engage a member of the London Bullion Market Association (or any successor body) to buy, sell and store gold purchased on behalf of Customers (‘Custodian’).
7.4. TallyMoney will pay the Custodian the fees for storage and insurance of your gold. These fees are included in the annual fees for the TallyAccount, which are detailed in the Fees, Charges & Limits Information Document.
7.5. In the event of loss or damage of the gold by the Custodian, any proceeds of insurance for such risks shall be credited to the Customer’s Bank Account or used to purchase Tally at the option of the Customer.
7.6. TallyMoney will engage (either directly or indirectly) an international courier company to transport the gold purchased by TallyMoney for the Customer (‘Carrier’).
7.7. In the event of loss or damage of the gold by the Carrier, any proceeds of insurance for such risks shall be credited to the Customer’s Bank Account or used to purchase Tally at the option of the Company.
7.8. Customers may not inspect the gold purchased by TallyMoney.
7.9. Gold purchased under these Terms will be held as weighed bars of gold in vaults operated by the Custodian in Switzerland or other locations agreed between TallyMoney and the Custodian from time to time.
7.10. TallyMoney 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.
7.11. TallyMoney’s storage partners also provide industry specific insurance cover to protect your gold holding. This cover to you is included in our fee structure. TallyMoney’s storage partners provide TallyMoney with documentary evidence of this insurance, which TallyMoney is happy to publish knowing that some customers will want to confirm that existence of this cover and its terms.
7.12. You acknowledge and accept that certain Custodians in certain jurisdictions may request your name and address details in order to comply with their anti-money laundering and KYC procedures and checks. By submitting your application, you authorise TallyMoney, where necessary, to send your name and address details onto such Custodians for this sole purpose.
7.13. Gold stored by Custodians are allocated, meaning that the quantity of bullion which is owned by TallyMoney’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 TallyMoney’s Customers in the quantities owned) and regarded as your property by the vault operator or storage provider. Furthermore, each Custodian will keep the gold held in the name of TallyMoney on behalf of its Customers physically segregated at all times from assets owned by other parties. However, gold are not separated by the Custodian according to individual TallyAccounts and therefore the Customer’s ownership does not relate to a specific bar of bullion, i.e. it is not identifiable, but to a specific quantity of gold in a storage facility provided by TallyMoney’s Custodian.
8.1. TallyMoney will follow the fees structure as modified from time to time as described in the Fees, Charges & Limits Information Document. TallyMoney reserves the right to change its fees, charges and limits structure, with notice.
8.2. The Customer authorises TallyMoney to deduct from his/her account and or holdings to satisfy any fees the Customer owes, and or incurs.
8.3. TallyMoney 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.
8.4. TallyMoney reserves the right to charge and collect administrative fees to cover costs incurred by TallyMoney assisting clients in extraordinary, unique and unpredictable circumstances. TallyMoney will retain complete discretion to decide what constitutes such extraordinary, unique and unpredictable circumstances.
8.5. We will pass on to you all bank charges and any other costs incurred or suffered by us or by your instruction, to reverse, recall or modify any payment except as the result of any error on our part. Some of these charges are levied by us to offset the costs we incur from our banking providers for making payments. If the banks we use charge us more to process any payments, we shall have to pass this cost onto you.
8.6. 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 TallyMoney.
8.7. The Customer acknowledges their complete responsibility for telephone, satellite, TV, and/or internet service provider charges incurred by them whilst using the TallyMoney exchange market.
9. Changes in Terms or fee structure
9.1. Subject to a 10-day notice period and communicated to the Customer via email correspondence and/or other forms of communication where possible, TallyMoney may alter its fee structure and fee collection methods;
9.2. TallyMoney may amend the terms of these Terms where it communicates such amendment via email correspondence and/or other forms of communication where possible. Where we make such amendments and you do not accept such amendments you may notify us that you wish to close your TallyAccount (see clause 17 Termination). If you do not notify us of your desire to close your TallyAccount then you will be deemed to have accepted these amendments.
10. Record Keeping
10.1. TallyMoney is responsible for ensuring satisfactory company records and accounts so that relevant third parties can audit TallyMoney as dictated by regulations, and to preserve the on- going integrity of the business and mode of operation.
