Payment Account General Terms and Conditions

Last updated: 21 February 2019

The parties (herein referred to as “Parties”) to these Payment Account General Terms and Conditions (herein referred to as “General Terms and Conditions” or “Agreement”) are:

GFC Good Finance Company AS, trading as GoodX (herein referred to as “GFC”, “we”, “us” or “our”) a company incorporated in Estonia with company number 12423254 whose registered address is Rotermanni 5, 10111, Tallinn, Estonia, which performs the payment GoodX Services related to your GoodX Account as a service provider


You (herein referred to as “Customer”, “you” or “your”) who has either completed, signed and delivered by post to GFC the registration form or registered via the GoodX App and agreed to the terms and conditions of this Agreement via the GoodX App or by signing and sending a copy of this Agreement by post to GFC to enable GFC to provide a service as set out herein via a GoodX Account


GoodX Finance Network OÜ (herein referred to as “GoodX”), a company incorporated in Estonia with company number 14430230 whose registered address is Pärnu mnt 148, 11317, Tallinn, Estonia, which provides support to the provision of payment GoodX Services to you by GFC Good Finance Company AS. Before you can enter into GoodX Transactions and benefit from the GoodX Services with us you are required to:

  • — read this Agreement and tick the box confirming the accuracy of the information provided and your agreement with these General Terms and Conditions; and<
  • provide us with such documentation, photographs and information as we may reasonably request to comply with our regulatory obligations.

Once you have completed the above and you have passed our internal checks, we shall make the GoodX Account available to you.

You confirm that you have provided the correct Information during the process of creating a GoodX Account. You undertake that, if your details change, you will notify us immediately. You shall bear any losses that occur due to the submission of invalid, incorrect or inaccurate information.


GFC is a company registered with the Commercial Registry of the Republic of Estonia with company number 12423254; its registered place of business is Rotermanni 5, 10111, Tallinn, Estonia.

GFC is a Payment Institution. Its activities license is accessible on the Estonian Financial Supervision Authority’s (EFSA) website. Under the activities license, GFC may provide payment GoodX Services in all Member States of the European Union pursuant to separate notifications to the competent authorities in the relevant Member States.

GFC’s main GoodX Services allowed under Activity License number 4.1-1/22 issued by EFSA on 05.06.2013 are the following:

  • 1) Services enabling cash to be placed on a Payment Account as well as all the operations required for operating a Payment Account;
  • 2) Cash withdrawals from a Payment Account as well as all the operations required for operating a Payment Account;
  • 3) Execution of Payment Transactions, including transfers of funds on a Payment Account with the user's payment service provider or with another payment service provider;
  • 4) Execution of Payment Transactions where the funds are covered by a credit line for a payment service;
  • 5) Issuing and/or acquiring of Payment Instruments;
  • 6) Money remittance.

The list of payment GoodX Services offered by GFC is available on GoodX Website.

However, GFC is a Payment Institution and, therefore, funds on the Customer’s Payment Account shall not be deemed to be a deposit or other repayable funds or E-money. Funds on the Customer’s Payment Account may be used only for the execution of Payment Transactions.

Since GFC GoodX Services are limited to payment GoodX Services, money on accounts is not protected by the Estonian deposit guarantee scheme or other similar deposit guarantee instruments.

The EFSA exercises supervision over GFC. Contact details of the EFSA and the list of authorized payment institutions maintained by EFSA are available at EFSA website

The Customer may also contact the competent authority in its own Member State to obtain more information about GFC.

Anytime may the Customer turn to GFC ( to request any additional information about GFC.


These General Terms and Conditions shall commence on the day that GFC confirm to you via the GoodX App that your GoodX Account has been approved and shall continue until terminated in accordance with this Agreement.

GFC may refuse to enter into a transaction with you at any time and for any reason.

You may be required to provide supplemental information to us to be able to use all of the functionality available.

GoodX App

The GoodX App subject to this Agreement and any rules and policies applied by any app store provider or operator whose sites are located at Apple App Store and Google Play Store (“Appstore Rules”) we license the use of the App to you on the basis of this Agreement and subject to the Appstore Rules. We do not sell the App to you. GoodX remains the owner of the GoodX App at all times.

