Cheddar Terms & Conditions

Last updated: 20th November 2020

Please review these terms and conditions (the “Terms”) carefully before using the Cheddar Platform or Service. These Terms apply to your use of the Service and the Cheddar Platform and you agree to abide by them. These Terms & Conditions, together with our Privacy Policy apply to your use of the Service and you agree no other terms are implied by trade, custom, practice or course of dealing.

Some key terms:In these Terms & Conditions, some words have specific meanings and so we are clear, these are set out below:

“Bank” means the eligible bank or building society which you use in your receipt of the Service.

"Cheddar Platform" means both: (i) the Cheddar mobile application (the "App") ; and (ii) the Cheddar website , (the "Website") used to access the Service.

"Cheddar Users" means registered users of the Cheddar Platform.

“Profile” means the profile set up via the Cheddar Platform in order to access the Service.

“Service” means the social payment service provided by Cheddar through the Cheddar Platform.

“we”, “us”, “our” or "Cheddar" means Cheddar Payments Limited , a company registered under the laws of England and Wales under company number 12895809, having its registered office at 71-75 Shelton Street, London, WC2H 9JQ, United Kingdom, and its operating and head office at Soho Works, 2 Television Centre, 101 Wood Lane, London, W12 7FR. VAT number: 362673189.

"you" and “your” refers to you, the user of the Service through the Cheddar Platform."your Data" means any data entered or uploaded by you while using the Service.

Interpretation: There are some rules which apply when reading and understanding these Terms & Conditions:

- The headings are for convenience only and shall not affect the construction or interpretation of these Terms & Conditions.

- A reference to a company shall include any company, corporation or other body corporate, wherever and however incorporated or established.

- A reference to writing or written includes email.

- Any words which come after the terms “including”, “include”, “in particular”, “for example” or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.

1. Introduction to Cheddar

1.1 Cheddar provides a platform for social payments. The Service provided through the Cheddar Platform allows Cheddar Users to request, send and receive money from their contacts.

1.2 This is provided through use of Open Banking Technology . More information on this can be found here. We explain below how our Service works.

1.3 If you’d like to get in touch with Cheddar, you can contact us by email at

2. Creating a Profile

2.1 In order to access and use the Service,you must create a Cheddar Profile. You can apply for a Profile by creating a Profile through the App, or by providing your details on our "sign up" page following a webflow payment on the Website. When setting up a Profile you must provide your email address and mobile phone number. You will receive an email link and one time passcode (“OTP”) text message from Cheddar to verify the email and mobile phone number. You must then click the link and subsequently enter the same code into the Cheddar Platform. You will then be required to link your Bank account. We will then, with your consent, be provided by your Bank with your name on file and account details such as account number, sort code and IBAN to verify your identity and details. We may request further details to verify your identity. In order to be eligible for a Profile you must:

- Have an eligible bank account held by you and that falls within the scope of bank accounts accepted by Open Banking as well as Cheddar's requirements.

- Have a UK bank account The Bank account must be a personal account belonging to the relevant Cheddar User and allow for external transfers..

- Not be resident in a country which is under sanctions imposed by the UK government.

- Be over 13 years old (as this is the age required for the purposes of giving consent under data protection legislation). You must also be old enough to hold and operate your Bank account without parental consent, this will depend on the terms and conditions of your particular Bank.

- Have a valid UK mobile number capable of receiving SMS messages.

2.2 We have the right to decline an application to create a Profile for any reason. Where an application for a Profile has not been accepted you will not have access to the Service.

2.3 If we accept an application for the creation of a Profile, we will confirm this by email and at that point a legally binding contract will be created between you and Cheddar. The contract will be concluded in the English language and the provisions of these Terms & Conditions shall govern our agreement with you. As part of creating a Profile, you will be asked to create a PIN. This is the only means of accessing your Profile.

2.4 You must keep your login details confidential. You are responsible for all activities that occur under your Profile.

2.5 You must notify us of any unauthorised or incorrectly initiated or executed payment transactions as soon as you become aware of them, and no later than 13 months after the debit date by emailing us at: You should also notify your Bank in accordance with their terms and conditions.

