This document forms the Product Disclosure Statement (“PDS”) for your Prospa Business Account and Prospa Card (the “Card and Account”). The PDS contains essential information, including the fees and other costs that apply to the Card.
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.
You should also read through the Financial Services Guide (FSG) and Target Market Determination (TMD) you were provided with when you applied for the Card and your Business Account as together with this PDS these form Hay Limited’s agreement with you for use of these products. You can find the TMD here. You can find the Financial Services Guide (FSG) here.
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.
This PDS has been prepared by Hay. Hay is the issuer of the Prospa Card and Prospa Business Account.
The information contained in this PDS does not take into account your individual objectives, financial situation or needs. Nothing is intended to constitute investment, legal, tax, accounting or other professional advice and you should seek professional advice on whether the Hay Issued Card and Hay Issued Account are appropriate for your particular circumstances.
The PDS has not been lodged with the Australian Securities and Investments Commission (ASIC) and does not need to be lodged with 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 or 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 Prospa’s website at www.prospa.com/product-disclosure-statement.
Changes to the PDS
The information in this PDS is subject to change from time to time and is correct and current as at the date stated on the front cover.
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 Card is not a credit or charge card, and the Card Stored Value does not earn interest. Your balance is not a bank deposit.
Hay limited ABN 34 629 037 403 (“Hay”), is the holder of Australian Financial Services Licence (AFSL) No. 515459. Hay is a principle 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.
Hay, as the Issuer and Prospa Advance Pty Ltd ABN 47 154 775 667 (Prospa) have entered into an agreement for Prospa to distribute and provide factual product advice on behalf of Hay with regard to the issued non-cash payment financial products.
Other than assisting with factual product information and customer service support, Prospa is not authorised to advise the customers in relation to financial products and or services issued by Hay.
Prospa can be contacted via:
The Issuer of the Card is Hay and if you hold an approved Card and Account, you will have a contract with Hay Limited. For customer service and account queries please contact Prospa using the details provided in section 3 above.
Prospa is responsible for the distribution and provision of factual product information about the Card and Account as issued and approved by Hay, Prospa is also authorised to provide customer service support.
The Available Balance on your Card is held in a client segregated monies account maintained at an Australian Authorised Deposit holding Institution (ADI). Hay is responsible for the settlement of transactions using the Card. Hay holds the Available Balance 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 Prospa nor anyone else acting on its behalf, has the authority on behalf of Hay to:
To be eligible for the Card you must be:
The significant benefits of the Prospa Card are:
Significant benefits of the Prospa Account are:
The significant risks of the Prospa Card/Account are:
The fees that apply for the issue and use of the Prospa Card are as follows:
|Direct Debit Dishonour||$0|
|Domestic ATM withdrawal||$0 at all major bank ATM’s|
|International ATM withdrawal||$500 per month fee-free limit. 1.5% above limit|
|Non-card payments and transfers||up to $20|
There are default limits that apply to the Prospa Card and Prospa Account for:
|$500,000||Maximum value you can store in your Hay Account at any one time|
|-$50,000 (if eligible)||Minimum balance (i.e. maximum overdraft limit)|
|$250,000||Maximum deposits per day|
|$2,000||Maximum ATM cash out per day|
|$50,000||Maximum transfer limit per day (BPAY)|
|$50,000||Maximum transfer limit per day (DE/NPP)|
|$25,000||Maximum card spend per day|
|$25,000||Maximum card spend per day (individual transaction)|
|Available balance||Total daily transaction limit|
At any time, we can adjust the limits to protect your interests or ours and we will let you know if this happens. You can find the actual limits that apply to your Prospa Card and Prospa Account within the Prospa App or Portal. Please check the Limits section in the App so you know what limits apply to your use of the Card.
There are no cooling-off rights attached to the Prospa Card or Account. However, you may cancel the Hay Issued Card or close your Hay Issued Account at any time.
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 Prospa.
Prospa can be contacted via:
Prospa will commit to taking the following steps:
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:
The terms and conditions for use of the Prospa Card/Account are set out in the Terms, which can be accessed at https://www.prospa.com/ba-online-terms-and-conditions. You should read and understand these terms before acquiring Prospa Card/Account as they primarily govern the legal relationship between you and us. You can download an electronic copy of the Terms via the Prospa website.
The Terms cover:
Anti-Money Laundering and Counter Terrorism Finance Laws
The AML-CTF Laws require us to collect and verify certain identification information about you. We will collect personal information from third parties to verify your identity for this purpose as well.
We may be required to disclose certain information about you to AUSTRAC. We may not be permitted to tell you when this occurs. We may also be prohibited from fulfilling our obligations to you, such as continuing to provide you with the Prospa Card and Account. We may also be required by the AML-CTF Laws to delay or suspend the Prospa Card or your access to the Prospa Account.