Comprehensive terms and conditions governing your use of 1Klas services
Last Updated: December 2024 | FINTRAC Registration: M23729294
Customer Agreement
Agreement Overview and Binding Effect
This Customer Agreement (the "Agreement") establishes and governs the comprehensive terms, conditions, rights, obligations, and legal framework applicable to your use of the financial services, payment processing services, currency exchange services, and related offerings (collectively, the "Services") provided by First Class Payments Inc. (referred to herein as "1Klas," "we," "us," or "our"). Our official website and primary digital platform is accessible at 1klas.com.
Binding Acceptance: By creating, registering, accessing, activating, or using a 1Klas Account, or by utilizing any component, feature, or aspect of the Services, you ("you," "your," or "user") expressly confirm, acknowledge, and represent that you have:
Non-Acceptance Consequences: If you do not accept, agree to, or wish to be bound by this Agreement in its entirety, you are expressly prohibited from using, accessing, or continuing to use the Services, and you must immediately cease all use of your 1Klas Account.
Record Retention: We strongly recommend that you print, download, or save a complete copy of this Agreement for your personal records, future reference, and legal protection.
Incorporated Policies and Additional Terms
Your use of the Services signifies your binding agreement to comply with several additional policies, terms, and documents that form an integral, essential, and enforceable part of this Agreement:
Privacy Policy â Comprehensively describes and governs how we collect, use, process, store, protect, disclose, and manage your personal information, sensitive data, and confidential details. By using the Services, you explicitly consent to the processing, handling, and management of your data as described in the Privacy Policy and expressly confirm that all information you provide is accurate, complete, current, and truthful.
Acceptable Use Policy â Clearly outlines, defines, and establishes permitted uses, authorized activities, prohibited uses, and forbidden activities relating to the Services. You must strictly comply with this policy to maintain access to your 1Klas Account and to avoid suspension, restriction, or termination.
Frequently Asked Questions (FAQs) â Provide helpful explanations, clarifications, guidance, and additional information about the Services, features, procedures, and policies. These FAQs are expressly incorporated by reference into this Agreement and constitute binding terms.
Feature-Specific Terms: Certain features, products, services, functionalities, or offerings may be subject to additional terms, conditions, requirements, restrictions, or limitations. When these supplementary terms apply, we will present them to you through the Service interface, and they will automatically become an integrated and binding part of this Agreement once you accept them, acknowledge them, or continue using the relevant Service or feature.
Agreement Structure and Interpretation
This Agreement contains multiple sections, subsections, defined terms, and provisions organized for clarity and comprehensive coverage. The section headings, titles, and captions are included solely for convenience, ease of reference, and navigational purposes, and do not affect, limit, or expand the interpretation, meaning, or legal effect of the provisions that follow.
Comprehensive Review: You should review this entire Agreement thoroughly and carefully to fully understand your rights, obligations, responsibilities, limitations, liabilities, and the detailed rules that govern your use of the Services.
1. First Class Payments Inc. and Its Affiliates
Regulatory Status and Corporate Information
First Class Payments Inc. ("1Klas") is duly registered as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada's financial intelligence unit and anti-money laundering regulator, under official registration number M23574478.
Corporate Structure: The company is legally incorporated and organized under the laws of the Province of Ontario, Canada, and operates pursuant to corporation number 1000681482 issued by the Ontario Ministry of Government and Consumer Services.
Authorized Services: As a registered and regulated Money Services Business operating under Canadian federal and provincial oversight, 1Klas is authorized, licensed, and permitted to provide services that include, but are not limited to:
These services are provided exclusively to eligible customers in Canada and other jurisdictions where 1Klas is authorized to operate.
Affiliate Operations: Any corporate affiliates, subsidiary entities, associated companies, or partner organizations that assist in delivering, supporting, facilitating, or enhancing the Services operate in full accordance with all applicable legal requirements, regulatory obligations, licensing mandates, compliance standards, and industry best practices.
2. Eligibility
Age and Legal Capacity Requirements
To use, access, or register for the Services, you must have attained the age of at least 18 years or have reached the age of majority (legal adulthood) in your province or territory of residence, whichever is greater.
Representations and Warranties: By creating, registering, or maintaining an account on the 1Klas website (a "1Klas Account"), you expressly represent, warrant, covenant, and affirm that you:
Prohibited Third-Party Use
Personal Use Requirement: You may only use the Services to conduct transactions, operations, and activities for your own account, benefit, and legitimate purposes.
Strict Prohibition: You are strictly and absolutely prohibited from using the Services to transact for, on behalf of, at the direction of, or for the benefit of any other person, entity, organization, or third party, except where explicitly authorized by 1Klas in writing or through specific Services designed for business or commercial use.
Enforcement: Violation of this prohibition may result in immediate account suspension, termination, fund holds, reporting to regulatory authorities, and potential legal action.
2.1. Authorised Users
Definition and Designation
Authorised User Definition: You may designate one or more of your directors, officers, employees, or authorized representatives as "Authorised Users" to give Instructions, access and operate the Transaction Platforms, or otherwise act on your behalf in connection with your 1Klas Account.
Designation Process: Authorised Users may be designated:
Approval Requirement: A person shall only become an Authorised User upon our express approval. Our approval may be conditioned upon:
Discretionary Decline: We reserve the absolute right to decline, at our sole discretion, any request for designation of a new Authorised User without providing reasons. We may, without prior notice, disable any Authorised User's access to the Transaction Platforms, in whole or in part, for security, compliance, or operational reasons.
Responsibilities and Obligations
Update Obligation: It is your responsibility to notify us without undue delay if any information provided in a User Registration Form becomes inaccurate, incomplete, or outdated.
Modification of Authorised Users: If you wish to remove or add any Authorised User, or make amendments to the roles, privileges, permissions, or access levels assigned to any existing Authorised User, you must:
Liability and Binding Effect
Reliance on Authorised Users: Subject to any limitations clearly and specifically set out in the applicable User Registration Form, we shall be entitled to rely on and act in accordance with, and you shall be bound by, the Instructions of any person designated by you or on your behalf as an Authorised User, insofar as such Instruction appears on its face to have been made by an Authorised User on your behalf.
Your Liability: You are fully responsible and liable for all actions, Instructions, and Transactions carried out by any Authorised User, whether or not you specifically approved each individual action. This includes liability for:
2.2. Code of Conduct
Applicability: 1Klas's Code of Conduct (the "Code of Conduct") applies to your use of all Services and the Transaction Platforms. The Code of Conduct forms an integral part of this Agreement and is binding upon you.
Provision of Code of Conduct: We shall provide you with the current version of the Code of Conduct:
Compliance Obligation: You agree to comply with, and to ensure that all of your Authorised Users, employees, contractors, and agents comply with, the Code of Conduct at all times. Failure to comply with the Code of Conduct constitutes a material breach of this Agreement and may result in immediate suspension or termination of Services.
Amendments: We reserve the right to amend the Code of Conduct at any time. We will notify you of material changes, and continued use of the Services following such notification constitutes acceptance of the amended Code of Conduct.
2.3. Duty to Cooperate
Declaration Regarding Funds
Criminal Origin Declaration: You hereby declare and warrant that the assets deposited now and in the future in any Account:
Cooperation Requirements
General Cooperation: You agree to cooperate fully with 1Klas on all compliance, operational, and regulatory matters, including but not limited to:
Response Timelines
Urgent Requests: You agree to respond to 1Klas's urgent requests (as defined by 1Klas in its sole discretion) as soon as possible and no later than four (4) Business Days from receipt of the request. Urgent requests may include:
Routine Requests: For less urgent inquiries, such as those made prior to ordinary annual compliance reviews, you agree to respond as soon as possible and no later than ten (10) Business Days from receipt of the request from 1Klas.
Consequences of Non-Response: Failure to respond within the specified timeframes may result in:
Instructions and Transaction Processing
Submission of Instructions
Permitted Methods: Instructions shall be sent to 1Klas:
Effectiveness of Instructions: Instructions become effective when we receive them in a format we can process. We will not generally acknowledge receipt of Instructions other than by acting upon them, unless specifically required by law or unless you request confirmation.
Future-Dated Instructions: If you instruct 1Klas to make a payment, or more than one payment, on a future date, we will not begin processing the payment(s) until that future date arrives, and the Instructions will be deemed effective on the relevant future date.
Authorization Requirements
Authorized Instruction Requirement: 1Klas will only carry out Transactions to, from, or on your behalf upon receipt of an Instruction that has been:
Good Faith Reliance: We will treat an Instruction as genuine if we believe in good faith that the Instruction is from an Authorised User (for example, because it appears on its face to have been given by an Authorised User through proper authentication) and there are no circumstances that we are or should reasonably be aware of that cause us to suspect the authenticity of the Instruction.
Information Accuracy: We may assume, except in case of manifest error or fraud, that the information you provide in connection with a Transaction, including any account number, IBAN, routing number, or other identifying information, is correct and complete.
Account Number Priority: Whenever we receive Instructions in which the beneficiary name does not match the account number or other identifying information provided, we may rely conclusively on the account number or identifier. We shall not be liable for any Loss arising from a payment made to an incorrect beneficiary due to an incorrect account number provided by you.
Enhanced Communication Provisions
Language and Format
Communication Language: 1Klas shall conclude agreements and communicate in English unless otherwise expressly agreed between you and us in writing. This includes all correspondence regarding claims, complaints, Instructions, and contractual matters.
Electronic Communications: Subject to mandatory Applicable Law, any communication with you may be made by electronic mail, SMS, push notification, or other electronic means. Any requirement for communication to be "written," "in writing," made by "letter," or through "account statement printout" shall include communication and documentation provided by electronic means.
Methods of Communication
Our Communication Channels: We will contact you through one or more of the following methods:
Document Authenticity: We will assume the conformity with authentic originals of all documents submitted to us as copies, including electronic copies, scanned documents, photographs, and PDF files.
Deemed Receipt of Communications
Email Communications: Any notice or communication provided to you by email shall be deemed to have been received:
Your Communications: If you wish to contact us, please send communications and notices to 1Klas:
Telephone Recording
Recording Rights: 1Klas reserves the right to record telephone conversations, video calls, and other oral communications for the following purposes:
Evidentiary Value: You acknowledge and agree that such recordings may be used as evidence in court or other legal proceedings and shall have the same evidentiary value as a written document.
Website Communications
Website as Communication Channel: You acknowledge and accept that we may validly provide certain information exclusively via our website, including:
Website Monitoring Obligation: You will be notified electronically of the website address and the location on the website where you can access this information. You undertake to consult our website regularly to stay informed of such communications and updates.
Electronic Communication Risks
Risk Acceptance: You confirm that you accept the risks inherent in electronic communications, including but not limited to:
Authorization: You duly authorize the use of electronic communications and agree to use available, appropriate means of detecting viruses and other malicious software prior to sending information by electronic means.
Your IT Security: You are responsible for having in place and maintaining adequate security measures to ensure the protection of IT systems you use or rely on. We shall not be liable for any Loss or damage in connection with electronic communications except where caused by our gross negligence, willful misconduct, or fraud.
Cut-Off Times and Processing
Execution Timing: 1Klas will ensure that Instructions are executed as soon as reasonably possible, but not necessarily in any particular order. Instructions may be processed on a first-in, first-out basis, by priority, or in any order we deem appropriate based on operational and regulatory considerations.
Cut-Off Times: If an Instruction is received after the applicable cut-off times (which are published on our website or communicated to you separately), such Instruction shall be deemed received on the following Business Day. Different cut-off times may apply for different currencies, payment types, or destination countries.
Same-Day Processing: To ensure same-day processing, Instructions must be:
Verification and Delays
Contact for Verification: If we are unable to contact you or another Authorised User to verify an Instruction where we consider that necessary, or if following our request you or another Authorised User do not provide appropriate clarification or additional Instructions, your Transaction may be delayed or may not be executed.
Communication Rights: We may contact you regarding any matter relating to your Instructions and Transactions, subject to any reasonable restrictions you may impose on us regarding communication methods or timing.
Completion of Transactions
Transaction Conclusion: A Transaction is deemed concluded when:
Accuracy Obligation: You are obliged to ensure that all Instructions are complete, accurate, and contain all required information. You shall verify all details before submitting Instructions.
Cancellation and Modification
Cancellation Requests: If you request to cancel or modify an Instruction after it has been submitted, 1Klas is required to use reasonable efforts to comply with such request. However:
No Liability: 1Klas will not be liable for any failure to cancel or modify an Instruction, or for any consequences arising from such failure, except where caused by our gross negligence, willful misconduct, or fraud.
Grounds for Rejecting or Delaying Instructions
Discretionary Rejection: 1Klas may reject or delay, in its discretion and without liability, any Instruction from you if:
Notification of Rejection: Unless regulatory requirements prevent us from doing so, we will inform you as soon as reasonably practicable:
Limitation of Liability: 1Klas will not be liable for any Losses you suffer as a result of rejection or suspension of an Instruction, except where such rejection or suspension was caused by our gross negligence, willful misconduct, or fraud.
Account Statements and Transaction Review
Access to Transaction History
Online Access: Any Authorised User can view your online transaction history by logging into the Transaction Platforms using their credentials. Transaction history includes details of all payments, transfers, currency conversions, fees charged, and account balances.
Review Obligation
Regular Review Required: You must regularly and carefully review your transaction history, account statements, and other information provided to verify:
30-Day Objection Period
Critical Timeframe: You must advise us immediately of any errors, discrepancies, unauthorized Transactions, or irregularities that appear in any documents, transaction history, confirmations, account statements, or other communications addressed to you (collectively, the "Communications").
Deemed Approval: If we receive no written objection from you within thirty (30) days of the dispatch or posting of the Communications:
Universal Application: This 30-day objection period applies to ALL Transactions executed by us, including but not limited to:
PSD2 Compliance: For the avoidance of doubt, this 30-day period applies to any request for rectification of unauthorized or incorrectly executed payment transactions. You must notify us promptly upon becoming aware of any such transaction, and in no event later than thirty (30) days after the debit date.
Copies of Communications
Request for Copies: You may request copies of any Communications at any time during the period in which we are legally required to keep records of the relevant Transaction. Fees may apply for providing copies, as set out in our fee schedule.
Account Blocking and Financial Crime Prevention
Financial Crime Risk Management
Compliance Obligations: 1Klas is required, and may take any action we consider appropriate, to meet Compliance Obligations relating to or in connection with the detection, investigation, and prevention of money laundering, fraud, breach of sanctions, and other financial crime ("Financial Crime Risk Management Activity").
Authorized Actions: Such Financial Crime Risk Management Activity may include, but is not limited to:
Blocking Rights
Account and Platform Blocking: We reserve the right to block your access to the Transaction Platforms and/or specific Accounts if we:
Transaction Delays and Refusals: Exceptionally, our Financial Crime Risk Management Activity may lead to us:
Additional Verification: As part of Financial Crime Risk Management Activity, we may need to speak with you to reconfirm payments or request additional security information. If we cannot contact you but believe a payment is genuine, we may proceed with it. Any resulting delay will not prevent you from later disputing whether you authorized the Transaction.
Notification of Blocking
Notice Requirement: Unless regulatory requirements prevent us from doing so, we will inform you as soon as reasonably practicable upon blocking your Account(s) or access to the Transaction Platforms.
Reporting to Authorities: We may be required under applicable law to notify authorities that systems or Accounts have been blocked for reasons of unauthorized use, security concerns, or suspicion of financial crime. In such cases, we may be prohibited from informing you of the report.
Evidence and Audit Rights
Evidentiary Provisions
Proof by Any Means: You expressly agree that, notwithstanding any legal requirements to the contrary, we will be entitled to prove our allegations by any means legally admissible in commercial matters, including but not limited to:
Electronic Records: Computerized registrations, electronic records, and digital documents maintained by us shall:
Books and Records: Our books, records, and account statements will be regarded as probative and will conclusively prove, inter alia:
Telephone Recordings: Tape recordings or digital recordings of telephone conversations and video calls may be used in court or other legal proceedings with the same evidentiary value as a written document.
Audit and Compliance Review Rights
On-Site Audit Rights: Upon two (2) weeks' written notice, and upon reasonable grounds for belief of non-compliance or as part of an ordinary annual compliance review, 1Klas or a representative acting on behalf of 1Klas shall have the right to conduct an on-site audit or compliance review during Business Hours.
Audit Scope: The on-site audit or compliance review shall be strictly limited to the extent reasonably necessary to:
Your Cooperation: You shall reasonably cooperate with 1Klas during any audit by:
Cost Recovery: If an audit or compliance review reveals that you are not in compliance with this Agreement or applicable laws, you shall pay 1Klas's reasonable expenses for conducting the audit, in addition to any other claims or remedies for breach of the Agreement.
Limitation of Claims
12-Month Limitation Period: Legal actions initiated by you against 1Klas must be filed with the competent courts within twelve (12) months from the date of our action or omission giving rise to your claim.
Time Bar: Any action brought after the expiry of such twelve (12) month period will be time-barred and inadmissible, regardless of the nature or merit of the claim.
Application: This limitation period applies to all claims arising from or related to:
Protection and Safeguarding of Depositors
Safeguarding Policy
Purpose of Safeguarding: 1Klas implements safeguarding measures in accordance with applicable Payment Services Regulations to protect customer funds held with us. The purpose of safeguarding is to:
Safeguarding Method: 1Klas ensures safeguarding by:
Important Limitation: Notwithstanding the safeguarding measures described above:
No Deposit Insurance
Critical Notice: You acknowledge and understand that:
Nature of Claim: Balances held with 1Klas represent an unsecured claim against First Class Payments Inc. In the unlikely event of 1Klas's insolvency, bankruptcy, or financial difficulty, you may not recover your full balance and may rank as a general unsecured creditor.
Entire Agreement
Complete Agreement: This Agreement, together with all incorporated policies, terms, and documents referenced herein, constitutes the entire agreement between you and 1Klas regarding the Services and supersedes all prior or contemporaneous understandings, agreements, representations, and warranties, both written and oral, regarding the subject matter.
Exclusion of Prior Representations: Any prior statement, representation, promise, or inducement made by either party, whether express or implied, is hereby excluded from this Agreement insofar as is permissible under Applicable Law. You acknowledge that you have not relied on any statement, representation, or warranty not expressly set out in this Agreement.
