1. About this Product Disclosure Statement
This document forms the Product Disclosure Statement (“PDS”) for your Omni WALLET Card (the “Card”) and Omni WALLET Account (“Account”). The PDS contains essential information, including the fees and other costs that apply to the Card and Account.
This PDS is issued by Hay limited ACN 629 037 403 Australian Financial Services Licence (AFSL) No.515459 (“Hay”) as a requirement under the Corporations Act 2001. This PDS is an important document designed to assist you in deciding whether to acquire the financial product to which it relates – the Card and Account. You should read this PDS in full before using your Card and Account.
The use of the Card is governed by this PDS document which incorporates the Terms and Conditions of the Card. The Terms and Conditions of use of the Card may be attached to this PDS or provided as a separate document. Both the PDS and the Terms and Conditions of use contain important information regarding your Card and Account.
The information in this PDS does not consider your individual objectives, financial situation or needs. Any advice in this PDS is general advice only. You should consider the appropriateness of any general advice to your circumstances before acting on it. Nothing is intended to constitute investment, legal, tax. accounting or other professional advice and you should seek professional advice on whether the Card and Account are appropriate for your particular circumstances.
2. Important information
The PDS has been lodged with the Australian Securities and Investments Commission (“ASIC”). ASIC takes no responsibility for the contents of the PDS.
The PDS may only be used by people who receive it in Australia. The information in this PDS does not constitute an offer in any country other than Australia. The distribution of this PDS in countries outside Australia is limited and may be restricted by law. People who come into possession of this PDS who are not in Australia should seek advice on any such restrictions that apply.
The information in this PDS is subject to change and is up to date at the date of this PDS. Where new information is materially adverse, we will issue a new PDS supplementary PDS. However, where the information is not materially adverse, we will not issue a new PDS or supplementary PDS, but you will be able to find the updated information on our website at www.banktech.com.au/products/omniwallet/.
Changes to the PDS
Information regarding your Card may need to be updated from time to time. Any updated information that is not considered to be materially adverse to Cardholders will be made available on the Website. Any updated information that may be materially adverse to Cardholders will be included in a replacement or supplementary PDS.
The financial product issued by Hay is a non-cash payment product e.g., a Visa prepaid card. The Card is not a credit or charge card and is not a Stored Value card.
Hay will open a virtual account in your name to which you can deposit funds which will become your Available Balance. The Card accesses these funds to enable you to conduct transactions at merchants that accept Visa.
Available Balance in your account does not earn interest and it does not operate like a bank, credit union or building society account. Deposits into the account are not bank deposits and are not protected by the government deposit scheme.
The benefits of the Card and account are set out in clause 8 of this PDS.
3. Parties Involved in the Distribution of the Card
Hay limited ABN 34 629 037 403 (“HAY”), is the holder of Australian Financial Services Licence (AFSL) No. 515459. Hay is a principal member of Visa Inc. Under its AFSL, Hay is authorised to provide financial products and or services including the issuing of non-cash payment facilities such as the Card and the Account. When providing financial products and or services to the customer, Hay acts on its own behalf.
Hays, as the corporate authorised 3P CARD SERVICES PTY LTD ABN 88 123 365 086 (“3P”) to arrange, distribute and promote on behalf of Hay with regard to the issued non-cash payment financial products. Banktech merely acts as a conduit of information from Hay to the consumer.
3P can be contacted via:
Mail: Level 4, 113 Wicks Road, Macquarie Park NSW 2113
Phone: 1800 07 08 09
Email: help@omniwallet.net.au
Website: https://banktech.com.au
4. Card Issuer
The Issuer of the Card and the Account is Hay and if you hold an approved Card and Account, you will have a contract with Hay Limited.
Hay can be contacted via 3P
Mail: Level 4, 113 Wicks Road, Macquarie Park NSW 2113
Phone: 1800 07 08 09
Email: help@omniwallet.net.au
Website: https://banktech.com.au
5. Roles of the Card Distributor and Issuer
3P is responsible for the distribution and provision of general product information about the Card and Account as issued and approved by Hay, 3P is also authorised to provide customer service support.
6. The Available Balance
The Available Balance on your Card is held in a client a 3P segregated customer funds account maintained by an Australian Authorised Deposit-taking Institution. HAY is responsible for the settlement of transactions using the Card. The Available Balance is held on trust for you, in accordance with this PDS and the Terms and Conditions and you acknowledge that the Available Balance can be used to meet our settlement obligations in respect of your transactions and to provide security for our settlement obligations.