GoodX App updates. From time to time updates to the GoodX App may be issued through Apple App Store or Google Play Store. Depending on the update, you may not be able to use our GoodX Services via the GoodX App until you have downloaded the latest version of the GoodX App and accepted any new terms.

Your right to use the GoodX App. In consideration of you agreeing to abide by the terms of this Agreement, we grant you a non-transferable, non-exclusive license to use the GoodX App on your device subject to this Agreement and the Appstore Rules. GoodX reserves all other rights.

Your GoodX Account may be used by you for:

GoodX Transactions:

  • — Money exchange - means using money in one currency to purchase money in another currency using our exchange rates;
  • — Internal transfer – this means us sending money into your GoodX Account or from your GoodX Account to the GoodX Account of a different Customer; <
  • Money transfer – this means us redeeming money in your GoodX Account, with or without an associated monetary exchange taking place, and transferring the equivalent amount of money to the counter party bank account.

GoodX Card Transactions:

  • — ATM withdrawal – this means you using your GoodX Card and Card PIN to obtain cash from an ATM with or without a monetary exchange taking place; <
  • Card purchase - means you using your GoodX Card to purchase goods and/or services from a merchant by entering the details of your GoodX Card and/or your Card PIN.

Extra GoodX services

GFC may also allow its Customers to avail of other GoodX Services such as investments, insurance, credit and savings products and other GoodX Services, which may be provided by Third Parties. For the use of any additional service, the Customer may have to accept additional terms and conditions as notified to the Customer when ordering or using such GoodX Services.

GoodX Overdraft

Formation of Overdraft Agreement

GoodX Overdraft authorizes the Customer to overdraw from his Payment Account at the GFC by means of GoodX Card Transactions or Payment Orders (in particular, cash payments at cashpoints, money transfers, debit notes) within the permitted GoodX Overdraft Limit.

GFC may offer the Customer the opportunity to enter into an GoodX Overdraft Credit Agreement by means of the GoodX App. The GFC's offer will contain the exact estimated amount of the offered the GoodX Overdraft conditions. The offer shall take place via a corresponding email with the attached conditions as well as the European Consumer Credit Information for Overdraft Credits. The service shall become directly available no later than 24 hours upon activation by the Customer. Upon approval by means of the GoodX App, the Customer accepts the offering in the amount of the GoodX Overdraft facility offered by GFC.

The Customer accepts the permitted GoodX Overdraft conditions if Payment Orders exceed the balance of the Payment Account. In claiming the permitted overdraft facility, the permitted overdraft amount is reduced by the amount in which the Customer overdraws the Payment Account. When the Customer has brought his Payment Account back to a zero balance, the permitted GoodX Overdraft amount will be available to him again.

GoodX Overdraft Interest Rate; Costs

The Customer must pay interest to GFC for the amount utilized upon overdrawing his Payment Account (“GoodX Overdraft Interest”), but only for the length and the amount of the actual usage of the overdraft facility. An additional processing fee is not incurred.

We shall inform the Customer in regular intervals concerning the adjusted GoodX Overdraft Interest Rate and, if applicable, with regard to the adjusted amount and due date for interest payments, if these items change. You will be informed of adjustments of the GoodX Overdraft Interest Rates in the statement.

Factors such as the changes in the Customer's default risk, the bank's rating or the internal cost calculation are not taken into consideration in the adjustment of the GoodX Overdraft Interest Rate.

With the increase of the GoodX Overdraft Interest Rate, the Customer may cancel the GoodX Overdraft Credit Agreement within six weeks after the announcement of the adjustment with immediate effect as long no other conditions are agreed upon to the contrary. If the Customer cancels, the increased GoodX Overdraft Interest Rate shall not be used as the basis for the cancelled GoodX Overdraft Credit Agreement. A cancellation by the Customer is not considered effective if the Customer does not repay the overdrawn amount within two weeks after the effective date of the cancellation.

GoodX Overdraft Interest becomes subsequently payable at the end of a calendar month and is charged to the Payment Account.

No costs in addition to the GoodX Overdraft Interest Rate will be incurred by the Customer. The total costs will be communicated to you in the offering by GFC upon entering into an GoodX Overdraft Credit Agreement and will be specifically calculated for your overdraft facility.

Granting of an Overdraft Facility; Pay out Conditions

GFC shall fulfil its obligations established by the GoodX Overdraft Credit Agreement when GFC grants the overdraft credit to the Customer in the stipulated amount on the GoodX Account and allows an overdraft within the framework of the permitted overdraft facility.