Third Party Rights
No Third-Party Rights: For the avoidance of doubt, in the event that the Contracts (Rights of Third Parties) Act or similar legislation is found to be applicable to this Agreement, a person who is not a party to this Agreement has no right under such Act to enforce any term of this Agreement.
Exception: This provision does not affect any right or remedy of a third party that exists or is available apart from such legislation.
3. The Services
a) Opening a 1Klas Account
Account Registration Requirements: To access or utilize specific features of the Services, you must first establish a 1Klas Account by completing the registration process and providing all information required during enrollment.
Accuracy of Information: For regulatory compliance, anti-money laundering (AML) verification, and legal requirements, all information you submitâwhether during initial registration or at any subsequent timeâmust be complete, accurate, truthful, and current. You bear sole responsibility for ensuring that your contact information, including your physical address, email address, and telephone number, remains accurate and up-to-date at all times.
Account Information Updates: You may update your information at any time by logging in to your 1Klas Account and accessing your account settings portal.
Discretionary Service Provision: 1Klas retains the absolute and unilateral right, exercisable at our sole discretion, to refuse, deny, suspend, restrict, or discontinue the provision of the Services to any individual, entity, or organization at any time and for any reason permitted by applicable law.
Accountability for Account Activity: All activity conducted through your 1Klas Account is conclusively deemed to have been performed by you as the registered account holder. You bear complete and unconditional responsibility for all use of your account, regardless of whether such use was authorized by you or occurred without your knowledge or consent.
i) Account Security and Privacy
Privacy Commitment: Protecting your privacy and safeguarding the security of your personal information constitutes a fundamental priority of First Class Payments Inc. ("1Klas").
Data Protection Measures: All passwords and authentication credentials stored within 1Klas systems are encrypted using advanced cryptographic algorithms. Any sensitive information transmitted between your browser and the 1klas.com website (the "1Klas Website") is protected through industry-standard encryption protocols, including Secure Socket Layer (SSL) technology and Transport Layer Security (TLS).
Certificate Verification: When submitting sensitive information, you should always verify that your browser properly validates the 1klas.com security certificate to ensure the authenticity of the connection.
Information Disclosure Limitations: As detailed in our Privacy Policy, 1Klas does not disclose, sell, or share your personal informationâincluding login credentials, physical addresses, mailing addresses, or email addressesâexcept where mandated by law, required by court order, or as otherwise expressly permitted by the Privacy Policy. You should thoroughly review the Privacy Policy for comprehensive information about how we collect, process, store, and safeguard your data.
Credential Security Obligations: You bear sole and exclusive responsibility for maintaining the confidentiality, security, and integrity of all usernames, passwords, authentication credentials, personal identification numbers (PINs), security questions, two-factor authentication devices, and any other access details you use to access your 1Klas Account.
Credential Confidentiality: You must not share, disclose, reveal, or provide your password, PIN, security answers, authentication codes, or customer reference information with any person, entity, or third party under any circumstances.
Authentication Protocol: 1Klas will never request your password, PIN, or complete authentication credentials through any communication channel. Any request for such informationâwhether by email, telephone, text message, or any other meansâshould be treated as fraudulent and reported immediately to Customer Support.
Verification of Requests: If you are uncertain about the legitimacy of any communication purporting to be from 1Klas, or if you have concerns about account security, you should contact Customer Support directly through verified channels for clarification and authentication.
Compromise Response Protocol: If you believe or suspect that your 1Klas Account, login credentials, authentication devices, or security details have been lost, stolen, compromised, accessed without authorization, or used fraudulently, you must:
Change your password immediately through secure channels
Notify Customer Support without delay
Review recent account activity for unauthorized transactions
Follow any additional security protocols recommended by our support team
Risk Mitigation: Unauthorized access to your credentials can enable malicious actors to attempt fraudulent transactions, identity theft, or account takeover. Prompt notification and immediate action significantly reduce the risk of financial loss and unauthorized activity.
Transaction Monitoring: You should establish a regular practice of reviewing your account transaction history and promptly reporting any activity you do not recognize, authorize, or recall initiating.
Suspicious Activity Reporting: If you observe any suspicious, unauthorized, or anomalous transactions or account activity, contact Customer Support immediately. For urgent security concerns, you may reach us by telephone or through our using the contact methods specified on our Website.
Security-Based Account Actions: 1Klas may, at its discretion and without prior notice, suspend, restrict, or temporarily disable access to your account if we detect, identify, or have reasonable grounds to suspect unauthorized access attempts, fraudulent activity, security breaches, or any other security risk or vulnerability.
Enhanced Security Requirements: Certain features, Services, or transaction types may require additional security measures, multi-factor authentication, biometric verification, or enhanced identity confirmation. You are responsible for understanding, implementing, and adhering to these security requirements.
Email Account Security: You should ensure that your registered email account is properly secured with a strong password and two-factor authentication, as it is frequently used for password reset requests, security alerts, account notifications, and important communications regarding your 1Klas Account.
Browser Security Practices: For your protection, you should not configure your browser or device to automatically store, cache, save, or retain your login details, passwords, authentication tokens, or other sensitive credentials in an unsecured manner.
Payment Error Reference: For issues involving incorrect payments, misdirected transfers, erroneous transactions, or unauthorized activity, please refer to the Errors and Unauthorized Transactions section of this Agreement.
ii) Duplicate Accounts
Account Uniqueness Requirements: For security purposes, regulatory compliance obligations, customer identification requirements, and fraud prevention, First Class Payments Inc. ("1Klas") reserves the right to prohibit and prevent the creation of duplicate accounts for the same individual, business entity, or organization.
Duplicate Account Resolution: If we determine, through automated systems or manual review, that multiple 1Klas Accounts have been created using identical information, substantially similar information, or otherwise appear to belong to the same user or entity, 1Klas may, at its sole and absolute discretion, close, merge, consolidate, suspend, or restrict such accounts without prior notice to you.
iii) Verification
Identity Verification Obligations: When you open a 1Klas Account or utilize certain Services, applicable lawsâincluding anti-money laundering (AML) regulations, know-your-customer (KYC) requirements, and counter-terrorism financing (CTF) obligationsârequire us to verify your identity and authenticate certain information that you provide.
Verification Authorization: By registering an account, you expressly authorize and grant permission to 1Klas to conduct any inquiries, investigations, or verification procedures we consider necessary, appropriate, or advisable to confirm your identity, validate your information, and assess your eligibility for Services.
Verification Methods: These inquiries may be performed directly by 1Klas personnel or through approved third-party service providers, verification agencies, identity authentication platforms, or data providers. Verification methods may include, but are not limited to:
Supplementary Documentation: If a credit header check, database verification, or other automated verification method does not sufficiently confirm your identity to our satisfaction or to the standard required by law, we may request certified government-issued photo identification and any additional supporting documentation necessary to complete verification.
Documentation Waiver Conditions: In cases where bank account ownership is successfully verified through secure authentication protocols and identity information matches official databases with high confidence scores, photographic identification may not be required.
Data Source Access: 1Klas may access, query, and utilize government databases, regulatory records, credit bureaus, and private data sources to authenticate, cross-reference, and validate the information you provide.
Verification Failure Consequences: If we cannot verify your identity to the required standard, if you fail to provide requested documentation within specified timeframes, if provided documentation is deemed insufficient or unreliable, or if verification results indicate potential fraud or misrepresentation, 1Klas reserves the right to:
Such actions may be taken immediately and will remain in effect until verification is successfully completed to our satisfaction and in compliance with applicable legal requirements.
b) Adding Funds to Your 1Klas Account
Funding Purposes: You may add funds in any supported currency to your 1Klas Account for the following purposes:
(i) Currency conversion and exchange transactions; (ii) Sending funds domestically or internationally to another person or to your own external financial account; (iii) Maintaining a balance for future transactions or operational liquidity; or (iv) Interacting with eligible digital asset services, cryptocurrency exchange features, or crypto-related functionality, where such capabilities are legally permitted, technologically supported, and made available by 1Klas.
Supported Currencies: A current and comprehensive list of supported fiat currenciesâand any supported digital assets, virtual currencies, or cryptocurrencies, where applicable and permittedâis available on our Website and may be updated periodically.
Available Funding Methods: You may add funds using one or more available funding methods. These may include, depending on your verification status, account standing, jurisdiction, and regulatory eligibility:
Cryptocurrency Funding Availability: The availability of cryptocurrency-related funding features, digital asset deposit methods, or crypto-to-fiat conversion services may vary significantly based on jurisdiction, applicable regulatory frameworks, verification requirements, compliance obligations, and operational considerations.
Third-Party Nature of Funding Methods: Funding methods are not Services directly provided, operated, or controlled by 1Klas. They are services offered by independent third-party financial institutions, payment processors, banking partners, payment networks, or approved cryptocurrency service partners operating under separate licenses and regulatory oversight.
No Guarantee of Availability: Because these funding providers operate independently with their own systems, policies, and operational requirements, 1Klas cannot guarantee the availability, functionality, reliability, performance, processing times, or continued operation of any specific funding method or cryptocurrency-related feature. We may modify, suspend, restrict, or permanently discontinue any funding method or crypto functionality at any time without prior notice or liability.
