2. Description of Service
2.1. Moneybookers operates an electronic money service that allows Customer to send and receive payments (the "Service"). Funds held on Customer's online stored value account are electronic money in accordance with the EU E-Money Directive. The balance of Customer's electronic money account is redeemable at any time and shall be disposed of only in accordance with his/her instructions given via the Moneybookers user interface.
2.2. Moneybookers is regulated by the Financial Services Authority (FSA) of the United Kingdom as an Electronic Money Issuer and is subject to the applicable rules and regulations.
2.3. All fees are set forth in a separate Fee Schedule published at any time on Moneybookers web site being subject to change following the procedure as set forth in paragraph 1.1. at Moneybookers' sole discretion.
2.4. Funds stored on the Customer's user account have no expiration date.
2.5. Customer acknowledges, that (i) Moneybookers is not a bank; (ii) Accounts are not insured by any government agency; (iii) Moneybookers does not act as a trustee, fiduciary or escrow holder in respect of balances in your account; and (iv) Moneybookers does not pay interest on any balances in the Customer account.