The GoodX Overdraft credit may be used as needed either completely or in part, on a one-time basis or repeatedly, without repeated consultation with the GFC. In order to control costs, the Customer may set his own limit by means of the GoodX App. The amount of the permitted GoodX Overdraft credit remains unaffected by a limit established by the Customer for the purpose of controlling costs.

Repayment; Communications

The granting of the GoodX Overdraft credit shall occur without agreement upon a scheduled repayment. Incoming payments on the Payment Account will be offset against the account balance.

GFC shall inform the Customer in at least monthly intervals with regard to the permitted overdraft facilities. These communications shall contain: (a) the exact time period to which the permitted overdrafts correspond, (b) the date and amount of the amounts that were paid out, (c) the balance and date of the preceding communication, (d) the new balance, (e) the date and amount of repayments, (f) the applied GoodX Overdraft Interest Rate. This information can be provided on the Payment Account statement for which the permitted overdraft is used.

Term; Cancellation

The term of the GoodX Overdraft credit is limited by twelve (12) months and is granted until further notice. With the termination of the current GoodX Overdraft Credit Agreement, the overdraft credit shall also end accordingly.

The GoodX Overdraft credit can be cancelled either by GFC or by the Customer without observance of a cancellation period. The Customer may cancel via the GoodX App. In the instance of cancellation by GFC, GFC shall appropriately observe the entitlements of the Customer.

NOTE: Please note that you may be summoned at any time for the repayment of the utilized overdraft amounts if GFC makes use of its cancellation right.

The right to cancellation with cause according to these General Terms and Conditions remains intact.

GFC is authorized to cancel the permitted overdraft facility entirely or in part if GFC is made aware of facts that require the modification of the Customer's credit rating. GFC shall immediately inform the Customer of such modifications.


Notwithstanding anything set forth in this Agreements under GoodX Overdraft conditions, GFC assigns immediately without further notice whenever the Customer uses the GoodX Overdraft, all of its rights under the GoodX Overdraft, including the rights to receive the GoodX Overdraft Interest without the prior written consent of the Customer to GoodX.


In addition to GFC, Third Parties can also provide the Customer with their GoodX Services through GFC Electronic Channels. GFC does not bear any liability for the GoodX Services of Third Parties. GFC does not act as a broker or intermediary for any GoodX Services provided by Third Parties; it merely provides Third Parties with an opportunity to provide their GoodX Services via the electronic platform developed and managed by GFC. Third Parties GoodX Services may be governed by their own terms and conditions which supplement these General Terms and Conditions and which the Customer accepts in connection with the subscription of the respective service. Some Third Party GoodX Services entail the terms and conditions entering into a direct agreement with the Third Party, in which case the Customer’s rights and obligations in respect of the Third Party GoodX Service are solely specified in such agreements. In case of any conflict between the supplementary terms or Third Party terms and the conditions and these General Terms and Conditions, this Agreement shall prevail.

Under no circumstances, will GFC be liable to the Customer or anyone else for any decision made or action taken (or omitted to taken) in reliance on the information from the Third Party GoodX Services.


GFC drafts and establishes the General Terms and Conditions and other Contracts applicable to the payment GoodX Services.

Any amendments made to this Agreement, the Price List and other Contracts applicable to the GoodX Services shall be notified to the Customer electronically in accordance with Section 6 below. The amendments shall enter into force on the date set out in the respective notice, however, at the earliest of two (2) months from the date of the notification, unless otherwise specified in the Contract.

If the Customer does not agree with the amendments, it shall have the right to cancel the amended Agreement or Contract by notifying GFC in accordance with Section 6 below. The Customer shall be regarded as having accepted the amendments if the Customer does not object to them before the effective date. A two (2) month notice period will not apply where an amendment is required by law or it relates to an addition of a new service or product, an extra functionality to the existing service or any other amendment which neither reduces the Customer’s rights nor increases the Customer’s responsibilities. In such instances, the amendment will be made without prior notice to the Customer and shall be effective immediately after its publication.