Credit Timing: Your 1Klas Account will be credited only after 1Klas has actually received and verified the funds or digital assets from the applicable financial institution, payment processor, blockchain network, or cryptocurrency service partner.
No Liability for Transmission Delays: Until the funds or digital assets are successfully received, confirmed, and recorded in our systems, we are not responsible or liable for delays, transmission errors, processing failures, blockchain network congestion, insufficient gas fees, smart contract failures, or transaction reversals.
Provisional Credits: For certain funding methodsâincluding those involving cryptocurrency transactions, blockchain transfers, or pending bank transfersâ1Klas may, at our sole discretion, provisionally credit your account before the transfer is fully settled, confirmed, or finalized.
Reversal Rights: Any provisional credit is expressly subject to our unilateral right of reversal. If the full amount does not successfully reach us within a reasonable period, if the originating transfer later fails or is reversed, if a chargeback is initiated, if the transaction is deemed invalid or fraudulent, or if blockchain confirmation is not achieved, 1Klas may immediately deduct the corresponding amount from your account balance.
Insufficient Funds for Reversal: If your account does not contain sufficient funds in any currency to cover such a reversal, we may require immediate repayment through other authorized methods, initiate debt collection procedures, or exercise our rights as described in the Negative Account Balances section.
Additional Information: For further details regarding reversals, chargebacks, and negative balance procedures, please refer to the sections titled Reversals and Chargebacks and Negative Account Balances.
i) Adding Funds by Pre-Authorized Direct Debit
Account Information Requirements: If you choose to add funds to your 1Klas Account using our pre-authorized direct debit feature, you must provide accurate bank account detailsâincluding your account number, financial institution number, and transit/routing numberâor authorize the secure transmission of this information to us through a supported bank-login authentication process or open banking connection.
Representations and Warranties: By using the pre-authorized direct debit option and providing your bank account information, you explicitly confirm, represent, and warrant that:
Authorization Duration: Your authorization for pre-authorized debits remains valid and in effect for each individual transaction unless and until it is formally cancelled in accordance with the cancellation procedures outlined in this Agreement.
Pre-Cancellation Procedures: If you cancel your authorization before 1Klas receives the transferred funds into our designated account, we will make commercially reasonable efforts to return the pending debit amount to the originating bank account in accordance with applicable payment network rules.
Return Failure Protocol: If we are unable to successfully return the funds due to account closures, invalid account information, or other circumstances beyond our control, we will contact you using the most current contact information associated with your 1Klas Account.
ii) Adding Funds by Wire Transfer or Electronic Funds Transfer (EFT)
Transfer Processing: If you choose to add funds by initiating an Electronic Funds Transfer (EFT), domestic wire transfer, or international wire transfer, your transaction will remain in pending status until 1Klas has successfully received and verified the transfer into our designated receiving account.
Transfer Requirements: All transfers must originate from a bank account held in your legal name and must be transmitted exactly as instructed in the payment details provided by 1Klas, including correct reference numbers, account details, and transfer amounts.
Failed Transfer Procedures: If a funding transfer is cancelled by you or your bank, rejected by the receiving institution, significantly delayed beyond normal processing times, or not properly received due to incorrect details, 1Klas will make reasonable efforts to identify and return the funds to the originating bank account.
Contact for Unresolved Returns: If the return cannot be processed automatically due to missing information, account closures, or other impediments, we will contact you using the most recent contact information associated with your 1Klas Account to facilitate manual resolution.
iii) Accepted Funding Methods and Restrictions
Permitted Methods Only: Only the funding methods explicitly supported, approved, and listed by 1Klas may be utilized to add funds to your account.
Prohibited Funding Methods: We do not accept and will not process:
Method-Specific Limitations: Certain payment methods, currencies, or jurisdictions may have transaction limits, daily caps, monthly maximums, or additional requirements, which are described on our Website, in our Frequently Asked Questions (FAQ), and may be communicated through your account interface.
Chargeback Rights: If you use a funding method that provides chargeback or payment reversal rights (for example, certain credit card transactions, debit card payments, or disputed bank transfers), please carefully review the Reversals and Chargebacks section of this Agreement to understand your responsibilities and potential liabilities.
Regulatory and Security Limits: For regulatory compliance, legal obligations, anti-money laundering (AML) requirements, fraud prevention, and security reasons, 1Klas may impose limits on the amount of money you can add to your account by any method, within any time period, or in aggregate.
Variable Limits: These limits may vary significantly depending on your verification status, account age, transaction history, risk profile assessment, jurisdiction of residence, currency selection, and applicable laws or regulatory requirements.
iv) Crypto Funding and Digital Asset Transfers (Where Supported)
Cryptocurrency Funding Availability: If 1Klas provides cryptocurrency-related funding options, digital asset deposit capabilities, or crypto exchange features in your jurisdiction and for your account type, you may be able to add value to your account using approved digital asset transfer methods.
Crypto Feature Capabilities: Where available, these features may allow you to:
Ownership Requirements: All cryptocurrency-related transactions, digital asset transfers, and blockchain operations must originate from a wallet, exchange account, or custodial service that is legally owned, controlled, and operated by you.
Instruction Compliance: You must meticulously follow all instructions provided by 1Klas, including specific requirements regarding:
Irreversibility of Blockchain Transactions: Because digital asset transfers occur on decentralized, immutable blockchain networks operating outside the control of any centralized entity, 1Klas cannot reverse, cancel, retrieve, modify, or recover any cryptocurrency transaction once it has been broadcast to the network and confirmed.
User Responsibility: You are solely and completely responsible for ensuring that:
Operational Changes: Cryptocurrency funding options, digital asset services, and related features may be modified, temporarily suspended, restricted, or permanently discontinued at any time due to operational considerations, regulatory changes, security concerns, market conditions, or business decisions.
Additional Requirements: Additional limits, verification steps, enhanced due diligence procedures, holding periods, cool-down periods, or security reviews may apply to cryptocurrency-related transactions at 1Klas's discretion.
c) Receiving Money From Third Parties
Receiving Account Details: In certain supported currencies and jurisdictions, 1Klas may provide you with designated bank account detailsâincluding account numbers, institution numbers, routing codes, SWIFT codes, or IBAN numbersâthat you may share with third parties who wish to send funds to your 1Klas Account via EFT, domestic wire transfer, or international wire transfer.
Account Ownership Structure: These account details are issued through our regulated banking partners, correspondent banks, and licensed financial institutions, and correspond to accounts held, owned, and controlled by 1Klas or its affiliated entitiesânot to a personal bank account registered in your individual name.
Credit Upon Receipt: When funds are received using these designated details and successfully cleared, 1Klas will credit your 1Klas Account accordingly, subject to verification procedures and compliance checks.
Monitoring Obligation: You should regularly and diligently review your incoming transfers, pending deposits, and transaction history, and promptly notify us if you detect any discrepancies, irregularities, unexpected transfers, or suspicious activity.
Fund Usage Options: Once funds are received and credited to your account, you may:
Access Timing: You will not have access to funds sent by a third party until they have been fully received, cleared, verified, and credited by 1Klas in accordance with our standard processing procedures.
Currency Conversion Reference: For comprehensive information regarding currency conversion procedures, exchange rates, fees, and timing, see the Currency Conversion section of this Agreement.
Reversal Risk: Funds received via this method may be subject to reversals, chargebacks, recalls, or cancellations initiated by the sender, the sender's financial institution, or payment intermediaries.
Reversal Authorization: If a sender, financial institution, or payment provider reverses, recalls, or disputes a payment for any reason, you expressly authorize 1Klas to immediately deduct the corresponding amount from your account balance.
Insufficient Balance Procedures: If your balance is insufficient to cover the reversal amount, the provisions detailed in the Negative Account Balances section will apply, and you may be required to immediately repay the outstanding amount.
Cancelled Transaction Procedures: If a transaction is cancelled before completion, rejected by banking systems, or determined to be fraudulent or erroneous, 1Klas will make reasonable attempts to return the funds to the originating bank account using available payment network processes.
Failed Return Protocol: If automated return is not possible due to invalid account information, account closures, or other impediments, we will contact you using the most up-to-date contact information associated with your account to facilitate resolution.
No Additional Fees: If you share 1Klas-provided receiving details with a third party for the purpose of receiving payments, you expressly agree that you will not impose, charge, or collect any fees, surcharges, premiums, or additional costs solely for accepting payment through the 1Klas Service.
Approved Methods Only: You may only receive payments through the explicitly approved receiving methods specified by 1Klas.
Prohibited Receiving Methods: Cash deposits, mailed cheques, electronic cheques, money orders, third-party payment instruments, and other unsupported payment methods are strictly prohibited and will not be processed.
Currency-Specific Requirements: Some currencies, funding channels, or jurisdictions may carry transaction limits, enhanced verification requirements, regulatory restrictions, or additional compliance obligations; please consult our FAQ or contact Customer Support for details.
d) Holding a Balance in Your 1Klas Account
Non-Bank Status: 1Klas is not a bank, credit union, trust company, or deposit-taking institution, and your 1Klas Account is not a bank account, savings account, or deposit account within the meaning of applicable banking legislation.
