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Terms & Policies

Terms and Conditions for BAXE Business Account and BAXE Visa Business Rewards Debit Card

Issued by Hay Limited ABN 34 629 037 403
Australian Financial Services Licence No. 515459

 

Content

    1. About
    2. Meaning of words
    3. The BAXE Business Account and Card
    4. Eligibility
    5. Anti-Money Laundering and Counter-Terrorist Financing
    6. Activating your Card
    7. Using your BAXE Products

07.01 Loading value on your BAXE Business Account and Card

07.02 Limits

07.03 ATM withdrawals

07.04 Card transactions

07.05 Account transactions

07.06 Using your Card for foreign currency transactions

07.07 Restrictions on use

    1. Fees
    2. Security

09.01 Protecting your Card information and PIN

09.02 What to do when you suspect your Card is compromised or lost

    1. Responsibility for mistaken or Unauthorised Transactions

10.01 Mistaken payment

10.02 Incorrect payments/issues with a purchase

  1. Lost, stolen Card or compromised PIN
  2. Transaction history
  1. Card cancellation
  1. Card expiry
  1. How to close your BAXE Business Account
  1. How we can communicate with each other (notices)
  1. Privacy
  1. Limits and responsibility
  1. Complaints
  1. Changes to these terms
  1. Governing law

 

About

These Terms and Conditions (Terms) are our agreement with you about the use of your BAXE Business Account (Business Account) and BAXE Visa Business Rewards Debit Card (Card). If you commence using the Business Account and Card you will be deemed to have read, understood, and accept these Terms in relation to the Business Account and Card. It is called acceptance by conduct. It does not require your signature to be binding.

It is important that you understand these Terms because they set out our agreement on what will happen with things like how we use your information, security, fees and charges and limits.

Please also carefully read the Product Disclosure Statement (PDS) you were provided with when you applied for the Business Account and Card as these Terms form part of the PDS and together form our agreement with you for use of the Business Account and Card.

You should also read through the Target Market Determination (TMD) and Financial Services Guide (FSG) made available to you before applying for the Business Account and Card as together these form Hay’s agreement with you for the issuing and use of these products.

You can find the PDS here https://baxe.com/business-account/product-disclosure-statement.
You can find the TMD here https://baxe.com/business-account/target-market-determination.
You can find the FSG here https://baxe.com/business-account/financial-services-guide.

If you need further assistance or if you don’t understand any items in these documents, BAXE can be reached at:

BAXE support team:

Mail:        PO Box 10023 Adelaide Street, BRISBANE QLD 4000

Phone:    1300 51 3302

Email:     [email protected]

Website:  www.baxe.com

 

Meaning of word

In these Terms, words that commence with a capital letter have the following meaning:

Acceptance Brand means the symbols Visa uses at merchants and ATMs to inform Cardholders their Card can be used to make purchases or cash withdrawals.

Accountholder means the person in whose name a virtual Account is held by Hay.

Available Balance means the dollar value (in AUD $) that is available in your Account at a particular point in time which you can view by using the BAXE App and which you can utilise by using the Card.

BAXE means the product offered by FCG Financial Services Pty Ltd that contain the Card and BAXE Business Account consumers can open and operate.

BAXE Business Account means the digital (virtual) account held by Hay to which the Account holder can deposit funds and to which the Card is linked to.

BAXE App means the mobile application BAXE has developed to support the BAXE offer.

BAXE Visa Business Rewards Debit Card means a physical Visa debit card which is issued by Hay and which is linked to the BAXE Business Account.

Block an Account means a status BAXE or Hay has applied to suspend or block account transactions.

Cardholder means the person to whom a BAXE Visa Business Rewards Debit Card is issued by Hay.

Chargeback means the process established by Visa in which a Cardholder challenges a transaction made via their Hay Card.

Device means any equipment (electronic or otherwise) or artefact designed to be used to access your account.

Disputed Transaction2 means a Business Account transaction that the Accountholder is claiming is illegitimate in some way. For a Business Account the process to lodge and assess this claim is established by NPP and DE.

Direct Entry means DE. The direct entry system is a means of making electronic payments by consumers and businesses to initiate Pay Anyone transactions using internet banking applications.

Freeze means an action initiated by us or by a Cardholder which result in all transactions on the BAXE Business Account and Card suspended pending investigation and or instructions to Unfreeze.

Hay means Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459 (also referred to as we or us).

Hay Representative means an individual paid by Hay Limited to provide customer service for the [Client] Account and Card.

Issuer means Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459 as the Issuer of both the Card and BAXE Business Account.

Merchant means authorised vendors who are able to accept and process a Visa Debit Card. Passcode means the 6-digit passcode you nominate to protect access to the BAXE App.

Pay Anyone means a payment from your BAXE Business Account to another person’s account with an Australian Financial Institution by using the BSB and account number of the person to whom you are making the payment.

