#431
No.



The utility warehouse is specific about there being no protection:






By activating your Card you accept these Terms and Conditions and confirm you understand and accept the risks highlighted in clauses 2(b) and 18(d) of this Agreement.

Quote:





2(b): In the unlikely eventthat we become insolvent, the e-money on your Card may lose its value and become unusable, and accordingly you may lose your e-money.



18(d):

The Financial Services Compensation Scheme is not applicable to the Card. No other compensation schemes exist to cover losses claimed in connection with the Card. This means for example that your only protection for Internet, mail order or telephone transactions is your statutory protection under the Sale Of Goods Act and other applicable legislation. Where the Card is used in such situations and we are unable to resolve thedispute, you will be liable for the transaction.








#432
This has nothing to do with the FSCS, it is Mastercard's scheme for chargebacks (and card acceptance) and is never mentioned in the T&C's of any agreement. Look at one for say a current account with a Visa debit card it does not say "you can ask for a charge back if...". Most people in the bank themselves wont know what you are talking about, indeed Matrin has started a campagin to highlight the issue.



Any Visa or Mastercard branded card whether prepaid, credit, or debit card transaction is subject to a possible chargeback at the customers request.

#434
In fact reading through them, you can also do a chargeback on a Masetro card for good not deliverred (which is not common knowledge at all) if it was placed though e-commerce, I assume that means on-line.

#435
Separately from not having FSCS protection, this uw hybrid card specifically states in its ts + cs:






No other compensation schemes exist to cover losses claimed in connection with the Card.


And draws applicants attention to this risk!






By activating your Card you accept these Terms and Conditions and confirm you understand and accept the risks highlighted


You don't see that in others ts + cs!

#436
Hi all,



I got a prepaid MC a while back. Its a payzone one. I was concerned about gaurenteed money on my card. They sent a group email to all their customers saying that all monies on the card were guarenteed up to £10,000 (the max limit).

#437
Quentin, compensation and getting your money back are not one and the same thing. James



Edit: in addtion Mastercard rules stand for all Mastercards, companies cannot pick and choose. They even dictate the size and exact colour of the logo as printed on the card and on stickers for shop windows. They have it down to an art form.

#438



I got a prepaid MC a while back......They sent a group email to all their customers saying that all monies on the card were guarenteed up to £10,000 (the max limit).
Originally posted by anfear


The card we are discussing is a utility warehouse club card. The uw operates its own ts + cs, which clearly state any money you have loaded on your card but unused would be lost should they (uw) go bust. It seems prepayments you make are in fact paid to the uw's account, rather than held in a secure account by a bank.



The uw run their ts + cs along different lines to most utility companies (eg, if you build up a large credit balance due to your monthly direct debit payment being higher than needed for your energy useage, then you find that you agreed to this balance being non -refundable! The only way to get it back is to sign up with another supplier and switch away!)

#439
There is also a difference between a bank going under and losing your money because the are not part of a compensation scheme, where you get x pence in the pound and a Mastercard chargeback due to a card transaction (which is a contract) being broken by one party.

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