10.2. TallyMoney will maintain and keep record of interviews or other interaction with you and other information collected by us or our Tally Partners from you for at least seven (7) years following the closure of your account.
11. Failure of TallyMoney IT infrastructure
TallyMoney backs up its databases to location independent cloud storage facilities and in accordance with the applicable data protection regulations to endeavour to mitigate the risk of data loss.
12. Risk warnings
12.1. TallyMoney cannot be held responsible for the following risks:
12.1.1. client investment or divestment decisions, and the merits thereof;
12.1.2. any and all trading client transaction decisions;
12.1.3. fluctuations in the price of gold;
12.1.4. Monetary geopolitics and their effect on the price of gold;
12.1.5. bank failure or financial crisis and their effect on the price of gold;
12.1.6. identity theft of any nature;
12.1.7. the market for Tally being illiquid due to the prohibition on transfer;
12.1.8. being legally prohibited from offering TallyAccounts to persons in certain jurisdictions;
12.1.9. TallyApp and Website unavailability; and
12.1.10. Force Majeure (defined below in clause 22.3).
13.1 TallyMoney undertakes to maintain, or use reasonable endeavours to procure its TallyPartners maintain at the cost of TallyMoney, insurance cover in respect of the following:
13.1.1 third party theft of gold
13.1.2 damage to gold by fire, flood or other act of god;
13.1.3 loss of gold; and
13.1.4 Data loss.
13.2 The Customer should be aware that such insurance is likely to be subject to a number of exclusions no Tally Partners in any way guarantees the adequacy of insurance taking out by TallyMoney.
14. Corrections and Errors
14.1. TallyMoney is entitled to correct administrative errors after the event, and to make all necessary corrections to your account records.
14.2. No user of the TallyMoney Platform, including TallyMoney, has the right to profit from system failure. TallyMoney cannot be held responsible or liable for failure of external links in the IT infrastructure. You accept this fact and that TallyMoney is entitled to make discretionary system adjustments after any such failure.
14.3. The Customer agrees to check their TallyMoney Account regularly to ensure that their balances and account activity are to the best of their knowledge correct.
14.4. Where the Customer has reasonable grounds for suspecting that his/her TallyAccount has been tampered with, he/she must immediately contact firstname.lastname@example.org. Said communications to Tally will be acknowledged within 2 Business Days, and responded to as a matter of urgency by a senior officer of TallyMoney.
14.5. If the Customer does not contact TallyMoney within 30 days of holding reasonable grounds for suspecting that his/her TallyAccount has been tampered with, the Customer accepts and acknowledges that TallyMoney’s ability to assist with their grievance has been reduced, and their responsibility for investigating and possibly rectifying said grievance is significantly diminished.
14.6. If the Customer does not inform TallyMoney of any tampering of his/her TallyAccount within 30 days of the first occurrence then, whilst TallyMoney will make its best endeavours to rectify the situation, TallyMoney will not be liable for any loss or damages whatsoever which may or may not have been suffered by the Customer.
15. Termination and in the event of death
15.1. TallyAccounts are not designed to be terminated by the Customer, as it was intended that they could remain dormant for periods of time when the Customer does not wish to use the TallyApp or TallyCard. However, in the rare likelihood that a Customer desires termination of use of the TallyApp, TallyCard and their TallyAccount, TallyMoney management can close their TallyAccount. If you desire to close your TallyAccount, you should contact us via email or phone so that we can assist you with the matter. Should your TallyAccount be closed, you will no longer be able to use the TallyApp (or any TallyCard that may have been issued in respect of your TallyAccount. Any fees owed to Tally will be deducted before we close your TallyAccount and transfer any funds back to you.
