Cards that can be used in multiple shops are categorised as electronic money gift cards and are governed under different legislation (see here).Well then if I head off to a kiosk in Liffey Valley and buy a voucher and there's a little label on it saying that claims ultimately fall on a voucher company in Lithuania, that doesn't invalidate or compromise my rights as a consumer if it later turns out that there's something wrong with it.
Slightly different.There's nothing "wrong" with it. The kiosk sold it to you in good faith and didn't embezzle the funds.
If I buy an amazon voucher in a shop today and amazon goes into liquidation tomorrow why would the shopowner have any liability - legally or morally?
If it doesn't work for technical or other reasons then of course Tesco has a legal liability under consumer law.If I go into Tesco today, buy a Tesco voucher, and it doesn't work tomorrow, of course the shopowner (Tesco) has a legal liability to me under consumer law.
I would have thought that customer money balances are protected in the event of an insolvency or other calamity and should be ringfenced for that purpose as holiday deposits and solicitor client account balances are legally mandated to be?If Tesco plc is insolvent then you are just another unsecured creditor, no?
Nope, not the case. If customer balances were universally protected there'd be no need for the government Deposit Guarantee Scheme.I would have thought that customer money balances are protected in the event of an insolvency or other calamity and should be ringfenced for that purpose as holiday deposits and solicitor client account balances are legally mandated to be?
In terms of e-money cards this is correct. In terms of retailer gift vouchers, it is not ringfenced.I would have thought that customer money balances are protected in the event of an insolvency or other calamity and should be ringfenced for that purpose as holiday deposits and solicitor client account balances are legally mandated to be?
Excellent, thank you.In terms of e-money cards this is correct. In terms of retailer gift vouchers, it is not ringfenced.
The good news is all Payrnet cards were emoney cards and all funds are (should be) in safeguarding accounts. Some card issuers in the UK that used payrnet have already being able to move to a new processor.
But as usual you have the media wanting to create a scare story rather than spend a few minutes actually investigating and finding out the process.
Here's the first result when you google Payrnet balances - https://thefintechtimes.com/bank-of...tion-raises-fintech-concerns-and-disruptions/
Has journalism really got that bad here that they would rather cause people stress that reports a more balanced story.
It may take 2 - 3 weeks to move to a new processor, but unless that has been catastrophic breakdown in oversight by various central banks, the money is safe
If you read the press release the supervisor makes clear that it does not have assurance that client funds were actually segregated! The description of the control environment at the entity is pretty bad.It may take 2 - 3 weeks to move to a new processor, but unless there has been catastrophic breakdown in oversight by various central banks, the money is safe
I get why - but I'm keeping my suspicion to myself.I don't get why anyone wants to turn money that can be used anywhere into money that can only be used in a particular place.
Very cryptic...I get why - but I'm keeping my suspicion to myself.
There is inherent money laundering risk with these kind of products.I get why - but I'm keeping my suspicion to myself.
I would add that the risk would be located in the vicinity of the shopping centre, not Lithuania.There is inherent money laundering risk with these kind of products.
Things happen in life. Tell her to move on...Thank you Leper. Mrs Castro was affected too by the Mahon debacle, with less than 100 days til Christmas, Mahon should get the finger out and honour the cards.
Mahon Point Shopping Centre are now honouring cards and in some cases are updating "use by date" - We spent all ours in Mahon Point Shopping Centre last week. (Just posting as I said I'd advise of update).Just an up date on Gift Cards issued by Mahonpoint Shopping Centre in Cork:- All cards will be honoured by the end of September 2023 per theInformation Desk Operative at the Centre. At the time of writing (18th September 2023) cards are not yet being honoured. But, I'll keep you updated.
As far as I am aware, the One For All gift cards are now valid for 18 months as opposed to 12 months which they used to be for..Mahon Point Shopping Centre are now honouring cards and in some cases are updating "use by date" - We spent all ours in Mahon Point Shopping Centre last week. (Just posting as I said I'd advise of update).
I won't be buying Gift Cards again under any circumstances.