1. About this Product Disclosure Statement
This document forms the Product Disclosure Statement (PDS) for your Financial Wallet Account (Account). The PDS contains essential information, including the fees and other costs that apply to the Account.
This PDS is issued by Hay Limited ABN 34 629 037 403, Australian Financial Services Licence (AFSL) No.515459 (Hay). This PDS is an important document designed to assist you in deciding whether to acquire the financial product to which it relates – the Account. You should read this PDS in full before using your Account.
The use of the Financial Wallet Account is governed by this PDS and the Terms and Conditions of the Financial Wallet Account. The Terms and Conditions for use of the Financial Wallet Account may be attached to this PDS or provided as a separate document and should be read together.
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 Financial Wallet Account is appropriate for your particular circumstances.
You should also consider the Financial Wallet Account Target Market Determination (TMD) and the Terms and Conditions before making a decision about this product. Copies of these documents can be found at https://www.banktech.com.au.
2. Important information
This PDS has been prepared by Hay, who is the issuer of the Financial Wallet Account.
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 persons 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 prohibited 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, Hay will issue a new PDS or supplementary PDS. However, where the information is not materially adverse, Hay will not issue a new PDS or supplementary PDS, but you will be able to find the updated information on the 3P Card Services website at https://www.banktech.com.au or the App, if provided to you.
3. Parties Involved in the Issue and Distribution of the Financial Wallet Account
Hay Limited, ABN 34 629 037 403 (Hay), is the holder of Australian Financial Services Licence (AFSL) No. 515459. Under its AFSL, Hay is authorised to provide financial products and services, including the issuing of non-cash payment products such as the Financial Wallet Account.
Hay Limited has authorised 3P Card Services Pty Ltd ABN 88 125 365 086 (Level 4, 113 Wicks Road, Macquarie Park, NSW 2113) to provide general product advice in relation to the Financial Wallet Account, and to arrange, distribute, and promote the Financial Wallet Account on behalf of Hay. The Corporate Authorised Representative number for 3P Card Services is 001309492.
3.1 Account Issuer
The Issuer of the Financial Wallet Account is Hay and if you hold an approved Financial Wallet Account, you will have a contract with Hay Limited.
3.2 Account Distributor
3P Card Services Pty Ltd is responsible for the distribution and provision of factual product information about the Financial Wallet Account as issued and approved by Hay. 3P Card Services Pty Ltd is also authorised by Hay to provide customer service support for the Account. This authority is provided under Authorised Representative No. 001309492.
Neither 3P Card Services nor anyone else acting on its behalf, has the authority on behalf of Hay to:
- tell you anything about the Financial Wallet Account 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 Financial Wallet Account; and
- do anything else on Hay’s behalf, other than marketing, arranging for the issue of and providing customer services for the Financial Wallet Account.
4. Other products offered within your Financial Wallet website (and/or App)
3P Card Services is the Financial Wallet provider and administers the website (and/or App) and program. The Financial Wallet Account is a part of this website (and/or App) and Program. Other 3P services outside of the Financial Wallet Account operate under their own terms and conditions and are separate to the terms of the Hay issued Financial Wallet Account. You should refer to https://www.banktech.com.au for more details on these products and services.
5. Who is eligible for the Financial Wallet Account
Retail Individuals will need to satisfy specific eligibility criteria to open and maintain this product. To qualify, the Retail Individual must:
- Be an individual person; and
- Have a valid Australian residential address; and
- Be aged 18 years or older; and
- Pass any Know Your customer checks that the Financial Wallet Provider (3P Card Services Pty Ltd) may conduct.
6. About the Financial Wallet Account
Hay is the issuer of the Financial Wallet Account.
This financial product issued by Hay is a non-cash payment product.
- The Financial Wallet Account is a digital transaction account (which is not a bank account). This Financial Wallet Account is part of a website (and/or an App) provided by 3P Card Services Pty Ltd to you and will include a gaming wallet.
- Once the Digital Wallet provider (3P Card Services) approves your application (that you can make via 3P’s website banktech.com.au or an App that will be provided to you) after conducting their Know Your Customer checks, you will receive the Financial Wallet Account details (i.e. your BSB and account number).
- You can deposit funds (or receive funds from anyone else) into your Financial Wallet Account using the BSB and Account number that has been provided to you.