Absence of Deposit Insurance: Any money you hold with 1Klasâregardless of currency denomination, amount, or durationâis not insured, protected, or guaranteed by the Canada Deposit Insurance Corporation (CDIC), the Financial Services Compensation Scheme (FSCS), the Federal Deposit Insurance Corporation (FDIC), or by any other deposit protection program, government guarantee scheme, or insurance mechanism.
Nature of Claim: Balances held with 1Klas represent an unsecured claim against First Class Payments Inc. as a general creditor. In the unlikely event of 1Klas's insolvency, bankruptcy, or financial difficulty, you may not recover your full balance.
Safeguarding Practices: 1Klas may safeguard customer funds in accordance with applicable regulatory requirements, industry standards, and internal policies by holding them in segregated accounts, trust arrangements, or through other protective mechanisms; however, the specific safeguarding methodology does not alter the fundamental nature of your claim.
No Interest or Returns: No interest, dividends, investment earnings, or other financial returns generated from customer funds held by 1Klas, if any, will be paid, credited, or distributed to you. Any such earnings, income, or appreciation belong exclusively to 1Klas.
Account Ownership Clarification: As noted earlier in this Agreement, the bank account details provided to you for receiving money from third parties correspond to accounts owned, controlled, and operated by 1Klas or its affiliates, not to accounts held in your individual name.
Crediting Mechanism: When funds are received, we credit your 1Klas Account accordingly as a bookkeeping entry representing your claim against 1Klas, but the underlying bank account, along with all funds held therein, remains the legal and beneficial property of 1Klas.
Additional Information: For additional information on how 1Klas safeguards customer funds, segregation practices, and regulatory compliance, please consult the Frequently Asked Questions on our website or contact Customer Support.
Transaction History Access: All transactions associated with your 1Klas Accountâincluding account balances, funds added, transfers received, currency conversions, outgoing payments, withdrawals, and applicable fees or exchange ratesâare recorded and maintained in your comprehensive transaction history.
History Accessibility: You may access, review, and download this information at any time by logging into your 1Klas Account through our Website or mobile application.
Transaction References: Each transaction is assigned a unique reference number or transaction identifier, which you should retain and provide when contacting us regarding any specific transaction, dispute, or inquiry.
e) Managing Your Money in Multiple Currencies
Multi-Currency Functionality: Your 1Klas Account may allow you to hold, maintain, and manage balances simultaneously in various supported currencies, including major global currencies, regional currencies, and potentially digital assets where supported.
Simultaneous Balance Management: You may maintain active balances in multiple currencies at the same time, providing flexibility for international transactions and currency diversification.
Assumption of Currency Risks: By choosing to hold funds in multiple currencies, you expressly assume all risks associated with multi-currency operations, including but not limited to:
Prohibited Speculative Use: You expressly acknowledge, understand, and agree that your 1Klas Account must not be used, operated, or maintained for speculative currency trading, foreign exchange speculation, currency arbitrage, or investment purposes designed to profit from exchange rate movements.
Intended Use: The multi-currency functionality is intended solely and exclusively for legitimate payments, transfers, commercial transactions, and genuine transactional needs related to business operations, personal remittances, or international commerce.
Acceptance of Risk: By holding multiple currencies, you explicitly accept and assume all risks related to exchange rate movements, currency fluctuations, and market volatility, and you expressly agree that 1Klas is not responsible, liable, or accountable for any financial impact, losses, or diminished purchasing power caused by such fluctuations or adverse currency movements.
f) Withdrawing or Sending Money
Withdrawal and Transfer Options: If you hold a balance in your 1Klas Account, you may withdraw or send those funds using any payout method supported for your specific currency, jurisdiction, and regulatory region.
Available Payout Methods: Depending on your verification status, account standing, and the Services available to you based on regulatory requirements and operational capabilities, you may:
Availability Variables: The number, type, and availability of payout methods accessible to you depend on multiple factors including regulatory requirements, your verification level, currency availability, geographic location, risk controls, fraud prevention measures, and operational considerations.
No Guarantee of Methods: 1Klas cannot guarantee the continued availability of any specific payout method and may modify, suspend, restrict, or permanently discontinue payout options at any time without advance notice.
Minimum Access Assurance: However, unless expressly prohibited by law, court order, or regulatory directive, we will always endeavor to ensure that at least one viable withdrawal method remains available to allow you to access your funds.
Fee Structure: 1Klas charges a fee for each withdrawal transaction, send-money operation, or payout processing. The exact fee structure, including specific amounts or percentages, will be clearly displayed at the time of your withdrawal request and before you confirm the transaction.
Fee Information Resources: Further comprehensive fee details can be found on our Pricing Page, in the Fees section of this Agreement, and through your account interface.
Third-Party Liability Limitation: Because payout methods are provided, operated, and controlled by independent third partiesâsuch as banks, payment processors, correspondent banks, and payment networksâ1Klas is not responsible or liable for delays, errors, failures, losses, or other issues caused by those external institutions, their systems, or their operational decisions.
i) Limits on Withdrawal and Sending Money
Transaction Limits: Your 1Klas Account is subject to limits, caps, and restrictions on withdrawals and outgoing transfers, which are implemented for security, regulatory compliance, and fraud prevention purposes.
Variable Limit Factors: These limits may vary substantially depending on multiple factors including:
Exceeding Limits: If you submit a withdrawal request or send-money transaction that exceeds your current limit, 1Klas may take one or more of the following actions:
Purpose of Measures: These measures help ensure account security, prevent fraudulent activity, and maintain compliance with applicable anti-money laundering and counter-terrorism financing regulations.
ii) Delay in Withdrawal or Sending Money
Third-Party Processing Times: Once 1Klas has released, transmitted, or dispatched funds to your bank, the recipient's payment provider, or an intermediary financial institution, we cannot control, influence, or expedite how long those external institutions take to process, clear, or make the funds available in the destination account.
Variable Processing Factors: Processing times vary significantly based on numerous external factors including:
1Klas-Initiated Delays: 1Klas may delay, hold, or temporarily suspend a withdrawal or outgoing transfer in circumstances including, but not limited to:
Additional Information: For more comprehensive information on reversals, chargebacks, and their impact on withdrawals, please refer to the Reversals and Chargebacks section of this Agreement.
g) Currency Conversion
i) Overview of Currency Conversion Services
Conversion Capabilities: Our Services allow you to convert funds between supported currencies, enabling a variety of cross-currency transactions and operations.
Conversion Scenarios: For example, you may:
Conversion Fees: A conversion fee applies to each currency exchange transaction and is transparently displayed at the time you place your conversion order, before you confirm the transaction.
Fee Information: Additional comprehensive fee information is available on our Pricing Page, in the Fees section of this Agreement, and through the transaction preview screen.
Order Initiation: All currency conversion orders must be initiated directly from your 1Klas Account through our Website or mobile application interface.
Fixed Source Order Model: Conversions are processed as "Fixed Source Orders," meaning you specify and confirm the exact amount of source currency to be converted, and the system calculates the resulting destination currency amount based on the applicable exchange rate and fees.
Funding Requirement: 1Klas will process your conversion order only after we have received and verified the full amount needed to fund the transaction, including all applicable fees and charges.
Sender Responsibility: You are responsible for ensuring that funds are sent to us promptly and correctly; we are not responsible or liable for delays, errors, or failures caused by your bank, payment provider, or transmission issues.
ii) Refusing a Currency Conversion Order
Discretionary Refusal: 1Klas may refuse, reject, or decline any currency conversion order at its sole and absolute discretion, without obligation to provide detailed justification.
Refusal Reasons: Common reasons for refusal may include, but are not limited to:
Notification Procedures: Where permitted by law and operationally feasible, we will attempt to notify you of the refusal using your registered account contact information and, when possible and appropriate, explain how to correct identified issues or provide additional information.
Legal Restrictions: We will not provide notification or explanation if doing so is prohibited by law, would compromise security or fraud investigations, or would violate confidentiality obligations.
Order Confirmation: Once we receive and accept your conversion order, we will send a confirmation email to your registered email address containing transaction details.
Reference Number: Each order receives a unique reference number or transaction identifier, which also appears in your detailed transaction history and should be retained and used when contacting Customer Support regarding the transaction.
iii) Scheduled Transfers
Future-Dated Transfers: If you schedule a transfer for execution on a future date, rather than immediate processing, we will send you a pre-execution notification 24 hours beforehand.
Pre-Execution Notification: This notification will display the applicable fees, the estimated live exchange rate based on current market conditions, and other relevant transaction details.
Rate Authorization: By scheduling a transfer, you explicitly authorize 1Klas to execute the transfer at the live market exchange rate available at any time on the scheduled date, which may differ from the rate shown in the preview or initial scheduling confirmation.
Receipt Confirmation: If you have opted in to receive transactional emails, a comprehensive receipt will be sent to your registered email address after the scheduled transfer is successfully processed.
iv) Exchange Rates Used for Currency Conversion
Rate Disclosure Timing: We will inform you of the applicable exchange rate either:
v) Guaranteed Rates
Guaranteed Rate Offer: If a guaranteed rate is offered and available for your transaction, we will notify you of the guaranteed exchange rate and the specific time period during which that rate remains valid and locked (the "Guaranteed Period").
Guaranteed Period Extension: (a) If your transfer is created, initiated, or scheduled on a weekend or public holiday, the Guaranteed Period may be automatically extended to account for non-business day processing delays.
Funding Deadline: (b) We must receive the required funds within the Guaranteed Period for the guaranteed rate to apply. You may check your payment status, funding progress, and estimated arrival time in your 1Klas Account transaction details.
Expired Guarantee Conversion: (c) If your funds arrive after the Guaranteed Period expires or is no longer valid, your transfer automatically becomes a non-guaranteed rate order. We may convert your funds immediately at the prevailing market rate when received, or we may email you to confirm whether you wish to proceed with the conversion at the updated rate or cancel the order.
Market Volatility Protection: (d) If the underlying market exchange rate changes, fluctuates, or moves by 5% or more during the Guaranteed Period due to extraordinary market conditions, significant economic events, or extreme volatility, 1Klas may temporarily suspend the transfer for review or cancel it entirely and refund your funds to protect against abnormal market risk.
Enhanced Verification Requirements: (e) Certain currencies, high-risk jurisdictions, or large transaction amounts may require additional verification procedures, such as a verified residential address, enhanced documentation, or compliance reviews, before a guaranteed rate can be offered or confirmed.
Feature Modification: (f) 1Klas may modify, suspend, or permanently discontinue guaranteed rate features, adjust Guaranteed Period durations, or change eligibility criteria at any time without prior notice.
vi) Limits on Conversion
Conversion Limits: 1Klas may impose limits, caps, or restrictions on the amount of currency you can convert in a single transaction, within a specified time period, or in aggregate.
Limit Factors: These limits may depend on multiple factors including:
Business Day Processing: If a conversion order is received after 5:00 p.m. local time on a Business Day, or at any time on a non-Business Day (such as weekends or holidays), the order will be considered received and will begin processing on the next Business Day.
Additional Information: Additional details regarding Business Day definitions, processing schedules, and cut-off times are available in our FAQs and through Customer Support.
vii) Delays in Conversion
Verification and Compliance: Verification checks, identity confirmation procedures, enhanced due diligence reviews, or compliance screenings may extend the processing time for your conversion order beyond standard timelines.
Legal Obligation: These checks are required to comply with legal obligations, including anti-money laundering regulations, counter-terrorism financing rules, sanctions compliance, and other applicable laws.
Completion Estimates: The estimated completion time for your conversion is displayed in your order confirmation email, transaction receipt, and may also be referenced in our FAQs or communicated through your account interface.
viii) Cancellation of Your Currency Conversion Order
Pre-Execution Cancellation: You may cancel a conversion order and receive a full refund at any time before the currency conversion is actually executed and the funds are exchanged.
Frequent Cancellation Consequences: Frequent, repeated, or excessive cancellations may result in restrictions being placed on your account, limitations on future conversion orders, or other account management actions.
Instruction Accuracy: You are solely responsible for ensuring that all instructions submitted for currency conversion are accurate, complete, and reflect your genuine intent.
Finality of Executed Orders: Once 1Klas has executed your instructions and completed the currency conversion, the transaction cannot be reversed, undone, or cancelled.
No Liability for Errors: 1Klas is not liable for losses, damages, or adverse consequences resulting from incorrect instructions, typographical errors, incomplete information, or misunderstandings regarding the conversion details you provided.
ix) Auto-Conversion Orders
Automated Conversion Feature: For certain supported currency pairs and under specific conditions, you may create auto-conversion orders that automatically execute when your pre-selected target exchange rate becomes available in the market.
Feature Limitations: Auto-conversion features may be subject to:
No Execution Guarantee: 1Klas does not guarantee execution of auto-conversion orders in all circumstances, and orders may be cancelled, expire, or fail to execute due to market conditions, liquidity constraints, operational issues, or other factors.
x) 1Klas Is Not a Currency Trading Platform
Prohibited Trading Activity: 1Klas is not a speculative foreign exchange (FX) trading platform, investment service, or currency speculation venue.
Account Use Restrictions: You may not use your 1Klas Account or any 1Klas Serviceâincluding scheduled transfers, auto-conversion orders, rapid repeated conversions, or any other functionalityâfor speculative currency trading, foreign exchange speculation, arbitrage activities, or any other prohibited trading activity designed to profit from exchange rate fluctuations.
Detection and Enforcement: If 1Klas determines, through automated monitoring systems or manual review, that you are attempting to use the Services for speculation, market manipulation, or trading activities, we may take immediate action including:
h) Fees and Taxes
i) Overview of Fees
Fee Disclosure: The fees for withdrawing money, sending money domestically or internationally, performing currency conversions, and utilizing other Services are transparently disclosed to you when you place an order and before you confirm the transaction.
Pricing Page: You may also view the complete, detailed fee structure on our Pricing Page accessible through our Website.
Incorporation: The fees displayed on the Pricing Page form an integral part of this Customer Agreement and are binding upon you.
Fee Changes: You acknowledge and agree that fees may change, be adjusted, or be updated from time to time, and you should review the Pricing Page periodically to remain informed of current fees.
ii) Payment of Fees
Fee Payment Obligation: You agree to pay all applicable fees using your selected payment method when adding funds to your 1Klas Account or when executing transactions.
Transaction Fee Timing: Fees for withdrawing money, sending money, or converting currency are charged and deducted at the time the transaction is executed and processed.
Third-Party Charges: Our fees do not include any charges, commissions, or deductions that may be imposed by your bank, the recipient's bank, intermediary financial institutions, correspondent banks, or payment processors.
Deduction of Third-Party Fees: Such third-party fees may be deducted from the funds you upload, from balances held in your 1Klas Account, or from amounts transferred to recipients.
Conversion Processing Condition: 1Klas will not process or execute your currency conversion order until the corresponding conversion fee has been received and verified.
iii) API Partner Fees
API Definition: "API" refers to the application programming interface provided by 1Klas that enables technical integration with third-party platforms.
API Partner Definition: An "API Partner" is a business entity, application, or platform that enables access to 1Klas Services through its own website, mobile application, software interface, or similar digital platform through technical integration.
Partner Fee Structure: An API Partner may charge a separate convenience fee, service fee, or commission for the convenience of accessing 1Klas Services through its interface or platform.
Fee Independence: This fee is determined solely and independently by the API Partner and is separate and distinct from any fees charged directly by 1Klas for the underlying Services.
Fee Collection: 1Klas may collect this partner fee on behalf of the API Partner as part of the transaction processing, and remit it to the partner in accordance with partnership agreements.
iv) Taxes
Tax Responsibility: You are solely and exclusively responsible for determining, calculating, collecting, reporting, and remitting any taxes that apply to payments you make, receive, or process through the Services.
Tax Obligations: It is your responsibility to understand your tax obligations, maintain proper tax records, collect applicable taxes from customers where required, report all taxable transactions to the appropriate tax authorities, and remit all applicable taxes in accordance with law.
v) Volatility Fee
Market Volatility Conditions: During periods of potential heightened volatility, unpredictability, or exceptional turbulence in the foreign exchange marketâsuch as during major economic events, political crises, or market disruptionsâ1Klas may charge an additional variable volatility fee.
Fee Notification: If such a volatility fee applies to your transaction, we will notify you and display the additional fee amount at the time you set up, review, or confirm your transaction.
Additional Information: More information regarding volatility fees, their calculation methodology, and triggering conditions is available on our Website.
i) Closing Your 1Klas Account
i) Your Right to Close Your Account
Voluntary Termination: You may voluntarily terminate this Agreement and close your 1Klas Account at any time, for any reason or no reason, by contacting Customer Support.
Fund Withdrawal Obligation: If you have remaining funds, balances, or assets in your account at the time of closure, you must withdraw them within a reasonable period of time using the methods described in the "Withdrawing or Sending Money" section of this Agreement.
Investigation Avoidance Prohibition: You may not close your account for the purpose of avoiding, evading, or obstructing an ongoing investigation, compliance review, fraud inquiry, or regulatory examination.
Fund Hold During Investigation: If you attempt to close your account under such circumstances, 1Klas may hold, freeze, or restrict your funds until the investigation is complete, all questions are resolved, and any outstanding liabilities are settled.
Continuing Obligations: You remain responsible and liable for all obligations, liabilities, fees, or claims tied to your account even after closure, including disputes, chargebacks, or regulatory inquiries that arise after termination.
ii) 1Klas's Right to Close Your Account
Discretionary Termination: 1Klas may suspend, restrict, or terminate this Agreement, or your access to our Services, websites, software, systems, networks, or any component thereof, at any time and for any lawful reason at our sole discretion.
Fund Access Upon Termination: Upon termination initiated by 1Klas, any unrestricted funds held in your account will be made available for withdrawal through approved methods, subject to any legal holds, regulatory requirements, or ongoing investigations.
Termination Reasons: Reasons 1Klas may close, suspend, or restrict your account include, but are not limited to:
Security-Based Suspension: We may also immediately suspend your account without prior notice if we believe it has been compromised, accessed without authorization, subjected to a security breach, or is being used fraudulently or in violation of law.
Notification Procedures: If we take action to close or suspend your account, we will provide notice through your registered email address or other contact methods, and make any unrestricted funds available for withdrawal, except where prohibited by law or court order.
iii) Liability for Breach or Misuse
Indemnification Obligation: If any loss, liability, claim, damage, cost, expense (including reasonable legal fees and attorneys' fees), regulatory fine, or other liability arises from or results from:
You agree to defend, indemnify, reimburse, and hold harmless 1Klas, our parent company, affiliates, subsidiaries, officers, directors, employees, agents, contractors, and service providers from all such liabilities.
