Vault Reloadable Open Loop Card Product Disclosure Statement

4 September 2025

In this Product Disclosure Statement for the Vault Payment Solutions Reloadable Mastercard you will find:

Part A – General Information

Part B – Definitions

Part C – Terms and Conditions

Part A – General Information

1. About this Product Disclosure Statement

This document forms the Product Disclosure Statement (“PDS”) for your Vault Payment Solutions Mastercard (Card). The PDS contains important information, including the fees and other costs that apply to the Card.

This PDS has been prepared by Vault Payment Solutions Group Pty Ltd ABN 66 632 373 105 (Vault) as a requirement under the Corporations Act 2001 (Cth). Vault is an authorised intermediary of Flexewallet Pty Ltd ACN 164 657 032 AFSL no.448066 (Flexewallet) authorising it to issue non-cash payment facilities. Non-cash payment facilities are issued by Vault pursuant to an intermediary authorisation agreement between Vault and Flexewallet. Under that agreement, Flexewallet offers to arrange for the Cards to be issued by Vault pursuant to an intermediary authorisation for the purposes of section 911A(2)(b) of the Corporations Act 2001 (Cth).

This PDS is an important document designed to assist you in deciding whether to acquire the financial product to which it relates – the Card. You should read and understand this PDS in full before using the Card to help you decide whether the Card is right for you.

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.

2. General Product Description The Card is a prepaid, reloadable Mastercard.

The Card allows you to load Stored Value on onto the Card and provides you with the means to receive access to the Stored Value anywhere in the world where debit Mastercard cards are accepted. At Vault’s discretion, Vault may allow your Card to be available as either a Physical Card or as a Digital Card.

The Card may only use the Stored Value loaded to the Card and must be within the transaction limits listed in the Card Terms and Conditions in Part C. The Card is not a credit or charge card. The Stored Value does not earn interest for the Cardholder and is not a bank deposit.

The terms which govern the Card are set out in the Card Terms and Conditions in Part C of this document.

You agree to be bound by the Terms and Conditions by loading the Digital Card to your Device Wallet or by using the Physical Card.

3. Fees and other costs

Applicable fees are as follows:

Fees and Charges to be paid by the Cardholder (AUD)
Card Issue and Funds Loading
Card Issue Fee	Nil
Replacement Card Fee for expired cards	Nil
Replacement Card Fee for lost or stolen cards	$5.95
ATM Withdrawals
ATM Transactions	As displayed on the ATM screen at the time of the relevant transaction
Account keeping fees
Monthly inactivity fee (charged after 180 days of Card inactivity)	$5.50
Foreign exchange fee	2.99% of the total amount of each transaction
Disputed transaction fee (per transaction) This fee may be charged by Vault in the event Vault is unsuccessful in disputing a transaction and finds that the dispute was lodged fraudulently or found to be illegitimate.	$27.50
Manual funds transfer fee – card to external bank account transfer	$27.50

All transaction fees are charged at the time of transaction and are included in the total purchase price. All fees and charges are expressed in Australian dollars and are inclusive of any applicable GST.

An ATM transaction fee may be charged by the owner of the ATM and incurred by you for using the ATM. This fee may vary depending on the operator and will be displayed on the ATM at the time that a transaction is made.

Certain merchants may charge an additional fee if the Card is used to purchase goods and/or services. This fee is determined and charged by the merchant and is not retained by us.

If you choose to obtain the Card you agree to pay the fees set out in this PDS. Whenever any of these fees are incurred or become payable, you authorise us to deduct it from the Stored Value and reduce the Stored Value accordingly.

Where a change to this PDS involves an increase to our fees and charges, the introduction of a new fee or charge or is otherwise materially adverse to you, we will notify you at least 30 days before the change takes effect. We will notify you of these changes by sending an individual notice to you (either by giving it to you personally or by email or via a notification on the App).

4. Statements of Account

By successfully applying for and using the Card, you acknowledge that we do not provide, and you will not receive, paper statements. Changes to the PDS

The information in this PDS is subject to change from time to time and is correct and current as at the date stated on the front cover.

Information regarding your Card may need to be updated from time to time, in accordance with the Terms and Conditions. Any updated information that is not considered to be materially adverse to customers will be made available on the Website or App. Alternatively, you may request a paper copy of any updated information free of charge from Vault by phoning (03) 9000 0012. Any updated information that may be materially adverse to customers will be included in a replacement or supplementary PDS.

The Card is not a credit or charge card and the Available Balance does not earn interest, unless as specified below. Your balance is not a bank deposit.

5. Parties Involved in the Issuing and Distribution of the Card

The issuer of the Card is Vault and if you acquire the Card, you will have a contract with Vault. Vault is a principal member of Mastercard International Incorporated. Vault is an authorised representative of Flexewallet and has an intermediary authorisation in place to enable it to provide financial services including issuing non-cash payment facilities, as described below.

Flexewallet Pty Ltd ACN 164 657 032 (Flexewallet) is the holder of an Australian Financial Services Licence (AFSL) (AFSL no.448066). Under its AFSL, Flexewallet is authorised to provide financial services including arranging for the issue of non-cash payment facilities.

Flexewallet can be contacted via:

Mail: G.P.O Box 380 Bourke Street, Melbourne VIC 3001

Phone: 03 9013 0066

Email: admin@flexewallet.com

Website: www.flexewallet.com

Vault Payment Solutions Group Pty Ltd ABN 66 632 373 105 is an authorised representative of Flexewallet (AFSL 448066). There is also an intermediary authorisation in place between Flexewallet and Vault to enable Vault to issue the Card.

Vault can be contacted via:

Mail: Suite 3.2/13 Cremorne Street, Cremorne VIC 3121

Phone: 03 9000 0012 (9am-5pm Mon-Fri AEST)

Email: info@vaultps.com.au

Website: https://www.vaultps.com.au

Vault is responsible for the distribution of the Card and customer service support for Cardholders.

The Available Balance in the Card is held in a client segregated monies account maintained by Vault with an Australian authorised deposit-taking institution (ADI). Australian Settlements Limited ACN 087 822 455 (ASL) is the ADI where the Available Balance is held.