15.2. We shall have the right (but not the obligation) to close your TallyAccount and terminate these Terms:
15.2.1. at any time if you do not fulfil our regulatory customer due diligence checks on you;
15.2.2. at any time and for any reason; and
15.2.3. upon or at any time after the occurrence of any one or more of the following events:
22.214.171.124. you become bankrupt;
126.96.36.199. you suspend payment of your debts;
188.8.131.52. you make or take steps with a view to making any moratorium, assignment, composition or similar arrangement with your creditors;
184.108.40.206. you have a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or similar officer appointed in respect of some or all of your assets;
220.127.116.11. you suffer anything similar to the events described in clauses 18.104.22.168 to 22.214.171.124;
126.96.36.199. you fail in any respect to fully and promptly comply with any obligations under these Terms;
188.8.131.52. if any of the representations made in these Terms or information supplied by you are or become materially inaccurate or materially changed;
184.108.40.206. if it becomes or may become unlawful for us to maintain or give effect to all or any of our obligations under these Terms or otherwise to carry on our business;
220.127.116.11. if our contracts with TallyPartners that provide services that are essential to the provision of the TallyMoney Platform are terminated and TallyMoney is unable to engage a suitable replacement;
18.104.22.168. if we are requested to by any governmental or regulatory authority whether or not that request is legally binding; and
22.214.171.124. we consider it necessary to do so for our own protection including (without limitation) in the following circumstances: (i) protection from fraud or money laundering; (ii) protection from your default; (iii) protection from market failure; (iv) protection from adverse or volatile market conditions; and (v) protection from loss by us.
15.3. If you become aware of the occurrence or likely occurrence of any event referred to in clauses 126.96.36.199 to 188.8.131.52 above, you shall notify us immediately.
15.4. In the event of death of the holder of a TallyAccount, TallyMoney has various procedures that TallyMoney follows. Through these procedures, TallyMoney endeavours to process your TallyAccount with the instructions of your legally authorised executors or estate administrators.
15.5. TallyMoney reserves the right to suspend your TallyAccount 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 TallyAccount has been compromised. If TallyMoney makes a decision to close your TallyAccount, we will sell your gold holdings and provided it is permitted by law return your funds in cash to you, excluding any costs on doing so, and fees owed to us will be deducted.
15.6. Upon the effective date of termination:
15.6.1. you will no longer be able to buy or sell Tally using the TallyApp;
15.6.2. sell any Tally in TallyAccount and return the proceeds (net of fees) to your Bank Account along with any cash deposited in your TallyAccount;
15.6.3. we will retain your Data to the extent we need to do so to comply with our legal obligations; and
15.6.4. we shall redeem any Tally we hold for you on your TallyCard and send the equivalent funds to your Customer’s Bank Account.
15.7. TallyMoney reserves the right to deducts sums due to TallyMoney from the Customer from cash returned pursuant to clause 15.6.
15.8. TallyMoney reserves the right to delay the return of funds pursuant to clause 15.6 in order to fulfil its legal obligations including in respect of money laundering legislation and other laws.
16. Actions for Dormant Accounts
16.1. If the Customer fails to access his/her TallyAccount for more than two years, the TallyAccount shall be deemed to be dormant. If TallyMoney elects to close the relevant dormant TallyAccount, TallyMoney will use reasonable endeavors to contact the Customer, which for the avoidance of doubt shall not require TallyMoney to incur costs that are likely to be excessive in relation to the value of the Customer’s TallyAccount.
16.2. If 60 days after all contact details provided by the relevant Customer have used to make contact, no reply from the relevant Customer has been received then the Customer will deemed to be uncontactable. TallyMoney shall use reasonable endeavours to trace a next of kin to establish the location of the Customer. If TallyMoney fails to contact the next of kin or the next of kin are unable to confirm that the customer has died, then TallyMoney shall have full discretion to close the relevant customer’s TallyAccount any sell any Tally contained in it and direct the net proceeds by paid to the last known Customer’s Bank Account we have on file. In the event the funds are returned as that Customer’s Bank Account is not open, TallyMoney shall be entitled to retain these funds. TallyMoney reserves the right to charge administration fees for TallyMoney’s endeavors to locate the holder, or next of kin, of a dormant TallyAccount holder.
In the event that any of the provisions of these Terms are broken or are deemed invalid or unenforceable, all remaining provisions shall remain in effect and thus enforceable.