Law of the Republic of Estonia applies to the relations between GFC and the Customer, including all terms and conditions regulating the GoodX Services. The relations between GFC and the Customer shall be regulated by the law of a foreign state if it is so, and only to the extent prescribed by the law or international agreement. If the Customer is a consumer, the mandatory laws of the Customer’s domicile may also apply only to the extent provided by law. The Customer is solely responsible for understanding and complying with any and all laws, rules and regulations of the Customer t’s specific jurisdiction that may be applicable to the Customer in connection with the Customer’s use of the GoodX Services, including but not limited to those related to taxes or any other fees.

Any court action between the GFC and the Customer shall be resolved in a court of the registration of GFC unless agreed otherwise by the Customer and GFC or provided otherwise in the law. An agreement on jurisdiction applies also if the Customer settles in to a foreign state.


Notices to the Customer

The Customer must have internet access and an e-mail account to receive communications and information relating to the GoodX Services (incl. notification of any amendments to the General Terms and Conditions, the Price List, Contracts etc.; notifications concerning any GoodX Services).

The Customer agrees that GFC may provide notice or other information to the Customer via one or several of the channels mentioned below:

  • — personal notices via post, e-mail, telephone, SMS or other channels;
  • — Information via the Electronic Channels (including the posting of information which is only accessed by Customer by logging into Electronic Channels).

A notice sent electronically (e.g. SMS, e-mail, notification in Electronic Channel) shall be considered received by the Customer on the day it was published. Notices, sent by post are deemed to be received by the Customer on the fifth calendar day as of posting the same.

GFC may send any information and notices to the Customer by using the contact details (e.g. e-mail or residency address, phone number) which have been provided by the Customer.

Notices to GFC

The Customer shall send information to GFC electronically in writing (e.g. through the GoodX App, by e-mail) or by using any other agreed channels or means (e.g. by phone). The Customer is obliged to immediately notify GFC, in accordance with previously agreed means, of any circumstances which are relevant to the relations between GFC and the Customer, and which affect or may affect the fulfilment of the obligations of the Customer or GFC, including a change of name, address, contact details etc. The Customer shall be obliged to immediately notify GFC of the loss or theft of its personal identification document or another means of identification or loss or theft of the Customer Credentials or Payment Instrument or loss of possession thereof against the will of the Customer in any other manner. The Customer must inform GFC even if any of the aforesaid information has been or may be made public (e.g. judicial decision, notification to public registers or publishing through the mass media).

Language of communication

Communication between GFC and the Customer shall be conducted in English, unless the Parties agree on any additional languages for communication. GFC may provide support to the Customer in various other languages.


Registration requirements

Upon establishment of a business relationship, the Customer shall register with GFC and give all information that GFC requires in connection with the registration and/or establishment or monitoring of business relationship.

With registering with GFC via the GoodX App the Customer confirms to GFC that the Customer is a resident of a Contracting State of the EU (European Union). The Customer confirms its full legal capacity and the fact that it acts in person. The Customer being natural person confirms that there is no beneficial owner other than itself.

When giving information, the Customer confirms and guarantees that all information is complete, accurate and true.

GFC shall have the right to decide with whom to conclude or not to conclude a Contract. Amongst other, GFC may refuse to conclude a business relationship and/or conclude a Contract with a person or to provide GoodX Services to a person in the following cases:

  • — The Customer does not or may not meet the requirements stipulated in the legal acts regulating the prevention of money laundering and terrorist financing;
  • — GFC suspects that the person wishes to use the GoodX Services for any restricted or prohibited activities in accordance with Section 13 below;
  • — The Customer has caused direct or indirect damage to GFC;
  • — The Customer is a politically exposed person;
  • — The Customer has been punished for a financial or economic crime, fraud or another crime with regard to abuse of trust;
  • — For other good reasons for not establishing a business relationship or concluding a Contract, including in case of legal obstruction, such as restricted active legal capacity, lack of authorization or ambiguous authorization;
  • — The Customer belongs to a risk group with regard to which GFC established restrictions on establishing a business relationship, opening a Payment Account or performing any other acts.

Identification and verification

Upon establishment of a business relationship, GFC is obliged to identify its customers. The method used by GFC for identifying a Customer can vary based on requirements stemming from the jurisdiction existing in the country where the Customer concludes the business relationship with GFC (e.g. online identification via the GoodX App, face-to-face identification).

The Customer and its representative are obligated to submit to GFC any data and documents requested by GFC for identification.

