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    Why do banks block accounts?
    Jeremy Suarez
    • Aug 31
    • 1 min

    Why do banks block accounts?

    Banks typically block accounts when they suspect fraudulent activity. This can happen if there are sudden, large changes in account...
    4 views0 comments

    Muniy

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    Millhouse, 32-38 East Street, Rochford, Essex, United Kingdom, SS4 1DB

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    +44 7488 880691

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    Muniy Limited is a company registered in England and Wales with the registered company number 11191944 and its registered address at Kemp House, 152-160 City Road, London, EC1V 2NX 

    Open Banking is provided by Fena Labs Ltd is authorised and regulated by the Financial Conduct Authority (#934835)

    ​

    The Payment account and Mastercard cards are issued by Paynetics AD (via Paystratus Group Ltd, a Technical Provider of Paynetics AD) with company address 76A James Bourchier Blvd, 1407 Sofia, Bulgaria, company registration number 131574695 and VAT BG131574695, pursuant to license by Mastercard International Incorporated and Bulgarian National Bank.

    To ensure your funds are safe Paynetics follow a process known as ‘safeguarding’ which is a regulatory requirement for all EMIs. In this process Paynetics keeps your money separate from its own money and place it in a safeguarding account with a Bank.

    Electronic Money issued is not covered by any Deposit Guarantee Scheme which is a government backed scheme offering protection to customers’ funds of up to €100,000 (£85,000 in the UK under the FSCS) per customer. However, in the event of an insolvency, your funds would remain in the safeguarded account at the designated Bank and separated from Paynetics’ accounts.

    In the event of Paynetics going out of business, an insolvency practitioner would be appointed to return the funds Paynetics has safeguarded to the customers. This means you would get most of your funds back, except for the costs deducted by the insolvency practitioner for returning the funds to the customers.

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    Terms and Conditions: Muniy GCT Corporate clients - Muniy GTC Consumers Separate

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