Survival of Obligation: This indemnification obligation survives the termination, cancellation, or expiration of your relationship with us and continues indefinitely.
iv) What Happens if You Owe Us Money
Immediate Deduction Rights: If you owe any amount to 1Klasâwhether for fees, negative balances, chargebacks, damages, or other liabilitiesâwe may immediately remove, deduct, or offset such amounts from your 1Klas Account balance in any currency.
Alternative Recovery Methods: If insufficient funds are available in your account, we may:
Cost Recovery: You agree that we may recover all reasonable costs and expenses, including attorneys' fees, collection agency fees, court costs, and enforcement expenses, associated with collecting amounts owed and enforcing this Agreement.
j) Communications
Electronic Delivery Consent: By accepting this Customer Agreement, you expressly agree and consent that 1Klas may provide all required disclosures, legal notices, policy updates, agreements, account statements, and other communications to you electronically rather than in paper form.
Delivery Methods: Such communications may be delivered by:
Legal Satisfaction: These electronic communications satisfy any legal requirement that information be provided to you in writing, on paper, or through traditional mail.
Telephone Communication: 1Klas may also contact you by telephone call or text message (SMS) at the phone number(s) you have provided during registration or subsequently updated.
Communication Purposes: We may contact you for the following purposes:
Service Provider Sharing: We may share your phone number(s) with authorized service providers, communication platforms, or technology vendors that assist us in delivering the Services and communications.
Third-Party Marketing Prohibition: However, we will not share your phone number(s) with third parties for their own marketing purposes without obtaining your explicit consent.
Carrier Charges: Standard message and data rates imposed by your mobile carrier may apply to text messages or data usage.
Marketing Restriction: 1Klas will not call or text you for marketing purposes, promotional offers, or advertising without your prior opt-in consent where required by law.
4. Issues That May Occur
(i) Reversals and Chargebacks
Financial Responsibility for Transaction Disputes: You bear full financial responsibility for all reversals, chargebacks, disputed transactions, claims, assessments, fees, fines, penalties, administrative charges, and any other liability incurred by 1Klas that arises from, results from, or is connected to your breach of this Customer Agreement and/or your utilization of the Services.
You expressly agree to indemnify, reimburse, and hold harmless 1Klas for any and all such liabilities. In the event that a transaction is reversed, disputed, or recalled, 1Klas will initiate a refund or reversal of the transaction from your 1Klas Account using the identical currency as the original transaction.
Currency Conversion for Reversals: If your 1Klas Account balanceâincluding funds held in any currency denominationâis insufficient to cover the full amount of a refund, reversal, or chargeback, 1Klas is authorized to perform a currency conversion utilizing the prevailing exchange rate in effect at the time of such conversion.
Circumstances Permitting Payment Invalidation: Payments transmitted to you may be invalidated, recalled, and reversed by 1Klas under the following circumstances:
Liability for Received Payments: Upon receipt of any payment, you assume full liability to 1Klas for the complete amount of such payment, inclusive of all associated fees, charges, and costs, irrespective of whether it is subsequently determined to be invalid, unauthorized, or subject to reversal.
(ii) Negative Account Balances
Immediate Repayment Obligation: If your 1Klas Account balance becomes negative for any reason whatsoeverâincluding but not limited to reversals, chargebacks, unauthorized transactions, or system adjustmentsâthe negative balance constitutes a debt owed to 1Klas, and you are obligated to immediately rectify and repay the negative balance without requirement of notice or demand from 1Klas.
Deduction and Offset Rights: 1Klas retains the unilateral right to deduct, offset, or recoup amounts owed from any current or future funds you upload, deposit, receive, or otherwise introduce into your 1Klas Account.
Multi-Currency Account Management: If you maintain account balances in multiple currencies and one currency balance becomes negative, 1Klas is authorized to offset the negative balance by utilizing funds held in another currency denomination. Currency conversions required for such offsets may be performed at 1Klas's then-current exchange rates available at the time of conversion.
Collection and Recovery Actions: We reserve the right to undertake all commercially reasonable actions to recover negative balances, including but not limited to:
Engaging third-party debt collection agencies or collection service providers
Pursuing civil legal action, including litigation and obtaining judgments
Reporting delinquent accounts to credit reporting agencies
Converting amounts owed into Canadian dollars for collection purposes
1Klas may convert any amount owed into Canadian dollars to facilitate collection and recovery efforts.
(iii) Errors and Unauthorized Transactions
Duty to Report Discrepancies: You are obligated to promptly review all account activity, transaction records, and account statements to identify and report any errors, discrepancies, unauthorized transactions, or suspicious activity.
Notification Requirements: If you identify or suspect any of the following circumstances, you must immediately notify 1Klas through our designated customer support channels:
Time-Sensitive Reporting: Failure to report errors or unauthorized transactions within a reasonable timeframe may limit or eliminate your ability to seek remediation, dispute resolution, or account adjustments. Prompt reporting is essential to protect your rights and enable 1Klas to conduct timely investigations and take appropriate corrective action.
Investigation and Resolution: Upon receipt of a properly submitted error or unauthorized transaction report, 1Klas will conduct a reasonable investigation in accordance with our internal procedures and applicable legal requirements. The resolution process may include:
Temporary account restrictions pending investigation
Request for additional documentation or information
Cooperation with financial institutions, payment processors, or law enforcement
Account adjustments, credits, or corrections as warranted by investigation findings
Provisional Credits and Final Determinations: In certain circumstances, 1Klas may, at our sole discretion, provide provisional credits to your account pending completion of an investigation. Such provisional credits do not constitute an admission of liability or error, and may be reversed if the investigation determines that no error occurred or that you are not entitled to the claimed adjustment.
Your Cooperation: You agree to cooperate fully with 1Klas during any investigation by promptly providing requested documentation, information, sworn statements, or other materials reasonably necessary to facilitate resolution of the matter.
5. Technology and Platform Use
i. Hyperlinking to the 1Klas Website
You are permitted to establish hyperlinks to the 1Klas Website, provided such linking complies with this Customer Agreement and adheres to the following mandatory conditions:
1Klas retains the unilateral and absolute discretion to withdraw, revoke, or suspend permission to link to the Website at any time, with or without cause, and without obligation to provide advance notice or justification.
ii. 1Klas Mobile Application
License Grant: Contingent upon your ongoing compliance with this Customer Agreement, 1Klas hereby grants you a limited, non-exclusive, non-transferable, non-sublicensable, revocable license to download, install, and utilize the 1Klas mobile application (the "App") on your personal mobile device strictly in accordance with the terms of this Agreement and the governing terms of the applicable distribution platform (Apple App Store or Google Play Store).
All rights not expressly and unambiguously granted herein are reserved by 1Klas. We may periodically release updates, patches, enhancements, or new versions of the App; you may be required to install such updates as a prerequisite to continued access to certain App functionalities or features.
iOS-Specific Provisions: For users accessing the iOS version of the App, the following supplementary terms shall apply:
Network Provider Terms: Your wireless telecommunications carrier or mobile data service provider may impose additional terms, conditions, fees, or restrictions governing network usage and data transmission. You bear sole responsibility for understanding, accepting, and complying with any such terms imposed by your service provider.
iii. Information Security and Acceptable Use
Security Obligations: Refer to our Account Security and Privacy documentation for comprehensive guidance on securing your 1Klas Account and protecting your credentials. You maintain sole responsibility for properly configuring your technology infrastructure, computing devices, network security measures, and protective software (including antivirus programs, firewalls, and malware detection tools) to safely access and utilize the Services.
Prohibited Activities: You are expressly prohibited from misusing the Services through any of the following actions:
Legal Consequences: Any breach of this subsection may constitute a criminal offense under applicable federal or provincial law, including but not limited to unauthorized access to computer systems, mischief in relation to data, and fraud.
1Klas reserves the right to report any suspected or actual breaches to appropriate law enforcement authorities and will cooperate fully with investigations by providing all relevant information in our possession, including but not limited to your identity, account information, IP addresses, and transaction records.
In the event of any breach of these security provisions, your right to access and use the Website and Services shall terminate immediately and automatically, without requirement of notice or opportunity to cure.
iv. Third-Party Services and External Content
Reliance on Third-Party Partners: You expressly acknowledge and accept that 1Klas may rely upon, integrate with, or utilize third-party service providers, technology partners, payment processors, and financial institutions to deliver, facilitate, or enhance the Services.
Access to Third-Party Materials: Certain features of the Website or App may provide access to, facilitate routing of, or enable retrieval of information, products, services, content, or materials supplied, hosted, or controlled by third parties (collectively, "Third-Party Materials").
By utilizing such features or functionalities, you expressly instruct and authorize 1Klas to retrieve, access, transmit, or otherwise handle applicable Third-Party Materials on your behalf for delivery to you.
