General Terms and Conditions
Or in other words, the small print 👀
Hi there, and nice to meet you! 👋
Before we get started, we need to clarify a few things..
When we use “we” or “our” in these general terms and conditions, we mean Cake (see below) and/or staff at Cake.
When we use “you” or “your”, we mean every user who has downloaded our App (see hereafter). We like to keep things friendly and informal so we don’t stand on ceremony. Communication is simpler and more accessible that way.
When we use “App”, we mean the Cake app.
When we state “bank account” we mean a payment account or a bank account at a payment or credit institution.
This document describes how we interact with our App users. We call this the “General Terms and Conditions”. In fact, that is the official name for the agreements we make with each other. General terms and conditions are usually boring and almost incomprehensible for the average person who hasn’t got a law degree. But because we aren’t boring people, we want to make this document easy to understand. So, enjoy these General Terms and Conditions.
You can always find this document in our App and on our website (www.cake.app/terms).
Let’s get straight to the point. Using is consenting. By using our App, you agree to everything stated here. And this means everything. If you don’t agree with the content, you can’t use our App and you should close it. We think this is a clear but fair rule.
Let’s get going, shall we?
Head of legal affairs, Cake
Before we get to the details, we provide a quick and easy summary of the most important parts of these Terms and Conditions. You can click on the links to learn more, or simply read the full document below the quick answers. 👍
|Is Cake a bank?||NO|
|Can I call you?||NO|
|Do you send me messages?||YES|
|Will the link between the Cake app and my bank account continue to exist forever?||NO|
|Is the app free to use?||YES|
|Is it possible I earn money with Cake?||YES|
|Is it okay if I link a business bank account to the Cake app?||NO|
|Do you give a 100% guarantee that the app will always work as it should?||NO|
|Do you have checks in place to prevent money laundering?||YES|
|Are you a member of an ombudsman service?||YES|
Who are we?
Cake is a payment institution in accordance with the Belgian Act of 11 March 2018 on the legal status and supervision of payment institutions and electronic money institutions.
Just to be clear and so there are no misunderstandings: we are not a bank, but we fall under the supervision of the National Bank of Belgium.
According to European regulations, we can also offer our services in other countries in the European Union (“EU”) and the European Economic Area (“EEA”). Considering we want to grow rapidly and we don’t want to change our General Terms and Conditions every week by adding countries, on our website you can find a list of the EU and EEA countries in which we are active and are permitted to be active.
But who are we really?
Cake NV is a Belgian public company with its registered office at: Hendrik Van Veldekesingel 150/23, 3500 Hasselt, Belgium.
Our VAT number is BE 0723.581.891 (“Cake”).
Our website is www.cake.app.
Our supervisory authority is the National Bank of Belgium, Boulevard de Berlaimont 3, 1000 Brussels, Belgium.
You can’t contact us through old-fashioned communication methods such as e-mail, post, carrier pigeon, telegrams, smoke signals or anything similar.
All our communication goes through the contact function in our App.
Our App is the most secure method of communicating with each other. It is just about possible to send us a nice postcard by post from your holiday destination, but we expect everything else through the App. So, we will only answer questions sent to us through the App. In exceptional cases, we may respond to Tweets or comments on internet forums or other social media, but we are not promising anything.
Do you have any cool tips or feedback on our App? Then let us know using the contact function in the App. Who knows, we may find your feedback so interesting that we use it in one of the next releases. Do keep in mind that by sending us tips or feedback you are giving us permission to use your idea in one of our following releases and we don’t have to pay you any remuneration for this.
Nice to meet you
We fall under European financial law. And that’s why we need to know who you are. This means that we ask you all kinds of questions when you register for the App. Unfortunately, we can’t proceed without these details. So, please answer truthfully.
What we ask depends on what you want to do with us. When you ask to claim Rewards (see later) or perform payment initiation services (see later), we ask for a copy of your national identity card or passport. We cannot offer you these services without this information. Make sure you send us a scan of your national identity card or passport and not someone else’s. If you don’t, that would be identity fraud and you could face criminal charges.
It is also important that you send us a valid document that hasn’t expired. When the document expires, we would like you to send us a copy of your new national identity card or passport. The App will also request this. Without a new document, we can no longer offer our services.
Do you speak … ?
Our App is in every language of the countries where we roll out our App. However, we only speak Dutch and English and sadly enough not German, French, Italian, Lithuanian, Punjabi or any other language. Therefore, you can only ask us questions in Dutch or English. Doesn’t work for you? Try Google Translate. You can then usually figure it out.