If GFC has doubts about the veracity of the Customer’s data or documents, then GFC may ask the Customer to specify its data, provide additional information or documentation, or if necessary, to re-do the identification process.

Upon agreeing with these General Terms and Conditions, the Customer hereby irrevocably authorizes and mandates GFC to request any information and documents, regardless of its form, related to Customer identification and verification (including, without limitations, a copy of the Customer’s documents and data) from any credit institution or a financial institution who has or had identified that Customer, or has or had a business relation with that Customer. For avoidance of doubt, this authorization grants GFC the right to request all data and documents on the Customer from any credit or

financial institution whose identification or authentication method was used in GFC’s identification process. On request of GFC, the Customer undertakes to provide GFC with additional authorizations or documentation needed to receive the information or documentation mentioned above and do everything necessary to provide GFC with all information needed to duly prove its identity.

From time to time, GFC may demand additional identification to verify the identity of the Customer for security or other reasons. The Customer undertakes to provide GFC will all information and documents required to verify that Customer’s identity.

For the use of the Electronic Channels and/or Payment Instrument, GFC verifies the Customer based on the Customer Credentials given by the Customer (e.g. username and password; Card PIN).


The Customer can authorize other persons to use the GoodX Services made available to that Customer. Authorization offers the authorized person an access and power to do GoodX Transactions on behalf of that Customer and access information related to that Customer’s GoodX account. The Customer is liable for any use of the GoodX Services, including for any use of the GoodX Services by persons who it has authorized. Authorization can be granted by using the Electronic Channels. The Customer confirms that before authorizing any other person it has given these General Terms and Conditions and other terms and conditions applicable to the use of the GoodX Services to the persons to whom the authorization is to be given for examination and shall bear liability for the performance and non-performance of the contractual obligations by the authorized person.


The orders (including the Payment Orders) given to GFC by the Customer must be unambiguous and executable. The Customer shall confirm all GoodX Transactions performed by using the Customer Credentials or in another manner required by GFC and such confirmation shall be deemed as the Customer’s consent to the performance of the respective GoodX Transaction.

The Customer submits its orders to GFC electronically via the GoodX App or in another manner agreed between GFC and the Customer and in the form developed by GFC (e.g. electronically being logged in to the Electronic Channels).

The forms of orders are available in the Electronic Channels. The Customer ensures that its orders are prepared, confirmed and submitted in accordance with the applicable legislation, the General Terms and Conditions and other relevant requirements, customs and practices applicable to that order. By submitting an order, the Customer unconditionally and irrevocably consents to the GoodX Transaction to be made under the given order.

If the Customer makes an GoodX Transaction or uses its Payment Account via Third Party GoodX Services (e.g. e-wallets or other Third Party environments), authorization of order will be completed and submitted to GFC in accordance with the conditions regulating the Third Party GoodX Services (e.g. by using security credentials and means applicable to the Third Party GoodX Services).


The Customer, as a holder of a Payment Instrument shall:

  • — use the Payment Instrument in accordance with the security guidelines published in the GFC Website and GoodX Website governing the use thereof, which includes taking, as from receipt of the Payment Instrument, all reasonable steps to keep the Payment Instrument safe as well as taking steps to keep the means which enable it to be used, including Customer Credentials, safe;
  • — promptly notify GFC or a Third Party designated by GFC for this purpose, of loss or theft of the Payment Instrument and or Customer Credentials and of unauthorized or incorrect use of the Payment Instrument after becoming aware thereof.

Security guidelines concerning the use of the Payment Instrument will be published in the GFC Website and GoodX Website.

For security purposes, GFC may demand that different Customer Credentials or their combinations be used for different transactions and limits.

In order to use the Payment Instrument, the means and of communications of the Customer must be in conformity with the technical and security requirements established by GFC and take other reasonable security measures to protect its Payment Account and Payment Instrument. The requirements are available on GFC Website and GoodX Website.

The Customer is liable for the security and operations of the means of communication (incl. computer, Internet and telephone connection) used by the Customer for using a Payment Instrument.

Without being obligated to compensate for any possible damage, GFC has the right to block the Customer Credentials or Payment Instrument at any time for security purposes, including without limitations, when GFC has any reason to believe that the Payment Instrument or the Customer is in danger.

