Frost Money Ltd is a company incorporated in England and Wales under number 12231881 whose registered office is at Fortunata House, 1st Floor 15 Wellington Road, Eccles, Manchester, M30 0DR.
We are authorised to issue e-money by the Financial Conduct Authority under the Electronic Money Regulations 2011 (firm reference number 936270).
This document is extremely important as it sets out the terms and conditions for opening, using and closing your FROST account (your account). This includes but is not limited to terms and conditions to transfer money or disputing fraudulent charges.
These terms and conditions, along with the Fees, Privacy Policy and any other terms and conditions that apply to our services, form a legal agreement (the "agreement") between:
These agreement (English law applies, and disputes will exclusively be settled by English courts) is between you and us and you agree to them by using the FROST app. Your FROST account mustn't be used for business purposes.
You can ask for a copy of these terms and conditions through the Frost app, at any time. To use all the functions of the app, you must be connected to the internet.
1.1 To open a FROST account, you must be 18 or over and not have opened a FROST account. Someone acting for us will ask information about you and carry out a KYC (Know Your Client) so that we can be sure of your address, identity and avoid fraudulent request. In order to meet our legal and regulatory requirements we may also request more information on the source of funds.
1.2 Our Privacy Policy will give you further information on how we use the personal data you share with us and our lawful basis to do so.
1.3 You cannot assign or transfer legal ownership of your Frost Account to anyone.
2.1 Please act reasonably and responsibly when using the Frost app or Frost Card. For example, the Frost app or Frost Card must not be used (directly or indirectly) as follows:
2.2 You will not be able to request more than 9 replacement Frost Cards, which includes both physical and virtual cards. Therefore, before terminating a card in app, consider carefully whether it is necessary (i.e., lost or stolen card).
3.1 When we communicate with you, we will use the English language. We are not able to communicate with you in any other language.
3.2 In order to make communications secure, we will usually communicate with you through the FROST app, although in some instances we will contact you via text or email. You must inform us immediately if your contact details change for any reason, as we will use the contact details you have provided during the registration as amended by you from time to time in order to contact you.
3.3 Through the FROST app we will tell you all sort of things, but most importantly we will be notifying you about fraud and any other suspicious activity in relation to your account. Therefore, it is important you enable push notification to make sure you are not missing anything.
3.4 If we suffer a data breach, cybersecurity threat or find that fraud has occurred on your account, we will contact you as soon as possible. Due to the urgency such a situation requires immediate attention. Therefore, we will try to contact you via text, phone call, or email.
3.5 If you need to block your card and no longer have access to our in app support chat, please send an email at info@frost.app with subject: “CARD BLOCK REQUEST”, and include in the body of the email the following information:
4.1 You can close your account whenever you want. Also, you will be able to cancel your account within the first 14 days.
4.2 If you cancel or close your account, you might also end any other agreements you have with us or through us. Please get in touch so that we can provide you with further information.
4.3 If you want to close your account, just get in touch and we will walk you through the account closure. In order to complete the closing process, you must pay any money you owe us. Once the account closure is completed, you will no longer be able to access: your account, the app or any other functionality including but not limited to using your physical debit card.
4.4 If you wish to receive a physical card, you can request this directly via the Frost App. Fees apply, please check the Fees section for more information.
4.5 We can also close your account by giving you written notice at the beginning of which your account may be suspended. The reasons for which we might be closing your account are: (i) you have breached the terms of this agreement; (ii) you have put us in a position where we might break the law; (iii) you have broken, attempted to break or ought to have known that you may have broken the law; (iv) you have given us false or incorrect information; (v) you have been abusive to anyone at Frost.
4.6 We can also suspend your account temporarily. We will suspend your account only in exceptional circumstances, including but not limited to:
4.7 We may report any unlawful activity (or suspected unlawful activity) by you or another person to the police or other appropriate authorities, and cooperate with them in any investigation. We may also require your reasonable cooperation in alternative dispute resolution procedures as a means of disputing or issuing any claims in relation to these terms.
4.8 If your Frost Account has been closed and a balance was left at the time of closure, we will email you to let you know and ask you to provide us with information for the return of the funds. If we are unable to gain information for the return of the funds within 14 days from our request, your account will be classified as “Dormant Account”.
