Media Statements
Media Statement on PFS Card Services (Ireland) Limited (PCSIL) 23 August 2024
Central Bank of Ireland is aware that the joint liquidators of PFS Card Services (Ireland) Limited (PCSIL), have concluded that the company is now insolvent and must cease trading with immediate effect. The liquidators have sought to inform distributors and cardholders of this position and have confirmed to the Central Bank that all cardholder funds held by PCSIL are safeguarded. As PCSIL remains a regulated entity, the Central Bank will continue to engage with the joint liquidators through the insolvency process.
Further information for cardholders, including how to join a mailing list for further updates, is available from Interpath.
Statement and Cardholder FAQ July 2024 – now superseded
Media Statement on PFS Card Services (Ireland) Limited (PCSIL) 18 July 2024
Kieran Wallace and Andrew O’Leary of Interpath Ireland were appointed as Joint Liquidators (the “JLs”) of PFS Card Services (Ireland) Limited (“PCSIL”, or the “Company”) by order of the Irish High Court provisionally on the 17th January 2024 (the “Liquidation”). The Liquidation was subsequently confirmed by order of the Irish High Court on the 13th February 2024.
Please scroll down to see frequently asked questions (”FAQ’s”) and contact details for cardholder distributors/providers.
Kieran Wallace and Andrew O’Leary of Interpath Ireland were appointed as Joint Liquidators (the “JLs”) of PFS Card Services (Ireland) Limited (“PCSIL”, or the “Company”) by order of the Irish High Court provisionally on 17th January 2024 (the “Liquidation”). The Liquidation was subsequently confirmed by order of the Irish High Court on the 13th February 2024. PCSIL is a specialist provider of payment solutions to individual consumers and businesses. The Company is authorised by the Central Bank of Ireland (“CBI”) as an e-money institution.
All cardholder funds held by PCSIL are safeguarded in accordance with the Company’s obligations under the European Communities (Electronic Money) Regulations 2011 (as amended). These funds will continue to be safeguarded throughout the Liquidation and do not form part of the Liquidation estate.
Active Cardholders - Your prepaid Card is now in Spend Only Status
Important Information for active cardholders to note:
Your card is in spend only status you will not be able to top-up or receive money to your card.
Active cardholders should transfer available funds from an active card/account to another IBAN account.
Cardholder FAQ
No - After the 17 July wages/salaries cannot be received into your card/account.
Yes - all IBAN enabled account holders can transfer their funds to an external account in their name.
No funds can be received into your card/account (save for refunds and chargebacks).
No funds can be received into your card/account (save for refunds and chargebacks).
No funds can be received into your card/account (save for refunds and chargebacks).
No you cannot make a card-to-card/account to account transfers. The card/account you are attempting to send the funds to will not be able to load.
Yes - refunds can be received to your card/account, the timing of the refund will depend on the merchant. It will be up to the cardholder to monitor the balance on their card or account to identify when the refund/ chargeback has been received. The card/account holder should progress to spend funds on their card/account.
Yes -chargebacks can be received, chargebacks can take up to 45 days depending on the dispute (some chargebacks can take longer). It will be up to the cardholder to monitor the balance on their card or account to identify when the refund/ chargeback has been received. The card/account holder should progress to spend funds on their card/account.
Funds can be spent in the same manner as before your card/account moved to spend only. The spending functions on your card/account have not changed.
Yes – ATM withdrawals are possible where they were possible before 17 July.
No - You will not be able to receive any payments to your card/account funds will not be received into your account (save for refunds and chargebacks).
Automatic payments will continue to be made as long as funds remain on the account/card. We strongly recommend you immediately make alternative arrangement for automatic payments as the spend only will cease.
Yes - you can continue to spend the available funds on your gift card up. We strongly recommend you immediately spend available all funds on your gift card.
No - vouchers can not be loaded to cards/ accounts after 17 July.
Vouchers that have not been loaded before 17 July 2024 are void after that date. Please contact your distributor directly for more information. PCSIL cannot assist with vouchers that have not been loaded pre-17 July 2024.
Yes - fees will continue to be charged per your card/account holder terms & Conditions.
Yes - please contact your distributor to request a replacement card.
Yes - cards that expire after 17 July that have available balances will be replaced. Please contact your distributor to request a new card.
Yes - this process will remain in place to facilitate spending of remaining funds on your replacement card.
Yes - the freeze and unfreeze function will not be impacted.
Yes - you can retrieve your pin; this function will not be impacted.
Cardholders, with inactive/closed cards, can continue to apply for refunds of their funds, subject to compliance with the Customer Due Diligence (“CDD”) requirements. Please email [email protected] to request a refund. The following is the standard process for refunds:
A refund can only be processed if the required Customer due diligence documentation is provided:
Consumer cardholder/accountholder refund
- Cardholder Identification number (CHID)
- Photographic Identification (Passport/ driving licence)
- Proof of address (utility bill)
- Details of the bank account the funds to be sent to along with a scanned copy of the bank account statement dated in the last three months. The bank account statement must have the same address as the Proof of Address.
Note Funds can only be returned to an account held in the cardholder’s name.
Corporate/account holder Refund
- Signed letter from an authorised official of the company requesting the funds to be returned. This letter should be on company headed paper. Further information may be sought to verify and validate the late redemption request.
- The signed letter must include the following details:
- Company Name
- Cardholder ID and DC number
- Amount and Currency Details
- Beneficiary details for the transfer (copy bank statement required)
We strongly recommend cardholders/account holders continue to spend the balance of funds on their card/ account or alternatively transfer any balance on your card to another IBAN account (if applicable) as soon as possible.