The Customer shall immediately notify GFC of a loss or theft of the Payment Instrument or Customer Credentials or of loss of possession thereof against the will of the Customer in any other manner. After submitting the notice, the Customer shall provide GFC with additional information about the circumstances of the abovementioned events, if necessary.

The Customer must follow the security guidelines published by GFC from time to time relating to the security protection of its Payment Accounts. GFC shall not be liable for any loss or damages in case the Customer does not follow the security guidelines published on GFC Website and GoodX Website.

If the Customer uses its Payment Account or Payment Instrument via Third Party GoodX Services (e.g. e-wallets or other Third Party environments) the Customer must follow the security guidelines applicable to Third Party GoodX Service.


The processing of your data is governed by these General Terms and Conditions, any applicable supplements as well as Privacy Policy published on GFC Website and GoodX Website.

GFC reserves the right to transmit the Information or personal data about you as well as activity in your GoodX Account to law enforcement institutions, state authorities and financial institutions, if such is necessary to comply with relevant legislation, and in order to identify whether these General Terms and Conditions and relevant legislation have not been violated.

When you use the GoodX Services we may collect precise location data about transactions within GFC. If you permit the GoodX App to access location GoodX Services through the permission system used by your mobile operating system, we may also collect the precise location of your device when the app is running the foreground or background. We may also derive your approximate location from your IP address. You may opt out of providing location data through the GoodX App, unless you opt out of providing location data, you consent to the collection, use, sharing and onward transfer of location data, as further set forth in the Privacy Policy.

By providing GFC with a mobile telephone number, you agree to receive autodialled and pre-recorded message calls at that number and you consent to receive SMS or text messages at that number, for service-related matters. The ways in which you provide us a mobile telephone number include, but are not limited to, providing this telephone number at GoodX Account opening, adding this telephone number to your profile, providing it to one of our employees, or by contacting us from that mobile phone number. We will not share your phone number with non-affiliated Third Parties for their purposes without your consent and we will never market, advertise, or solicit you using autodialling or pre-recorded messages, but we may share your phone number with the GoodX Card issuer, our affiliates or with other service providers, such as billing or collections companies, who may contact you using autodialled or pre-recorded message calls or text messages.

You understand and agree that GFC may, without further notice or warning and in our discretion, monitor or record the telephone conversations you or anyone acting on your behalf has with GFC or its agents for quality control and training purposes or for its own protection. You acknowledge and understand that, while your communications with GFC may be overheard, monitored, or recorded without further notice or warning, not all telephone lines or calls may be recorded by GFC, and GFC does not guarantee that recordings of any particular telephone calls will be retained or retrievable.

You agree that we can use your Information in connection with your GoodX Account, to enable us to review, develop and improve GoodX Services. This may involve providing your Information to our partners, affiliates, agents, distributors and suppliers to process GoodX Transactions and for their statistical research and analytical purposes. We may also disclose your Information as required by law, regulation or any competent authority or agency to investigate possible fraudulent, unlawful or unauthorized activity.

You understand and agree that we may collect information about how you and other customers interact with the GoodX Services. We may access the address book on your device and store names and contact information to facilitate social interactions through the GoodX Services and for other purposes. We collect transaction details related to your use of the GoodX Services, including the type of service requested, date and time the service was provided, amount charged and other related transaction details. We may collect information about your mobile device, including for example, the hardware model, operating system and version, software and file names and versions, preferred language, unique device identifier, advertising identifiers, serial number, device motion information and mobile network information. You agree that we may use the information that we collect to facilitate interactions with the GoodX Services, including sharing certain non-sensitive information about you with other our customers.

You understand and agree that we can share all of this information with GoodX affiliates.


GFC has the right to establish amount limitations for certain GoodX Transactions. The Customer has the right to change the limitations established by GFC to the extent and pursuant to the terms and procedures established by GFC.


The monthly outgoing payments (including GoodX Card Transactions and any other types of payments from the Payment Account) volume is generally limited to 5,000 euros. Customer cannot generally make outgoing payments from the Payment Account or GoodX Card Transactions in an amount which exceeds 1,000 euros daily. The monthly outgoing payments volume (amount) may exceed 5,000 euros only if requirements stemming from the law and rules established by GFC are duly satisfied.