4.9 We apply a £35 admin fee per month to a Dormant Account. If the balance on a Dormant Account exceeds £1,000, we will apply a monthly admin fee of £100. The reasons for charging fees under this clause 4.9, is to cover our expenses in relation to the safeguarding of a Dormant Account’s balance and for the time spent by our team.
4.10 If your Frost Account has been closed pursuant to clause 4.5 or you have requested the account to be closed under clause 4.3, and if you have a balance left on the account, in addition to the charges described at clause 4.9, we will be charging a one-time closure fee of up to £15, in consideration of the work to be undertaken by the members of our team in relation to the return of your funds.
4.11 For the avoidance of doubt, the account closure fee described under clause 4.10, will not result in a negative balance, and your liability will be limited to the balance left on your Frost Account.
5.1 We are able to variate this agreement. We can make favourable changes for any reason. We can also make changes which are proportionate and based on a valid or balanced reason.
5.2 In case we add a new product or service that will change this agreement, we will be giving you 2 months' notice in writing of said changes. If you are not happy with the changes, you will need to close your account before the changes are effective (see 4. Closing your Account). If you do not request your account to be closed, we will assume you are happy with the changes.
6.1 Adding money to your Frost account is easy. You can transfer money on to your Frost account through bank transfer, by using the Frost account details (i.e. Sort Code and Account number, or BIC and IBAN for international payments) easily accessible through your app dashboard.
6.2 Once the money is received, we will add the equivalent value of e-money to your account.
7.1 Sometimes we might limit how much you can receive into or pay from your account, or how much you can withdraw or spend using your Frost card. We might also limit the value of currency exchange you can carry out at any one time or over a period of time. These limits can change from time to time.
7.2 We do not accept payments in third party names. We may request you to provide proof for any incoming/outgoing transactions at any time.
7.3 We may refuse to accept a payment into your account if we have any reason to believe that doing so may expose us to action from any regulatory body.
8.1 You agree to cooperate with all requests made by us or any of our third-party service providers on our behalf in connection with your Frost Account, to identify or authenticate your identity or validate your funding sources or Frost Transactions. This may include, but not limited to, asking you for further information that will allow Frost to reasonably identify you, including requiring you to take steps to confirm ownership of your phone number or payment instruments or verifying your Information against third party databases or through other sources.
8.2 We reserve the right to close, suspend, or limit access to your Frost Account and/or the Frost Services in the event we are unable to obtain, verify such Information or you do not comply with our requests under this paragraph.
9.1 When you decide to add money to your Frost account, we will place it into one of the dedicated client money bank accounts that we hold with large commercial or central banks (client money accounts keep your money separated from our own money, and the types of banks we can use are set by regulations). Frost uses Clearbank safeguarding services. Clearbank is one of the major and most trusted service providers in the e-money industry.
10.1 The money in your account isn't covered by the Financial Services Compensation Scheme (because it's safeguarded instead). Safeguarding regulations make sure that once any costs related to an insolvency are paid out you will be paid from our client money accounts before anyone else.
11.1Peer to Peer Transfers
With Peer to Peer transfer, you can send money to another Frost user instantly. You can see if any of you contacts have a Frost account through the Frost app dashboard.
11.2Bank Transfers (Faster Payments)
11.2.1 It is extremely easy to make payments with your Frost account. You can send your money to any bank account simply by inserting the require account information (i.e. Sort Code and Account number, or BIC and IBAN for international payments hereinafter referred to as “unique identifier”). In some cases, we may ask further information, this is done in order to avoid fraudulent or illegal activity on your account.
11.2.2 Payments are usually available almost immediately, although they can sometimes take up to two hours. Some payments will take longer, especially outside normal working hours.
11.2.3 If a payment takes longer than expected, please get in touch with us and we will check what went wrong.
11.2.4 Bank Transfers are usually immediate but may take up to 7 working days.
11.3Using your Card
11.3.1 With your card you can make chip and pin payment and withdraw cash (we may charge a fee for withdrawals; more information is available here). When you use your card, we will assume that each payment made with it is authorised unless you have informed us of fraud on your account or if you think that we have not properly carried out your instruction.