Vault holds the Available Balance on trust for its Card customers, in accordance with this PDS and the Card Terms and Conditions. You acknowledge that the Available Balance can be used to meet our settlement obligations in respect of your transactions and to provide security for our settlement obligations.

Neither Vault, nor anyone else acting on its behalf, has the authority on behalf of Vault to:

tell you anything about the Card that is inconsistent with the information in this PDS;
give 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 Card; and
do anything else on Vault’s behalf, other than marketing, arranging for the issue of and providing customer services for the Card.

6. Who is Eligible for the Card?

To be eligible for the Card you must be:

an individual who is 18 years of age or older or a company;
an Australian resident;
meet Vault’s identification requirements; and
meet any additional eligibility criteria as determined by Vault (or its clients).

7. Significant Risks

Some of the risks that may be associated with the use of the Card are outlined below. The risks described are intended to be a summary of the major risks associated with the Card and are not exhaustive. There may be other risks that relate to the use of your Card.

Significant risks to customers are:

the ability to access the Stored Value through the Card is ultimately dependent on Vault making the Stored Value available. Accordingly, if there is a delay in the transfer of your Available Balance, there is a risk you may not be able to access the Stored Value through the Card;
in the event of Vault’s insolvency, your ability to continue using the Card may be affected. However, there should not be any impact on any Stored Value on the Card, as such amounts are held by Vault on trust for you and are not used for any other purpose apart from fulfilling your payment instructions;
the Card will expire at the date shown on the Card. You cannot access any Stored Value loaded on the expired Card and a new card will need to be issued;
Unauthorised Transactions can happen using the Card if, among other things, the Physical Card or Device on which your Digital Card is stored is lost or stolen, a personal identification number (“PIN”) is revealed to any other person, or because of fraud;
before authorising a Contactless Transaction, you must check that the correct amount is displayed on the terminal;
you may unintentionally use the Digital Card if you have multiple Digital cards within your Device Wallet and you inadvertently use the T Digital Card for purchases;
unintended transactions can happen if electronic equipment with which the Card is being used is operated incorrectly or incorrect details are input;
you might not be able to get your money back if Unauthorised Transactions or unintended transactions occur;
incorrect amounts may be charged if you do not confirm the correct transaction amount before using the Digital Card for a Contactless Transaction;
if the electronic network enabling the use of the Card is unavailable, you may not be able to undertake transactions or get information using the Card;
your Physical Card or Device could be lost, destroyed or stolen; and
the Financial Claims Scheme (described in section 9 below) does not apply in relation to the Card or your Available Balance.

8. Significant Benefits

The significant benefits of the Card are as follows:

the Card is a prepaid, reloadable Mastercard card which means that it can be used to pay for goods and services from merchants in Australia and around the world who accept Mastercard debit cards, including for online purchase transactions;
the Card can be used to access the Stored Value that is loaded to the Card;
the Physical Card may allow cash withdrawals at ATMs, where Vault enables that feature for your Card. Vault will inform you whether that feature is enabled for your Card;
the Physical Card allows purchases to be made wherever Mastercard cards are honoured for electronic transactions;
the Digital Card can be used to make Contactless Transactions. Simply place your Digital Card near or on the EFTPOS Device. The Digital Card must be added to a Device Wallet to enable you to use your Device to make simple and secure payments with the Pays. A PIN may be required when making purchases. You must set the PIN for your Digital Card via the App provided by Vault.

9. Important Information About the Financial Claims Scheme

The Financial Claims Scheme is a scheme administered by the Australian Prudential Regulation Authority (“APRA“) to protect depositors of authorised deposit-taking institutions from potential loss due to the failure of these institutions. It provides depositors with a guaranteed protection, up to a cap. As at the date of this PDS, the Financial Claims Scheme applies to deposits only. It does not extend to card products (including the Card).

The Financial Claims Scheme does not protect any Available Balance held on your Card.

For more information, see APRA’s website at https://www.fcs.gov.au/

10. Your Tax Liability

You should get your own independent tax advice in relation to the impact your use of the Card may have on your personal tax liability as Vault has not considered your individual circumstances or needs when issuing the Card.

11. Other Important Information

There are some other important things you need to be aware of about the Card:

it does not generate any interest or other return to the Cardholder. In other words, you do not earn interest on the Stored Value loaded to the Card;
the Stored Value will usually become available for use by you immediately for in-person transactions and card not present transactions;
in relation to Card transactions (other than Contactless Transactions), press the Credit button at point-of-sale terminals to access the Available Balance; and
the method of communication Vault will use to give you information will be Electronic Communication

The Card cannot be provided to the Cardholder until certain Cardholder identification information is provided (KYC Information).

For example, Vault may require KYC Information to ensure compliance with Vault’s obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and applicable sanctions laws. A Cardholder may be required to reconfirm identity details at any time and must supply any specified identification documentation within a reasonable period of time if requested. Vault will suspend the Card where required to comply with Vault’s obligations, including under the AML/CTF Laws, until identity details are verified.

12. Problems or Disputes

When you provide feedback to us, we have the opportunity to improve our services to you. If you have a query or complaint about the Card, you should direct the query or compliant to Vault.

Vault can be contacted via:

Mail: Suite 3.2/13 Cremorne Street, Cremorne VIC 3121

Phone: 03 9000 0012

Email: info@vaultps.com.au

Website: https://www.vaultps.com.au

Where your Card is used for Unauthorised Transactions, we will seek to reverse the transaction if we can under the Mastercard Scheme Rules using what is known as a chargeback right. Depending on the payment functionality that is utilised, the requirements surrounding Unauthorised Transactions may vary. Please refer to the relevant terms for details. 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 the Terms, Vault may not be responsible for any loss if you do not dispute an unauthorised Transaction within the timeframe stipulated in the Mastercard Scheme Rules.

