Paypal prepaid card no longer operative

The Paypal Visa credit card issued by Cetelem, is still operational; is only the prepaid card that is affected. Cetelem has no link with Younique Money.

It can no longer be used
On 31 January the order appeared in the official register of financial service providers of the Bank of Spain to revoke the authorisation of the electronic money company Younique Money. Following this revocation, the 4B system, which was the one providing support to Younique prepaid cards, has stopped authorising payments. The consequence is that these cards are no longer valid to pay for things.

What happens to the money of those affected?

To use these payment cards, you must first load an amount of money onto them; they are obviously very different from a credit card. Right now those affected have a credit balance that cannot be used. Their money is being withheld.

At OCU we want to clarify what happens to those amounts that have been retained. In principle that money should be guaranteed, according to the requirements of the Law 21/2011 on electronic money and the Law 16/2009 on payment services.

Younique Money has published on its website a procedure with an attachment which is to be returned and the balance repaid to those affected. They affirm that they will make the transfer "at the earliest". To do this:
• Fill in with your personal details the document you will find attached on the website of Younique (www.youniquemoney.es/) at the end of their communiqué.
• Attach a copy of your ID and proof (a bank statement, for example) in which the card user appears as holder of the current account.

OCU remains vigilant

OCU believes the Bank of Spain should have taken measures to safeguard the interests of customers when it withdrew its authorisation from Younique; it should, at least, have blocked the accounts where the money should be deposited. After contacting the Bank of Spain, it has not provided additional information about this question.

We hope and desire that Younique Money, just as they claim, will act diligently and return all balances to their customers, immediately.

In all events, we encourage those affected to contact OCU: if the interests and rights of consumers are not respected, OCU will consider how to enforce them.