11.3.2 If money you have asked us to transfer to someone is not paid into their account, therefore is returned to us, you may be credited a different amount if we had to execute a currency exchange, as the currencies may have changed value. We would not be responsible for any losses that this causes you.
11.4 Direct Debit
11.4.1 Direct Debit is the simplest and most convenient way for you to pay regular and occasional bills. It means you don't have to worry about missing those important payments, especially when on holiday, at busy times of the year, or in fact doing anything more enjoyable than thinking about bills!
11.4.2 You can set up a direct debit through your Frost app. It is simple and convenient! You can view and cancel your direct debit at any time.
11.4.3 We currently support direct debits in pounds sterling to accounts in the UK (through the Bacs scheme). The direct debits you are able to access will depend on where you live.
11.4.4 Even if it is too late to cancel a direct debit, you may be entitled to a refund. If you have made a direct debit in pounds sterling to an account in the UK (through the Bacs scheme), you can ask us to request a refund by making a Direct Debit Indemnity Claim on your behalf. The outcome of your claim will depend on the rules of the Bacs scheme.
12.1 You can use your Physical FROST Card to withdraw cash internationally from an ATM in countries outside of the UK. In such an event we will redeem Electronic Money in your FROST Electronic Money Account and you will be provided with the equivalent amount of cash. You will need to follow the instructions on the ATM machine to perform the ATM Withdrawal. This may involve entering your Card PIN.
12.2 We do not charge for ATM Withdrawals up to the threshold set out in the Fees and Pricing Section. If you withdraw more than the threshold, then each ATM Withdrawal will be subject to the fee set out here.
12.3 If you choose to withdraw cash using the currency conversion offered by the ATM owner, FROST has no liability to you for that currency conversion. Please note that the ATM provider may, in addition charge its own fee for ATM Withdrawals which we have no control over or liability for.
13.1 All transactions are processed by automated methods, and anyone who obtains access credentials to your Frost account or access to your Frost card could use it to enter into a transaction without your permission.
13.2 You must ensure that you secure your account and be reasonable in doing so. This means keeping your Frost Card and your access details including your Mobile PIN, Card PIN and CVV safe and secure. We advise you to never write these down or store them outside of the Frost App.
13.3 Remember, Frost and its representatives will never ask you to provide your Mobile PIN, Card PIN and CVV.
13.4 To ensure the maximum degree of safety, you must always update the Frost app to the latest released version.
14.1 If you believe that an Peer to Peer Transfer, Bank Transfer, ATM Withdrawal and/or a Card Purchase has been incorrectly executed or was not authorised by you, you must inform us as soon as you become aware of the unauthorised transaction via the chat function on the Frost app. Failure to notify us immediately on becoming aware or within the 30 days of the date of the unauthorised or incorrectly executed Peer to Peer Transfer, Bank Transfer, ATM Withdrawal or Card Purchase will result in you losing your entitlement to have the matter corrected.
14.2 Where it is established that an Peer to Peer Transfer, Bank Transfer, ATM Withdrawal and/or a Card Purchase was not authorised by you or was incorrectly initiated or executed by us (provided we can prove such incorrect transaction has taken place) and you have notified us in a timely manner as provided above, we shall refund to you the full amount debited without authorisation.
14.3 However, you will be liable for the losses where you have acted fraudulently or have intentionally or with gross negligence failed to comply with the obligations set out in the Security section of this document or you have not notified us within the prescribed time of 30 days from the date of the incident.
14.4 If you provide us with the wrong unique identifier thus you send money to the wrong person or business, we shall not be liable for the non-execution, defective execution or any loss. Nonetheless, if you wish so, we shall make reasonable effort to recover the funds relating to that transaction. However, the intermediary bank, the payee's bank and Frost may charge a fee in order to assist you in tracing and recovering the funds. You will be liable for any and all fees.
14.5 We will not be liable for the correct execution of an Peer to Peer Transfer, a Bank Transfer, an ATM Withdrawal or a Frost Card Purchase, if we can prove to you (and where relevant, to any payee's payment services provider) that the payee's payment services provider received the payment within the appropriate time period. Nonetheless, if you wish so, we shall make reasonable effort to recover the funds relating to that transaction. However, the intermediary bank, the payee's bank and Frost may charge a fee in order to assist you in tracing and recovering the funds. You will be liable for any and all fees.
14.6 We shall not be liable to you for any:
14.7 You are responsible for all liabilities, financial or otherwise, incurred by Frost (acting as Card Issuer), Frost, a Frost User, or a third party caused by or arising out of your breach of these Terms, your use of the Frost Services, and any use of your Frost Account. You agree to reimburse Frost (acting as Card Issuer), Frost, a Frost User, or a third party for any and all such liability, to the extent not prohibited by applicable law.
14.8 You remain liable under these Terms in respect of all charges and other amounts incurred through the use of your Frost Account at any time, irrespective of termination, suspension or closure.
14.9 You alone are responsible for understanding and complying with any and all laws, rules and regulations of your specific jurisdiction that may be applicable to you in connection with your use of the Frost Services, including but not limited to, those related to export or import activity, taxes or foreign currency transactions. You are liable to the state and other subjects for fulfilment of all tax obligations independently. Frost shall not be responsible for the execution of tax obligations, or calculation and transfer of taxes applied to you.
14.10 You agree to defend, reimburse or compensate us (known in legal terms to “indemnify”) and hold Frost, our third party providers, our employees or agents who are authorised to act on our behalf harmless from any claim or demand (including legal fees) made or incurred by any third party due to or arising out of your breach of these Terms, breach of any law and/or use of the Frost Services.
14.11 Nothing in these Terms shall operate to exclude liability for death or personal injury or for fraud or fraudulent misrepresentation or for any liability cannot be excluded or amended under the laws of England and Wales.
14.12 In no event shall Frost be liable for loss of profits or any special, incidental or consequential damages arising out of these Terms or otherwise in connection with the Frost Services, howsoever arising.
14.13 To the extent permitted by applicable law, Frost is not liable, and you agree not to hold it responsible, for any damages or losses (including, but not limited to, loss of money, goodwill, or reputation, profits, or other intangible losses or any special, indirect, or consequential damages) resulting directly or indirectly from:
14.14 You shall not initiate any kind of transaction through your account if you do not have enough funds to cover the amount of that transaction at that time. If you initiate a transaction contrary to this clause, and that results in an economic loss for Frost, you indemnify us on a full indemnity basis for the recovery of said loss.
15.1 When you are abroad and use you card, you will be asked to select whether you would like to pay with your home currency or local currency. Selecting home currency will result in a local bank or payment service provider to initiate a currency exchange for which they may charge a fee. We have no control over and are not responsible for this kind of fees. Also, we are not responsible if you lose any money as a result of a currency exchange.
16.1 These Terms shall be governed by the laws of England and any claim or dispute arising out of or in relation to these Terms shall be subject to the exclusive jurisdiction of the courts of England.
17.1 It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. We are not responsible for determining whether taxes apply to your Frost Account transactions, or for collecting, reporting or remitting any taxes arising from any Frost Account transactions. In certain circumstances, the laws of the country in which you carry out a Frost transaction may permit Frost to collect from you stamp duty or other tax up to the maximum amount specified by applicable laws.
17.2 It is your responsibility to comply with any and all applicable tax laws in connection with your use of the Frost Services, including without limitation, the reporting and payment of any taxes arising in connection with Frost Transactions made through the Frost Services.
17.3 We do not provide advice and contract on an execution only basis. We may provide information to you from time to time, for example via the Frost dashboard or the website, but we will not and do not provide advice to you either upon the merits of a proposed transaction or upon any other matter. Before entering into any transaction you must make your and their own independent assessment as to whether it is appropriate to enter into a transaction, based upon your own judgment and upon such advice from such advisers as you consider necessary. It is an express term of every transaction which you enter into with us that you are not relying upon any communication (written or oral) made by us as constituting advice about or a recommendation to enter into such transaction. Foreign currency exchange rates are subject to fluctuations outside our control, you should always check the current exchange rate. Past movements or trends in the movement of foreign currency exchange rates should not be taken as an indicator of future movements in such exchange rates.