Disclaimer of Responsibility: 1Klas does not exercise control over, does not endorse, and expressly disclaims any responsibility, liability, or obligation concerning Third-Party Materials, including but not limited to their:
Accuracy, currency, or factual correctness
Legality, regulatory compliance, or conformity with applicable law
Reliability, availability, or operational performance
Completeness, comprehensiveness, or adequacy for any purpose
Safety, security, or freedom from harmful elements
Compliance with intellectual property laws or respect for proprietary rights
Risk Warning: Certain Third-Party Materials may contain information that is inaccurate, outdated, incomplete, misleading, deceptive, or fraudulent. Nothing in this Agreement shall be construed as constituting a representation, warranty, guarantee, or assurance by 1Klas regarding the quality, reliability, safety, or suitability of any Third-Party Materials.
Monitoring and Access Control: 1Klas has no duty or obligation to monitor, review, verify, curate, or exercise editorial control over Third-Party Materials. We reserve the absolute right to block, disable, restrict, or remove access to any Third-Party Materials at any time, with or without notice, and for any reason or no reason.
No Endorsement or Affiliation: The availability of Third-Party Materials through the Website or App does not imply, suggest, or constitute any affiliation, partnership, joint venture, sponsorship, endorsement, recommendation, or legally binding relationship between you and the applicable third-party provider, or between 1Klas and such third party.
Assumption of Risk: Your decision to access, utilize, rely upon, or engage with Third-Party Materials is made entirely at your own risk and discretion. You bear sole responsibility for evaluating the appropriateness, accuracy, and reliability of such materials for your intended purposes.
Third-Party Terms: Your use of Third-Party Materials may be subject to additional terms of service, end-user license agreements, privacy policies, acceptable use policies, or other contractual provisions imposed by the applicable third-party provider. You are solely responsible for reviewing, understanding, accepting, and complying with any such third-party terms and conditions.
6. Liability Limitations and General Provisions
i. Scope of 1Klas's Liability
Provincial and Territorial Variations: Certain jurisdictions, including Quebec, prohibit the exclusion or limitation of liability for specific categories of damages. Within these jurisdictions, 1Klas's liability shall be limited exclusively to damages for which we are legally obligated under mandatory statutory provisions.
General Limitation Framework: In all other jurisdictions, you acknowledge and expressly accept that, to the fullest extent authorized by applicable law, 1Klasâincluding our parent corporation, affiliated entities, officers, directors, employees, authorized representatives, strategic partners, and service providersâshall bear no liability whatsoever for:
Loss of profits, revenue, or business opportunities
Special, incidental, indirect, consequential, exemplary, or punitive damages of any nature
Loss or corruption of data, information, or digital assets
Impairment of business operations, commercial goodwill, or reputational standing
Any damages arising from or connected to the Website, Services, or this Customer Agreement, regardless of the theory of liability, including claims grounded in negligence
Damages Cap: Our aggregate liability to youâencompassing all claims against 1Klas, our parent organization, affiliated companies, and their respective representativesâshall not exceed the actual, quantifiable direct damages you have sustained.
Exclusion of Liability for Specified Circumstances: Subject to applicable legal requirements, 1Klas and its associated entities shall not be held liable, and you hereby waive any claims, for damages or losses stemming from:
(a) Your access to, utilization of, or inability to access or utilize the 1Klas Website or Services;
(b) Service delays, interruptions, outages, or performance degradation of any kind;
(c) Computer viruses, malicious code, ransomware, or other harmful software acquired through the Website, Services, or third-party hyperlinks;
(d) Technical defects, software bugs, data inaccuracies, functionality errors, or any deficiencies in the Website, Services, or materials derived therefrom;
(e) Conduct, decisions, or failures to act by third-party vendors, service providers, or other external parties;
(f) Account suspension, restriction, termination, or other administrative actions taken regarding your account;
(g) Operational adjustments, content modifications, behavioral changes, or business continuity disruptions necessitated by amendments to this Agreement or 1Klas operational policies.
1Klas retains the unilateral authority to modify, amend, or supplement this Agreement and associated policies at any time, in accordance with governing law.
ii. Service Availability and Performance
While 1Klas commits to commercially reasonable efforts to maintain consistent and reliable Services, we provide no guarantee of uninterrupted availability, continuous uptime, or error-free performance.
We reserve the absolute discretion to suspend, withdraw, discontinue, modify, or fundamentally alter any component of the Services at any time, with or without advance notification. 1Klas bears no liability for Service unavailability, regardless of duration, frequency, or impact.
You maintain sole responsibility for procuring and maintaining the requisite hardware, software, telecommunications infrastructure, and internet connectivity necessary to access and effectively utilize the Services.
iii. Disclaimer of Warranties
Jurisdictional Exceptions: Certain provinces and territories, including Quebec, mandate specific warranties that cannot be contractually disclaimed. In these regions, you are entitled exclusively to those warranties explicitly required under applicable statutory law.
General Disclaimer: In all other jurisdictions, except where expressly stated otherwise in this Agreement, 1Klas provides the Services on an "AS IS" and "AS AVAILABLE" basis, without any warranty, guarantee, condition, or representation of any kindâwhether express, implied, statutory, or arising from course of dealing or trade usage.
1Klas expressly disclaims and negates all implied warranties, including but not limited to warranties of merchantability, fitness for a particular purpose, non-infringement of intellectual property rights, and warranties of title.
iv. Force Majeure
1Klas shall be excused from performance obligations and shall bear no liability for delays, failures, or inability to deliver Services resulting from circumstances beyond our reasonable control, including but not limited to:
Natural disasters, severe weather events, pandemics, or other acts of nature
Governmental regulations, orders, embargoes, or actions by regulatory authorities
Labor disputes, strikes, lockouts, or workforce disruptions
Utility failures, power grid outages, or telecommunications network failures
Disruptions, breaches, or failures attributable to third-party infrastructure providers or service vendors
Intellectual Property Rights
All trademarks, service marks, trade names, graphic designs, logos, emblems, and proprietary branding elements associated with 1Klas and the Services constitute the exclusive intellectual property of First Class Payments Inc. or our authorized licensors.
Unauthorized reproduction, imitation, modification, distribution, or commercial exploitation of these assets is strictly prohibited without explicit prior written authorization from 1Klas.
Any authorized use of our logos or branding for hyperlinking purposes must adhere rigorously to our published branding standards and must not create any false impression of sponsorship, endorsement, affiliation, or partnership with 1Klas.
All proprietary rights, legal title, and beneficial interest in and to the Website, Services, underlying technology, software architecture, algorithms, and related intellectual property remain vested exclusively in 1Klas and our licensors.
v. Independent Contractor Relationship
The legal relationship established between you and 1Klas pursuant to this Agreement is strictly that of independent contracting parties, with 1Klas serving as your payment service provider.
This Agreement does not create, and shall not be construed as creating, any agency relationship, trust arrangement, fiduciary duty, financial advisory relationship, or any other form of special legal relationship beyond that of service provider and customer.
vi. Entire Agreement and Severability
This Customer Agreement, in conjunction with all incorporated policies, supplementary terms, and referenced guidelines, constitutes the complete and exclusive agreement between you and 1Klas concerning the Services, superseding all prior negotiations, understandings, agreements, or representations, whether written or oral.
Certain provisions of this Agreementâby their inherent nature and legal characterâshall survive termination, cancellation, or expiration of this Agreement.
Should any provision of this Agreement be determined by a court of competent jurisdiction to be invalid, void, or unenforceable, such determination shall not affect the validity or enforceability of the remaining provisions, which shall continue in full force and effect.
vii. Governing Law and Dispute Resolution
This Agreement, the provision of Services, and all related matters shall be governed by and construed in accordance with the substantive laws of the Province of Ontario and the applicable federal laws of Canada, without regard to conflict of law principles.
Any dispute, controversy, claim, or legal action arising from or relating to the Services, this Agreement, your use of the Website, or the relationship between the parties shall be subject to the non-exclusive jurisdiction of the courts located in Ontario, Canada.
viii. Bilingual Acknowledgment
The parties expressly agree that this Customer Agreement and all ancillary documentation have been drafted and executed in the English language.
Les parties ont convenu que ce contrat et ses accessoires soient rĂŠdigĂŠs en anglais.
ix. Supplementary Provisions
Assignment: You may not assign, transfer, delegate, or otherwise convey any rights, obligations, or interests under this Agreement without obtaining 1Klas's prior written consent, which may be withheld at our sole discretion. 1Klas retains the unrestricted right to assign or transfer this Agreement, or any rights or obligations hereunder, at any time without notice or consent.
Severability: Each section, paragraph, and provision of this Agreement operates independently. Should any provision be deemed unlawful, invalid, or unenforceable, the remaining provisions shall remain valid and enforceable to the fullest extent permitted by law.
No Waiver: 1Klas's failure or delay in exercising any right, power, or privilege under this Agreement shall not constitute a waiver thereof, nor shall any single or partial exercise preclude any further exercise of such right or any other right under this Agreement.
No Third-Party Beneficiaries: This Agreement is intended solely for the benefit of the parties hereto and their permitted successors and assigns. No third party shall have any rights, claims, or remedies under or by virtue of this Agreement.
Relationship of Parties: Nothing contained in this Agreement shall be construed to create, imply, or establish a partnership, joint venture, employer-employee relationship, principal-agent relationship, franchise arrangement, or any other form of legal association between you and 1Klas beyond that of independent contracting parties.
Questions or Concerns?
If you have any questions about this Agreement or need clarification on any terms, please contact our customer support team: