Terms Shared Account - 11-04-2023

These Terms and Conditions (“T&Cs”) were applicable from April 29, 2021 to April 11th, 2023. Previous versions are available at : https://www.lydia-app.com/info/cgu-comptes-communs-25-10-2020/.

Lydia Solutions ("Lydia") is a simplified joint-stock company registered in Paris under RCS number 534 479 589 with capital of €1,590,031 established at 14, avenue de l’Opéra, 75001 Paris.

Lydia is registered with the ACPR, established at rue Taitbout - 75436 Paris Cedex 09, and mandated by the SFPMEI, (the "Banking Partner") as a Payment Service Agent ("PSP agent", as defined in articles L523-1 and subsequent of the Monetary and Financial Code).

SFPMEI is a electronic money institution (Establishment code 17448) whose head office is located 15 rue Laborde, 75008 Paris, registered in Paris under RCS number 890 111 776 and approved by the ACPR.

The Special Terms and conditions for Shared Accounts ("Shared Account T&Cs") frame the conditions for creating, using and closing a Lydia shared account ("Shared Account") with several users (the "Users") of the Lydia application for Consumers (the "Application").

Any User wishing to create (the "Owner") or participate (the "Participant") in a Shared Account acknowledges that they have read these Special T&Cs and accepts them. The User also acknowledges that these Shared Account T&Cs are read and interpreted with regard to the Lydia Terms of Service for Consumers ("Lydia T&Cs") which are accessible from the Lydia website.

The Shared Account Service is part of the services available to Lydia Consumers, as defined in the Lydia T&Cs. Users who wish to close both their Lydia payment account ("Lydia Payment Account") and their Shared Account(s) must refer to the Lydia T&Cs.

Users, Owner or Participants may stop using the Shared Account Service at any time, while keeping their Lydia Payment Account open, by closing or leaving the Shared Account.

Any User wishing to create or participate in a Shared Account declares:

Participation in a Shared Account is based on mutual respect between the Participants and the Shared Account Owner.

The Shared Account Owner is the legal holder of the funds held in the Shared Account.

When opening an intended Shared Account, the Owner of that Shared Account is the only person to benefit from all the five rights (the "Rights") of the Shared Account, which are:

By sharing their Shared Account with other Lydia Users, the Shared Account Owner gives proxy to the Participants to act on this Shared Account in their name. They can give them all or part of the following four rights:

Only the Shared Account Owner has the "right to close the shared account" that they have created.

If the Shared Account Owner grants a Participant of the Shared Account the "right to share the account", they therefore grant them the Rights:

The proxy is therefore issued in the name of the Shared Account Owner, who is the sole legal owner of the Shared Account.

The Rights of Participants are adjustable at any time by Users with the "right to modify Participant rights".

In order to take advantage of a Shared Account, it is necessary to be a User and to have not exceeded any possible limits defined in the Limits and Thresholds Appendix.

From the Application, the User can create a Lydia Payment Account that they wish to share, or directly share their main Lydia Payment Account. Depending on their rights, the User can also share a Lydia Payment Account that has been shared with them (provided they have the right to "Manage members (add, rights, etc.)"). However, the User cannot share the external bank accounts that they have linked to the Application.

From the Application and in the details of the Shared Account, the Owner must enter the telephone number or email address of the individual with whom they wish to share their Lydia Payment Account and select the Rights they wish to confer on that individual.

The Shared Account Owner can share it with:

The invited individual receives an email or text message on their phone indicating that they have been invited to join a Shared Account.

If they accept the invitation, the Shared Account Owner then gives them a mandate (proxy) in their Shared Account. The Participant can thus act on the Shared Account in the name of the Owner, in accordance with the Rights conferred on them by the Owner.

The Shared Account Owner can generate and update an online page for the Shared Account.

Once shared, anyone with the page's URL can contribute to the Shared Account.

The Shared Account Owner decides the display parameters (whether or not to display the presence, for example) and the sharing of the page online.

For a User wishing to join a Shared Account, they merely need to accept the Owner's invitation by clicking on the button in the email or from the Application.

If they refuse the invitation, the individual may be invited to join the Shared Account again later.

The Shared Account Owner and the Participants authorised to do so may modify the Rights of the other participants. As legal Owner of the Shared Account, the Owner has the final say on the Rights of participants invited to join the Shared Account for which they are responsible, and can therefore revoke the Rights granted.

Other options for editing the Shared Account exist, such as editing the account name and the illustration photo, but they only affect the display of the User making these changes.

A Shared Account can be funded in the same way as a Lydia Payment Account.

To find out more, the User should consult the Lydia T&Cs (How Lydia works > Step 2: Adding a payment means to the Payment Account).

The Shared Account can be funded by its Participants, but also by any third party outside the Shared Account with access to the online page, according to the methods defined above.

The funds available in the Shared Account legally belong to the Shared Account Owner and can be spent in their name by all Participants that have the right to do so.

Funding the Shared Account and using its funds can be performed according to the limits associated with the status of the Shared Account Owner (refer to the Limits and Thresholds Appendix).

The funds available in a Shared Account can be spent by Participants with the "right to use the funds".

Users can use the funds in their Shared Account in the same way as they use the funds in their Lydia Payment Account (see Lydia T&Cs > How Lydia works > Step 3: Payment transaction).

Each transaction generates a receipt available in the Shared Account history, accessible to Participants with the "right to consult the transaction history". The Participant can consult all of the transactions that took place from the time when they were given access to the Shared Account, including after leaving it.

Only the User who is the Shared Account Owner can decide to close a Shared Account. Before being able to close the Shared Account, the Owner must ensure that the balance of the Shared Account is zero. The Shared Account Owner, as legal Owner of the Shared Account, has the final say on the use to be made of any funds remaining in the Shared Account.

Participants will then be notified of the deletion of the Shared Account and will no longer have access to the Shared Account in their Application.

A Participant may voluntarily decide to leave a Shared Account. If necessary, the Participant renounces the Rights they have acquired for this Shared Account (see The features of a Shared Account), and the proxy the Owner gave the Participant for the Shared Account is revoked. The former Participant will no longer have access to the Shared Account unless invited again.

The Owner or Participant with relevant rights may revoke the access of another Participant.

The Shared Account Owner cannot leave the Shared Account of which they are the owner and for which they are responsible. They may however decide to close the Shared Account, according to the methods defined above.

The use of the Shared Account Service is subject to the thresholds specified in the Rates and Thresholds Appendix .

The Shared Account Owner is the sole owner of the funds in the Shared Account and authorises the Participants to act on the Shared Account in their name. Sharing a Shared Account with third parties therefore creates liability for the Shared Account Owner and must be done in a reasonable manner. Conversely, by agreeing to join a Shared Account, Participants must be aware that the Shared Account Owner is the sole legal owner and that they have the final decision on: