Swag Spend Account PDS

Approved 16 February 2023

1: About this Product Disclosure Statement

This document forms the Product Disclosure Statement (PDS) for your Swag Visa Debit card (Card) and Swag Spend account (Account). The PDS contains essential information, including the fees and other costs that apply to the Swag Visa Debit card and Swag Spend account.

This PDS is issued by Hay Limited ABN 34 629 037 403, Australian Financial Services Licence (AFSL) No.515459 (Hay).

This PDS is an important document designed to assist you in deciding whether to acquire the financial product to which it relates – the Swag Visa Debit card and Swag Spend account. You should read this PDS in full before applying for the Swag Visa Debit card and Swag Spend account.

The use of the Swag Visa Debit card is governed by this PDS document which incorporates the Terms and Conditions of the Swag Visa Debit card and Swag Spend account. The Terms and Conditions for use of the Swag Visa Debit card may be attached to this PDS or provided as a separate document and should be read together.

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. Nothing is intended to constitute investment, legal, tax, accounting or other professional advice and you should seek professional advice on whether the Swag Visa Debit card and Swag Spend account are appropriate for your particular circumstances.

2: Important information

The PDS has been lodged with the Australian Securities and Investments Commission (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.

Changes to the PDS

Information regarding your Swag Visa Debit card and Swag Spend account may need to be updated from time to time. Any updated information that is not considered to be material will be made available on the website at http://www.swagapp.com/legal/terms-conditions/swag-spend-account/PDS. Any updated information that may be material will be included in a replacement or supplementary PDS.

3: Parties Involved in the Distribution of the Swag Visa Debit card

Hay Limited ABN 34 629 037 403 (Hay), is the holder of Australian Financial Services Licence (AFSL) No. 515459. Hay is a principal member of Visa Australia. Under its AFSL, Hay is authorised to provide financial products and or services, including the issuing of non-cash payment facilities such as the Swag Visa Debit card and the Swag Spend account.

Employment Hero Financial Services Pty Ltd ACN 606 879 663 of Level 2/439-441 Kent Street, Sydney NSW 2000 as the authorised corporate representative (authorised representative number 001234046) (Employment Hero) and Hay have entered into an agreement for Employment Hero to distribute and provide general product advice on behalf of Hay regarding the issued non-cash payment financial products.

Employment Hero is authorised to arrange and deal with customers in relation to the financial product and services Hay has issued, limited to the Swag Visa Debit card and Swag Spend account.

Employment Hero can be contacted via:

Email: swagspendhelp@employmenthero.com

App: Money > Support > Help > Contact us

4: Product Issuer

The Issuer of the Swag Visa Debit card and the Swag Spend account is Hay and if you hold an approved Swag Visa Debit card and Swag Spend account, you will have a financial product with Hay Limited.

Hay can be contacted via:

Email: support@hellohay.co

Mail: Hay, P.O. Box 772, Surry Hills, NSW 2010

5: Roles of the Card Distributor and Issuer

Employment Hero is responsible for the distribution and provision of general product information about the Swag Visa Debit card and Swag Spend account as issued and approved by Hay, Employment Hero is also authorised to provide customer service support.

Neither Employment Hero, nor anyone else acting on its behalf, has the authority on behalf of Hay to:

• tell you anything about the Swag Visa Debit card that is inconsistent with the information in this PDS;
• provide you personal financial product advice (i.e., financial product advice that has considered one or more of your objectives, financial situation and needs) about the Swag Visa Debit card and Swag Spend account; and
• do anything else on Hay’s behalf, other than marketing, arranging for the issue of and providing customer services for the Swag Visa Debit card and Swag Spend account.

6: Spend Balance

The Spend Balance of your Swag Spend account is the dollar value (in AUD) that is available in your Swag Spend account. The Spend Balance is held in an Employment Hero segregated customer funds account maintained by an Australian Authorised Deposit Institution.

Hay holds the Spend Balance on trust for you, in accordance with this PDS and the Terms and Conditions and you acknowledge that the Spend Balance can be used to meet settlement obligations in respect of your transactions and to provide security for those settlement obligations.

7: Who is Eligible for the Swag Visa Debit card and Swag Spend account?

To be eligible for the Swag Visa Debit card and Swag Spend account you must be:

• Be an individual person; and
• 16 years of age or older;
• an Australian resident.

8: About the Swag Visa Debit card and Swag Spend account

The financial product issued by Hay is a non-cash payment product e.g., a Visa Debit card. The Swag Visa Debit card is not a credit or charge card and is not a Stored Value card.

Hay will open a virtual account in your name to which you can deposit funds which will become your Spend Balance. The Swag Visa Debit card accesses these funds to enable you to conduct transactions at merchants that accept Visa Debit cards.

The Swag Visa Debit card and Swag Spend account are financial products that are regulated by the Corporations Act 2001 (Cth).

• You can obtain an Swag Spend account and Swag Visa Debit card via the Swag App.
• You can deposit funds to the Swag Spend account which can be accessed by the Swag Visa Debit card. Deposits can be made by electronic funds transfers from an account held with another financial institution.
• The Swag Visa Debit card is linked to your Swag Spend account.
• Once you have Spend Balance in the Swag Spend account, you can use the Swag Visa Debit card anywhere in the world (where Visa Debit cards are accepted) to access your funds and make payments.
• You can use the Swag Visa Debit card to withdraw cash at ATMs (subject to daily limits).
• Your Swag Spend account is linked to your Swag Visa Debit card.
• You can make Pay Anyone transactions from your Swag Spend account via the Swag App.
• You can create up to 9 Stash accounts. Stash accounts are segregated sub-accounts nested under the Swag Spend account.
• You can only access the available Spend Balance in the Swag Spend account. The Swag Visa Debit card is not a credit card. It is a debit card which always means that, you access your funds.
• The Swag Spend account cannot have a negative balance. If there are insufficient funds in the Swag Spend Account, the transaction will be declined;
• Your Swag Spend account is not a bank account, and no interest will be payable on the Spend Balance.

9: Significant Benefits to Card and Account Holders

The significant benefits of the Swag Visa Debit card are:

• it reduces the need to carry cash and is a convenient way to make payments at merchants who accept Visa Debit Cards;
• it is convenient to deposit funds to the Swag Spend account as many times as you like (subject to daily limits);
• you can only access the available Spend Balance in the Swag Spend account. The Swag Visa Debit card is not a credit card. It is a debit card which always means that, you access your funds.
• the Swag Visa Debit card can be used on the internet or telephone to make payments;
• the Swag Visa Debit card can be used to withdraw cash at ATMs (subject to daily limits);
• no Hay currency conversion fees apply (although other financial institutions involved in the conversion may do so);
• if your Swag Visa Debit card is lost or stolen you can immediately freeze it through the Swag App; and
• you can cancel the Swag Visa Debit card within the Swag App.

Significant benefits of the Swag Spend account are:

• you can see detailed information about merchants you purchase goods from;
• you can make payments from and receive payments to your Swag Spend account instantly in the same way you do a bank account (even though the Swag Spend account is not a bank account);
• you can easily search all transactions via amount, date, Merchant name and location;
• you can track monthly spending via categories and Merchants;
• you can track travel spending per country or trip automatically with travel mode;
• you can easily see foreign exchange values of your held funds in AUD to local international currency;
• you receive the Visa exchange rate at the interbank rate at the time of settlement (no margin, spread or fees charged by Hay).

10: Significant Risks of the Swag Visa Debit card and Swag Spend account

The significant risks of the Swag Visa Debit card and Swag Spend account are:

• unauthorised transactions could happen if your Swag Visa Debit card is lost or stolen, if your PIN is revealed to an unauthorised person, as a result of fraud, or if you breach the terms and conditions of the Swag Visa Debit card and Swag Spend account outlined in this PDS or the terms and conditions;
• you might not be able to get your money back if unauthorised transactions or mistaken transactions occur. The higher the Spend Balance, the higher the risk if the funds are accessed without authority;
• due to equipment errors, malfunctions or equipment being used incorrectly, the same transaction may be processed more than once, or transactions may not be processed at all;
• due to equipment errors, malfunctions or equipment being used incorrectly, you may not be able to access the Spend Balance funds;
• merchants and ATM operators (domestic and international) may charge fees for using the Swag Visa Debit card at their facilities and these fees may increase;
• if the network enabling the use of a Swag Visa Debit card or Swag Spend account is unavailable, you may not be able to perform transactions or get information using the Swag Visa Debit card;
• merchants may, at their discretion, refuse to accept the Swag Visa Debit card as a method of payment. You should always check with the merchant that it will accept the Swag Visa Debit card before purchasing any goods or services;
• you will not earn interest on any available Spend Balance in your Swag Spend account;
• the Financial Claims Scheme (see fcs.gov.au) does not apply in relation to your Swag Visa Debit card or your Swag Spend account. If Hay fails, any Spend Balance held on your Swag Spend account will not be protected by the FCS, and you may lose all or part of your Spend Balance; and
• as Hay has not considered your individual circumstances or needs and you should get your own independent tax advice on the impact that the Swag Visa Debit card or Swag Spend account may have on your personal tax liability.

11: Fees

The fees that apply for the issue and use of the Swag Visa Debit card and Swag Spend account are as follows:

Transaction Fees
Account Opening	$0
Account keeping	$0
Overdrawn	$0
Direct Debit Dishonour	$0
Domestic ATM withdrawal	$0 – Hay does not charge any ATM fees. A fee may be charged by the ATM operator
Domestic Transaction	$0
International transaction	0%
International ATM withdrawal	Your Swag Spend Account is fee-less for everything except overseas ATM withdrawals above $500 per month. Where you withdraw more than $500 in a month, a fee of 1.5% of the withdrawal amount (in excess of the $500) applies.
Card replacement	$0
Transaction disputes
Card payments	$0
Non-card payments and transfers	$0

12: Limits

There are default limits that apply to the Swag Visa Debit card and Swag Spend account for:

Maximum balance	$50,000
Minimum balance	$0 (no overdraft facility)
Maximum deposit per day	$25,000
Maximum ATM cash out per day	$500
Maximum Direct Debit per day	$2,000
Maximum single Pay Anyone transaction	$5,000
Maximum single Visa Debit card transaction	$10,000
Maximum Visa Debit card transaction per day	$10,000
Total daily transaction limit	available Spend Balance

At any time, we can adjust the limits to protect your interests or ours however, unless the adjustment is required urgently for security purposes, we will inform you in advance of the adjusted limits.

You can find the actual limits that apply to your Swag Visa Debit card and Swag Spend account within the Swag App.

We will let you know via the Swag App if your limits are adjusted.

13: Cooling off rights

There are no cooling-off rights attached to the Swag Visa Debit card or Swag Spend account. However, you may cancel the Swag Visa Debit card or close your Swag Spend account at any time.

14: Disputing a Transaction

We encourage you to review your transaction history regularly. Where your Swag Visa Debit 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 of the transaction date.

15: Problems or Complaints

When you provide feedback to us, we have the opportunity to improve our services to you. If you have a query about the Swag Visa Debit card, you should initially direct the query to Employment Hero, Swag Spend support team.

Swag Spend support team can be contacted via:

• Email: swagspendhelp@employmenthero.com or swagspendcomplaints@employmenthero.com
• App: Money > Support > Help > Contact us

If you are unable to resolve your issue with Employment Hero directly, you can escalate your enquiry to Hay via support@hellohay.co. Hay aims to resolve the matter on your initial contact with Employment Hero. However, if the matter cannot be resolved immediately, we will take the following steps:

1. letting you know who is handling your complaint;
2. keeping you informed of what is happening; and
3. aiming to resolve your complaint within 30 Business Days.

Once your complaint is resolved, we will check with you to make sure you are satisfied with how your complaint was handled.

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:

Mail: GPO Box 3, Melbourne VIC 3001

Phone: 1800 931 678 (free call)

Website: www.afca.org.au

Email: info@afca.org.au

16: Legal terms and conditions

The terms and conditions for use of the Swag Visa Debit card and Swag Spend account are set out in the Terms, which can be accessed here. You should read and understand these terms before acquiring the Swag Visa Debit card and Swag Spend account as they primarily govern the legal relationship between you and us. You can download an electronic copy of the Terms via the Swag website.

The Terms cover:

• how to use your Swag Visa Debit card and Swag Spend account and restrictions of use;
• security requirements and what to do where you lose your Swag Visa Debit card, or your Swag Spend account is compromised;
• what will happen where you make a mistaken payment, or an unauthorised transaction occurs;
• limits on what Hay is responsible for;
• suspension and termination of your Swag Visa Debit card or Swag Spend account; and
• changes to the terms and conditions.

The above points are a high-level summary of what is covered in the Terms and Conditions and not a substitution for reading those. We strongly encourage you to read and understand the Terms and Conditions as well as the Privacy Policy before obtaining the Swag Visa Debit card and Swag

17: Applicable laws

Privacy

We are committed to complying with the Australian Privacy Principles established under the Privacy Act. Our Privacy Policy sets out detailed information about how, why and when personal information is collected, disclosed, used, stored and otherwise handled by us. Our Privacy Policy is available on our website at www.hellohay.co/privacy. You may request a copy of our Privacy Policy in hard copy.

Our Privacy Policy sets out:

• the purposes for which we collect your personal information;
• the consequences if you don’t provide your personal information to us;
• the third parties to which we disclose your personal information;
• how to access and seek correction of your personal information;
• how to complain about a breach of our obligations in respect of your personal information and how we will deal with such a complaint; and
• whether your personal information is likely to be disclosed by us to overseas entities and in which countries these entities reside.

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 Swag Visa Debit card and the Swag Spend account. We may also be required to delay or suspend the Swag Visa Debit card or your access to the Swag Spend account.