Neither 3P, nor anyone else acting on its behalf, has the authority on behalf of HAY to:
- tell you anything about the Card that is inconsistent with the information in this PDS;
- give you personal financial product advice (i.e., financial product advice that has considered one or more of your objectives, financial situation and needs) about the Card; and
- do anything else on Hay’s behalf, other than marketing, arranging for the issue of and providing customer services for the Card.
7.Who is Eligible for the Card?
To be eligible for the Card you must be:
18 years of age or older;
an Australian resident; and
an approved applicant for Omni WALLET Card and Omni WALLET Account.
8. About the Omni WALLET Card and Omni WALLET Account
- The Omni WALLET Card and Omni WALLET Account are financial products that are regulated by the Corporations Act 2001 (Cth)
- You can obtain an Omni WALLET Account and Omni WALLET Card via the Omni WALLET App.
- You can deposit funds to the Account which can be accessed by the Card. Deposits can be made by electronic funds transfers from an account held with another financial institution.
- The Omni WALLET Card is linked to your Omni WALLET Account.
- Once you have Available Balance in the Omni WALLET Account, you can use the Omni WALLET Card anywhere in the world (where Visa prepaid cards are accepted) to access your fund and make payments.
- Your Omni WALLET Account is linked to your Omni WALLET Card. You can make Pay Anyone transactions from your Omni WALLET Account via the Omni WALLET App.
- You can access the Available Balance in the Account. The Card is not a credit card. It is a debit card which always means that, you access your funds.
- The Account cannot have a negative balance. If there are insufficient funds in the Account, the transaction will be declined;
- Your Omni WALLET Account is not a bank account, and no interest will be payable.
9. Significant Benefits to Omni WALLET Card and Omni WALLET Account Holders
The significant benefits of the Omni WALLET Card are:
- it reduces the need to carry cash and is a convenient way to make payments at merchants who accept Visa prepaid cards;
- it is reloadable, you can add extra funds to it as many times as you like (subject to daily limits);
- you can only access the value that you have loaded which helps you control spending;
- the Omni WALLET Card can be used on the internet or telephone to make payments;
- no Hay currency conversion fees apply (although other financial institutions involved in the conversion may do so);
- if your Omni WALLET Card is lost or stolen you can immediately freeze the Omni WALLET Card throu the Omni WALLET App; and
- you can cancel the Omni WALLET Card within the Omni WALLET app.
Significant benefits of the Omni WALLET Account are:
- you can see detailed information about merchants you purchase goods from;
- you can make payments from and receive payments to your Omni WALLET Account instantly in the same way you do a bank account (even though the Omni WALLET Account is not a bank account);
- you can easily search all transactions via amount, date, merchant name and location;
- you can track monthly spending via categories and merchants;
- you can track travel spending per country or trip automatically with travel mode;
- you can easily see foreign exchange values of your held funds in $AUD to local international currency;
- you receive the Visa exchange rate at the interbank rate at the time of settlement (no margin, spread or fees charged by Hay).
10. Significant Risks of the Omni WALLET Card and Omni WALLET Account
The significant risks of the Omni WALLET Card and Omni WALLET Account are:
- unauthorised transactions could happen if your Omni WALLET Card is lost or stolen, if your PIN is revealed to an unauthorised person, as a result of fraud, or if you breach the terms and conditions of the Omni WALLET Card and Omni WALLET Account outlined in this PDS or
the terms and conditions; - you might not be able to get your money back if unauthorised transactions or mistaken transactions occur. The more you load to your Omni WALLET Account the more you could lose due to an unauthorised transaction;
- due to equipment errors, malfunctions or equipment being used incorrectly, the same transaction may be processed more than once, or transactions may not be processed at all;
- merchants and ATM operators (domestic and international) may charge fees for using the Omni WALLET Card at their facilities and these fees may increase;
- if the network enabling the use of an Omni WALLET Card or Omni WALLET Account is unavailable, you may not be able to perform transactions or get information using the Omni WALLET Card;
- merchants may, at their discretion, refuse to accept the Omni WALLET Card as a method of payment. You should always check with the merchant that it will accept the Omni WALLET Card before purchasing any goods or services;
- you will not earn interest on any available balance that is stored on your Omni WALLET Card and Omni WALLET Account;
- the Financial Claims Scheme (see fcs.gov.au) does not apply in relation to your Omni WALLET Card or your available balance. If Hay fails, any available balance held on your Omni WALLET Card will not be protected by the FCS, and you may lose all or part of your available balance.
