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General Terms & Conditions

Thank you for visiting Vspry. We hope that your time spent with us is very spry!

 

By accessing and/or using this website, the Vspry app and related accounts, products and services, you agree to these General Terms and Conditions, which include our Privacy Policy (our terms). You should review our Privacy Policy and these Terms carefully and immediately cease using our website if you do not agree to our terms, which were updated in December 2018. In our terms, 'us', 'we' and 'our' means Vspry Australia Limited ABN 41 631 026 330, our related organisations and our successors, assignees and authorised agents. We may also use third parties or our related organisations to deliver aspects of our accounts, services or products. References to “you” means the individual(s) or organisation named as the holder(s) of the relevant account, or as the customer(s) for the relevant product or service. “Your” has a corresponding meaning. You may also be responsible under our terms for actions or instructions of authorised users. Unless stated otherwise, our terms apply to all our accounts, products and services for personal and business customers, and they apply from the first time you use an account, product or service, or when you submit your application for an account, product or service, whichever happens first. There may also be other specific terms that apply to specific accounts, products or services such as the Vspry Merchant Agreement. Among other things, these may set out eligibility criteria or usage rules for the account, product or service. You will find these specific terms on our application forms and brochures, in materials provided or made available to you around the time you take up the account, product or service, and/or in other documents that you agree in writing with us. If there is any conflict, the specific terms will take priority. Other terms may also be implied by law or legal rule. Where we refer to our terms for a particular account, product or service, we mean these terms together with the specific terms for that account, product or service. For each account, product or service we provide you, our terms make a separate agreement between us (Vspry), and you (the individual(s) or organisation named as the account holder or specified as the customer(s) for the relevant account, product or service). Aside from our terms, you can also find other information about the features of our accounts, products and services at Vspry.com or made available to you around the time you take up a particular account, product or service. We refer to these stated features as product features. 

 

When can our terms and product features change?

We can make changes to our terms and/or product features from time to time. Except where our terms say otherwise, we’ll give at least 30 days’ notice before making these kinds of changes. If you do not wish to accept a change, then subject to any specific terms and requirements set out below, you can close your account, or cancel your product or service. If you do this before the change comes into effect, the change will not apply to you in relation to that account, product or service. Otherwise, the change will apply to you as soon as it takes effect. Note that the specific terms for some accounts, products or services may include a fixed or minimum term, limiting your ability to close or cancel during that term. Also, you may be unable to close an account or cancel a product or service until you have paid all amounts owing to us in relation to that account, product or service. We do not need to give notice beforehand for a change to product features where we reasonably consider the change does not substantially reduce the benefit of the relevant account, product or service. Instead, we will update our website (Vspry.com) to reflect the change when it takes effect (or earlier if we choose).

Communicating with you

When we give notice under our terms, we can do so in one or more of the following ways:

  • by direct communication (by letter, email, text message, secure message when you log in to the Vspry app, or by telephone);

  • by displaying a notice on our website (vspry.com);

  • by putting a notice in the media (for example, in the public notices section of a newspaper); or

  • through any electronic payments service used by you.

 

You are required to tell us if there are any changes to your contact details. You will be taken to have received any notice that we send to the most recent contact information that we have on file for the relevant account, product or service. We may present you with promotional information about accounts, products and services that we think might be of interest to you (including from our selected business partners). However, if you ask us not to provide you with this information, we will comply with your request.

How will your information be held and used?

When you apply for an account, product or service, and throughout our relationship with you, we and our related organisations can monitor and collect information about you for the purposes of:

  • obtaining and verifying your identity and address information;

  • cyber security and information assurance;

  • assessing whether or not to provide you with an account, product or service;

  • establishing and operating your account, product or service;

  • processing transactions and sending notices about your transactions;

  • managing your relationship with us and our related organisations;

  • resolving complaints, and troubleshooting problems;

  • complying with any applicable law or legal rules;

  • investigating, detecting and/or preventing fraud, money laundering or other criminal offences;

  • customising, measuring, and improving the content, layout, and operation of our websites and apps;

  • learning more about your level of satisfaction, your expectations of us and our business partners, and how we can exceed them;

  • conducting market research, data processing and statistical analysis;

  • providing you with information about accounts, products and services that we think might be of interest to you (including from our selected business partners), subject to other relevant provisions in our terms; and

  • for other purposes to which you have consented.

 

You authorise us and our related organisations to collect information about you from any person who can provide us with information that relates to a purpose listed above and is necessary for that purpose.

