Swag Spend Account TMD (AU)

Target Market: 

Class of Retail individuals that comprise the target market for the product

This describes Retail individuals in the target market

Customers will need to satisfy specific eligibility criteria to maintain this product.

Customers must:

• Be an individual
• Be aged 16 years or older to apply for the account
• Be an Australian resident Objectives & Needs

This product is targeted at individuals with the likely objectives, financial situation and needs of wanting:

• Access to a debit card to make purchases with an internationally branded scheme such as Visa
• To store money in an account without the ability to access interest on their balance
• To manage access to funds available in the account or on the account through spend limits, merchant blocking and card management.

Financial Situation

• At the time of application, the person has the right to open a Non-Cash Payment product account and has access and the ability to transfer funds in Australian dollars to preload the facility and pay fees.

• A Non-Cash Payment Product issued by Hay Limited is a fully digital transaction account that allows Retail individuals to access their funds on demand
• Access is only possible by card, app, BSB and Account number and does not have a physical presence. Retail individuals cannot make cash deposits or other withdrawals from the account via a physical branch except by using a card at an ATM where Visa Debit cards are accepted.
• No interest can be earned on the funds deposited in the account.
• Overdrawing the account is not permitted,
• There are spend control and merchant category code limitations:
  • The card program prohibits spending at unsuitable or inappropriate merchants for the Target Market to reduce harm.
  • The card program has limits in place for the account balance and daily spending.
  • Account owners can further restrict spending by a merchant to customise the product to suit their needs.
  • The account owner can impose daily or weekly spending limits to suit the product to their needs.

This explains why the product is consistent with the target market’s likely objectives, financial situation, and needs.

• Customers can fund the account to save and or spend those funds through a Debit card accessing the Visa network or through a BSB and Account number via Direct Entry or NPPA; and
• Customers can manage access to the funds through spend limits, merchant
• blocking and card management.

• The conditions and restrictions on the distribution of the product

• This condition applies to marketing and promotional materials that describe the product

The authorised distribution partner must only market and promote the product as a reloadable Non-Cash Payment Product in Australia. This condition is suitable as the issuer has distributed this product using these methods, with limited risk to Retail individuals.

• This condition applies to all conduct (other than marketing), such as issuing, arranging, and providing disclosure material.

An authorised distributor must only engage in retail arranging, distribution and providing factual product advice: 

• through the Employment Hero app;
• to prospective Retail individuals who are individuals and meet Hay Limited’s minimum eligibility criteria for the product; and
• to issue a Non-Cash Payment Product to Retail individuals after applying for and completing the application process.
• This condition is suitable as the issuer has distributed this product using these methods, with limited risk to Retail individuals.

• The events and circumstances that would reasonably suggest the determination is no longer appropriate

They will be reviewed and discussed under the CAR and distributor Governance meeting cycles.