The risks associated with the Omni WALLET Card may therefore be increased when you load large amounts of money onto the Omni WALLET Card; and - as Hay has not considered your individual circumstances or needs and you should get your own independent tax advice on the impact that the Omni WALLET Card or Omni WALLET Account may have on your personal tax liability.
11. Fees
Transaction Fees
| Account Opening | $0 |
| Account keeping | $0 |
| Overdrawn | $0 |
| Direct Debit Dishonour | $0 |
| Domestic ATM withdrawal | Not Applicable |
| International ATM withdrawal | Not Applicable |
| Domestic Transaction | $0 |
| International transaction | 0% |
| Card replacement | Not Applicable |
Transaction disputes
| Card payments | $0 |
| Non-card payments and transfers | $0 |
12. Limits
There are default limits that apply to the Omni WALLET Card and Omni WALLET Account for:
Account limits
| Max balance | $15,000 per day |
| Max top up | $10,000 per day |
Pay someone
| Bank transfers | $10,000.00 per day |
| ATM cash out | Not applicable |
| Hay Issued Card transactions | $10,000 |
At any time, we can adjust the limits to protect your interests or ours, however, unless the adjustment is required urgently for security purposes, we will inform you in advance of the adjusted limits.
You can find the actual limits that apply to your Omni WALLET Card and Omni WALLET Account within the Omni WALLET App.
We will let you know via the Omni WALLET website if your limits are adjusted. Please check the Limits section in the Omni WALLET App or Website so you know what limits apply to your use of the Omni WALLET Card.
13. Cooling off rights
There are no cooling-off rights attached to the Omni WALLET Card or Omni WALLETAccount. However, you may cancel the Omni WALLET Card or close your Omni WALLET Account at any time.
14. Problems or Disputes
When you provide feedback to us, we have the opportunity to improve our services to you. If you have a query about the Card, you should initially direct the query to 3P.
3P can be contacted via:
Mail: Level 4, 113 Wicks Road, Macquarie Park NSW 2113
Phone: 1800 07 08 09
Email: help@omniwallet.net.au
Website: https://banktech.com.au
If you are unable to resolve your issue with 3P directly, you can escalate your enquiry to HAY via support@hellohay.co. HAY will aim to resolve the matter on your initial contact with our 3P. However, if the matter cannot be resolved immediately, we will commit to taking the following steps:
- letting you know who is handling your complaint;
- keeping you informed of what is happening; and
- aiming to resolve your complaint within 30 Business Days.
Once your complaint is resolved, we will check with you to make sure you are satisfied with how your complaint was handled.
Where your Card is used for Unauthorised Transactions, we will seek to reverse the transaction if we can under the Visa Scheme Rules. Your ability to dispute a transaction or reverse an Unauthorised Transaction may be lost if you do not notify us immediately. It is your responsibility to regularly review your online transaction history to identify Unauthorised Transactions. Under these Terms and Conditions, we may not be responsible for any loss to you if you do not dispute an Unauthorised Transaction within 45 days.
If we are unable to resolve your complaint to your satisfaction within 30 days, you may be eligible to escalate the complaint to Hay’s external dispute resolution service, the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers. AFCA can be contacted at the following:
Mail: GPO Box 3, Melbourne VIC 3001;
Phone: 1800 931 678 (free call)
Website: www.afca.org.au
Email: info@afca.org.au
15. Legal Terms and Conditions
The terms and conditions for use of the Omni WALLET Card or Omni WALLET Account are set out in the Terms, which can be accessed at www.banktech.com.au/products/omniwallet/. You should read and understand these terms before acquiring the Omni WALLET Card or Account as they primarily govern the legal relationship between you and us. You can download an electronic copy of the Terms via the Omni WALLET website.
The Terms cover:
▪ how to use your Omni WALLET Card or Omni WALLET Account and restrictions of use;
▪ security requirements and what to do where you lose your Card, or your Account is compromised;
▪ what will happen where you make a mistaken payment, or an unauthorised transaction occurs;
▪ limits on what Hay is responsible for;
▪ suspension and termination of your Omni WALLET Card or Omni WALLET Account; and
▪ changes to the terms and conditions.
The above points are a high-level summary of what is covered in the Terms and Conditions and not a substitution for reading the those. We strongly encourage you to read and understand the Terms and Conditions as well as the Privacy Policy before obtaining the Omni WALLET Card or Omni WALLET Account.