Where you have made a complaint against Vault we will acknowledge your complaint promptly, either verbally or in writing and will aim to resolve the matter on your initial contact. However, if Vault can’t resolve your complaint within 5 business days, Vault will provide you with a written response providing the final outcome no later than 30 days after you make the complaint. Vault aims to resolve all complaints within less than 30 days. In some circumstances, more than 30 days may be needed to investigate a complaint; for example, if the complaint is complex, if there are delays caused by other financial institutions or merchants involved in resolving the complaint or where the Mastercard Scheme Rules govern the time taken to exercise a chargeback right.

Vault will commit to keeping you informed on the progress of your complaint.

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 Vault’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

Part B – Definitions

AFSL means Australian Financial Services Licence.

AML/CTF Laws means the Anti-Money Laundering & Counter-Terrorism Financing Act 2006 (Cth) and the Rules and other instruments under that Act.

App means the mobile application provided by Vault which allows you to manage your Digital Card, review transactions on your Digital Card.

ATM means Automated Teller Machine that accepts cards with the Mastercard brand for Cash withdrawals.

ATM Owners Fee means the fees charged by the owner of the ATM and incurred by a Cardholder for using an ATM. ATM Owner Fees may vary and will be displayed on the ATM at the time a transaction is made.

Available Balance means the monetary value recorded by Vault as available for transactions, less any purchases, authorisations, cash withdrawals, fees and charges or other amounts debited under the Terms and Conditions.

Biometric Identifier means a fingerprint, faceprint or any other similar biometric identifier.

Business Day means a day that is not a Saturday, Sunday or public holiday being a day on which banks are open for general banking business in Melbourne, Victoria.

Card means the Vault Payment Solutions Reloadable Mastercard and unless referenced separately, means both a Physical and Digital Card.

Contactless Transaction means a transaction made by holding a Device that stores a Digital Card (which can make a Contactless Transaction) against an EFTPOS Device to complete a transaction.

Device means a compatible smartphone or wearable device that supports a Device Wallet, enabling you to use a Digital Card as a payment method for purchase transactions.

Device Pass Code means anything used to unlock and access a Device including, but not limited to, a password, numerical code, pattern or Biometric Identifier.

Device Wallet means the Apple Pay, Google Pay or Samsung Pay mobile applications that store the Digital Card on a Device.

EFTPOS/POS means Electronic Funds Transfer at Point Of Sale/Point Of Sale.

EFTPOS Device means the device included in an authorised interchange network used by merchants to accepts cards for purchases at POS, including for Contactless Transactions.

Electronic Communication means a message which is sent to you and which you receive electronically, in a form that you can retain for later reference such as by printing or by storing for later display.

Expiry Date means the expiry date printed or displayed on the front, or back, of the Card as the case may be.

Flexewallet means Flexewallet Pty Ltd ACN 164 657 032 AFSL no.448066.

Financial Claims Schemes means the scheme administered by the Australian Prudential Regulation Authority (APRA) to protect depositors of authorised deposit-taking institutions from potential loss due to the failure of these institutions.

Funds Redemption Request has the meaning given to it in section 14.16.

Identifier means information that you know but are not required to keep secret and which you must provide to perform a transaction (for example, a Card number).

Mastercard means Mastercard International Incorporated.

Mastercard Scheme Rules means the Mastercard Scheme Rules and the Mastercard Technical Operational and Security Rules.

Negative Balance means a negative rather than a positive Available Balance.

PAN means the 16-digit Primary Account Number, which is the number printed on the Physical Card or provided in your Device Wallet (for Digital Cards).

Pass Code means a password or code that you must keep secret that is used to authenticate your identity or a transaction. Examples include a code delivered to you by text message to your mobile phone or email which is required to perform a transaction (often called ‘Two Factor Authentication’).

Pays Providers means the mobile payment and Device Wallet service created by Apple, Google and Samsung Pay, respectively.

Personal Information is information or an opinion about someone, including things like name, address, email, address, date of birth or driver’s licence number where the person it is about is identified or reasonably identifiable.

Physical Card means the plastic Mastercard issued by Vault.

PIN means the four-digit personal identification number which we issue to you to access some of the Card services, including withdrawing Cash from an ATM.

PIN Mailer means the letter sent to each cardholder including the Card and instructions on how to use your Card.

POS Transaction means Point of Sale transactions.

Privacy Policy means the Vault privacy policy available on the Website Product Disclosure Statement means this document.

Security Requirements means the Security Requirements described under section 14.8 “Card Security”.

Stored Value means the total amount of the Available Balance transferred to your Card and available.

Terms and Conditions means Part C of this document.

Digital Card means a card that has had sensitive personal information (including, but not limited to, a PAN) substituted for a unique identifier (token) by Mastercard and stored within a Device Wallet for you to use as payment. A Digital Card can be used for Contactless Transactions as well as card not present transactions, including online purchases.

Unauthorised Transaction means a transaction not authorised by you but does not include any transaction carried out by you or by anyone performing the transaction with your knowledge and consent.

Vault means Vault Payment Solutions Group Pty Ltd ABN 66 632 373 105. Vault is the issuer of the Card.

we, us, our means Vault and, except where the context indicates a different intention, also includes any agent acting on behalf of Vault.

Website means the secured web site for the Card shown on the PIN Mailer, on the back of the Physical Card and any additional or replacement website we notify you as the website for the purposes of these Terms and Conditions from time to time.

You refers to a person who has opted in for and has been (or is to be) issued with the Card. Any other grammatical form of the word “you” has a corresponding meaning.

Part C Terms and Conditions

13. Terms and Conditions

13.1 Overview

These Terms and Conditions govern the use of the Card. Please read them carefully and keep a copy for your records. By loading the Digital Card to your Device or by using the Physical Card, you agree to be bound by these Terms and Conditions. You also acknowledge and agree to the disclosures and other information contained in the Product Disclosure Statement. Those disclosures and information form part of the agreement between you and Vault except to the extent that these Terms and Conditions provide otherwise or qualify the disclosures and information. All amounts of money specified in these Terms and Conditions are in Australian Dollars. References to days, times or periods of time in these Terms and Conditions are in accordance with Australian Eastern Standard Time or Australian Eastern Daylight Time (as applicable).

You also agree to receive the notification about changes to the terms and conditions that are not materially adverse through the App. V

ault intends to make disclosures including Product Disclosure Statements and ongoing disclosure of material changes and significant events (together, Disclosures) available digitally, via the website and/or the App. Vault will notify you via the App when those Disclosures are available. After loading the Digital Card to your Device Wallet or by using the Physical Card, you will have seven days to opt out of receiving notifications about the availability of Disclosures via the App.

13.2 About the Card

The Card is a prepaid, reloadable Mastercard card and value must be loaded to the Card before it can be used. The Card allows purchases to be made wherever Mastercard cards are honoured for electronic transactions if a sufficient Available Balance exists for the amount of the transaction; Stored Value can be loaded (or reloaded) onto your Card in accordance with section 14.3 and the Physical Card allows cash withdrawals at ATMs in accordance with the limits outlined in section 14.10 If you permit someone else to make a purchase with the Card, you will be responsible for any transactions initiated by that person with the Card, this includes for transactions using the Digital Card stored within your Device Wallet. There is no interest payable to you on the credit balance on the Card. The Card is Vault’s property and remains the property of Vault. You must surrender the Card to Vault if we ask for it to be surrendered in accordance with Section 14.15. The card is not: • a Credit Card; • a facility by which Vault takes deposits from you.

13.3 Loading Value onto the Card

Vault will, in accordance with any conditions of distributing the Card to you (including, for example, determining who is eligible for receiving a Card), determine the method of loading, and amount of Stored Value loaded to the Card.

Vault reserves the right to decide the amount of Stored Value and the date and time that Stored Value can be loaded to the Card, in accordance with Vault’s risk-based procedures and controls as outlined in its AML/CTF Program and ML/TF Risk Assessment(s) Value can only be loaded to the Card as specifically provided in these Terms and Conditions and subject to the limits shown in Section 14.10.

For more information on how Vault determines the method of loading, and the amount of, Stored Value to the Card, refer to:

▪ if the Card is provided as part of a promotion, the promotional terms and conditions for distributing or offering the Card; or

▪ not provided via promotion or if otherwise unavailable, by contacting Vault at info@vaultps.com.au.

13.4 Activating the Card In order to use the Card, you must activate the Card. For a Physical Card, you must activate the Card via the Website. For the Digital Card, you must activate the Card via the App by following the instructions provided to you either via SMS or Email. You must activate the Card prior to the activation expiry date. The activation expiry date is stated in the SMS, Email or Letter you received with your card. Following activation of the Card, it will be ready to use from 12pm the following Business Day.

13.5 Using the Card

You agree not to make or attempt to make transactions that exceed the Available Balance and if you make or attempt to make any transactions that exceed the Available Balance then you will be liable for any Negative Balance, along with any costs or interest we incur in recovering or attempting to recover from you the amount owing. If a Negative Balance does arise, that does not mean that a Negative Balance will be allowed to arise or be increased on subsequent occasions. You can use your Card within the limits specified in Section 14.10. provided that you do not exceed the Available Balance and the expiry date for the Card has not passed.

Vault may restrict or stop the use of the Card if excessive uses of the Card or other suspicious activities are noticed. Once a transaction has been initiated, you cannot “stop payment”. If you have a problem with a purchase made with the Card, or a dispute with a merchant, you must deal directly with the merchant involved. If you cannot resolve the dispute with the merchant, you should contact Vault.

If you are entitled to a refund for any reason relating to a transaction, you agree to accept the refund under the policy of that specific merchant. If the Card is expired or revoked before you have spent any value loaded to the Card resulting from a refund, then you will have no access to those funds

We are not liable in any way when an authorisation is declined for any particular transaction regardless of reason.

If you permit someone else to use the Card, you will be responsible for any transactions initiated by that person with the Card.

You may not make pre-authorised regular payments with the Card. Your Card may not be used for any direct or recurring debit payments or for any mail or telephone order transactions.

13.6 Permitted purchases

(a) Purchase of goods and services Goods and Services may be purchased using the card and the payment is debited against the Available Balance. The Card allows you to purchase goods and services wherever Mastercard cards are accepted including:

» at an outlet within Australia that has an EFTPOS Device by either:

• inserting or swiping a Physical Card and selecting the ‘credit’ button; or

• for a Digital Card, making a Contactless Transaction.

» over the telephone or the internet by providing the PAN, expiry date and security code; or

» at outlets overseas wherever Mastercard cards is accepted, subject to the fees set out in Section 3.

When you are paying for goods and services by selecting the ‘credit’ button at an EFTPOS Device or providing the Card number to a merchant over the telephone or the Internet, you’ll be covered by Mastercard’s Zero Liability Protection Policy. This means you are protected against Unauthorised Transactions. Mastercard’s Zero Liability Protection Policy does not apply to ATM transactions or transactions not processed by Mastercard. Even though you need to select the ‘credit’ button when using a Physical Card, the Card is not a credit card.

(b) Withdrawal from an ATM

The Physical Card may be used at ATMs that accept prepaid Mastercard cards, where Vault has enabled that feature for your Card. Vault will inform you whether that feature is enabled for your Card. ATM transaction fees and charges may apply, including any ATM operator fees that vary by ATM operator. All ATM fees and charges will be automatically debited against the Available Balance. After the Available Balance has been exhausted or if there are insufficient funds for the payment of ATM fees and charges for a transaction in addition to the amount of a withdrawal, the ATM transaction will be declined.

13.7 PIN and Passcodes

Your PIN has been provided:

• In respect of a Physical Card, in the PIN Mailer (within which your Physical Card was attached); or

• In respect of a Digital Card, within the App once set by you.

You must not disclose your PIN to any other person.

A Pass Code may be provided to your registered Device to complete a transaction – this is often referred to as Two Factor Authentication. Where you are provided a Pass Code for Two Factor Authentication, you must not disclose that Pass Code to any other person.

To change your PIN:

• For a Physical Card, go to the Website listed on the back of your card:

» you will be prompted to enter your 16-digit Personal Account Number (PAN) along with personal details to verify your identity; and

» following verification of your identity a Pass Code will be sent to either your email address or mobile phone number as registered with the Card. The Pass Code will be required to allow you to access your PIN.