17.4 In order to raise a dispute, you will be requested for evidence and details related to transactions you claim are unauthorized. We are unable to raise a dispute against any transaction where you fail to provide the requested evidence or where the evidence is found unsatisfactory. Any disputes that are raised are pursued on a best endeavours basis only, and there is no guarantee of being reimbursed. Additionally, if you supply evidence with regards to a dispute that is found to be fraudulent or fabricated, this will constitute a reasonable ground for us to close your account and may even impact your ability to access financial products in the future.
18.1 You may not transfer or assign or sell any rights or obligations you have under these Terms or otherwise grant any third party a legal or equitable interest over your Frost Electronic Money Account without Frost's prior written consent. Frost reserves the right to transfer or assign these Terms or any right or obligation under these Terms at any time.
18.2 If we fail to enforce any of our rights under the Terms, or applicable laws, it shall not be deemed to constitute a waiver of such right.
19.1 We may comply with any subpoena, levy, or other legal process which we believe to be valid. We may notify you of such a process electronically, by phone, or in writing.
19.2 Frost has the right to change any of its third-party service providers, including without limitation the Card Processor, with or without notice.
19.3 Frost reserves the right, but shall have no responsibility, to edit, modify, refuse to post or remove any provider content, in whole or in part, that in its sole and absolute discretion is objectionable, erroneous, illegal, fraudulent or otherwise in violation of these terms.
19.4 Unless stated otherwise in these terms, if any provision of these Terms is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced.
19.5 Supplements to these terms are an integral part of these terms, under which you and Frost agree on usage of specific services as defined in the supplements.
19.6 These terms shall last until either us or you close your Frost Account.
20.1 When you use the Save Assist service, Frost will use the information you have provided in order to calculate your current spending and suggest a better deal. When it comes to our providers, we don't choose favourites. We offer impartial and independent comparison, and our results are always ranked by price.
20.2 We provide a service which enables you to compare a number of prices for products and services and make a decision based on those comparisons. There is no charge for this service.
20.3 We do not provide financial, investment or other advice in relation to the product or service compared, nor do we provide a recommendation or endorsement of product or service providers.
20.4 The information you give us is used by the product or service provider to formulate their quote. Therefore, it is important that you double-check all information to ensure that it is complete and accurate. We seek to ensure that we accurately pass on the information you have provided to the product or service provider for the purpose of providing a price comparison.
20.5 Before you commit to switching, please make sure you confirm with your new supplier your new price and whether this is likely to change in the near future because tariffs and prices can change with little or no notice. You should also make sure you read and understand your new supplier's terms and conditions before you commit to switching. We shall always provide you with access to these as part of the Save Assist service.
20.6 If you are thinking of either switching to or from a fixed-price tariff, please remember that you will probably be charged an early termination fee if you choose to leave the fixed-price tariff before the end of your fixed-price period.
20.7 When your switch is complete, Frost will be setting up a Direct Debit in favour of your new utility provider. However, remember that you will always be able to cancel any Direct Debit on your Frost Account (see Making a Payment - Direct Debit).
20.8 Frost's Save Assist will simply make your switch easier. We will try to ensure the process of choosing a new energy supplier and your subsequent application to switch your energy supplier runs smoothly. However, please remember that we only facilitate the switch to your new supplier, and once you've completed your application with us, your new supplier is responsible for completing the switch.
20.9 Please contact your new supplier for an update on your switch application if you have not heard anything from them within 2 weeks of receiving the confirmation from Frost.
20.10 Save Assist is directed only at UK residents and nothing within it or these Terms constitutes an offer or promotion of services or products to persons outside the United Kingdom. We do not make any warranty or representation that the services we offer are available or appropriate for use by those outside the UK. Should you choose to use the services we provide outside the UK, you do so at your own risk, and it is your responsibility to ensure that you are compliant with any applicable local laws.
20.12 If you change your mind and decide not to switch your energy supplier, then please contact your new energy supplier to let them know. You will have a 14 day cooling off period during which you can cancel without charge. Additional information can be provided by your energy supplier.
20.13 Please remember that we only facilitate the switching of your energy supplier. Any energy contract you enter into as a result of using the Save Assist service will be between you and your new energy supplier. Frost will not be a party to that contract, and so will not have any responsibility for any loss you may suffer as a result of you signing a new energy contract.