18.1. The Customer shall indemnity TallyMoney to a maximum value of £10 million against all liabilities costs, expenses, damages and losses (including but not limited to any direct, indirect or consequential losses, loss of profit, loss of reputation and all interest, fines, administrative costs, penalties and legal costs and all other professionals costs and expenses suffered or incurred by any TallyPartner arising out of or in connection with:
18.1.1. any breach of any material term of is Agreement by you;
18.1.2. use the TallyApp and his/her TallyAccount by the Customer for illegal means, including without limitation the transmission of illegal, defamatory, explicit or other inappropriate content, or to facilitate any of the foregoing;
18.1.3. infringement of TallyMoney’s IPR by the Customer;
18.1.4. the enforcement of this Agreement; and
18.1.5. the loss of by the Customer of their Security Credentials or the Security Credentials of the Customer being compromised through the actions of the Customer;
18.2. All funds held by us (or our agents) on your behalf under this (whether as security or otherwise) may be appropriated by us to meet any liability we incur in respect of this Agreement due to a breach of these Terms by you.
19. Limitation of Liability
19.1. The below provisions detail TallyMoney’s full financial liabilities (and liabilities for the acts and omissions of TallyMoney’s employers, agents, and TallyPartners) to TallyMoney’s Customers in respect of:
19.1.1. any serious breach of these Terms; and
19.1.2. any representation, omission, or tortuous act (including gross negligence) covered by or in connection with these Terms.
19.2. 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 here from (section 12 of the Sale of Goods Act 1979 implies certain conditions which are specifically not excluded here).
19.3. TallyMoney shall not have any responsibility or liability of any kind for any losses or expenses whatsoever incurred by the Customer as a result of:
19.3.1. any delay or failure to perform any its obligations under this Agreement (including but not limited to the release the gold to the Customer and delays in crediting Tally or funds to the Customer’s TallyAccount) or otherwise operate in the manner contemplated by this Agreement caused by a Force Majeure Event (defined below) or third party malicious damage or to comply with any law or governmental order, rule, regulation or direction or any default of a TallyPartner (provided the Customer has recourse against that TallyPartner); or
19.3.2. failure to obtain instructions from the Carrier or any other party due to circumstances beyond its control.
19.4. Where any loss, liability, cost or expense (a ‘Loss’) is suffered by you for which we would otherwise be jointly and severally or jointly liable with any third party or third parties, the extent to which such Loss shall be recoverable by you from us (as opposed to any third parties) shall be limited so as to be in proportion to the aggregate of our contribution to the overall fault for such Loss, as agreed between all of the relevant parties or, in the absence of agreement, as determined by a court of competent jurisdiction. For the purposes of assessing the contribution to the Loss in question of any third party for the purposes of this clause, no account shall be taken of any limit imposed or agreed on the amount of liability of such third party by any agreement (including any settlement agreement) made before or after such Loss occurred or was otherwise incurred.
19.5. Neither TallyMoney nor any TallyPartner shall be liable to the Customer whether in contract, tort or otherwise for any indirect, special, consequential loss or damages, such as but limited to property damage, loss of profit and loss of use of goods howsoever caused.
19.6. No provision in these Terms limits the liability of TallyMoney:
19.6.1. under section 2(3) of the Consumer Protection Act 1987; or
19.6.2. for death or personal injury caused by the gross negligence of TallyMoney; or
19.6.3. for matters that TallyMoney cannot legally exclude its liability from; or
19.6.4. for fraud and misrepresentations deemed fraudulent.
19.7. Subject to clauses 19.6.2 and 19.6.3 above:
19.7.1. the aggregate liability of TallyMoney and any TallyPartners to you under contract, misrepresentation, restitution, tort, or otherwise, arising due to non- compliance with these Terms shall at all times be limited to the value of your holdings within TallyMoney; and
19.7.2. Neither TallyMoney nor any TallyPartner shall be liable for Customer losses in value, profit, goodwill or otherwise, due to falls in gold prices or currency values; and
19.7.3. TallyMoney holds no liability whatsoever for claims for consequential compensation (however caused) which arise in connection with these Terms.
20. TallyMoney Insolvency
20.1. TallyMoney has entered into a security trust deed with an independent third-party security trustee (‘Security Trustee’) pursuant to which TallyMoney has granted security to the Security Trustee in respect of its contractual arrangements with the Custodian, Carrier, platform provider (and EMI (‘Secured Contracts’). In the extremely unlikely event that TallyMoney should cease trading, the Security Trustee would enforce its Security over the Secured Contracts and seek to realise the gold held by TallyMoney on behalf of Customers and return the net proceeds to the relevant customers. The Security Trustee will deduct the costs of doing this (including its own costs) and by agreeing to these Terms you agree to the deduction of these costs. It is highly likely that if TallyMoney ceased trading that no further Tally would be issued.