2.6 If you know or suspect that anyone other than you knows your Profile login details, please change your PIN immediately. If you have any concerns that your Profile may have been compromised or used illegally by a third party, please notify us as soon as possible by emailing us at:

2.7 In the case of suspected or actual fraud or security threats on your Profile, we will contact you by the phone number you provided when you applied for your Profile (unless you have notified us of an updated phone number in which case we will contact you via that updated phone number).If we need to contact you for any other reason we will do so by the phone number or email address you provided when you applied for your Profile (unless you have notified us of an update to these details in which case we will contact you via those updated details). All communications will be in English. All notices required by the Payment Services Regulations 2017 will be in a PDF attached to an email. All other communications will be via email unless otherwise specified in these Terms & Conditions.

2.8 We reserve the right to disable your Profile at any time if we find out that your Profile is being used in a way that is a material breach or persistent breach of these Terms & Conditions.

2.9 If you made any mistake in the details you gave to us when applying for a Profile, these errors can be corrected by accessing your Profile settings and using the "edit" function on the profile page. You must keep these details up to date at all times.

2.10 If you hold a Profile, we grant you a non-transferable, non-exclusive licence to use the Cheddar Platform in order to access the Service in accordance with these Terms & Conditions. This licence is granted to you on the condition that you comply with these Terms & Conditions.

2.11 All copyright, database rights, trademarks and other intellectual property rights in the Cheddar Platform or Service are either owned by or licensed to us and nothing in these Terms & Conditions shall transfer any ownership rights to you. You have no right to modify the Cheddar Platform or Service and if you do then to the extent that you do this without our prior written consent, we shall own all the intellectual property rights in any modifications to the Cheddar Platform or Service and you automatically assign absolutely with full title guarantee all such intellectual property rights to us.

2.12 Your relationship with us under these Terms & Conditions will continue until either of us terminates in accordance with these Terms & Conditions (including Clause 11).

3. The Service

3.1 Cheddar is authorised by the Financial Conduct Authority  under the Payment Services Regulations 2017 (Reference number 940075) for the provision of payment services.Cheddar has permission to provide Payment Initiation Services and Account Information Services Through the Service, you will be able to receive payments directly to your Bank through Open Banking without you having to share your bank details and other data with your contacts. For information about how we use your Data and for how long see Clause 6 and our Privacy Policy.

3.2 Cheddar does not charge any fees for the use of the Service or the Cheddar Platform. However, you will be responsible for any charges or taxes which are imposed by other parties such as your Bank.

3.3 When connecting your Bank accounts to your Profile, you will be asked to provide Cheddar with permission to contact your Bank to request information relating to your Bank account. We will ask you to refresh this permission if you wish to make a payment through your Profile.

3.4 You may remove your Bank account from your Profile at any time. However, unless you provide  permission for us to access your Bank account(s), Cheddar will not be able to access or initiate payment requests for you.

3.5 In order to use the Service, you create a payment request through the Cheddar Platform, setting out how much is to be paid and providing a reference. A link will then be generated and this can be shared with contacts (including in app, via SMS and other messaging services .  By scanning or clicking on the link, your contact will be taken through our validation process before being redirected to their own bank which will carry out its own verification and (if accepted by their bank) allow the payment to be made.

3.6 As well as sending payment requests, you may also receive a request for payment through the Cheddar Platform. If you receive a payment request you may consent by proceeding through the Cheddar validation process and then your Bank’s validation process..  

3.7 Once you have consented to a payment request, you may no longer revoke that consent unless agreed with your Bank.

3.8 All payments are subject to Bank authorisation. In order for a payment through the Service to be successful you must have enough money in your Bank account to cover the requested amount. It is your responsibility to ensure that you have sufficient funds in your Bank account. Bank balances made available online may not reflect the funds available in the account at that time.  If  any payment results in you being overdrawn or if a payment is facilitated without sufficient funds , Cheddar will not  accept any liability including for any charges imposed by your Bank.

3.9 Your Bank’s terms and conditions will apply to any part of the payment process which takes place via your Bank’s online system. This means that they may block certain transactions and, for the transactions that the Bank authorises the time that a payment order is received will be when your Bank receives it, and if your Bank has a cut-off time this may mean that the payment order is deemed to have been received the following business day. Similarly, if you are receiving a payment this will be in accordance with your Bank’s timing for receipt of payments.

3.10 You can access information in respect of each payment transaction which has been paid or received through Cheddar by logging into your Profile.

4. Blocking and restricting use

4.1 We may block or restrict use of your Profile if we suspect it is subject to unauthorised or fraudulent use, or security threats. Where possible, we will inform you of this intention and our reasons for doing so before we block or restrict use of your Profile. Where we are unable to inform you before blocking or restricting use of your Profile we will inform you immediately after.

4.2 In using the Cheddar Platform and Service you must not engage in activity which we view as unacceptable Some examples of unacceptable activity are:

- Using the Service in any unlawful manner, for any unlawful purpose, or in any manner inconsistent with these Terms & Conditions, or act fraudulently or maliciously, for example, by hacking into or inserting malicious code, such as viruses, or harmful data, into the Cheddar Platform or any operating system;

- Infringing any of our intellectual property rights ;

- If you copy, translate, merge, adapt, vary, alter or modify, the whole or any part of the Cheddar Platform or Service or permit any part of it to be combined with, or become incorporated in, any other programs, except as necessary to use the Cheddar Platform or Service or as permitted in writing by us;

- Questioning or disputing our ownership of the intellectual property rights in and to the Cheddar Platform and the Service;* Impersonating other Cheddar Users, creating multiple Profiles for fraudulent purposes or allowing other people to access the Service through your Profile;

- Attempting to get around any security or validation procedures that Cheddar has in place;

- Behaviour that is threatening, obscene, defamatory, threatening, or which infringes the privacy or intellectual property rights of others;

- Harassing or abusing other Cheddar Users or Cheddar employees;* Acting in a manner that could damage the reputation of Cheddar;

- Any action which could reasonably be expected to damage, disable, overburden, compromise or materially impair our systems or security or the Service in general;

- Acting in a way which is likely to interfere with any other party's use or enjoyment of the Cheddar Platform or Service;

- Not co-operating with any Cheddar complaints process; Not providing accurate and up to date information.

4.3 If Cheddar becomes aware of or suspects any activity which is unacceptable (including those mentioned above), then it may restrict access to the Cheddar Platform and Service. In the case of material or persistent breaches of these Terms & Conditions, Cheddar also has the right to terminate your Profile.________________

5. Liability and disclaimer

This Clause restricts the extent to which we are liable for any losses which may be suffered by you in connection with your use of the Cheddar Platform and Service. It also sets out your obligations to compensate us for any loss we suffer as a result of your failure to comply with these Terms & Conditions.

5.1 No guarantee: We make no guarantee that the Cheddar Platform or the Service will be suitable for your intended use, and we do not guarantee that it will be error-free, timely, reliable, entirely secure, virus-free or available, especially since we are dependent on the reliability of the internet and your use of your own device to access the Cheddar Platform. You are responsible for ensuring that your device is configured for use of the Cheddar Platform. We will try to keep disruptions to a minimum but we may suspend the Cheddar Platform or the Service from time to time to carry out maintenance and support work and to investigate unauthorised use.

5.2 Exclusion of liability: We do not restrict our liability (if any) for personal injury or death resulting from our negligence, for fraud committed by us or for any matter which it would be illegal to limit or to attempt to restrict our liability. We exclude all other liability and responsibility for any amount or kind of loss or damage arising in connection with the Cheddar Platform or Service including the following losses (whether direct or indirect): loss of profit; loss of anticipated savings;  loss of or damage to goodwill; loss of use or corruption of software, data or information; and indirect and consequential loss.

5.3 Your liability to us: You shall be personally held liable for any liability incurred by us as a result of breach of these Terms & Conditions by you. You shall also be liable for all losses incurred in respect of an unauthorised payment transaction where you have acted fraudulently or have with intent or negligence failed to protect your login details. Except where you have acted fraudulently, you will not be liable for any losses incurred in respect of an unauthorised payment transaction arising after you have notified us under Clause 2.5 above.

6. Your Data and Intellectual Property

6.1 In order to use the Service, you must provide the information referred to in Clause 2.

6.2 You have sole responsibility for the accuracy and reliability of your Data. You retain ownership of any copyright, trademarks, database rights and any other intellectual property rights in your Data. Intellectual property rights in your Data will not be transferred to us. However Cheddar and its third party service providers may use and modify your Data for the purposes of providing the Cheddar Platform and Service.

6.3 For information on how we use your personal data (which is information which identifies you personally) please see our Privacy Policy. The Privacy Policy also sets out your rights in relation to your personal data. We will not use your personal data for the purposes of sending you marketing communications , unless you have provided your explicit consent to do so. You can also opt-out of marketing by using the “opt out” option under the notifications tab on your Profile page.