GFC shall block the GoodX Services on the request of a Third Party only in the cases and pursuant to the procedure provided by law. GFC shall release the GoodX Services from blocking on the basis of the resolution of the competent body, or the respective judicial decision which has entered into force.

GFC shall have the right to block the GoodX Services if:

  • — GFC suspects the Customer of money laundering, terrorist financing or other crime or illegal activity (e.g. fraud);
  • — the Customer has not submitted data or documents requested by GFC in due time;
  • — GFC has become aware of any circumstances which have caused the necessity to examine the legal origin of the Customer’s funds or assets;
  • — GFC is notified of the Customer’s death;
  • — According to GFC’s opinion, freezing of the GoodX Account is necessary in order to prevent damage to the Customer, GFC, GoodX or a Third Party;
  • — there is suspicion that the Customer Credentials and/or the Payment Instrument have been used without the Customer’s consent or these are stolen;
  • — there is suspicion that the Customer Credentials and/or Payment Instrument have been used by a fraud.

GFC shall not be held liable for any damage arising from the blocking of the Customer’s Payment Account or Payment Instrument.


GFC follows the ‘Know Your Customer’ (KYC) principle upon the establishment of and during the business relationship with the Customer. Under the KYC principle, the Customer must be identified and the appropriateness of transactions must be assessed based on the Customer’s principal activity and/or prior pattern of transactions. GFC has the right to request additional information (e.g. documents serving as grounds for the transaction) from the Customer to allow it to comply with its Anti-Money Laundering (AML). The Customer agrees to immediately comply with and without any undue delay grant all needed information and documents related to any request for further information as GFC reasonably requires. If the Customer, regardless of the respective request, does not submit to GFC the documents and relevant information requested by GFC, the Customer shall be deemed to have fundamentally breached these General Terms and Conditions and GFC may, without following the terms of prior notification, extraordinarily terminate this Agreement and any other Contract which serves as a basis for the business relationship.


GoodX shall have the right to receive and the Customer shall be obliged to pay for the rendered GoodX Services a fee as established in the Price List or the Contract rate.

The Price List in force at any given time is available on GoodX Website. GoodX may unilaterally amend the Price List at any time. The Customer shall be notified of the amendment in accordance with Section 6 above. The amendment enters into force on the date set out in the notice.


The Customer has the right to terminate this Agreement with immediate effect at any time by a notice to GFC.

GFC has the right to terminate this Agreement with the Customer only with the prior written consent of the GoodX at any time by giving two (2) months’ notice to the Customer.

GFC has the right to terminate this Agreement with immediate effect in the event that:

  • — GFC suspects the Customer of money laundering or terrorist financing;
  • — the Customer has submitted incorrect, misleading or insufficient data or documents to GFC or refuses to submit the requested data or documents in due time;
  • — GFC suspects the Customer of using GoodX Services in any restricted or prohibited activities in accordance with Section 18 below or other illegal activities;
  • — the Customer has intentionally or due to gross negligence failed to perform its obligation arising from this Agreement.


Any disputes between GFC and the Customer shall be solved immediately by means of negotiations after the dispute arises. If the dispute cannot be settled on site, a claim shall be sent to the other Party in accordance with Section 5 above. The claim shall specify the circumstances behind the claim, and refer to the legal act or document on the basis of which the claim is submitted. If the document which provides the basis for the claim is not freely available to the other Party, and the law does not provide otherwise, the Party who submits the claims shall add the document or a copy of the document to the claim.

GFC shall review the complaint and notify the Customer who is an individual within fifteen (15) Business Days of the possible resolution of the complaint. Customers who are legal persons shall receive a corresponding notification within thirty (30) Business Days of receiving the complaint. In general, written complaints from the Customer will be given a written or electronic response, unless an oral response is made to a written complaint from the Customer and there is reason to believe that the Customer does not express consent to receive a written response.


In connection with the use of the Electronic Channels or the GoodX Services, or in the course of the Customer’s interactions with GFC, the following activities are restricted at all times:

  • — causing a disproportionate number of claims that have been closed in favor of the claimant regarding the Customer’s activities;
  • — using the GoodX Services in connection with illegal products or services and/or stolen goods including digital and virtual goods;
  • — transactions with sanctioned counter-parties;
  • — any activity or omission that violates any law, statute, ordinance, regulation or good faith;
  • — any activity or omission that violates any terms and conditions established by GFC.


