Program Termination Guidelines: How to Withdraw Your Funds

If your account is still active and has a positive balance, you can withdraw your funds before the program officially closes. Here's what you need to know:

Safeguarding Your Funds

As long as you have a positive balance in your account, your funds are protected by a regulated "safeguarding" procedure. This ensures that your money is kept separate from the operating funds of any businesses involved in running the payment program, giving you additional protection.

Withdrawing Funds Before Program Closure

If your account is still active and can receive incoming wire funds, you can withdraw your funds via the standard procedure in the app. This allows you to access your funds ahead of the program closure, subject to the usual security checks for wire transfers.

What Happens If Your Account Has a Positive Balance When the Program Closes?

You will receive a termination notice with clear steps on how to request your remaining balance.

There is no need to complete a Funds Redemption form. All the information you need to redeem your funds will be included directly in the termination notice.

Depending on the situation, you may receive this notice either:

Immediately, if your account is closed straight away

Or 60 days in advance, if the account will remain active for a short period before closing

If you have not withdrawn your funds before the closure, you’ll still have an opportunity to claim them by following the instructions included in the notice.

The Redemption Process

Once your account is closed, and you have provided the necessary information to redeem your funds, Paynetics will process any remaining balance and send it to your external account. Please note the following:

• Identity Verification: You may be required to verify your identity to complete the redemption.
  
  

• Proof of Account Ownership: Users requesting a post-closure fund redemption must also provide proof of account ownership. The document submitted must:

  
  

  Be issued within the last 3 months; and

  
  

  Clearly display both the user’s name and their account details (e.g., an official bank statement or account certificate).
  
  

• Redemption Time Frame: Redemption must be requested within a specified time frame, so it’s important to act promptly.
  
  

• Single Redemption Payment: Only one redemption payment will be processed per account closure.
  
  

• Currency Conversion: If the redemption currency differs from your account’s currency, the funds will be converted at the exchange rate prevailing at the time of processing.
  
  

• Redemption Deadline: Redemption requests made more than 6 years after program termination cannot be processed.

Need Help?

If you have questions or need assistance with the deactivation process, our support team is here for you. Please contact us using the support portal.