21. Conforming to Laws
21.1. 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 TallyMoney service, and understand that we will only be able to provide you with capital gains tax (‘CGT’) calculations.
21.2. TallyMoney in no way sets out to offer professional investment or tax advice, and any tax related representations the company makes are for TallyMoney’s Customers to digest at their own will in full knowledge of this fact.
21.3. The Customer is responsible for their complete compliance with all the laws of the jurisdiction from which the Customer accesses the TallyApp or Website.
21.4. The Customer is responsible for ensuring they have the relevant permissions to use the Tally service.
21.5. The Customer’s responsibilities under this provision will cease after termination of these Terms.
22. Other important terms
22.1. We may transfer this Agreement to someone else. We may transfer our rights and obligations under these Terms to another organisation. We will contact you to let you know if we plan to do this. If you are unhappy with the transfer, you may contact us to ask us to close your TallyAccount.
22.2. You are not permitted to transfer your rights under this Agreement to someone else.
22.3. A Force Majeure Event for the purposes of these Terms is an event that affects, prevents or hinders the performance by a party of its obligations under this Agreement arising from acts, events, omissions or non-events beyond its reasonable control, including strikes, lock-outs, industrial disputes, failure of utility service or transport or telecommunications network, acts of God, riots, war, acts of terrorism, fire, flood, storm or earthquake and any disaster.
22.4. Subject to the provisions of clause 22.3, a party shall not in any circumstances be liable to other party for any failure or delay in the performance of any of its obligations under these Terms if it is prevented, hindered or delayed in or from performing any such obligations by a Force Majeure Event. The time for performance of such obligations shall be extended accordingly.
Third Party Rights
22.5. Nobody else has any rights under this Agreement (except someone you pass your guarantee on to). This Agreement is between you and us. No other person shall have any rights to enforce any of its terms. Neither of us will need to get the agreement of any other person in order to end this Agreement or make any changes to these Terms.
22.6. These Terms, and any document referred to in these Terms, forms the record of agreement between the service provider, in TallyMoney, and the Customer, in you. The provisions within these Terms, and any document referred to in these Terms, and no other document, shall constitute the terms of this business relationship. The Agreement supersedes any previous arrangement understanding or agreement between you and us.
22.7. If a court finds part of this Agreement illegal, the rest will continue in force. Each of the clauses of these Terms operate separately. If any court or relevant authority decides that any of them are unlawful, the remaining subclasses, clauses and paragraphs will remain in full force and effect.
22.8. Even if we delay in enforcing this Agreement, we can still enforce it later. If we do not insist immediately that you do anything you are required to do under these terms, or if we delay in taking steps against you in respect of your breaking this contract, that will not mean that you do not have to do those things and it will not prevent us taking steps against you at a later date. For example, if you miss a payment and we do not chase you, but we continue to provide the products, we can still require you to make the payment at a later date.
22.9. Nothing in this agreement is intended to, or shall be deemed to, establish any partnership or joint venture between any of the parties.
Complaints and jurisdiction
22.10. If you wish to make a complaint regarding our conduct in respect of these Terms, in the first instance please contact TallyMoney at Support@Tallymoney.com with your problem. TallyMoney will attempt to try and resolve it. If the complaint relates to an element the TallyMoney Platform provided by a third party. TallyMoney may involve that party in the handling of your complaint in these circumstances. If the complaint cannot be resolved by TallyMoney (or its agents) to your satisfaction, TallyMoney asks that you then put your complaint in writing to TallyMoney at TallyMoney, Salisbury House, Finsbury Circus, London, EC2M 5QQ or such other address as notified on the Website. Upon receipt of a written complaint TallyMoney will arrange a meeting in London between the Customer and a duly authorized representative of TallyMoney to try and resolve the issues. In the event of any continued disagreement or dispute arising out of any provision of these Terms which have not been resolved within 30 days of the meeting, 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.
22.11. If you are an eligible complainant, you may be able to take your complaint to the Financial Ombudsman Service should you not be satisfied with our final response. Eligibility criteria and information on the procedures involved are available from http://www.financial-ombudsman.org.uk. If you are not an eligible complainant, then your only recourse will be through the courts unless otherwise agreed between the parties.
