Common use of YOUR SOKIN ACCOUNT Clause in Contracts

YOUR SOKIN ACCOUNT. 2.1 The electronic money held on your Sokin Account does not earn any interest. Electronic money accounts are not regulated bank accounts. In entering into these Terms & Conditions you acknowledge and agree that the UK’s Financial Services Compensation Scheme (FSCS) does not apply to your Sokin Account. In the unlikely event that we become insolvent, you may lose the electronic money held in your Sokin Account. However, UK national legislation apply to us and these are designed to ensure the safety and liquidity of funds deposited in electronic money accounts. 2.2 You can withdraw funds from your Sokin Account in accordance with this Agreement. However, we may need to confirm your identity beforehand. There is no minimum withdrawal amount but the funds on your Sokin Account must be sufficient to cover any applicable fees due. 2.3 The electronic money on a Sokin Account belongs to the person, or legal entity, that is registered as the Sokin Account holder. No person other than the Sokin Account holder has any rights in relation to the funds held in a Sokin Account, except in cases of succession. You may not assign or transfer your Sokin Account to a third party or otherwise grant any third party a legal or equitable interest over it. 2.4 Your Sokin Account may be subject to limits related to uploads, payments and withdrawals limits, depending on your country of residence, regulatory requirements, any pending verification queries related to your Sokin Account and other factors used by us to determine such limits from time to time at our sole discretion. For further information regarding any applicable limits please refer to the Sokin Fees and Limits document which is available on the Sokin Website.

YOUR SOKIN ACCOUNT. 2.1 The electronic money held on your Sokin Account does not earn any interest. Electronic money accounts are not regulated bank accounts. In entering into these Terms & Conditions you acknowledge and agree that the UK’s Financial Services Compensation Scheme (FSCS) does not apply to your Sokin Account. In the unlikely event that we become insolvent, you may lose the electronic money held in your Sokin Account. However, UK national legislation European Electronic Money Directive 2009/110/EC apply to us and these are designed to ensure the safety and liquidity of funds deposited in electronic money accounts. 2.2 You can withdraw funds from your Sokin Account in accordance with this Agreement. However, we may need to confirm your identity beforehand. There is no minimum withdrawal amount but the funds on your Sokin Account must be sufficient to cover any applicable fees due. 2.3 The electronic money on a Sokin Account belongs to the person, or legal entity, that is registered as the Sokin Account holder. No person other than the Sokin Account holder has any rights in relation to the funds held in a Sokin Account, except in cases of succession. You may not assign or transfer your Sokin Account to a third party or otherwise grant any third party a legal or equitable interest over it. 2.4 Your Sokin Account may be subject to limits related to uploads, payments and withdrawals limits, depending on your country of residence, regulatory requirements, any pending verification queries related to your Sokin Account and other factors used by us to determine such limits from time to time at our sole discretion. For further information regarding any applicable limits please refer to the Sokin Fees and Limits FAQ document which is available on the Sokin Website.