- Once you have deposited funds into the Financial Wallet Account, you can
- transfer the funds into a gaming wallet which is part of the Digital Wallet (provided by 3P Card Services Pty Ltd) and use the funds towards gaming activities at select gaming machines at specified ALH (Australian Leisure and Hospitality Group Pty Ltd (ACN 133 770 162) locations.
- Transfer the funds back to other bank accounts from your Financial Wallet Account via the Digital Wallet.
- Receive funds from the proceeds of gaming activities, from your gaming wallet. Note that the gaming wallet is managed by ALH (Australian Leisure and Hospitality Pty Ltd) and is not issued or managed by Hay Limited – please visit https://www.banktech.com.au for more details on the gaming wallet.
- In all instances, you can only access the Available Balance in the Financial Wallet Account.
- The Financial Wallet Account does not offer an overdraft facility and cannot have a negative balance but if it does, any such balance becomes immediately due and payable.
- Your Financial Wallet Account is not a bank account, and no interest will be payable on the Available Balance.
7. Available Balance
The Available Balance of your Financial Wallet Account is held on trust for you at an Australian ADI (Authorised Deposit Taking Institution) in a segregated customer funds account.
In accordance with this PDS and the Terms and Conditions you acknowledge that the Available Balance can be used to meet Hay’s settlement obligations in respect of your transactions and to provide security for its settlement obligations.
Available Balance in your Account does not earn interest. Balances held in the Account are not bank deposits and are not protected by the Australian Government’s Financial Claims Scheme.
8. Benefits of the Financial Wallet Account
Significant benefits of the Financial Wallet Account are:
- you can receive payments to your Account from other banks (using your BSB and Account number) in the same way you do a bank account (even though the Account is not a bank account).
- you can transfer the monies in the Account to your gaming wallet within the Digital Wallet and use them for gaming activities at gaming machines at selected locations that will be advised to you by ALH (Australian Leisure and Hospitality Pty Ltd).
- you can receive proceeds from gaming related activities into the Financial Wallet Account from your gaming wallet.
- you can only access the value that you have in your Account (subject to daily limits).
9. Risks of the Financial Wallet Account
The significant risks of the Financial Wallet Account are:
- Unauthorised transactions could happen if the access to your Account 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 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 higher the Available Balance in your Financial 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.
- if the network enabling the use of the Financial Wallet Account is unavailable, you may not be able to perform transactions or get information about transactions.
- you will not earn interest on any Available Balance that is stored on your Account.
- the Financial Claims Scheme (FCS – see fcs.gov.au) does not apply in relation to your Account. If Hay fails, any Available Balance held on your Account will not be protected by the FCS, and you may lose all or part of your Available Balance.
- as Hay has not considered your individual circumstances or needs, you should get your own independent tax advice on the impact that the Account may have on your personal tax liability.
10. Fees
The fees for the Financial Wallet Account are:
| Transaction fees | Charged by Hay (expressed in Australian Dollars) |
| Account opening | $0 |
| Account keeping | $0 |
| Overdrawn | $0 |
| Direct debit dishonour | $0 |
| ATM withdrawal | Not Applicable |
| Domestic Transaction | Not Applicable |
| International transactions | Not Applicable |
| Card Replacement Fee | Not Applicable |
| Transaction Dispute fees | |
| Card payments | Not Applicable |
| Non-card payments and transfers | $0
|
11. Limits
There are default limits that apply to the Financial Wallet Account.
All values in Australian dollars
| Default limits | |
| Maximum balance that can be held in the Account | $ 15,000 |
| Minimum balance that can be held in the Account | $ 0 |
| Maximum deposit per day (rolling 24 hours) | $ 10,000 |
| Maximum ATM cash out per day | Not Available |
| Maximum transfer limit out of the Account per day (via NPP/Direct Entry) | $10,000 |
| Maximum transfer limit out of the Account per day (via Bpay) | Not Available |
At any time, Hay can adjust the limits on your account. You can find the current limits that apply to your Account on the website https://www.banktech.com.au (and/or the App).
12. Cooling off rights
There are no cooling-off rights attached to the Financial Wallet Account. However, you may request to close your Account at any time via the website (and/or the App) or by contacting 3P Card Services. Prior to making this request, please ensure that you have transferred out any funds in the Financial Wallet Account to any of your other bank accounts.
