'Mí Meath' pre-paid debit cards frozen with immediate effect
'Mí Meath', a pre-paid debit card launched by County Meath Chamber as part of a shop local initiative is one of a number of pre-paid cards operated by PFS Card Services Ireland Ltd (PCSIL) that have been frozen with immediate effect.
The move follows the appointment of joint liquidators to PCSIL earlier this year who have now determined the liquidation to be insolvent and are subsequently ceasing trading and operations.
It means that those with balances on their 'Mí Meath' cards can no longer use them in local outlets to purchase goods or services.
The funds will, however, be safeguarded but it could be some time before refunds are processed as the liquidators await guidance from the High Court.
'Mi Meath', a shop local initiative by County Meath Chamber was first launched in the run-up to Christmas 2021 and the reloadable card was available until January of this year.
The 'Mí Meath' card was heavily marketed particularly in the run up to Christmas and could be used in more than 400 local outlets.
However, cardholders recently received correspondence from the card issuer PFS Card Services Ireland Ltd to update them on a material change to the liquidation of the company, outlining that all cards had been placed in "closed" status and that any remaining balances on their cards are frozen. They were told that active cardholders will not be able to access funds on their account.
The correspondence outlined that the joint liquidators are in the process of applying for guidance from the High Court in Ireland on cardholder refunds and that it will take a number of months for the High Court to determine these matters.
"Until such time as the Joint Liquidators have received guidance, cardholders will not be able to obtain a refund."
While the Joint Liquidators are currently not processing refunds, cardholders can email PCSILcardholder@interpath.com and provide their name and cardholder ID (CHID). The Joint Liquidators will then commence processing refunds as soon as guidance has been received from the High Court in Ireland.
"Communications will be issued to cardholders once the Joint Liquidators are in a position to commence refunds to cardholders. At that time a portal will be activated to facilitate the refunds to cardholders."
It goes on to say that "All cardholder funds held by PCSIL are safeguarded in accordance with the Company’s obligations under the European Communities (Electronic Money) Regulations 2011 (as amended). These funds will continue to be safeguarded throughout the liquidation and do not form part of the Liquidation estate".
When contacted, County Meath Chamber CEO Paula McCaul directed cardholders to the information on their website and did make any further comment.
The notice on the County Meath Chamber website reads:
"You may have received an email from PFS Card Services Ltd regarding a material change to the liquidation of PFS Card Services Ltd and its impact on Mí Meath Card cardholders. Mí Meath cards have been closed and the balance frozen.
"County Meath Chamber will continue the Mí Meath Shop Local Initiative under a new issuer in the coming months.
"If we can be of any further assistance. please call 046 9046700 (10am-2pm Mon-Fri)."
A reloadable shopping card, Mí Meath Card was the first of its kind in Ireland. The objective was to keep consumer spend in Meath, and the initiative generated over €200,000 sales in its first year.