PIN means personal identification number and the set of digits used to protect access to your Card which is created by you when signing up to BAXE.

Purchase Transaction means a purchase transaction of goods and or services using the Card at a Merchant.

Terms and Conditions means the detail and rules that apply to the opening, fulfilment and use the Card and BAXE Business Account. They are an essential part of a contract between the Cardholder and Hay Limited as the Card Issuer.

Unauthorised Transactions means a transaction which you haven’t authorised and without your knowledge and consent.

Unblock Account means an action BAXE or Hay can execute to reinstate an Account for use by an Accountholder.

Unfreeze means the releasing of the Freeze either at a conclusion of an investigation by us or on instructions of the Cardholder.

Visa means Visa Worldwide Pte Limited (Visa Worldwide)

Visa Debit means authorised physical or digital cards with the Visa Acceptance Brand or markings.

 

The BAXE Business Account and Card

When you are issued with a Card you will receive a physical card which is linked to your Business Account and which can be viewed using the BAXE App. Once you deposit funds into your BAXE Business Account, you can access these funds to conduct payments.

You can use the Card to withdraw cash at ATMs and conduct Purchase Transactions anywhere in the world where Visa Debit cards are accepted. You can also make Pay Anyone transactions from your Business Account via the BAXE App. Note there are daily limits that apply (see clause 7.2).

You can view your Available Balance at any time by using the BAXE App.

The Business Account is not a bank account. You can only access the Available Balance. Hay does not offer a credit facility and overdrawing the available Balance in the Business Account is strictly prohibited. We reserve to decline any transaction request the result of which will exceed the Available Balance in the Business Account.

 

Eligibility

You will need to satisfy specific eligibility criteria to maintain this product. To qualify, you must;

be an individual;

be aged 18 years or older to apply for the account;

hold a valid Australian Tax File Number (TFN);

hold a valid Australian Business Number (ABN) issued by the Australian Taxation Office (ATO); and

have valid Australian citizenship or permanent residency.

 

Anti-Money Laundering and Counter-Terrorist Financing

As an issuer of the Business Account and Card, we must comply with the AML CTF 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 need to verify this information and accordingly, we check the information you provide against records maintained by credit reporting and fraud prevention agencies/ organisations. However, we don’t perform a credit check on you and the searches we perform are only for verifying your identity.

You must let us know as soon as possible when any of your details change.

We may need to block, delay, Freeze or refuse transactions or 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 must block the Business Account and Card until we verify your identity. 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 Business 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 is not a breach by us of these Terms.

 

Activating your Card

Once we have approved your application for a Business Account and Card, we will post you the card. Before you use your Card for the first time you will need to Unfreeze it in the settings of your BAXE App.

 

Using your Business Account and Card

07.01. Depositing value to your BAXE Business Account and Card

At any time you or someone on your behalf can deposit funds to your Business Account through the mechanism we specify. Predominantly, these deposits will occur through transferring funds electronically from another account with another financial institution.

You can find instructions for how you can deposit funds to your Business Account in the BAXE App.

We may also add new ways to deposit funds into your Business Account in the future and we will publish these ways in the BAXE App. We encourage you to check the BAXE App from time to time for this and other important information.

Payments to your Business Account will be credited to your Available Balance when they have cleared.

Once deposits have cleared and are showing in your Business Account as clear funds, you can use the Card to access these funds by transacting through Merchants, Pay Anyone and or cash withdrawals at businesses that accept Visa.

07.02. Limits

There are default limits that apply to the Business Account and Card for:

Maximum value you can store in your Business Account at any one time$20,000
Maximum total deposits per day$20,000
Maximum single deposit transaction$20,000
Maximum transfer limit per day (BPAY)$5,000
Maximum transfer limit per day (DE/NPP)$5,000
Maximum combined Business Account transfer limit per day$5,000
Maximum card spend per day$1,000
Maximum card spend per day (individual transaction)$1,000
Maximum ATM cash out per day$1,000

At any time, we can adjust the limits to protect your interests or ours and if we decide to adjust the limits, we will inform you of these changes by the BAXE App. Unless it is for security or financial integrity reasons, we will inform you of any changed to the daily limits in advance no less than 10 Business Days before the change takes place.

You can find the actual limits that apply to your Business Account and Card within the BAXE App. We will let you know via the BAXE App if your limits are adjusted.

Please check the Limits section in the BAXE App so you know what limits apply to your use of the Card.

07.03. ATM withdrawals

You can withdraw cash from your Available Balance using your Card at any ATM up to the limit that applies for ATM transactions.

There are no Hay fees for using ATMs. However, you may be charged fees by other financial institutions or ATM providers when using some ATMs.