Occasionally, we will send you messages through the App’s internal communication tool. This could be a notification in the App or a push message to your smartphone. These could be all kinds of notifications: promotional campaigns, extra Reward promotions or simply a message wishing you a happy birthday. If you’d rather not receive push messages, you can turn this feature off on your smartphone. But you might miss out on interesting promotions if you do.
What services do we offer?
Officially, we provide the following services: account information services and payment initiation services. Yeah, sorry about that. We didn’t make up these terms so we would like to explain them.
Account information services
Article 2 (6) of the Act of 11 March 2018 defines an account information service as follows:
“An online service to provide consolidated information on one or more payment accounts held by the payment service user with either another payment service provider or with more than one payment service provider.”
That probably means little to you, so we will explain.
You can link your bank account to our App. Just follow the instructions in the App to do that. Once your bank account is linked to our App, you will be able to see that bank account in our App. And with that we don’t just mean you can see the balance but also all your past transactions. How far back you can see depends on your bank. This is something we can’t change.
All the information about your account and all those transactions you can see in our App are what we call account information.
What use is it to you that you can see all these things in our App? Well, if you can see that account information, then so can we. And by ‘we’, we mean our software. Our software will analyse your income and expenses and will try to help you. We will, for instance, try to tell you the areas where you spend more or less compared to others, how you can save and even how you can earn extra money.
We even have a fancy name for it: Personal Finance Management or PFM for short. It actually all boils down to a digital financial butler that helps you with your budget.
Be aware that when you link several accounts to our App, we will run our PFM model on all the accounts. This means we will add all your incomes and expenses from all those accounts and give you a consolidated overview as if they were one account. Cool huh?
Do keep in mind though that we can’t solve any financial difficulties you may have. If you spend more than you earn, you have a problem. We can provide you with an overview of your expenses and incomes and give you tips on how to save, but we can’t manage your finances on your behalf. You have to do that for yourself. It therefore goes without saying that you can never hold us responsible or claim for any damages for advice or the overviews we give you.
Payment initiation services
First the official explanation:
Article 2 (5) of the Act of 11 March 2018 defines payment initiation as follows:
“A service for initiating a payment order, by request of the payment service user, to debit a payment account held by the user with another payment service provider in order to credit another bank account”.
And now for the explanation in simple language.
Through our App, you can make payments to other accounts from your bank account that is linked to the App. This occurs through what is called payment initiation. You send an initiation through our App and we send that to your bank. The bank completes the payment. What do you think of that?
It means you don’t have to go to your bank’s app. With our App, you can simply make payments with all the bank accounts you have linked to our App.
Of course, we only send payment requests to your bank after you have indicated this in our App. The transfer is your responsibility. So, you can never hold us responsible for a payment you have submitted in our App. Even if you regret it afterwards. Submitted is submitted …
We will also continue to make automatic payments you have set up until you cancel them or the link has expired (see later).
Keep in mind that we use the same payment limits as your bank does. So, if you want to transfer more money than your bank allows, you won’t be able to through our App.
We use extremely high security standards for such payment initiations. And to do that, we work together with specialised companies that do almost little else than make connections between us and your bank. These companies are also under strict supervision so that nothing can go wrong. We call these companies PSD2 Aggregators. You can find a list of the Aggregators we work with on our website. By agreeing to our terms and conditions, you automatically agree to those Aggregators’ terms and conditions. You can also find those terms and conditions on our website.
We use the European PSD2 Regulations. This is legislation that ensures European consumers can oblige their bank to share data with other companies, such as us. Therefore, your bank can’t oppose this. It’s your data, after all, so you decide. The PSD2 Regulations, therefore, work in your favour.
Want to know more about PSD2? Then Google it at some point and it won’t take you long to find useful information. Haven’t found exactly what you are looking for? Then send us a message and we will be more than happy to tell you more about this legislation.
Renewing the bank account link
You have to renew the link connecting your bank account to the App every 90 calendar days. That’s too bad, but that’s what European legislation states. You can see how to do that in the App. We send you a warning about renewing on time. If you don’t receive this warning, please let us know.
If you don’t renew the link, you won’t be able to see new transactions for that bank account in our App after those 90 calendar days. Therefore, it’s important you renew the link on time.
If you don’t have any bank accounts linked to our App 30 calendar days after this period of 90 days has elapsed, then the Rewards you have accumulated, but have not withdrawn, expire (see later). They will remain our property.
The automatic payments you had set up will also expire if you do not renew the link in time. Do keep that in mind.