Credit reporting bureaus

As part of opening and operating your accounts, and providing any products and services to you, we may check your credit standing. As part of that credit enquiry, we may give your information to credit reporting bureaus, and credit reporting bureaus may give information they hold about you to us. We will also provide information to credit reporting bureaus about when you have and haven’t met your payment obligations to us and our related organisations. Credit reporting bureaus may use the information provided by us to update their credit reporting databases. When other individuals and organisations use the credit reporting bureaus’ services, they may be provided with this updated information.

Security and accuracy of your personal information

Your information may be stored physically or electronically by us, our related organisations, or any third party that we or our related organisations contract to store it domestically or internationally. We will act reasonably to ensure that your information is protected from unauthorised use or disclosure. We will do everything reasonable to ensure that the information we hold about you is accurate, although this does depend on you telling us about any changes that mean the information we hold about you is no longer correct. You may ask us for access to the information we hold about you and, if necessary, request corrections to it. If you would like access to the information we hold about you, please contact us.

Disclosure of your personal information

You authorise us to disclose your information to:

  • our related organisations;

  • third parties (including overseas third parties) that provide services to or for us or our related organisations. These third parties may be subject to overseas law or legal rules which require them to disclose your information;

  • organisations conducting market research, data processing and statistical analysis for us;

  • law enforcement authorities, the courts, government agencies, regulatory authorities or third parties (including other financial institutions), both domestically and internationally, where we believe the disclosure will assist us to comply with any law or legal rules or will assist in the investigation, detection and/or prevention of fraud, money laundering or other criminal offences;

  • credit reporting bureaus and debt collection agencies;

  • external dispute resolution schemes;

  • guarantors of your obligations to us;

  • insurers (yours or ours) in relation to any money you owe us or any property that you have given us security over;

  • our assignees or potential assignees;

  • your representatives (including your health practitioner, legal adviser, accountant, financial adviser, executor, administrator, guardian, trustee, or attorney);

  • any previous or current employer, to the extent necessary for us to confirm your employment history or income; or

  • anyone that we need to contact to carry out your instructions to us (including the recipient of any payment).

 

We may also disclose information about you to anyone you authorise us to disclose that information to or your consent may be reasonably inferred from the circumstances. We may also disclose information about you to others where required by law or legal rules, or where we have a public duty to do so.

 

Establishing an account, product or service

To open an account, or sign up for a product or service, you will be required to apply digitally (for example, through a mobile app or via our website). You (and anyone acting on your behalf) will be required to provide proof of identity. If you are a company, trust, partnership or other organisation, we may also require details and proof of identity for anyone who owns or has control over the organisation (for example, directors, trustees, partners, office holders, appointors, senior executives and shareholders). We can also require you (or anyone acting on your behalf) to update or re-supply this information to help us keep information about you up-to-date. If we reasonably consider it to be necessary, we may use third party services to verify the information you have provided. We are not obliged to open an account and/or provide you with a product or service. Whether we approve your application for an account, product or service is solely at our commercial discretion.

Acting on your instructions

Before we act on instructions to us, we may require proof of your identity (or the identity of anyone acting on your behalf). This may involve asking security questions or requiring suitable identification. However, each time any electronic service is accessed with authorised credentials including but not limited to passwords, unique codes and bio-metric data, we will act on any instruction given to us, whether or not you authorised the instruction. We need not make any further enquiries to verify an instruction and can assume that you gave it to us. We may, at our discretion, accept instructions from you or anyone acting on your behalf by email, phone, secure message via our app, email, text or other means. You authorise us to act on these instructions. We are not responsible for any consequences of acting on, or refusing to act on, these instructions where they are unclear, or from errors introduced in the process of transmitting them to us. We can refuse an instruction where we are not reasonably satisfied of your identity (or the identity of anyone acting on your behalf). We can also refuse an instruction where we reasonably consider this may be necessary or prudent to protect our legitimate interests, or the legitimate interests of a third party (for example, where we reasonably suspect an instruction is unauthorised or fraudulent, or where we reasonably consider that following the instruction could result in us violating a law or legal rule or the rights of a third party). This does not oblige us to refuse instructions in these circumstances.

When can an account be closed or a product or service cancelled?

Except where our specific terms say otherwise, we can choose to close an account or cancel the provision of a product or service to you, at any time and without notice, if:

  • we reasonably believe that you have acted, or are acting, unlawfully;

  • we reasonably believe that you have been aggressive or threatening to our staff, partners or customers;

  • you have been adjudicated bankrupt;

  • you have become insolvent or unable to pay your debts as they fall due, or proceedings are commenced, or an order is made, or any other step is taken for your liquidation including but not limited to the appointment of an external administrator;

  • you no longer have the necessary authority to operate the account or receive the product or service;

  • you are not eligible for the account, product or service under our terms;

  • you have not provided all information needed for us to comply with relevant law or legal rules, or we have not been able to verify the information to our reasonable satisfaction;

  • some or all of the information that you have previously provided to us in order to open or operate the account, product or service is materially inaccurate, and as a result we reasonably consider closure or cancellation is necessary or prudent to protect our legitimate interests;

  • we reasonably believe that we are required to do so by law or legal rules, or by the rules of a payment system;

  • we reasonably suspect the account, product or service is being used or obtained to facilitate fraud, money laundering or other criminal offences; or

  • we reasonably believe that the closure or cancellation is necessary or prudent to protect one or all of the parties to the account, or our legitimate interests, or the legitimate interests of a third party.

 

We may also close some or all of your accounts or cancel some or all of the products or services we provide you, where you fail to pay amounts owing to us when they are due, or you otherwise breach our terms. If we close an account or cancel a product or service without giving you notice beforehand, we will give you notice as soon as reasonably practicable afterwards. Except where our specific terms say otherwise, we can also close your account or cancel the provision of a product or service to you by giving at least 30 days’ notice, without needing to give a reason. Except where our terms say otherwise, you can ask us to close an account or cancel a product or service at any time. To do this, tell us by phone or secure messaging via the Vspry app. Note our specific terms may include a fixed or minimum term, limiting your ability to close an account, or cancel a product or service during that term. If you ask us to close an account or cancel a product or service, and you owe us money in relation to that account, product or service, we may require that you pay the amounts owing before we will close the account or cancel the product or service. Until your account is closed, or your product or service cancelled, our terms will continue to apply, and we may continue to charge our fees. When your account is closed, or your product or service cancelled, you must immediately pay us any amounts you owe us relating to that account, product or service.

When can an account, product or service be suspended?

We can choose to suspend the operation of an account or your access to a product or service, at any time and without notice, if:

  • you have been adjudicated bankrupt;

  • we reasonably consider you have become insolvent or unable to pay your debts as they fall due, or proceedings are commenced, or an order is made, or any other step is taken for your liquidation, including but not limited to the appointment of an external administrator;

  • we are notified of a dispute over either the ownership of funds in your account or the operation of your account, product or service;

  • we reasonably consider it necessary or prudent to clarify the authority of any person claiming to act on your behalf;

  • you have not provided all information needed for us to comply with any relevant law or legal rule, or we have not been able to verify the information to our reasonable satisfaction;

  • we discover that some or all of the information that you have previously provided to us in order to open or operate the account, product or service is materially inaccurate, and as a result we reasonably consider suspension is necessary or prudent to protect our legitimate interests;

  • we reasonably consider we are required to do so by law or legal rule, or by the rules of a payment system;

  • we reasonably suspect your account, or a product or service is being used or obtained to facilitate fraud, money laundering or other criminal offences; or

  • we reasonably suspect that suspension may be necessary or prudent to protect one or all of the parties to the account, or to protect our legitimate interests, or the legitimate interests of a third party.

 

We may also suspend some or all of your accounts, products and services where you fail to pay amounts owing to us when they are due, or otherwise breach our terms. If we suspend an account, product or service without giving you notice beforehand, we will give you notice as soon as reasonably practicable afterwards, unless this is prohibited by any law or legal rule. Unless we decide to close the account or cancel the product or service, the suspension will come to an end when we are reasonably satisfied that the reasons for the suspension no longer apply. During the suspension, our terms will continue to apply, and we may continue to charge our fees.

What other interruptions might occur?

We will use reasonable care in operating our systems, so as to limit disruptions to your use of our accounts, products and services as allowed by our terms. However, you accept that our systems will not necessarily be available uninterrupted or error-free, and they may also be inaccessible from time to time while undergoing maintenance or upgrade work. If we are not able to provide advance notice of any interruption, we will give notice as soon as reasonably practicable afterwards.

What happens to payments made to or from your account?

We can make payments from your account without your permission if required by relevant law or legal rules. We may block or delay payments to or from your account without your permission if required by relevant law or legal rules, or if we reasonably suspect the payment involves some form of fraud, money laundering or other criminal offence. We may determine when and in what order payments into and out of your account are made. On your request, we will provide you with information on when funds paid into your account are likely to be cleared. The timing of this will depend on a number of factors, including the type of payment method used, what country the payment originated from, the rules or legislation covering payments (including those relating to dishonours and reversals) and/or whether the payment was made on a business day and during business hours. We may allow you to withdraw against uncleared funds. If we do, and the payments into your account are reversed, we will debit your account with the amount of the payments. If there are insufficient cleared funds in your account, this may put your account into unauthorised overdraft. You agree that we are entitled to decline or reverse payments from your account if:

  • there are insufficient cleared funds in your account;

  • you instruct us to stop or reverse the payment, and we are able to comply with that instruction;

  • you have not provided all information needed for us to process the payment or comply with relevant law or legal rules, or we have not been able to verify the information to our reasonable satisfaction, or we reasonably consider that the information is materially inaccurate;

  • we are required to do so by relevant law or legal rules, or the rules of a payment system;

  • we reasonably suspect the payment is being used to facilitate fraud, money laundering or other criminal offences, or

  • we reasonably consider it necessary or prudent to protect one or all of the parties to the account, our legitimate interests, or the legitimate interests of a third party.

 

There may be a cost to you if we reverse a payment from your account. We are also entitled to decline a payment from your account if we reasonably suspect that the payment is unauthorised. If you make a payment from your account in error, it may not be possible to stop or reverse the payment once it has been made. You may only be able to recover such a payment made in error through court action or with the consent of the account holder who received it. If you ask us to recover a payment from your account, we will use reasonable efforts to do so, and we may charge you our reasonable costs. We may reverse payments paid into your account, without your consent and without giving notice, if:

  • we have made an error;

  • the person or organisation making the payment has made an error;

  • another financial institution involved in making the payment has made an error, or has dishonoured the payment;

  • we are required to do so by relevant law or legal rules, or the rules of a payment system;

  • we reasonably suspect the payment is being used to facilitate fraud, money laundering or other criminal offences; or

  • the payment was unauthorised, and we reasonably believe that you are not legally entitled to retain it.

 

What do you need to know about payments?

There may be maximum and minimum limits for certain transactions. Details of our current maximum and minimum limits for transactions are available at Vspry.com. We can change these at any time without notice. You must give us three business days’ notice to set up an automatic payment. Where there is not enough money in your account to make a requested automatic payment, at our discretion we may make the payment, or try again on the following business day. If the payment is made and as a result your account is overdrawn you may be charged a fee. For further information see the list of fees available at Vspry.com. An automatic payment authority may be cancelled, without notice to you, in circumstances when the automatic payment fails three scheduled dates in a row. If you wish to stop or alter an automatic payment, you must give us at least three business days’ notice before the date the payment is scheduled to be made. If you authorise an individual or organisation to take a direct debit from your account, then you must ensure they tell you the start date, frequency, and amounts of the direct debit and update you if these change. You agree that we can pay from your account any direct debit that we reasonably believe has been authorised by you. If changes are made to your account details, and there is a direct debit coming out of your account, you must tell the individual or organisation that you have authorised to debit your account about the changes to your account. A new direct debit authority may be required to authorise future direct debits on your account. If you wish to stop a payment to be made by direct debit, you must give us at least three business days’ notice before the date the payment is scheduled to be made. If changes are made to your account details, and there is a direct credit coming into your account, you must tell the individual or organisation that you have authorised to credit your account about the changes to your account. We may defer payments when they fall on a non-business day until the next business day. We will continue to process electronic payments (including scheduled payments) out of your account until we receive formal notice of your death, dissolution, bankruptcy, insolvency, external administration, or mental incapacity. Within a reasonable time of receiving such notification we will cancel all future electronic payments out of your account, from that date or as soon as possible after that date. We may continue or reinstate these payments and direct debit authorities if we receive an appropriate authority (for example, a valid enduring power of attorney if you have become mentally incapacitated).

Direct Debits

When you establish with us a Direct Debit Request Agreement ("DDR Agreement") to credit an account you hold with us via a deduction from an account held with another institution, you acknowledge that:

  • Where the drawing date falls on a non-business day, we will draw the amount on the next business day. If at any point you are uncertain as to when the debit will be processed, should contact the institution where the account is held.

  • We will not change the amount or frequency of drawings without your prior instructions. 

  • We reserve the right to cancel or stop drawing arrangements, if three or more drawings are returned unpaid by the drawing institution.

  • You will carefully check your bank account details against a recent statement from you drawing institution to ensure they are accurate, and ensure by checking with the drawing institution of the availability of direct debit in relation to the account being drawn, as direct debiting may not be available on all accounts.

  • We will keep all information pertaining to your account at the drawing institution private and confidential. However, our bank may require us to provide information to it in connection with a claim made on it relating to an incorrect or wrongful debit or credit.

 

Your rights include:

  • You may terminate the DDR Agreement drawing arrangements at any time or stop any individual drawing by giving written notice to us at least 7 business days prior to the next drawing.

  • You may modify or alter the details of your DDR Agreement by giving written notice to us at least 7 business days prior to the next drawing.

  • If you consider that an amount under the DDR Agreement has been initiated incorrectly, you should take the matter up directly with us, by contacting us on 1800 934 185 or via secure messaging within the Vspry app.

  • We will give you at least 14 business days’ notice in writing of any changes to the terms of the drawing arrangements.

Your responsibilities include:

  • You must ensure that enough funds are available in your account drawn upon, to meet a drawing on its due date.

  • You must ensure that the authorisation you have given us to draw on the account being drawn upon, is identical to the account signing instruction held by the drawing institution.

  • You must advise us if the account nominated by you under the DDR Agreement is transferred or closed.

What are your electronic payments responsibilities?

In addition to any other requirements in our terms, when using electronic payments you must not do (or attempt to do) any of the following:

  • undermine the security or integrity of our systems or the systems of our external suppliers;

  • misuse or interfere with the functionality of electronic payments;

  • gain unauthorised access to any part of our systems or information that you have not been given express permission to access;

  • use any of our systems or services to upload or transmit any files that may damage our or any other person’s computer, mobile device or software;

  • use any of our systems or services to upload or transmit content that may be offensive or in breach of any law or legal rules;

  • modify, copy, adapt, reproduce, disassemble, decompile or reverse engineer any of our software or electronic payments services; or

  • use electronic payments for any purposes other than carrying out transactions for lawful purposes and enquiries on your accounts, products and services.

 

What are our electronic payments responsibilities?

We will exercise reasonable care and skill in providing you with electronic payments services. However, as far as permitted by law, we will not be responsible if you incur a loss caused through circumstances beyond our reasonable control. Also, as far as permitted by law, we will not be responsible for any consequential loss you might suffer due to any problem affecting our electronic payments services, even where the problem is caused by us. For this purpose, loss is “consequential” if it relates to the particular purposes for which you are using or relying on the service, i.e. if other customers using or relying on the same service for a different purpose would not necessarily suffer the same type of loss. In particular, this means that as far as permitted by law, we will not be held responsible for any knock-on effects you might suffer because:

  • you are unable to access an electronic payments service, or an application associated or reliant on an electronic payments service, at any time;

  • you rely on an electronic payments service provided via the internet, but the service is affected by a failure or delay; or

  • you rely on inaccurate content or information in any electronic payments service.

 

We will not be responsible for any loss you might suffer because of any misuse by you (or anyone acting on your behalf) of any electronic payments service, including any use of the service in a manner prohibited by our terms.

 

What if you go into unauthorised overdraft?

If you do not have an approved overdraft limit and if there are insufficient cleared funds in your account we may or may not, at our discretion, decline to make payments from or decline your requests to withdraw money from your account. If we do honour such a payment or request to withdraw money from your account, that payment or request may put your account into overdraft. This is called an “unauthorised overdraft”. We may charge you a fee. Our unauthorised overdraft fees are available at Vspry.com. We may at any time require you to pay us immediately all or part of your unauthorised overdraft together with any cost’s payable on that unauthorised overdraft.

 

How do you keep track of the balance of your account?

You can access your transaction history and account balances via the Vspry app. You must regularly monitor your transaction history and tell us as soon as possible if you think that there is an error within your transaction history or you believe there has been an unauthorised use of your account.

 

What fees and costs do you pay?

We may charge fees on your account and for any products and services we provide you. We will deduct those fees from your account. We may change our fees at any time but must give notice at least 30 days before doing so. Please note, except where our specific terms say otherwise, we may change foreign exchange rates subject to market fluctuations at any time and are not required to give prior notice of the change. A list of our current fees is available at Vspry.com. Also, if we incur any costs specifically for the purpose of carrying out a request from you, then you must pay us the amount of those costs, and we may deduct them from your account. However, before we proceed with your request, we will let you know if these costs might apply, unless they are already mentioned in our list of fees or our specific terms.

 

Government charges, levies and withholding taxes

We will deduct from your account any government charges or levies that you (or we on your behalf) are required to pay from or in connection with that account, product or service. Unless we hold a copy of a current exemption for you from the relevant taxation authority, we are legally required to deduct withholding tax (whether resident withholding tax or non-resident withholding tax as applicable) from your account.

Rewards

Our current rewards earning and redemption rates are available from vspry.com. This lists the rewards you earn when you deposit and store funds in your account. Except where our specific terms say otherwise, we may change earning and redemption rates at any time and are not required to give prior notice of the change. There may also be specific terms for your account relating to the calculation and crediting of rewards.