7. Third party services

7.1 The Cheddar Platform may contain links to third party websites and services. Such independent websites and services are not under our control, and we are not responsible for and have not checked and approved their terms and conditions or other policies. You will need to make your own judgment about whether to use any such independent websites and services.

7.2 As part of the Cheddar Platform and Service, Cheddar may use third party service providers to carry out its customer checks. Before this service is used, you will be notified and provided with a link to their terms and conditions and privacy policy. Again, you will need to make a judgment as to whether you wish to proceed.

7.3 All copyright, database rights, trademarks and other intellectual property rights in any external data sources or embedded third party services used in the Cheddar Platform or Service are the intellectual property of the relevant third party provider.

7.4 In addition to the terms referred to above. Your use of the Cheddar Platform and Service will be subject to your Bank’s terms and conditions. Your downloading the App will also be subject to the terms and conditions of the relevant app store. It is your responsibility to ensure that you review and comply with these terms and conditions.

8. Complaints

8.1 If you have a complaint about the Service, you can contact us via email. After we receive your complaint we will send you an acknowledgement and give you an estimate of how long we expect to take to deal with the complaint. We will let you know if we need any more information from you. We will usually send you a final response by the end of 15 business days after the day on which we received your complaint. However, where this is not possible, we will send a holding reply clearly indicating the reason for the delay and specifying when you will receive a full reply, and this will be by the end of 35 business days after the day on which we received your complaint.

8.2 We will do our best to resolve any issues as quickly as we can, but if you are not satisfied with the response then you may be able to refer your complaint to the Financial Ombudsman Service.. The Financial Ombudsman Service is an independent body which tries to resolve complaints between consumers and financial organisations where they’re not able to resolve issues themselves. Our response to you will let you know if there are any deadlines for contacting the Financial Ombudsman Service. The Financial Ombudsman Service can be contacted at:

- Post: Financial Ombudsman Service, Exchange Tower, London E14 9SR;

- Telephone: 0800 023 4567 (from a landline) or 0300 123 9 123 (from a mobile);

- Email:; or

- Website:

9. Changes to these Terms & Conditions and the Service

9.1 Cheddar may change these Terms & Conditions from time to time. If we make changes, we will provide you with a copy of the new Terms & Conditions at least two months before the date on which they are to take effect. We will also post the revised Terms & Conditions on the Cheddar Platform. If you are unhappy with the updated Terms & Conditions and want to terminate your Profile and relationship with us, you may terminate your Profile by emailing us.. If we do not hear from you within the two month notice period, you will be deemed to have accepted the new Terms & Conditions.

9.2 We are regularly updating and upgrading the Cheddar platform and Service, and may release new features from time to time. We may suspend or limit access to the Cheddar Platform or Service while we make such changes.

10. Termination rights

10.1 You have the right to delete your Cheddar Profile and terminate your relationship with us at any time without reason. You can do this by contacting us via email. This is in addition to the termination right referred to in Clause 10.1 where you don’t agree with changes to these Terms & Conditions.

10.2 We may terminate the contract between you and us immediately if we reasonably believe that you have engaged in any unacceptable conduct, are an ineligible user, or you are otherwise material or persistent breach of these Terms & Conditions.

10.3 We may terminate the contractual relationship with you (including your access to the Profile) for any reason by giving at least two months' notice.

11. General Legal matters

11.1 Entire agreement: These Terms & Conditions, along with the Privacy Policy describe the entire contract between you and us regarding the Cheddar Platform and Service.

11.2 Waiver and severability: If we ignore any breach of these Terms & Conditions, it doesn't mean that any further breach cannot be enforced. In addition, if any part of these Terms & Conditions is held  to be invalid or unenforceable for any reason, then it will be replaced with wording which, to the extent possible, achieves the same purpose as the original wording, and the remainder of the Terms & Conditions will remain binding and in force.

11.3 Transfer of rights & obligations: We shall be entitled to transfer our rights and/or obligations under these Terms & Conditions to another party, provided that transfer does not reduce the guarantees provided to you under these Terms & Conditions. You may not transfer any of your rights or obligations under these Terms & Conditions without our written consent.

11.4 Resolving disputes: These Terms & Conditions shall be governed by and interpreted in accordance with English law. If either you or we wish to take court proceedings in relation to these Terms & Conditions, it must be in the courts of England and Wales. You are responsible for compliance with any relevant laws in the country from which you use or otherwise access the Service.