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PSD2 stands for Payment Services Directive (2)... It is designed by countries of the European Union to create a common legal framework for businesses (and consumers). It will have a big effect on the payments industry, changing things like how we pay online and the information we see when we’re making a payment.
In terms of goHenry, PSD2 means have had to make some changes to the way we charge for various account top-up methods.
Prior to PSD2, we would charge 50p per debit card load, and all bank transfers or Standing Orders were free of charge. Now that PSD2 has come into force, we’ll be giving everyone 1 load per month included as part of the goHenry service (that can be bank transfer or debit card etc.) and then we’ll charge a 50p service fee whenever an account top-up is made within that calendar month.
|At the moment||After Jan 2018|
|Loading charges||Any load by debit card = a 50p load fee (most parents load their accounts this way as it is fastest and most convenient)|
Any load by bank transfer or standing order = free
|As a goHenry parent you get one parent account load included per calendar month.|
There is a service charge of 50p for any loads after that.
|What does this mean?||If you load once a week by debit card it will cost you £2.00 (4/5 loads x 50p)||If you load once a week by debit card it will cost you £1.50 (1 inclusive load, 3/4 x 50p = £1.50/£2.00).|
Recommended: If you load enough money to cover the month ahead you never need to pay a service fee to keep your account topped up. You pay £0 for loading your account.
In short, by making sure you add enough money to your account for a few weeks pocket money at a time, you can avoid paying any extra charges.
goHenry was started by parents for parents and their children and we simply need to charge a small fee to keep the service running. We believe the unique features of our website, apps and card provides families with flexibility and convenience to manage money together and to help their children learn valuable money skillst hat Continue Reading...
Since the 14th Jan 2018 you will get one load into your goHenry parent account per calendar month included, just as part of using goHenry - no matter which load method you choose. Any extra loads that calendar month will cost 50p. Here are our top tips to make sure you avoid paying any extra. Continue Reading...