Sharing is caring
Show me the money
Our App is free to use. Yes, it really is. You pay nothing for account information services or for payment initiation services. Nada. Diddly-squat.
How do we do that? We are happy to explain how our revenue model works.
Our software processes your bank account information to turn it into statistical data. Many companies are interested in that data to make important strategic decisions. But we don’t hand it over just like that. And certainly not detailed data. We package our users’ data into anonymised statistics and overviews.
An example? Imagine you spend a lot of money on shoes. This is expressed in your spending pattern and that could be interesting to a shoe manufacturer. We won’t pass on your name to that shoe manufacturer but we will include you in the statistics about people who like buying shoes. That shoe manufacturer can then use those statistics to gain better insight into its market. The manufacturer then, for instance, knows which region could be interesting for them to open new shoe shops.
That manufacturer is therefore prepared to pay for those statistics. But we reiterate: we would never in a million years pass on your Data to these companies. We guarantee this.
The companies that are interested in these statistics are called our commercial partners. Cake generates its income from these commercial partners. That is how we can keep the use of our App free for all our users.
And in fact, we want you to earn from it too.
We use Rewards for that. How? We will explain that in a moment.
Time for a quick break! ☕
We are about halfway through these terms and conditions, which means you’ve earned a drink!
Take a moment to drink a glass of water, a cup of coffee or even a glass of wine. Is it evening already?
Then a glass of Meukow VSOP could also be in order.
Ready? … Here we go again! ⛹️
Rewards are benefits we give you when, for instance, you undertake certain activities, shop with some of our commercial partners or simply because we want to give you a gift.
How does it work?
Imagine that a certain chain of shoe shops wants to attract more customers through Cake.
Yeah, we’re back to shoes again, but it could just as well be a hamburger chain. Or a chain of supermarkets, toy shops, doughnut shops, coffee bars, … anything goes.
But, back to the shoes.
That shoe shop can select one of our target groups that they want to send a commercial proposition to. If you are in that target group, you will receive a notification through our App that the shoe shop in question is running a promotional campaign. Such a campaign could result in you receiving a Reward when you buy shoes from that shop.
Let’s be clear: we don’t give your details to that shoe shop. That shoe shop has defined a target group, you are in that target group and that is why you see its promotional campaign in our App.
Imagine that the reward amounts to 3%. This means that if you see a fabulous pair of trainers in that shoe shop worth 100 euros and you buy them with the bank account linked to our App (so just with your bank card), then we will give you a 3 euro Reward.
It’s that simple.
The above case is simply an example and not a guarantee that there will be a Reward like that each time. You can see the actual terms and conditions per promotion in the App.
Take note, you have to pay with a bank account that is linked to our App. Otherwise, we can’t allocate you the Reward. We also have to be able to recognise the payment. If we can’t identify the payment, it is not possible for us to know that you bought something in the shop of the promotional campaign. Makes sense, right?
You can see all your Rewards in our App. Do be aware though that we are the legal owner of the Rewards until you claim them. As soon as you claim the Rewards, they become yours and we will transfer the amount to your bank account.
It is very easy to claim your Rewards in just a few clicks in the App. The first time you ask to claim your Rewards, we will deposit the amount in your bank account. We can only transfer the amount to a bank account that is linked to our App and that you have specified to receive the Rewards. We do our utmost to do this as quickly as possible, but of course there is no guarantee that the amount will be in your bank account the same working day. After all, the speed at which money appears in your bank account depends largely on your bank.
Do note, you can only claim Rewards once we have received a validated copy/scan/photo of your national ID card or passport. If we don’t have it, the App will ask you to provide it before you can claim your Rewards.
After the first time you have claimed your Rewards, we will deposit all future Rewards to your bank account straight away.
Extra pocket money
As explained earlier, we get money from our commercial partners in exchange for insights and statistics. That way we make money, so we can pay our fantastic employees. But we give a portion of this money to our active users every month. Without them having to do anything for this.
When are you an active user? It’s simple: You must have at least 1 unique payment account linked to our App, there must have been at least 1 incoming payment in that account during the month concerned, and at least 5 outgoing payments (payments to private persons do not count). In short, dormant accounts do not receive any extra pocket money from us.
It goes without saying that we determine how much we pay. And also that we do not guarantee that we will pay money to our users. That’s how pocket money works.
Even more extra pocket money
Every so often we may organise promotions giving you a chance to earn extra money. These could be, for instance, loyalty promotions, activity promotions, member-get-member promotions, take-a-selfie-with-a-tortoise promotions, etc. etc. In other words, all kinds of promotions with which you can earn extra Rewards.
We can run all kinds of promotions but we aren’t obliged to do so. Neither are we obliged to open a promotion to everyone. We may run a promotion for a specific target group that you don’t belong to. But if we run a promotion and you are eligible to join in, then we will let you know through the App and you will be able to see the rules for the promotion straight away. And then it’s up to you to go for it, or not. Go, go, go!
Who can use our App?
Almost anyone can use our App. We say ‘almost anyone’ because there are exceptions.
The first exception concerns business accounts. These are principally company bank accounts belonging to corporate entities, or bank accounts used for professional purposes. While you are allowed to link such accounts to our App, do be aware that you are not entitled to receive Rewards for transactions on business accounts, or to initiate payments with them. If you nonetheless decide to collect Rewards with a business account, or to initiate payments with it, you will indemnify and hold us harmless from all claims, damages, and expenses incurred as a result thereof.
We then also have the right to deny you access to our App. In that case, we have a valid reason to deny access but we’re not obliged to inform you of that reason.
Denying access also means you lose the right to the Rewards you have accumulated but haven’t withdrawn yet. You can of course keep the Rewards you have withdrawn and received on your bank account in the past. Those have been definitively acquired.
How old do you have to be?
You have to be at least 16 years old to use our App. So, if you are under 16, we kindly ask you to delete the App and come back at a later date. Under no circumstances may you use our App if you are under 16. We are sorry about that, but current legislation doesn’t allow it.
If it happens to go wrong
We provide the App, you provide a smartphone with a mobile connection. Smartphone or mobile connection not working? This is something we can’t do anything about. We really can’t. Using your smartphone and everything related to that is your responsibility.
Oops, the App
We do our utmost to ensure our App functions properly at all times. But unfortunately, we can’t give any cast-iron guarantees. There’s plenty that could go wrong. For instance, there is the chance that our servers stop working, that our App stutters or even stops working completely. Sadly enough we have to consider that everything and anything to do with our App can go wrong at times.
You can never ask us to pay damages if it goes wrong or if our App doesn’t work as expected, either temporarily or for a longer period. Even if you suffer damage because of it and it annoys you. Rest assured we will also be annoyed and will do all we can to get the App working again. But again, there is no guarantee this will work.
There is the chance that our PFM module doesn’t work as it should. That perhaps we have categorised what you spent at a shoe shop under pet food. We of course endeavour to avoid such errors, but we can’t give any cast-iron guarantees that it won’t happen.
Don’t get annoyed with us, but just let us know through the contact function in the App. Please understand that we can’t be held responsible for such errors, so you can’t claim any damages from us if the PFM module is not working as it should.
The same of course applies for Rewards. Things can sometimes go wrong and we are not responsible for errors in this case either. Just to give an example, it could happen that a shoe shop (yes, back at shoes again), which has organized a Reward campaign through or App, for some reason fails to pay out the Rewards promised to you. When we do not receive these rewards, we are of course unable to transfer them to your bank account. As this wouldn’t be our fault, you cannot hold us responsible for such a problem. Needless to say, we will do anything in our power to fix issues with Rewards, but you can never claim damages from us.
If there is an error in a Reward campaign, we have the right to intervene at any time to correct a mistake, for example by withdrawing the campaign immediately, or to change the terms of the campaign, without us being obliged to give a reason for this. When we withdraw a commercial promotion, it no longer applies to any transaction carried out after the moment of withdrawal. If we adjust the terms of a promotion, the old terms will immediately expire and the new terms will apply directly to all transactions executed after the adjustment.
In addition to possible errors in Reward campaigns, it may happen that we discontinue a commercial promotion at our discretion, for instance because the action does not have the desired effect or because we believe it could lead to abuse of fraud. In such a case, we also reserve the right to cancel the promotion immediately without incurring any form of liability.
We endeavour to always be easy to reach, but again we can’t give any guarantees. We can be reached through our App, but we can’t guarantee in advance that we will answer within a certain period. Would you like to test us? Then send us a message and you will find out what our response time is. But it goes without saying that one response time is no guarantee of future response times.
Regularly check what you see in our App. Have you seen something that’s wrong? Have you spotted an incorrect payment through our App, an error in an overview of your income and expenses, or spending listed under the wrong category? Then let us know and we will wake one of our technical staff up so they can take a look.
Don’t wait too long to let us know. We can’t always rectify issues that are over 24 hours old. But that doesn’t mean that we can always rectify issues that are under 24 hours old. And neither does it mean that we can solve issues within 24 hours. The only thing we know for certain is that 24 hours is shorter than 25 hours.
By the way, our services may also include third-party content. In that case, we can’t be held responsible for their content.
Eat and live healthily but also take measures to secure access to your smartphone. Use access codes, face recognition, fingerprint recognition or, if need be, bellybutton recognition to ensure no one else can access your smartphone.
You can never hold us responsible if someone else gains access to our App with your smartphone or even if they initiate payments through our App with it.
Make sure you always have the latest version of our App on your smartphone and that you are running your smartphone’s most recent operating system.
We’re almost done now, just a little bit more.
We fall under the strict rules that apply to the financial sector in the EU. This means, among other things, that we must carry out checks into money laundering and terrorism financing. That is why we – just like your bank – can carry out investigations into moneylaundering practices and the financing of terrorism. We may therefore ask you a number of questions or request a number of additional documents from you. As long as you are not laundering money or financing terrorism, you have nothing to worry about.
The App is ours
We own the intellectual property rights to our trade name, the App and everything that goes with it and in it. This means that you may only use our App for the services described in this document. When using our App, you don’t receive any property rights to our App, username, logo or any other things connected to our App. You may not counterfeit our App or any part of it.
Mergers, acquisitions and splits
We can’t predict the future, but should Cake be taken over by another company or if Cake decides to merge or split the company, then our agreement with you will be transferred to that other company. We don’t need your permission for this.
Do you have a complaint? Let us know by sending us a message with an explanation of your complaint through the App. We will try and reply as soon as possible and we hope we will be able to solve the problem.
Are you unhappy with the solution to your complaint? Then you can go to the Belgian ombudsman, to which we are affiliated. You can find it on https://www.ombudsfin.be.
Disagree with one of the provisions in these terms and conditions? Do we have a conflict? Let’s try and solve it amicably by sitting down together and talking it out. If we still can’t find a solution then the court of the judicial district of Antwerp, Hasselt department, will have the sole competence to resolve this conflict. Take note that the use of the App is governed by Belgian law, but if you live outside Belgium, binding consumer law provisions may be applicable to you, too. We do however have every confidence that it will never get that far.
The clauses of these General Terms and Conditions are independent from one another. This means that if a clause or part of a clause of these General Terms and Conditions is declared void or unenforceable, the remainder of that clause and/or the other provisions of the General Terms and Conditions remain effective. They remain valid and enforceable.
There are times when we have to change the content of these terms and conditions. We might correct typing errors, sometimes we add things or change a number of terms and conditions. Our App is under continual development and is regularly updated, meaning that we sometimes also need to change the terms and conditions. The legislation also changes from time to time and we sometimes need to amend our terms and conditions to that.
If we add or change significant points, we will let you know.
What, you don’t like our new terms and conditions? That would be a shame, but there’s nothing else we can do but keep our terms and conditions as up-to-date as possible. All you can do is delete the App and not use it again.
End of our services
Have you died? No worries. Just send us a message and … oh, no, you can’t. We will automatically terminate the provision of our services if after 30 days you have still not responded to our request to renew the link to your bank account. The accumulated Rewards that have not been claimed will expire and remain our property.
Do you share your joint bank account with someone else who wants you to stop using Cake? Unfortunately, we do not have a rehab center, but we do have the right to cancel your account if the person with whom you share a joint bank account informs us that he or she does not (or no longer) agree that we process account information of a joint bank account, or if he or she requests us to restrict this processing. The cancellation of your account means that you will lose all unclaimed Rewards.
Furthermore, you retain the right to delete your Cake-account and no longer use it. That would be a shame, but we can still be friends. Do take into account that, when deleting your account, you lose all Rewards that haven’t been claimed.
We also have the right to permanently or temporarily stop the App. We hope that time never comes, but then again, you can never say never. If we ever have to take that regrettable step, we will no longer be able to provide support. Then there’s a chance we won’t answer any questions, the App could stop working or we may delete it from the app store.
In any case, if we stop, it doesn’t mean we have to pay you damages. We will let you know at least one week in advance if we will be stopping. This gives you enough time to look for an alternative and to claim your Rewards.
Congrats! You’ve made it! 👏
Well, these were our General Terms and Conditions.
Congratulations on reading through them all.
You can now rightly brag to your friends that you have read the general terms and conditions of a payment institution!
Do you have any questions or is anything unclear? Send us a message via the App. We will reply as soon as possible.