In this Agreement:

Anti-Money Laundering (AML) – a set of Payment Institution’s internal procedures, domestic and international laws or regulations designed to stop the practice of generating income through illegal actions.

Balance – means any amounts held in your Payment Account.

Business Day - means a day other than a Saturday, Sunday or a public holiday in Estonia when financial institutions are open for business.

Card PIN – a secret personal identification number, that is given by the Payment Institution to the Customer when the Payment Card is issued through which the Customer is identified.

Contract – any service agreement concluded between the Parties any means which leaves a written record. English is the language of the Contract and communication.

Contract Rate – a charge according to the current Price List of the GoodX, that the Customer is obliged to pay when performing operations related to the Contract.

Customer – any legally competent private person, who is at least 18 years old, or legal entity, who uses, has used or has contacted the Payment Institution in order to obtain GoodX Services and who has a Payment Account at the Payment Institution.

Customer Credentials - the username and the password chosen by the Customer or other credentials granted for the Customer by GFC, GoodX or a Third Party.

Electronic Channel – the GoodX App and electronic channels developed and managed by GFC which allow the Customer to manage its Payment Account.

GoodX App - means the mobile or web application software, the data supplied with the software and the associated media developed and in use by GoodX.

GFC Website – means the webpage

GoodX Account - means the Customer’s Payment Account managed via the GoodX App, used for executing GoodX Transactions you have opened with us in accordance with the terms of this Agreement.

GoodX Card – means the Payment Card issued by Payment Institution under brand name of GoodX.

GoodX Card Transactions – using the GoodX Card to transfer assets, to withdraw cash, to pay for goods or services, to require information about the Payment Account and carry out other transactions and operations.

GoodX Overdraft - an agreement between Payment Institution and Customer that allows the Customer to have negative balance on his Payment Account.

GoodX Overdraft Credit Agreement – the Contract describing GoodX Overdraft terms and conditions.

GoodX Overdraft Interest – the fee that is paid by the Customer to the Payment Institution for using the GoodX Overdraft Limit.

GoodX Overdraft Interest Rate – The debit interest rate per annum for GoodX Overdraft Interest.

GoodX Overdraft Limit - negative balance on the Payment Account that is allowed according to the GoodX Overdraft Credit Agreement.

GoodX Services - means all products, services, content, features, technologies or functions offered by us and all related websites (including the GoodX Website), applications (including the GoodX App).

GoodX Transactions - money transfer, foreign exchange, order or currency trade or currency deal, or any payment or regular payment from the Payment Account via the GoodX App as appropriately designated when using the GoodX Services.

GoodX Website – means any webpage, including but not limited to where we provide the GoodX Services to you.

Know Your Customer (KYC) – The process, which entails identifying the Customer and verifying the identity by using reliable and independent documents or information.

Limit - the maximum amount in euros that is allowed to be used in a given period when using the Payment Account, Payment Card or other GoodX Services.

Payer – a person who has a Payment Account and who issues the Payment Order to debit the Payment Account.

Payment Account – an account at the Payment Institution, that is used for executing Payment Transactions on behalf of the Customer.

Payment Card – a device that enables the cardholder to make a payment by electronic funds transfer, to carry out electronic payments, withdraw cash from an ATM and owned by the Payment Institution.

Payment Institution – GFC Good Finance Company AS.

Payment Instrument - a personalized device (e.g. the GoodX App, Payment Card) or a set of procedures used by the Customer for the use of Electronic Channels and the performance of GoodX Transactions in accordance with these General Terms and Conditions and information published on GoodX Website and GFC Website.

Payment Order – instruction for the Payment Transaction, that is given to the Payment Institution by the Payer. The Payment Order is executed to the extent of available funding on the Payment Account.

Payment Transaction – all cash deposits and payouts and money transfers made by the Payer or Receiver.

Price List – charge rates set by GoodX for the GoodX Services and Transactions which the Customer has to pay. The GoodX may unilaterally change the Price List. The Price List is a part of the General Terms and Conditions and Contracts. The Price List is published on the GoodX Website.

Receiver – a person who is the beneficiary according to the Payment Order and whose account will be credited according to the Payment Order.

Third Party – any private or legal person who is not considered the Party according to these General Terms and Conditions.