Third Party Deposit Policy

Effective Date: From 8th February, 2024, third-party deposits will no longer be permitted within our system. This policy change aims to enhance the security and integrity of our platform, ensuring a safer experience for all users.

Why Are Third-Party Deposits No Longer Allowed?

We've observed a connection between third-party deposits and service misuse. To prevent potential misuse of our platform and ensure a secure environment, third-party deposits have been disallowed. This measure is not intended to inconvenience you but to protect you from potential fraud and maintain a seamless rewards experience.

Regulatory Impact

On 7th October, 2024, new financial regulations regarding fraud will take effect, impacting payment service providers. Plutus is taking proactive measures to strengthen its security in anticipation of these regulations.

Definition of Third-Party Deposit

A third-party deposit is any deposit made into your Plutus account from an account held by someone other than yourself. Funds must only be received from accounts in your registered name, with a few exceptions.

Permitted Deposits

Deposits must come from accounts owned by you (matching your Plutus account name) to ensure a seamless experience without any disruptions. For instance, if your name is John Smith, funds should come from an account owned by John Smith.

Consequences of Receiving a Third-Party Deposit

If a third-party deposit is detected, your account may be temporarily suspended for security checks. We will contact you for a Source of Funds (SoF) check to verify the legitimacy of the funds. Depending on the outcome, there is a possibility of account closure. To avoid any inconvenience, refrain from receiving funds from third parties into your Plutus account.

Exceptions to the Rule

We understand that certain scenarios necessitate third-party deposits. Exceptions to this policy include:

• Salary/Benefit Payments
• Workplace Pensions
• Universal Credit
• Cost of Living Payments

These exceptions will still require a Source of Funds check to ensure compliance.

Joint Account Deposits

Deposits from joint accounts will be subject to a Source of Funds check and compliance approval.

Failure to Submit Source of Funds Check

If you fail or refuse to submit a Source of Funds check, the deposit will be returned to the originating account. Additionally, your Plutus account will be deleted, and any remaining funds will be returned to you.

Continued Use of Plutus

You can still deposit funds from accounts in your name, use your card for spending, and earn rewards as usual. The only change is the prohibition of third-party deposits.

Duration of Account Suspension

The suspension duration can vary based on the circumstances and the speed of your response to the Source of Funds query. The check may take up to 7 working days to initiate. Prompt responses can expedite the process. Once the funds' legitimacy is verified, your account will be reinstated.

Access to Funds During Suspension

While your account is suspended, you will be unable to access the account or use the card. However, your funds will remain secure. Refunds will not be impacted, but no new card transactions can be authorized.

Preventing Future Third-Party Deposits

To avoid issues, ensure all deposits into your Plutus account originate from accounts that match your Plutus account name.

Future of Third-Party Deposits

We are actively exploring secure methods to reintroduce third-party deposits. You will be promptly notified once a timeline is established for their return.

For further assistance or if you have any questions, please contact our Support team. We’re here to help!

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