Shared Account Terms of Service

These Terms of Service for the Shared Account (hereinafter "Terms of Service") apply from April 2, 2024. As of this date, they cancel and replace all previous versions with the same purpose that were binding on the Parties. The previous version can be consulted at the following address: https://www.lydia-app.com/en/info/terms-shared-account-02-04-2024/.

The organiser is Lydia Solutions, a French company (“société par actions simplifiée”) with capital of €1,789,707, registered with the Trade and Companies Registry of Paris under number 534479589 and with its registered office at 14 Avenue de l'Opéra, 75001 Paris - France (hereinafter "Lydia").

Lydia Solutions is authorised as an Electronic Money Institution and has been duly authorised to carry out payment services under the supervision of the ACPR. Lydia's authorisation can be checked at www.regafi.fr and https://euclid.eba.europa.eu/register.

The current Terms of Service : 

Any Customer wishing to create a Shared Account as a shared account holder (the “Main Customer”) or participate in one (as an Entitled Participant) acknowledges having read these Terms of Service and accepts them unconditionally. 

The Customer also acknowledges that these Terms of Service shall be read and interpreted in conjunction with the General Terms and Conditions as well as the Payment Account Agreement and the Electronic Money Account Agreement for Individuals which are accessible from Lydia's website, bearing in mind that in the event of any contradiction between the terms defined in the latter documents and the Terms of Service, the terms of the latter shall prevail.

The French version of these rules prevails over the English version.

The Shared Account is one of the Additional Services available to Customers. Any Customer wishing to close both their Payment Account or Electronic Money Account and their Shared Account shall refer to the GCU. 

The Customer, whether a Main Customer or a Participant, may stop using the Shared Account service at any time, while keeping open the Payment Account or Electronic Money Account to which the Shared Account is linked, by closing (for a Main Customer) or leaving (for an Entitled Participant) the Shared Account.

The Customer who wishes to create or participate in a Shared Account shall have a Personal Account and a Payment Account or an Electronic Money Account open in Lydia Solutions' books, and shall have read, accepted and complied with the General Terms and Conditions of Use for Individuals and the Payment Account Agreement or the Electronic Money Account Agreement as the case may be.

Participation and use of a Shared Account are based on mutual respect between the Entitled Participants and the Main Customer.

The Main Customer is the holder of the funds held in the Shared Account.

Customers with a Shared Account have a number of rights:

By providing access to the Shared Account, the Main Customer may grant power of attorney to one or more other Customers who become Entitled Participants if they accept the invitation. They will then be able to act on this Shared Account in their name. They may in particular (hereinafter the “Rights”):

Only the Main Customer has the “Right to withdraw the Rights of a Participant, and to give power of attorney to other persons to act on his behalf on his Shared Account” and the “Right to close the shared account” that he has created.

By using the Shared Account service, the Main Customer acknowledges and accepts that:

To benefit from a Shared Account, you shall be a Customer within the meaning of the General Terms and Conditions and not have reached any of the limits set out in the Pricing and Limits Annex.

c

From the mobile Application and from the Shared Account details, the Main Customer shall enter the telephone number or email address of the person with whom they wish to share their Wallet.

The Main Customer may share the Shared Account with any individual who is not yet a user of the mobile Application and who has a valid and compatible email or mobile phone number. In this case, the individual will be invited to become a user of the mobile Application, and shall accept the invitation to join the Shared Account.

The individual wishing to join a Shared Account simply has to accept the Main Customer's invitation by clicking on the dedicated button in the email or in the mobile Application.

If the invited individual declines the invitation, they may be invited again by the Account Main Customer to join the Shared Account at a later date.

As the Main Customer is the sole owner of the Shared Account, only they can modify the Rights of the Entitled Participants.

Other Shared Account editing options exist, such as the editing of the account name and account photo, or the name and photos attached to a transaction receipt, all of which can be modified by the Account Main Customer and Entitled Participants. In this respect, it is reminded that the Customer, in their capacity as Account Main Customer, are liable for any Content they publish (for more information, see the General terms and Conditions).

A Shared Account can be topped up in the same way as a Wallet. 

For further information, the Customer is invited to consult the General Terms and Conditions and the Wallet.

The funds available on the Shared Account legally belong to the Main Customer and may be spent on his behalf by all Participants entitled to do so (Entitled Participants). In this respect, it is recalled that Lydia is a third party to the relationship between the Account Main Customer and the Participants. Consequently, the Account Main Customer and the Participants relinquish all recourse against Lydia Solutions concerning the use of the Shared Account balance.

The Shared Account may be funded and its funds used according to the limits associated with the Main Customer's status (see Pricing and Limits Annex). 

Funds available on a Shared Account may be spent by the Account Main Customer and Entitled Participants.

Each transaction gives rise to a receipt available in the Shared Account history, accessible to Participants that have the "Right to consult the transaction history". The Participant will be able to consult all the transactions of the Shared Account, which took place during the time they had access to it, even after they have left it.

Only the Main Customer may decide to close a Shared Account. Before the Shared Account can be closed, the Account Main Customer shall ensure that the balance of the Shared Account is zero. Where applicable, as the Main Customer is the sole holder of the Shared Account, they are the final decision-maker as to the use they wish to make of any funds that may remain in the Shared Account.

Entitled participants will then be notified of the archiving of the Shared Account.

A Participant may voluntarily decide to leave a Shared Account. In such a case, each Participant waives the Rights they have acquired from the Main Customer in respect of that Shared Account, and the power of attorney given by the Main Customer to any Participant in the Shared Account is revoked ipso jure, without notice, with immediate effect and without financial consideration. The Participant concerned will no longer have access to the Shared Account, unless invited again.

The Account’s Main Customer or the Entitled Participant who has the Rights may revoke the access of another Participant. 

The Main Customer may not leave the Shared Account for which they are the Main Customer and liable. However, they may decide to close the Shared Account, in accordance with the terms and conditions set out above.

The Main Customer acknowledges and agrees that use of the Shared Account is subject to the limits specified in the Pricing and Limits Annex. As from the creation of the Shared Account and until it is closed by the Main Customer, the Main Customer undertakes to consult this document regularly.

The Main Customer is the sole owner of the funds in the Shared Account and gives power of attorney to the Entitled Participants to act on the Shared Account on their behalf. The sharing of a Shared Account with third parties therefore engages the Main Customer's liability and shall be done in a reasonable manner, which the Main Customer acknowledges and accepts. Conversely, by agreeing to join a Shared Account, Participants shall be aware that the Main Customer is the sole holder of the Shared Account (including in particular its balance) and that they are the final decision-maker on :