- Fees
The fees for Business Account and Card are:
Transaction Fees | |
Account opening | $0 |
Account keeping | $0 |
Overdrawn | $0 |
Direct debit dishonour | $0 |
ATM withdrawal | $0 at all major bank ATMs* |
Domestic Transaction | $0 |
International transaction | 0% |
Card Replacement Fee | $0 |
Transaction Dispute Fees | |
Card payments | $0 |
Non-card payments and transfers | Up to $20 |
*Hay does not charge any ATM fee. A fee may be charged by the ATM Operator
- Limits
The limits that apply to the Business Account and Card are:
Maximum value you can store in your Business Account at any one time | $500,000 |
Minimum balance (i.e. maximum Overdraft Limit) | -$50,000 (if eligible) |
Maximum total deposits per day | $250,000 |
Maximum single deposit transaction | $100,000 |
Maximum ATM cash out per day | $2,000 |
Maximum transfer limit per day (BPAY) | $50,000 |
Maximum transfer limit per day (DE/NPP) | $50,000 |
Maximum card spend per day | $25,000 |
Maximum card spend per day (individual transaction) | $25,000 |
Total daily transaction limit | Is the total all maximum outbound payments |
At any time, Hay can adjust the limits. You can find the current limits that apply to your Account and Card within the Prospa App or Prospa Website.
- Cooling off rights
There are no cooling-off rights attached to the Account or Card. However, you may cancel the Card or close your Account at any time.
- Problems, Disputes and Complaints
Where your Card is used for Unauthorised Transactions, you have a Disputed Transaction. Hay 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, Hay may not be responsible for any loss to you if you do not dispute an Unauthorised Transaction within 45 days.
When you provide feedback to Prospa and Hay, we have the opportunity to improve our services to you. If you have a query about the Account and Card, you should initially direct the query to Prospa.
Prospa can be contacted via:
Mail: Level 1 / 4-6 Yuong Street, Sydney NSW 2000
Phone: 1300 472 623
Email: [email protected]
Website: www.prospa.com/business-account
If you are unable to resolve your issue with Prospa directly, you can escalate your enquiry to Hay via [email protected] or by phone 1800 080 081. Hay will take the following steps:
- letting you know who is handling your complaint;
- keeping you informed of what is happening; and
- resolve your complaint within 30 Business Days.
Hay will check with you to make sure you are satisfied with how your complaint was handled.
If Hay is unable to resolve your complaint 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: [email protected]
- Legal terms and conditions
The Terms and Conditions for use of the Account and Card are set out in the Terms, which can be accessed at www.prospa.com/ba-online-terms-and-conditions . You should read and understand these terms before acquiring the Account as they primarily govern the legal relationship between you and Hay. You can download an electronic copy of the Terms via the Prospa app or website.
The Terms cover:
- how to use your Prospa Card and Prospa 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 Card or 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. Hay strongly encourage you to read and understand the Terms and Conditions as well as the Privacy Policy before obtaining the Account and Card.
- Applicable laws
Privacy
Hay is committed to complying with the Australian Privacy Act. The Privacy Policy sets out detailed information about how, why and when personal information is collected, disclosed, used, stored and otherwise handled by Hay. The Privacy Policy is available at www.hellohay.co/privacy . You may request a copy of the Privacy Policy in hard copy.
The Privacy Policy sets out:
- the purposes for which Hay collect your personal information;
- the consequences if you don’t provide your personal information to Hay;
- the third parties to which Hay disclose your personal information;
- how to access and seek correction of your personal information;
- how to complain about a breach of Hay’s obligations in respect of your personal information and how Hay will deal with such a complaint; and
- whether your personal information is likely to be disclosed by Hay to overseas entities and in which countries these entities reside.
Anti-Money Laundering and Counter Terrorism Finance Laws
The AML-CTF Laws require Hay and Prospa to collect and verify certain identification information about you. Hay will collect personal information from third parties to verify your identity for this purpose as well.
Hay may be required to disclose certain information about you to AUSTRAC. Hay may not be permitted to tell you when this occurs. Hay may also be prohibited from fulfilling our obligations to you, such as continuing to provide you with the Card or the Account. Hay may also be required by the AML-CTF Laws to delay or suspend the Card or your access to the Account.