07.04. Card transactions

You can use your Card to make payments anywhere that Visa Debit cards are accepted.

Within Australia you can make contactless transactions under $100 without using your PIN. Contactless limits may vary in different countries. Like with any transaction, please make sure you check the amount is correct on the terminal before authorising a contactless transaction.

We will deduct the amount of any transaction using your Card from your Available Balance. You can’t stop payment on a transaction after it has been completed. For mistaken or disputed payments please refer to clause 10.

We do not allow negative balances in your Business Account. If you do not have sufficient balance in your Business Account, all transactions will be denied. It is your obligation to ensure that you have sufficient Available Balance to complete a transaction.

Sometimes a transaction cannot be processed due to reasons outside of our control, like where there are network issues which may affect the relevant payment terminal. We are not responsible where a transaction authorisation is declined for any reason.

07.05. Account transactions

You can make Pay Anyone payments from your Business Account using the BAXE App. It is solely your responsibility to ensure that you enter the correct BSB and account information when authorising internet payments from your Business Account. Where you enter the wrong information:

▪ funds may be credited to the account of an unintended recipient if the BSB number and/ or identifier do not belong to the person you name as the recipient; and

▪ it may not be possible to recover funds from an unintended recipient.

07.06. Using your Card for foreign currency transactions

All transactions in foreign currencies will be converted into Australian dollars.

All foreign currency transactions will be processed using the foreign exchange rate determined by Visa at the time of settlement. We do not charge fees, margins, or spreads for foreign exchange payments.

The actual foreign exchange rate that has been applied will be shown in your BAXE App on settlement.

07.07. Restrictions on use

You must not use your Business Account or Card for any illegal purpose including purchasing anything that is illegal under Australian law.

If we suspect that the Business Account and or Card are being used for illegal activity, we will Freeze the Business Account and Card without notice to you.

You must not allow any other person to use your Business Account or Card. Doing so is a breach of these Terms and entitles us to Freeze your Business Account and Card. You will also not be able to reclaim any Unauthorised Transactions because you allowed someone else to use your Business Account and Card. You can only have one Card at a time.

 

Fees

Current fees and charges that apply to your Business Account and Card can be found here: https://baxe.com/business-account/product-disclosure-statement.

We will debit your Available Balance for any fees that are payable to us.

We will let you know at least 30 days before a change takes effect through the BAXE App of any fee changes so that you can stop using the Card if you don’t like our new fees. Merchants and financial institutions may also impose fees or surcharges which are separate to the fees and charges we charge as Issuers. We have no control over these third-party fees and cannot challenge these once a transaction is approved by you.

 

Security

09.01. Protecting your Card information and PIN

It is important that you keep your BAXE App and Card information, PIN and Passcode secure. This means that you must not write down the PIN or the Passcode either on the Card or on something you carry with the Card or share your PIN or Passcode with any other person. You must not, without proper cause, disclose the card number to any person.

09.02. What to do when you suspect your Card is compromised or lost

If you believe your Card is lost (and there’s a chance you’ll find it) or the security of your Business Account or Card has been compromised, you can simply Freeze your Business Account and Card on the BAXE App. If you Freeze the Card, it will remain Frozen until you Unfreeze it and you will not be able to use it. While the physical card is Frozen you can continue to make payments from your Business Account. After you have Frozen your Card, you will not be able to use your Card until you Unfreeze it.

If you believe your Card has been lost, damaged, or compromised (not just temporarily lost) then you must immediately report your Card lost or stolen within the BAXE App and request a new Card..

 

Responsibility for mistaken or Unauthorised Transactions

Where you think a transaction is an Unauthorised Transaction or is otherwise incorrect, please get in touch with us immediately via the BAXE App and provide as much information as you can about the relevant transaction so we can investigate further.

There are specific circumstances and time frames where we can claim a refund in connection with a disputed transaction. This means that our ability to investigate a disputed transaction is limited to the time frames imposed by payment service providers and card schemes (like Visa) that we deal with so it is important to let us know as soon as possible after you become aware of a disputed transaction.

If you suspect that the security of your Account and or Card has been compromised, you may want to Freeze your Account and Card to avoid continued unauthorised use.

10.01. Mistaken payment

Where you make a mistake when making a payment, you must inform us as soon as you realise that a mistaken payment was made. You must provide us with sufficient details of the transaction, so we try and trace it. We will try to reverse the transaction and retrieve your funds. However, if we can’t reverse the transaction, we are not responsible, and you will be liable for the mistaken payment.

10.02. Incorrect payments/ issues with a purchase

If you have a problem with a purchase made with your Card or a disputed transaction, the first step is to get in touch with the merchant you made the purchase from.

If you cannot resolve the matter with the merchant, contact us about the disputed transaction via the BAXE App.