13. Disputing a Transaction
We encourage you to review your transaction history regularly. Your ability to dispute a transaction or reverse an unauthorised transaction may be lost if you do not notify us immediately (see Section on Disputed Transaction in the Terms and Conditions). It is your responsibility to regularly review your online transaction history to identify unauthorised transactions. We may not be responsible for any loss to you if you do not dispute an unauthorised transaction within 45 days of the transaction date or such other period prescribed by law.
14. Feedback and Resolving Complaints
When you provide feedback, Hay and 3P Card Services have the opportunity to improve services to you. If you have a query or complaint relating to the Financial Wallet Account, you should initially direct the query to 3P Card Services via:
Mail: Level 4, 113 Wicks Road, Macquarie Park NSW 2113
Email: operations@banktech.com.au
Website: https://www.banktech.com.au
Telephone: 1300 07 08 09
Please provide a full explanation of your feedback or complaint. 3P Card Services may request further details from you.
When dealing with your complaint we will undertake the following:
- Keep a record of your complaint;
- Acknowledge your complaint within 1 business day;
- Respond within 30 calendar days;
- If we cannot complete our investigation within 30 calendar days, we will let you know why before the 30 calendar days lapse.
If you are unable to resolve your issue with 3P Card Services directly, you can escalate your enquiry to Hay via complaints@hellohay.co or by phone 1800 080 081. Hay will check with you to make sure you are satisfied with how your complaint was handled.
If we are unable to resolve the matter to your satisfaction, you may refer the compliant to the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers. It is important you raise your concerns with us first before going to AFCA, as AFCA will generally encourage this before they will investigate. The contact details for AFCA are:
Mail: GPO Box 3, Melbourne VIC 3001
Phone: 1800 931 678 (free call)
Email: info@afca.org.au
Website: www.afca.org.au
15. Terms and conditions
The Terms and Conditions for use of the Financial Wallet Account is a separate document but forms part of this PDS and can be accessed at https://www.banktech.com.au
You should read the Terms for the Account before acquiring the Account as they set out the legal relationship between you and us. You can download an electronic copy of the Terms via the website mentioned above and/or an App that may be issued to you by 3P Card Services.
The Terms for the Financial Wallet Account cover:
- How to use your Account
- restrictions of use of your Account
- security requirements and what to do if 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 Account and
- what to expect if there are 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 them. We strongly encourage you to read and understand the Terms and Conditions as well as the Privacy Policy before obtaining the Financial Wallet Account.
16. Applicable laws
Privacy
Hay is committed to complying with the Privacy Act 1988. The Hay Privacy Policy sets out detailed information about how, why, and when personal information is collected, disclosed, used, stored, and otherwise handled by Hay. Hay’s Privacy Policy is available at hellohay.co/privacy. You may request a copy of the Policy in hard copy.
The Hay Privacy Policy sets out:
- the purposes for which we collect your personal information;
- the consequences if you do not provide your personal information to us;
- the third parties to which we disclose your personal information;
- how to access and seek correction of your personal information;
- how to complain about a breach of our obligations in respect of your personal information and how we will deal with such a complaint; and
- whether your personal information is likely to be disclosed by us to overseas entities and in which countries these entities reside.
Anti-Money Laundering and Counter Terrorism Finance (AML) laws
As the issuer of the Financial Wallet Account, we must comply with the Anti-money Laundering and Counter-terrorism Financing Act 2006 (Cth) (AML Act) and its related Regulations. There are several obligations under the AML Act which we must comply with including know your customer and certain reporting obligations. Accordingly, as part of the application process we will require evidence of who you are and where you live. As part of our legal obligations, we will rely on the Financial Wallet Provider to check the information you provide against records maintained by the Australian Government’s Document Verification Service.
You must let us know as soon as possible when any of your details change.
We may need to block, Freeze, delay, refuse transactions, suspend or close your Account where we reasonably consider that a transaction is fraudulent or in breach of the AML Act or where we have concerns regarding your money laundering or terrorism financing risk. We are not responsible for any loss that arises where this occurs. Where we can, we will let you know why we have stopped the transaction or Frozen the Account. However, in some cases our legal obligations will stop us from being able to tell you and failing to inform you of the reasons will not be a breach by us of these Terms.