• For a Digital Card, via the App.

If you have any technical difficulty retrieving your PIN, please contact Vault on 03 9000 0012 (Mon-Fri 9am – 5pm AEST).

13.8 Security

You must make sure that you keep the Card, Device, Identifiers and any PIN’s or Pass Codes safe and secure. The precautions we require you to take (Security Requirements) are set out below. Important points to remember to safeguard your Card:

• Where your Card is a Physical Card, you should:

» memorise your PIN and never store it with or near your Card;

» never lend your Card to anyone;

» never communicate your PIN, or a Pass Code you have received, to anyone, including family or friends;

» interfere with any magnetic stripe or integrated circuit on the Physical Card;

» try to prevent anyone else seeing you enter your PIN into an ATM or device (“i.e. an electronic banking terminal”);

» never leave your Card unattended, for example in your car or at work;

» for security reasons, on the Expiry Date destroy the Physical Card by cutting it diagonally in half,

• Where the Card is a Digital Card, after you have added the Digital Card to your Device Wallet, you should:

» always have your device locked after use;

» have a Device Pass Code in place in order to unlock your Device;

» not share your Device Pass Code with anyone;

» remove any other registered Biometric Identifier which is not your own from your Device;

» never allow someone else to register a Biometric Identifier on your Device;

» ensure that any security details to access your Device or authorised a payment with your Device is not easily guessed,

• never write, or carry, the PIN with the Card or record the PIN or Device Pass Code on anything carried with the Card or Device that is liable to loss or theft simultaneously with the Card or Device, unless you make a reasonable attempt to protect the security of the PIN or Device Pass Code;

• immediately report the loss, theft or unauthorised use of your Card to Vault through the Website, on 03 9000 0012 (Mon-Fri 9am-5pm AEST) and

• examine your account statement on the Website or App to identify and report, as soon as possible, any instances of unauthorised use of the Card.

13.9 Loss, theft and misuse of the Card

If you know or have reason to suspect that your Card or Device is lost or stolen or damaged, likely to be misused or you have reason to suspect that someone else may know the PIN, Identifiers, Device Pass Code or a Pass Code, you must promptly notify Vault. We will then suspend your Card to restrict further use.

You may be required to confirm details of the loss, theft or misuse in writing (and to provide information in the confirmation) and you must comply with that requirement to the extent reasonable.

If any lost Card or Device is subsequently found, it must not be used, you must not attempt to use the Card associated with that Device.

Should your Card be retained by any ATM, the Card is deemed to be lost or stolen and hence cannot be recovered. In that event, you will need to contact Vault on 03 9000 0012 (Mon-Fri 9am – 5pm AEST). and arrange to be issued with a new Card. Replacement cards are subject to the fees included in Section 3.

13.10 Limitations on use of the Card

The following limitations apply to the Card:

• the Card may not be used for, and authorisation may be declined for, any illegal transactions; and

• some retailers may choose not to accept prepaid Mastercard cards.

The following table illustrates the transaction and load limits applicable to the Card. Merchants or other providers of facilities may impose additional limits.

Please note that subject to Vaults discretion, ATM transactions are only available for certain Physical Cards.

Load/transaction	Limit (AUD)
Point of Sale Limits
Maximum Point of Sale transaction amount (in any one transaction)	$15,000
Daily Point of Sale limit per day (including ATM Withdrawal transactions) (cumulative for all transactions)	$15,000
Maximum number of transactions per day (including POS and ATM Transactions)	25
Maximum number of transactions per day (including POS and ATM Transactions)
Maximum number of transactions per day (including POS and ATM Transactions)	$4,999
Maximum ATM Withdrawal Amount per transaction	$4,999
Maximum number of ATM transactions per day	10
Load and Account limits
Maximum Card Balance at any one time	$15,000
Daily Total Limit (from ATM and/or POS)	$15,000
Maximum Load to Card in any one transaction	$15,000
Maximum Load to Card per 24 hours	$15,000
Maximum number of loads to Card per 24 hours	10

13.11 Transactions including Foreign Transactions

You are able to check your Account Balance via the Website for Physical cards or via the App for Digital cards. You acknowledge that you will not receive paper statements from us regarding the operation of your Card. Periodic statements showing the transactions on your Card are available on the Website.

Provided you have registered your Card, its balance and transaction history will be made available 24 hours a day, 7 days a week, through the Website or App and can be accessed as instructed on the PIN Mailer at no charge (see Section 14.5“Using the Card”).

If you notice any error (or possible error) in any transaction or statement relating to Card, then you must notify Vault promptly. We may request you to provide additional written information concerning any error (or possible error) and you must comply with that request.

It is your responsibility to regularly review your transaction history to identify Unauthorised Transactions.

The Available Balance on your Card is in Australian dollars. Transactions made in a currency other than Australian dollars will be subject to the prevailing Mastercard exchange rate at the time plus a 2.99% foreign exchange fee. Example of Foreign Exchange Fee:

You make a purchase from a merchant located outside Australia (e.g. USA);
At the time, Mastercard’s prevailing exchange rate is US$1.00 = $0.95 Australian; You spend US$200.00;
The Australian dollar amount is US$200.00 x $0.95 = $190.00;

The foreign exchange fee is therefore 2.99% x $190.00 = $5.68.

13.12 Liability for Unauthorised Transactions

(a) Where you are not liable

You will not be liable for losses resulting from Unauthorised Transactions where you have not contributed to the loss. You will not be liable for losses resulting from Unauthorised Transactions are caused by:

» fraud or negligence by our employees or agents, a third party involved in networking arrangements, or a merchant or their employee or agent;

» a Card, Identifier or Pass Code which is forged, faulty, expired or cancelled;

» a transaction requiring the use of a Card and/or Pass Code that occurred before you have received the Card and/or Pass Code (including a reissued Card and/or Pass Code);

» a transaction being incorrectly debited more than once to your Card; or

» an Unauthorised Transaction performed after you have informed us that your Card has been misused, lost or stolen, or the security of a Pass Code has been breached.

You are not liable for loss arising from an Unauthorised Transactions that can be made using an Identifier without the Card or a PIN. Where a transaction can be made using the Card, or a Card and an Identifier (such as a Contactless Transaction using the Digital Card) without a PIN, you are liable only if you unreasonably delay reporting the loss or theft of a Device or the Physical Card.

(b) Where you are liable

You are liable for loss resulting from an Unauthorised Transaction if we can prove on the balance of probability that you contributed to the loss through fraud or breaching sections 14.9 and 14.12 of these Terms and Conditions. In those circumstances you are liable in full for the actual losses that occur between when you become aware (or should reasonably have become aware) of the theft or misuse of a Card or Device or the compromise of the PIN or Pass Code, and when you reported it to us; however:

» you are not liable for the portion of losses incurred on any one day more than any applicable daily transaction limit; and

» you are not liable for the portion of losses incurred in any period more than any applicable periodic transaction limit; and

» you are not liable for the portion of losses that exceeds the Available Balance; and

» you are not liable for the portion of losses incurred if you and we had not agreed that the Available Balance could be accessed using the Card or identifier and/or PIN used to perform the transaction.

You will be liable for losses arising from an Unauthorised Transaction that occurs because you contributed to losses by leaving a Physical Card in an ATM, as long as the ATM incorporates reasonable safety standards that mitigate the risk of a Physical Card being left in the ATM.

You will be liable for losses arising from an Unauthorised Transaction if we can prove on the balance of probability that you contributed to those losses by unreasonably delaying reporting the misuse, loss or theft of a Card or Device, or that the security of all PIN or Device Pass Codes has been breached. In those circumstances, you are liable in full for the actual losses that occur between when you become aware of the security compromise, or should reasonably have become aware in the case of a lost or stolen Card, but:

» you are not liable for the portion of losses incurred on any one day more than any applicable daily transaction limit; and

» you are not liable for the portion of losses incurred in any period more than any applicable periodic transaction limit; and

» you are not liable for the portion of losses that exceeds the Available Balance; and

» you are not liable for the portion of losses incurred if we and you had not agreed that the Available Balance could be accessed using the Card or Identifier and/or PIN used to perform the transaction.

If a PIN was required to perform an Unauthorised Transaction not already covered above, you will be liable for the lesser of:

» (c) $150; or

» the Available Balance; or

» the actual loss at the time that the misuse, loss or theft of a Card or breach of PIN security is reported to us, excluding that portion of the losses incurred on any one day which exceeds any relevant daily of other periodic transaction limit.

» If you report an Unauthorised Transaction, we will not hold you liable for losses arising from the Unauthorised Transaction for an amount greater than your liability if we exercised any rights under Mastercard Scheme Rules, at the time of the report, against other parties to the Mastercard scheme (for example, chargeback rights).

(c) Important Information about Chargebacks

A chargeback is a right under the Mastercard Scheme Rules by which a transaction can effectively be reversed by us debiting an amount to the merchant’s financial institution and crediting back to your Available Balance. We can only process chargebacks if the Mastercard Scheme Rules allow us to.

In some circumstances, you may be able to request a chargeback of a transaction when you have a dispute with a merchant; for example:

» where goods or services you paid for using the Card were either not as described or defective;

» where goods or services you paid for using the Card were not provided;

» where there was an Unauthorised Transaction on the Card;

» the transaction amount differs to the purchase amount; or

» where you believe a transaction has been duplicated.

If you believe that you are entitled to a chargeback, you must notify us as soon as possible by contacting Vault as the Mastercard Scheme Rules impose time limits for initiating chargebacks. The time limit is generally 90 days from the date of the disputed transaction.

If you request a chargeback, we may need you to provide additional information. If we do ask you for additional information that is reasonable in the circumstances and you do not provide it within 10 days, then you may lose any rights to the chargeback and if it has already been processed, we may reverse it.

Please note that if we process a chargeback, the merchant may have rights under the Mastercard Scheme Rules to have the transaction investigated further, and this can in some circumstances result in the chargeback being reversed (which means the original transaction might be reinstated by being debited to your Available Balance).

13.13 Replacing your Card

If your Card is misused, lost or stolen, you should notify Vault in accordance with section 14.9 so that the Card can be cancelled. You can request that Vault provide you with a replacement Card. A replacement Card will be arranged after you notify us that your Card or Card details are misused, lost or stolen in accordance with Section 14.9 and the misused, lost or stolen Card has been blocked. You will need to confirm your personal details, and activate the new Card in accordance with Section 14.9. Vault reserves the right not to issue a replacement Card to you

13.14 Expiry of the Card

The Card is valid until the expiry date shown on it unless it is cancelled before then. Your Card cannot be used after expiry. You cannot access any value loaded on the expired Card.

13.15 Cancellation and revocation of the card

Vault may cancel or suspend your Card and or terminate this agreement with you at any time. However, Vault may cancel or suspend your Card immediately if:

• we reasonably believe that use of the Card may cause loss to you or to us; or

• we reasonably believe that the card has been or is likely to be misused;

• we reasonably believe that it is required for security purposes, including where it is used for Unauthorised Transactions or due to fraud; or

• we suspect on reasonable grounds, that you have breached any material term or conditions of this PDS, including these Terms and Conditions;

• we suspect, on reasonable grounds, that the Card has been used illegally; or

• we were provided with false, inaccurate or incomplete information in connection with the application for your Card.

Upon the cancellation of your Card, we will notify you as soon as reasonably practicable.

13.16 Liability

We are not liable:

• if, through no fault of our own, the Available Balance is not enough to cover a transaction;

• if, through no fault of our own, an EFTPOS Device or system does not work properly;

• if circumstances beyond Vault’s control prevent a transaction, despite any reasonable precautions having been taken by us;

• where there is any loss resulting from any failure due to events outside our reasonable control;

• where there is any loss resulting from any system failure or industrial dispute outside our reasonable control;

• for any industrial dispute; • for any ATM refusing to or being unable to accept the Physical Card;

• for the way in which any merchant refuses to accept the Card; • for any indirect, special or consequential losses;

• for any infringement by you of any currency laws in the country where the Card is issued or used;

• for any dispute between you and the supplier of any goods or services purchased with the Card;

• for our taking any action required by any government, federal or state law or regulation or court order; or

• for anything specifically excluded or limited elsewhere in these Terms and Conditions,

except to the extent that the liability is caused by our fraud, negligence or wilful misconduct (including that of our officers, employees, contractors or agents).

Our liability in any event shall not exceed the amount of the Available Balance except in relation to:

• Unauthorised Transactions; and

• consequential losses arising from a malfunction of a system or equipment provided by any party to a shared electronic network (unless you should reasonably have been aware that the system or equipment was unavailable or malfunctioning, in which case our liability is limited to correcting any errors and refunding any fees or charges imposed on you).

If any warranties or conditions are implied because of Part 2 of the Australian Securities and Investments Commission Act 2001 or any similar law in respect of services supplied under these Terms and Conditions or in connection with the Card, then our liability for a breach of such a warranty or condition will in any event be limited (to the extent permitted by Applicable Law) to:

• the supplying of the services again; or

• the payment of the cost of having the services supplied again.

Vault does not make or give any express or implied warranty or representation in connection with the Card (including quality or standard or fitness for any purpose), other than as set out in the PDS and these Terms and Conditions or when the warranty or representation is imposed or required by law and cannot be excluded.

Vault is not liable for any loss you suffer (including indirect or consequential loss) arising in connection with the Card (whether a failure to provide the Card or its loss, theft or destruction), except to the extent that the liability is caused by our fraud, negligence or wilful misconduct (including that of our officers, employees, contractors or agents).

Vault’s obligation to the Cardholder in relation to the functionality of the Device Wallet is limited to securely supplying information to Pays Providers to allow the use of the Card within a Device Wallet. Vault is not otherwise liable for the use, functionality or availability of the Device Wallet, the availability of compatible EFTPOS Devices, or a reduced level of service caused by the failure of third party communications and network providers.

You will need to agree to the respective Pays Provider’s terms and conditions to use the Digital Card.

Any failure or delay enforcing a term of these Terms and Conditions does not mean a waiver of them.

13.17 Communicating with you

You agree that we may give written notices or other communications to you under or in connection with these Terms and Conditions by either:

• sending the notice, information or communication using email or the App; or

• using email to notify you that the notice, information or communication is available from an electronic address (such as the Website)

You may vary your nominated email address by notifying Vault through the contact details outlined within Section 6and satisfying Vault of your identity. In addition, we may give you notices, information or other communications to you relating to the Card:

• by sending communications to the email address last known to us, or which you last gave us for sending notices and communications to you;

• by making the notice available on the App;or

• if the notice or communication is not personal to you – by publishing a notice to the Website.

If we give a notice, information or other communication to you electronically, you are taken to have received it on the day it is transmitted. You agree that, for the purpose of communications received by us by email or through the Website, we:

• may verify your identity by reference to any or all the information given by you when applying for the Card or during the Card activation or any changes made to this information; and

• may proceed on the basis that we are satisfied by that verification.

13.18 Updating your contact details

You must notify us promptly of any change to your address and other contact details by notifying Vault. We will not be responsible if you do not receive any notice or correspondence that has been sent in accordance with the contact details you have provided. You should also notify us if you change your name.

We accept no responsibility or liability for late, lost, or misdirected SMS messages or emails caused by inaccurate provision of personal details by you, or by system constraints or failures experienced by your email or mobile phone service providers.

13.19 Obligations under AML/CTF and Sanctions Laws

Vault is subject to the AML/CTF Laws. Before the Card can be activated, Vault may be obliged to collect certain identification information from you (and verify that information) in compliance with the AML/CTF Laws. Customer identification information includes (but is not limited to) detailed ‘know your customer’ (KYC) information about the Cardholder, any person on whose behalf the Cardholder is acting, and if the Cardholder is not an individual, information about the Beneficial Owners of the Cardholder including:

• name;

• address; and

• date of birth (together, KYC Information).

We may require additional information from you to assist us in identification and verification processes, and may need to re-verify information.

When the Available Balance reaches applicable limits under AML/CTF Laws Vault will verify the KYC Information. Vault will suspend services until verification is successful, and suspension times will vary depending on whether we require a Cardholder to provide, confirm and/or reconfirm identity details or documentation. Vault may cancel a Card where the KYC Information is not provided after a reasonable period of time after requested.

You should be aware that:

• Vault is not required to take any action or perform any obligation under or in connection with the Card if it is not satisfied as to your identity, or where there are reasonable grounds to suspect that by doing so it may breach the AML/CTF Laws;

• transactions may be delayed, blocked, frozen or refused where we have reasonable grounds to believe that they breach Australian law or sanctions (or the law or sanctions of another country);

• where transactions are delayed, blocked, frozen or refused, Vault is not liable for any loss you suffer (including consequential loss) howsoever caused in connection with your Card, except to the extent that the liability is caused by our fraud, negligence or wilful misconduct (including that of our officers, employees, contractors or agents);

• Vault may from time to time require additional information from you to assist us in the above compliance process;

• under legislation we are required to disclose information about suspicious matters to regulatory and/or law enforcement agencies and may be prevented from informing you of such disclosure;

• Vault may undertake screening to determine whether the Cardholder, any beneficial owner of the Cardholder, any person on whose behalf the Cardholder is receiving the designated service, or any person acting on behalf of the Cardholder is a politically exposed person, or a person designated for targeted financial sanctions; and

• where legally obliged to do so, Vault will disclose the information gathered to regulatory and/or law enforcement agencies, banks, service providers or to other third parties.

You provide Vault with the following undertakings and indemnify Vault against any potential losses arising from any breach by you of such undertakings:

• you will not initiate, engage or effect a transaction that may be a breach of Australian law or sanctions (or the law or sanctions of any other country); and

• the underlying activity for which your Card is being provided does not breach any Australian law or sanctions (or the law or sanctions of any other country).

13.20 Privacy and Information Collection

By activating the Card you acknowledge and agree that your personal information may be accessed and handled by Vault, its service providers and third parties in the manner set out below. If you do not agree to our doing so then we cannot make the Card available to you and you should not activate the Card.

Vault (in this Privacy Statement referred to as “we”), collects your Personal Information, along with information regarding your Device (such as device type and model, operating systems and security information) so that we can establish and administer the Card provided to you. Examples of Personal Information we collect includes names, addresses, email addresses, and phone numbers.

When we collect personal information, we will, where appropriate and where possible, explain to you why we are collecting the information and how we plan to use it. We also collect financial information such as any bank or credit card details used to transact with Vault and other information that allows Vault to transact with you and/or provide you with our services.

We collect and store your personal information for the primary purpose of creating and managing your Card. We are also required by various laws to collect and store certain personal information. Those laws include the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (‘AML/CTF Act’), the AML/CTF Rules under the AML/CTF Act, and other regulatory schemes. As part of this process, we use this information to verify your identity so that we can comply with the AML/CTF and Sanctions Laws.

We may also use your personal information to communicate with you and in circumstances where you would reasonably expect such use or disclosure.

We will only use your Personal Information:

(a) to provide the Vault products and services to you including by facilitating the issue and management of prepaid financial products, digital gift-cards and reward codes/coupons via the Vault Platform;

(b) to assist in arrangements with other organisations in relation to the provision of a product or service, including our processer;

(d) to inform and address any complaint that you raise with Vault and any subsequent legal action;

(e) to prevent and investigate any actual or suspected fraud, scam, unlawful activity or misconduct;

(f) to protect you and our products and services against fraud, theft and other unauthorised uses, including undertaking fraud monitoring and identification, and fraud analysis, risk assessment, fraud risk management, and identifying, preventing, disrupting and responding to scams

(g) to establish and verify the Cardholder’s identity (and any beneficial owners) and undertake any necessary KYC requirements, including through undertaking identity verification checks through third parties, which may involve use of thirdparty systems and services such as the Australian Government’s Document Verification Service (‘DVS’). You can find out more information about the DVS through the Australian Government’s IVS Privacy Statement; or

(h) for authenticating users, administering, improving and personalising the Vault Platform, technological development, marketing, for anti-money laundering, counter-terrorism financing, detection of crime, legal compliance, and fraud and scam prevention purposes, and supporting Vault’s functions comply with any relevant laws, regulations, codes of practice, requirements of regulatory authorities and court orders.

We may otherwise collect, use or disclose your personal information where the collection, use or disclosure is in accordance with Vault’s Privacy Policy or any agreement you enter into with us, or is otherwise required or authorised by law, including without limitation the Australian Privacy Principles under the Privacy Act 1988 (Cth). We continue to develop new products and services, and we may use your personal information to offer you products and services in which we think you might be interested.

We may also exchange information with Pays Providers:

• to enable the use of the Digital Card with the Device Wallet and to improve and promote the Pays Providers generally; and

• to detect and address suspected security breaches or fraud.

Without your information, we cannot make the Card available to you and you should not apply for the product.

If you provide us with Personal Information about someone else, you should ensure that you are authorised to do so and agree to inform that person of the contents of this notice.

Personal Information will be disclosed to third parties about the Card or transactions made with the Card, whenever allowed by law and when necessary:

• to sub-contractors that provide services to Us to facilitate the services Vault provide to you;

• to a card issuer, for purposes that may include establishing your identity, anti-money laundering, counter-terrorism financing, detection of crime, legal compliance, and fraud and scam prevention purposes;

• to identity verification service providers, who may access third party databases or disclose your personal information to document issuers, official record holders, document verification service and other sources in order to perform identity verification services on our behalf in order to verify your identity;

• to payments processors, such as Australian Settlements Limited, for the purpose of processing of your transactions utilising the Card; and

• as otherwise may be required by Vault to facilitate the completion and settlement of transactions using the Card.

By applying for and using the Card, you consent to us collecting, using and disclosing your Personal Information under these terms and conditions in the manner described above.

Our Privacy Policy sets out how you can access and correct information we hold about you, how you can complain about a breach by us of your privacy rights and how your complaint will be handled. Our Privacy Policy is available free of charge at:

Vault: https://www.vaultps.com.au/privacy

You may contact Vault in relation to your Personal Information info@vaultps.com.au.

The Privacy Policies of the Pays Providers are available at:

Apple Pay: https://www.apple.com/au/privacy/

Google Pay: https://policies.google.com/privacy?hl=en&gl=au

Samsung Pay: https://www.samsung.com/au/info/privacy/

13.21 Changes to these Terms and Conditions

We may change these Terms and Conditions and any information in this PDS relating to the Terms and Conditions (including fees and charges and load and transaction limits) at any time without your consent in our discretion.

If you do not accept the updated Terms and Conditions, you should cease using the Card.

Where a change to this PDS involves an increase to our fees and charges, the introduction of a new fee or charge or is otherwise materially adverse, we will give you notice at least 30 days before the change takes effect. We will notify you of these changes by sending an individual notice to you (either by giving it to you personally or by email).

Where changes to these Terms and Conditions are not materially adverse, we will notify you at least 20 days before any changes to these Terms and Conditions take effect and we may update the information by making information about the change available on the Website and the App. You can obtain a paper copy of this information on request free of charge by contacting Vault.

However, changes necessitated by an immediate need to restore or maintain the security of the system in which the Card is used can be made without prior notice, subject to the law.

13.22 The Website

Although considerable effort is always expended to make the Website and any other operating communication channels available, no warranty is given that these channels will be available and error free every minute of every day. You agree that we are not responsible for temporary interruptions in service due to failure beyond our control including, but not limited to, the failure of interconnecting operating systems, computer viruses, and forces of nature, labour disputes and armed conflicts.

13.23 Governing Law

Any legal questions concerning these Terms and Conditions, the agreement between you and us (which is governed by these Terms and Conditions) or the Card will be decided under the laws of Victoria, Australia.

Vault Reloadable Open Loop Card Product Disclosure Statement

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Vault Payment Solutions is revolutionising the way you connect with consumers.