 

Lost, stolen Card or compromised PIN

You will not be responsible for Unauthorised Transactions:

▪ that occur before your Card is issued to you;

▪ that occur after you have Frozen or cancelled your Card and while it remains Frozen; or

▪ where you didn’t contribute to the Unauthorised Transaction.

We may consider that you have contributed to an Unauthorised Transaction where:

▪ you have not kept your Card, PIN or Passcode reasonably secured; or

▪ there was an unreasonable delay in Disabling or cancelling your Card where you believed it was lost, stolen or otherwise compromised; or

▪ there was an unreasonable delay in reporting any unauthorised or mistaken payments.

 

Transaction history

You can view your transaction history on the BAXE App at any time. We take security very seriously but please regularly check it to make sure there is nothing unusual such as:

▪ transactions you don’t recognise;

▪ transactions you didn’t authorise;

▪ transactions where you never received the relevant goods or services;

▪ transactions where the purchase price differs to the purchase amount; or

▪ you think a transaction may have been duplicated.

 

Business Account and Card cancellation

We may Freeze or cancel the Card where we have concerns about its security and or for the purpose of protecting your Available Balance where we suspect the Business Card has been compromised.

If we become aware that you haven’t done what you’ve agreed to do as set out in these Terms we may suspend or cancel your Business Account. If this happens, we will let you know as soon as possible and refund your Available Balance to your nominated account.

 

Card expiry

The expiry date is shown on your Card. We will contact you prior to the expiry to let you know next steps for continuing to use your Business Card after the expiry date.

 

How to close your BAXE Business Account

You can close your Business Account via the BAXE App. We cannot close the Business Account immediately as we need to wait for all payments and transactions undertaken by you to be settled before your Account can be closed. As soon as you notify us that you wish to close the Account, you will no longer be able to use your Card.

You will remain liable for any transactions that were not processed, or that occur, on your Business Account (including, but not limited to, outstanding merchant purchases) at the time the Business Account is closed.

You must also pay to us all unpaid fees and charges prior to closing the Business Account.

Once the Business Account is closed and we are satisfied that all outstanding transactions have been presented and settled, we will refund you the Available Balance in your Business Account.

 

How we can communicate with each other (notices) 

You can contact us via the BAXE App or the BAXE website.

We may give you any information, notices or other documents related to the Card or Business Account by:

▪ notification (including a push notification) or message sent to you or your device through the BAXE App;

▪ by email to the email address recorded for you in the BAXE App;

▪ by letter to the address recorded for you in the BAXE App.

 

Privacy

Hay will collect, handle and use your personal information in accordance with the Hay privacy policy available at https://www.hellohay.co/privacy.

The Hay privacy policy contains important information about the purposes for which Hay collect personal information, who the information may be disclosed to (including any overseas disclosures), how you can access and seek correction of the personal information Hay holds about you or how you can make a complaint about the handling of your personal information.

 

Limits and responsibility

We are responsible for things that occur that are our fault. This includes things like your Available Balance being incorrectly debited due to our error or our fraud.

We are not responsible for things outside of our control like;

▪ where a merchant does not accept your Card;

▪ delays or interruptions not caused by us;

▪ transactions not being able to be processed, despite us taking reasonable precautions;

▪ a dispute between you and the supplier of goods or services purchased with the Card; or

▪ Subject to any provisions in the Australian Consumer Law to the contrary, where we are responsible, to the extent permitted by law and Visa scheme rules, the most we are responsible for is the value of a transaction processed due to our error or, for other things that we may be responsible for, the amount of your Available Balance.

Subject to any provisions in the Australian Consumer Law to the contrary, our liability for a breach of such guarantee, warranty or conditions will be limited to:

▪ supplying the services again; or

▪ the payment of the cost of having the services supplied again.

 

Complaints

If you have a complaint relating to the BAXE Business Account and BAXE Visa Business Rewards Debit Card or the financial services we have provided to you, please review section 10 “Feedback and resolving problems and complaints” of the Financial Services Guide.

A complaint is not a transaction dispute in this context. A dispute means a customer challenge to a specific transaction via NPP or DE. A chargeback means a customer challenge to a specific transaction via the International Scheme such as Visa. A dispute and chargeback are defined in section 2 “Meaning of words”.

 

Changes to these terms

We can change these Terms and any information in the PDS relating to these Terms at any time by uploading the new Terms or PDS to our website and letting you know about the changes via the BAXE App. If you keep using your Business Account or Card after the notice of change is posted and the change becomes effective, you will be bound by the amended Terms.

Where we decide to charge new fees or increase our fees or any other changes are made which are not in your favour, we will give you at least 30 days’ notice before the change to enable you sufficient time to decide whether you wish to continue to use your Business Account or Card.

 

Governing law

The laws of New South Wales will govern the BAXE Business Account and Card, and any legal questions concerning this agreement.