Date: 20 February 2020

Vspry Group General Terms and Conditions

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 February 2020.

In our terms, "we", "us", "our" and "Vspry" means Vspry Australia Limited (ABN 41 631 026 330), Vspry Rewards Pty Limited (ABN 88 638 677 595), Vspry Money Pty Limited (ABN 88 638 831 857), and Vspry International Limited (ABN 59 631 026 027), 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, Vspry Live Well Trust Health Saver Product Disclosure Statement, Vspry PayLater terms and Vspry Rewards terms. 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 at vspry.com;
• by putting a notice in the media (for example, in the public notices section of a newspaper); or
• through any electronic transaction 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.

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;
• 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 transaction).

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 transactions made to or from your account?

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

• there are insufficient cleared funds in your account;
• you instruct us to stop or reverse the transaction, and we are able to comply with that instruction;
• you have not provided all information needed for us to process the transaction 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 transaction 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 transaction from your account. We are also entitled to decline a transaction from your account if we reasonably suspect that the transaction is unauthorised. If you make a transaction from your account in error, it may not be possible to stop or reverse the transaction once it has been made. You may only be able to recover such a transaction made in error through court action or with the consent of the account holder who received it. If you ask us to recover a transaction from your account, we will use reasonable efforts to do so, and we may charge you our reasonable costs. We may reverse transactions into your account, without your consent and without giving notice, if:

• we have made an error;
• the person or organisation making the transaction has made an error;
• a financial institution involved in making the transaction has made an error, or has dishonoured the transaction;
• we are required to do so by relevant law or legal rules;
• we reasonably suspect the transaction is being used to facilitate fraud, money laundering or other criminal offences; or
• the transaction was unauthorised, and we reasonably believe that you are not legally entitled to it.

What do you need to know about transaction requests?

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 transaction. Where there is not enough money in your account to make a requested transaction, at our discretion we may make the transaction, or try again on the following business day. If the transaction 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. A transaction authority may be cancelled, without notice to you, in circumstances when the transaction request fails three scheduled dates in a row. If you wish to stop or alter a requested transaction, you must give us at least three business days’ notice before the date the transaction request 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 transaction to be made by direct debit, you must give us at least three business days’ notice before the date the transaction 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 transaction when they fall on a non-business day until the next business day. We will continue to process electronic transactions (including scheduled transactions) 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 transactions out of your account, from that date or as soon as possible after that date. We may continue or reinstate these transactions 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 transaction responsibilities?

In addition to any other requirements in our terms, when using electronic transaction channels, 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 transactions;
• 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 transaction services; or
• use electronic transactions for any purposes other than carrying out transactions for lawful purposes and enquiries on your accounts, products and services.

What are our electronic transaction processing responsibilities?

We will exercise reasonable care and skill in providing you with electronic transaction 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 transaction 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 transaction service, or an application associated or reliant on an electronic transaction service, at any time;
• you rely on an electronic transaction 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 transaction 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 transaction 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 process electronic transactions from or decline your requests to withdraw money from your account. If we do honour such an electronic transaction or request to withdraw money from your account, that electronic transaction 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/rewards.

How can someone else use your accounts, products or services?

You must obtain our approval if you want someone else to be able to use or operate one or more of the accounts, products and services we provide you. We may require you to complete an account operating authority for this purpose. Once you and the named person have provided us with the necessary information, and we have given our approval, the named person will be considered an “authorised user” of the specified account, product or service. You must ensure that the authorised user complies with our terms for the account, product or service in question. You will be responsible under our terms for the authorised user’s acts and omissions in connection with that account, product or service, as if they were your own. Unless we agree otherwise with you, your authorised users cannot:

• establish a new account;
• change account owner or principal details;
• change signatories on an account;
• close accounts, or cancel products or services;
• add or remove other authorised users from your account; or
• establish or change credit or lending limits, or authorised overdrafts.

Otherwise, subject to any specific terms, and any limitations agreed in an account operating authority, we will be entitled to treat each authorised user as having your full authority in relation to the account, product or service, including the ability to give instructions on your behalf. However, there may still be times where we need you to confirm the authority of your authorised user, and we are not obliged to accept their instructions where we reasonably consider further confirmation of their authority is necessary or prudent. Your authorised users may also be allowed to view or obtain information about transactions and activity on the relevant account, product or service. There may also be law or legal rules that require us to allow someone else to operate an account, product or service we provide to you (for example, on your death, dissolution, bankruptcy, insolvency, external administration or mental incapacity). Except where our terms state otherwise, you will be liable for all transactions made and fees incurred on the accounts, products and services we provide you. This includes transactions made and fees incurred by anyone that you or the law authorises to use the account, product or service, and by anyone else who obtains unauthorised access as a result of your negligence or breach of our terms. You will also be liable for any breach of our terms by anyone that you or the law authorises to use an account, product or service that we provide you. It is your responsibility to control your authorised users’ activities in relation to the relevant account, product or service. In particular, if you have an account, product or service for an organisation or business, you must maintain appropriate internal controls in your organisation or business to prevent unauthorised or fraudulent transactions and instructions in relation to the account, product or service.

What if you breach our terms or fail to pay on time?

If you breach our terms (aside from a failure to pay an amount owing to us when due), then:

• we may require that you fix the breach;
• if we reasonably consider the breach may expose us to losses or risks that are more than trivial, we may suspend, close or cancel any or all of the accounts, products and services we provide you, without giving any prior notice;
• if we reasonably consider it necessary or prudent to protect our legitimate interests, we may require you to pay us all amounts you have owing to us, immediately, whether or not they would otherwise be repayable on demand; and/or
• we may exercise any of our rights under any contract (including our terms) between you and us or at law.

If you fail to pay us an amount owing to us when due, then:

• we may list you as a defaulter with any credit reporting bureau;
• we may place any debt you owe us with any debt collection agency;
• we may suspend, close or cancel the account, product or service to which the overdue amount relates, without giving any prior notice;
• if we reasonably consider it necessary or prudent to protect our legitimate interests, we may suspend, close or cancel any or all of the accounts, products and services we provide you, without giving any prior notice, and/or we may require you to pay us immediately all amounts owing to us, whether or not they would otherwise be repayable on demand; and/or we may exercise any of our rights under any contract (including our terms) between you and us or at law.

You must tell us immediately of a breach of our terms in relation to your accounts, products and services (by you, any joint holder, or any of your authorised users), or any change affecting your relationship with us. Our rights are subject to our obligations under any applicable local laws.

What if you share an account, product or service?

It’s important to understand what it means where you hold an account jointly with one or more others, or are signed up to a service or product jointly with one or more others. For this purpose, we refer to all of you as “joint holders” of the account, product or service. You and each of the other joint holders is responsible (together and also individually) for:

• all amounts owing in relation to the account, product or service;
• any breaches of our terms for the account, product or service, and
• the actions of each other joint holder as if their actions were your own, but subject to any restrictions on their authority that you have agreed with us in a signed account operating authority (if applicable) for the relevant account, product or service.

This means that:

• if money is owed on a joint account, product or service, each joint holder is responsible for the whole debt even if another joint holder created it (this liability may continue to exist even if a joint holder withdraws from the account, product or service, and we can take action against any or all of the joint holders); and
• any joint holder can use the joint account, product or service, subject to any restrictions agreed with us in a signed account operating authority (if applicable) for that account, product or service. For a joint account, this could include making withdrawals or transactions without the knowledge of the other joint holder(s).

If a dispute arises between joint holders, you must tell us immediately. We may suspend the operation of the joint account, product or service until we are satisfied that the dispute has been resolved. Withdrawing from a joint account, product or service If a joint holder instructs us that he or she wishes to withdraw from a joint account, product or service, we will either suspend the operation of the account, product or service, or remove that party from the account, product or service. In both cases, we will let all joint holders know what action we are taking as soon as possible. However, all joint holders will remain jointly and individually liable for all amounts owing to us (including transactions made but not processed) as at the date of the suspension or removal, until the amounts owing are paid in full. If a joint holder instructs us to close or cancel a joint account, product or service, we can act on the instruction except for accounts with a signed account operating authority stating that two or more are required to operate it. If this happens, we will either suspend or close the account, product or service. However, all joint holders will remain jointly and individually liable for all amounts owing to us on the account, product or service (including transactions made but not yet processed) as at the date of the suspension or closure, until the amounts owing are paid in full. If a joint holder dies, we may allow the remaining joint holders to use the account, product or service, or we may need to close it and establish a new one with the remaining joint holders. Any money in a joint account will belong to the surviving joint holders. The death of a joint holder does not discharge his or her liability to us. If we give a notice or communication about a joint account, product or service to one of the joint holders, then as far as permitted by law, all joint holders will be treated as having received that notice or communication. Where we hold information about a joint holder in relation to a joint account, product or service, or information about an account, product or service and the transactions on it, we may disclose this information to other joint holder(s) of that account, product or service.

Trusts

If you are a trustee of a trust, you must tell us in writing immediately if the trust is appointing a new trustee (or is considering appointing a new trustee) or if a trustee is retiring. As an individual trustee, you acknowledge that:

• our terms will continue to bind you despite any changes which may take place in the trustees (including by death, dissolution, bankruptcy, insolvency, mental incapacity, retirement or admission of any trustee) or the fact that the trust no longer carries on business; and
• you are personally liable for all obligations of the trust so that we may have recourse to your personal assets on the same basis as any other personal creditor.

Except where our specific terms say otherwise, if you are a limited liability trustee, then your liability to us under our terms is limited to the trust assets, except to the extent that we are unable to recover amounts owing under our terms from the trust assets:

• because you do not have the right to be fully indemnified out of the trust assets in priority to the interests of the beneficiaries in respect of all obligations incurred by the trustees under our terms; or
• because one or more of the other trustees does not have the right to be fully indemnified out of the trust assets in priority to the interests of the beneficiaries in respect of all obligations incurred by the trustees under our terms, where you were aware of this but failed to tell us in writing immediately on becoming aware; or
• because of any dishonesty, wilful default or misconduct by you in respect of your obligations under the trust or our terms.

In these circumstances, this limitation of liability will not apply to you, and you will be liable to us from your personal assets for the amount that we would have been able to recover from the trust assets if these circumstances did not exist. Once a trustee retires and we have been informed in writing, that trustee will not be liable for any further debts the trust takes on after that point in time.

Partnership accounts

If you are a partner in a partnership (other than limited partnerships registered with state or federal authority), you must tell us in writing immediately if the partnership is appointing a new partner (or is considering appointing a new partner) or if a partner is retiring. As a partner, you acknowledge that:

• our terms will continue to bind you despite any changes which may take place in the partners (including by death, dissolution, bankruptcy, insolvency, mental incapacity, retirement or admission of any partner) or the fact that the partnership no longer carries on business; and
• as well as your joint liability as a partner, you are individually liable for all obligations of the partnership so that we may have recourse to your personal assets on the same basis as any other personal creditor.

Once a partner retires and we are informed in writing, that partner will not be liable for any further debts the partnership takes on after that point in time.

Youth accounts

Youth accounts are available to those under 18 years of age. See our specific terms for further details. Children under 13 years of age require a parent or guardian to operate their account. Once children are over 13 years of age, they can operate their account on their own, including withdrawing money without the permission of a parent or guardian, except where a pre-existing account operating authority indicates that the parent or guardian’s permission is required. Once children reach 18 years of age, they can operate their account on their own, even where a pre-existing account operating authority indicates that the parent or guardian’s permission is required. The one exception to this is where the account operating authority specifically requires two individuals to sign.

Important rules about liability

Except to the extent our terms or the law requires otherwise, and in addition to any other liability you may have, you agree to indemnify (i.e. pay) us on demand for:

• all costs (including enforcement, collection, court and legal costs) that we reasonably incur in responding to, or dealing with the effects of, your failure to pay amounts that you owe to us, your breach of our terms, or your fraud or other wrongdoing;
• all liabilities arising from third party claims that we incur because of your breach of our terms, or because of your fraud or other wrongdoing, and all costs that we reasonably incur in defending or settling those claims (including court costs and legal costs);
• all liabilities arising from third party claims that we incur because of following your instructions, and all costs that we reasonably incur in defending or settling those claims (including court costs and legal costs); and
• all losses suffered by us, by our other account holders or customers and/or by any other third party, through unauthorised transactions that were caused or contributed to by your breach of our terms, or by your fraud or other wrongdoing.

However, you will not be liable under this clause for losses or liabilities that result directly from fraudulent or negligent conduct by us (or by our employees, agents or suppliers involved in the provision of our accounts, products or services). To the extent permitted by law, we are not liable for circumstances beyond our control, including delays or failures due to strikes or disputes or any machine or system failures.

What else do you need to know?

You must comply with federal, state and territory laws, along with the laws of any other country that apply to you) when using your accounts, products or services. When you are dealing with us by telephone or other electronic channels, your conversation with us may be recorded and retained for verification or training purposes. We may, at any time and without notice, combine some or all of your accounts with us in order to meet or reduce any amount you owe to us. In doing this we can convert any currency you hold with us into another currency or use any amount held in a joint account. However, we cannot set off deposits or amounts held for you with our related entities against amounts you owe to us. We may, at any time and without notice, set-off any amount that you owe us against any amount we owe you, including amounts in your accounts with us. Our rights of set-off under our terms are contractual rights affecting the terms on which you hold a credit balance in an account. Those rights do not create any security interest in that credit balance, nor do they affect any other right of set-off, combination of accounts, liens or other right to which we are entitled, whether by law or contract. You cannot set-off any amount we owe you against any amount you owe us. If we receive or hold any property, items or documents for you for any purpose and you owe us money, we may at our discretion exercise a lien over the property, item or document as security.

Assignment

You must not assign, mortgage, charge, grant a security interest over or in any way encumber any right or obligation you have under our terms or in your accounts, except with our prior consent in writing. We can transfer or assign some or all of our rights and obligations in respect of your accounts, or any other relationship you have with us, to one or more other persons. We do not need to give notice of this. If you feel we haven’t delivered on what we promised, please let us know so we can try and resolve the issue.

Complaint Resolution

If you’re not satisfied with the outcome of a complaint you make, you can send a request in writing to our CEO to review your concerns. We take all concerns seriously and every complaint is fully investigated.

Jurisdiction

Our terms are governed by the State of Queensland, and the courts of Queensland have exclusive jurisdiction. If at any time part of our terms is found to be illegal, invalid or otherwise unenforceable, then this will not affect the rest of our terms. We can also change our terms at any time where we reasonably consider the changes are necessary to correct any illegality, invalidity or unenforceability. We will endeavour to give notice of the change at least 30 days in advance, but a shorter notice period may be required.

What are our responsibilities for the Vspry app?

We will take appropriate measures to ensure that our digital systems are secure and are regularly reviewed and updated for this purpose. We will never ask you in person or in writing to disclose your log-in details for the Vspry app, or any One Time PIN generated in in the Vspry app. If you incur a direct loss that is due to a security breach of digital systems as a result of our failure to take reasonable care and it is not caused or contributed to by you, we will reimburse you for that loss. Your computer or mobile device is not part of our system and therefore we cannot control, and are not responsible for, its security. However, we may provide you guidance, as how to best safeguard your online information and the steps you should take to protect yourself and your computer or mobile device from fraud, scams or unauthorised transactions.

How must you keep your computer or mobile device safe?

You must ensure that:

• you do not make unauthorised changes to your computer or mobile device (such as ‘jail breaking’ or ‘rooting’ your mobile device);
• you only download our apps from an official store such as Google Play or the Apple App Store; and
• you do not set up bio-metric access (such as fingerprint ID) to the Vspry app on your mobile device if someone else’s bio-metric information is or will be stored in the device.

You must tell us immediately if your computer or mobile device has been lost or stolen, or if you have replaced your mobile phone. We recommend that you ensure that your computer or mobile device has appropriate protective software installed (such as virus scanning, firewall, anti-spyware and anti-spam software) and that such protective software, together with the operating system installed on your computer or mobile device, is continually updated. However, you will not be held to have breached our terms or to have failed to take reasonable steps to protect your Vspry app, solely because you have failed to comply with this recommendation.

Can you stop or alter an electronic transaction?

You cannot stop or alter a transaction after it has been initiated. This means that if you allow a transaction to be processed before you receive goods or services, and you then do not receive those goods or services or are unhappy with them, you will not be able to reverse the transaction. You should always consider the security and standing of the merchant before you make a transaction.

One Time PINs including V-Code

When you request certain changes or transactions in the Vspry app, we may require you to enter a One Time PIN sent to your mobile phone number before we will process the request. For example, we might require this to update your personal details, create a transaction request to a new recipient, change a future dated transaction request, or create or amend a transaction request template. This list may change from time to time. Your One Time PIN may expire if you don’t use it in time, or if you enter the wrong code multiple times. Because One Time PINs are sent as text messages, you may be unable to make certain changes or transactions in the Vspry app where our messages are not delivered – for example, if there’s a problem with the mobile phone network, or you’re out of range or overseas without roaming. One Time PIN messages may include details of the change or transaction requested, such as transaction amounts or recipients. Keep in mind that these details can be seen by anyone who reads your text messages. If you have more than one mobile number on record with us, we’ll use what we consider to be your primary mobile number. You can update this if necessary. If you don’t have a mobile number on record with us, your account won’t be protected by One Time PINs.

How must you keep your log-in credentials safe?

You must:

• never disclose your log-in details for the Vspry app (or One Time PINs generated in the Vspry app) to anyone else, including Vspry staff, police or family members;
• not record your log-in details for the Vspry app (including keeping your password on a file or on your computer or mobile device);
• not create or use a password that can be easily found out, or uses personal information about yourself (for example, your family, street or pet names);
• create or use a password or PIN that is unique – your password or PIN should not be the same as or similar to passwords or PINs you have used in the past, or that you use to access your mobile device or any other service;
• change your password or PIN immediately if you have any reason to think that someone else does or may know them;
• take reasonable care when accessing the Vspry app to ensure that your log-in details are not seen by or disclosed to anyone else;
• take reasonable care when opening unexpected attachments or installing software on your computer or mobile device;
• not respond to any requests for your log-in details for the Vspry app (or any One Time PIN generated in the Vspry app), other than through the Vspry app;
• not leave your computer or mobile device unattended while you are logged on to the Vspry app;
• lock your mobile device to stop unauthorised use of the Vspry app or unauthorised access to your text messages;
• not use shared computers like those in internet cafes to use the Vspry app; and
• ensure that the mobile number on record with us is up-to-date at all times;
• not allow anyone else to have bio-metric access to your mobile device if you enable bio-metric access to your the Vspry app.

You must tell us immediately if you think there is any reason to suspect that your log-in details for the Vspry app are, or may be, known by another person or that there has been an unauthorised use of the Vspry app, or your account.

What is your liability?

You will not be liable for any loss resulting from unauthorised transactions made on your account through the Vspry app, unless you have acted dishonestly or negligently, failed to take reasonable steps to protect your Vspry app, or you have breached our terms, including but not limited to:

• failing to reasonably safeguard your computer or mobile device;
• having a bio-metric log-in enabled on your mobile device if someone else’s bio-metric details are registered to the device;
• selecting an unsuitable password, or failing to keep your log-in details for the Vspry app safe; or
• not telling us as soon as reasonably possible if there is any reason to suspect that your log-in details for the Vspry app are or may be known by another person or that there has been an unauthorised use of the Vspry app or your account.

If you are liable for unauthorised transactions made on your account(s) through the Vspry app, where you have acted negligently, failed to take reasonable steps to protect your Vspy app, or breached our terms, then your maximum liability for those unauthorised transactions will be the lower of:

• the actual loss at the time you let us know that your Vspry app may have been compromised, or that unauthorised transactions were occurring; or
• the balance that would have been available for withdrawal from your accounts (including any credit facility) between the time the unauthorised transactions began and the time you notified us.

However, if you have used or allowed your account to be used to process fraudulent or unauthorised transactions, then you may liable for some or all of the loss suffered by other parties who have been defrauded, regardless of the balance available on your account.

Definitions:

• authorised user: in relation to a particular account, product or service, a person who has been authorised by you to operate that account, product or service.
• business day: any day other than a Saturday, Sunday or a nationwide public holiday.
• electronic transactions: digital transaction services that we provide in an electronic form, including the Vspry app.
• information: includes but is not limited to “personal information”.
• joint holder: where you hold an account jointly with one or more others, or are signed up to a service or product jointly with one or more others.
• law or legal rule: any applicable law, regulation, code, industry rules or industry guidance, any requirement of a court, ombudsman or similar body, or any binding undertaking given to a regulator, domestically or internationally.
• limited liability trustee: in relation to a trust, a trustee that does not have any interest or right in relation to the assets of the trust (including as a beneficiary) other than as a trustee of the trust.
• organisation: includes but is not limited to any company, trust, partnership, limited partnership, incorporated association, government body, registered co-operative or managed investment scheme.
• our terms: these general terms together with the specific terms for each account, product or service.
• payment system: the relevant domestic payments system.
• product features: the stated features of our accounts, products and services, which may be set out in our application forms and brochures, at vspry.com on the specific pages for the relevant account, product or service, and/or in materials provided or made available to you around the time you take up a particular account, product or service. Our fees, transaction limits, and other rates are not product features.
• reasonable and reasonably: where our terms require us to act reasonably, or make a reasonable decision, or hold a reasonable opinion, this means that our action, decision or opinion must be within the range of possible actions, decisions or opinions that might be expected in the circumstances from a reasonable and prudent business, but it is for us to choose what we consider to be the most appropriate option within that range.
• related organisations: all organisations that we control, all organisations that control us, and all organisations that we are under common control with. For this purpose, “control” can be direct, or indirect through a chain of organisations where each one controls the next organisation in the chain.
• specific terms: additional terms and conditions that apply to particular accounts, products or services. These may include (among other things) eligibility criteria or usage rules for the relevant account, product or service, and may be set out in our application forms and brochures, at vspry.com, in materials provided or made available to you around the time you take up a particular account, product or service, and/or in other documents that we agree with you in writing.
• writing: includes email and secure messaging.