22.12. 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.
22.13. 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 these Terms, you submit to the arbitration process and to the jurisdiction of the United Kingdom.
22.14. These terms are governed by English law and you can bring legal proceedings in respect of this agreement in the English courts. If you live in Scotland, you can bring legal proceedings in respect of the products in either the Scottish or the English courts. If you live in Northern Ireland you can bring legal proceedings in respect of these Terms in either the Northern Irish or the English courts.
12 June 2019
Special promotion Terms and Conditions
Buttle UK Promotion
1. Tally will credit 200 Tally to every new customer who signs up using the promotional code IJ2019, and fulfils the criteria stipulated in Tally’s Terms & Conditions.
2. This promotion is only available to participants in the Italian Job 30th anniversary Rally, as well as close friends and family.
a. Tally reserves the right to withdraw promotional funds and close the account of any customers which use the promotion and subsequently are found to have not fulfilled these terms.
b. This promotion will run from the 23 July 2019 to 19 October 2019.
c. This promotion is limited to the first 500 customers who use this code.
3. For every customer which qualifies under the above terms & conditions, and has successfully opened an account with Tally, £5 will be donated to Buttle UK.
a. This donation will be made after the conclusion of the promotion, no later than 31 October 2019.
b. More details about the Buttle UK can be found at: https://www.buttleuk.org.
Tally Friend Get Friend – Terms and Conditions
1. This offer pays a referrer and credits the referred friend’s Tally account with the offer payment for each qualifying referral made on or after July 2019.
2. This offer is subject to TallyMoney’s general T&C’s.
3. We limit the number of payments we make to a referrer and you will find these details in the Payment section below.
4. We may change, extend or withdraw this offer at any time and without letting you know.
5. This offer cannot be used along with any of our other savings and payment account offers.
6. Referrer: To qualify for this offer the referrer must
a. be 18 years or over and hold a Tally savings and payment account in their own name or jointly with another member
b. Not refer themselves to Tally
c. We will send an email to the referrer which will include a code they will need to give to the friend they are referring.
d. The code will be unique to the referrer.
7. Referred Friend: To qualify for this offer, the referred friend needs to follow the steps below:
Step 1: Once the referred friend receives the code from the referrer, they must then complete the Tally app registration process that results in the opening of a new Tally account.
Step 2: Once the new Tally account opening process has been started, the referred friend will need to enter the promotional code in the registration flow. The promotional code must be submitted to us during the account registration process.
8. If all the conditions above are met and the referred friend’s new Tally account is opened successfully, we will pay the referrer and credit the referred friend’s new Tally account with the offer payment within 7 days.
There is no limit to the number of friends a referrer can refer, and each referred friend will qualify for a payment if they meet the conditions.
Fee table - Fees, Charges & Limits Information Document
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: 6 June 2019
- This document informs you about the fees, charges and limits related to using the Tally platform.
|Service||Fee, Charge or Limit|
|Using the Tally platform|
|Account charge||A single monthly charge of 0.1% of your average monthly holding which covers storage, insurance and operational costs. Any holding above half a million Tally (t500,000) is charged at 0.05%.|
|Making deposits into Tally||• No charges for making deposits |
• Global spot price for gold used for conversion with no mark-ups added
|Tally debit Mastercard®|
|Ordering Tally debit Mastercard||Tally debit Mastercards are free.|
|Replacement cards||• One free replacement card per annum |
• 200 Tally for any subsequent replacement cards in the same year
|Spending and sending|
|Paying with Tally||No transaction fees or charges for spending Tally.|
|Daily purchase limit||You can spend up to the equivalent of £10,000 in Tally per day (approximately t300,000).|
|ATM withdrawals||• No charges for ATM withdrawals |
• Limited to 3 per day
• Daily maximum equivalent of £250 in Tally (approximately t7,500)
|Sending Tally account to Tally account||Sending money from your Tally account to another customer’s Tally account is free.|
|Using Tally abroad|
|• No FX fees, commissions or mark-ups |
• Tally to local currency converted using the Mastercard wholesale FX rate
|ATM withdrawals abroad||• No charges for ATM withdrawals |
• Limited to 3 per day
• Daily maximum equivalent of £250 in Tally (approximately t7,500)