We’ve made some changes to our global terms and conditions for both corporate and consumer customers. We’ve put the most important things for you to know in this article.
In this article, we'll cover:
- What's changed?
- Definitions to know
- What the terms and conditions say now
- Where can I find the new terms and conditions?
What's changed?
Due to regulatory requirements, we're unable to hold money for customers.
Sometimes, a refund or overpayment can leave additional money in your account and we need to know where to send it.
When money has been left in an account for more than 14 days, we'll let you know via email. We'll then give you 90 days to send the money back to yourself before that balance is cleared.
Don't worry, we'll email two more times before we clear the balance - so you'll have plenty of time and reminders.
We also have a step-by-step guide on how to send the money back to yourself.
There are also occasions where money has been sent to us but we don't know who has sent it or what it relates to. We're not able to hold this money so the new terms and conditions outline our process for this.
Definitions to know
Funds on account is money in an account that isn't related to a specific transfer or payment.
Unallocated funds is money we've received but we don't know who has sent it or what transfer or payment it's related to.
What do the terms and conditions say now?
We've set out the maximum amount of time we can keep funds on account or unallocated funds. In most cases, this is 90 days. However, for unallocated funds below a certain value the money can be cleared much quicker.
| Please note: there are some exceptions for corporate customers where we may have agreed to pre-funding. |
The new terms detail how and when we will attempt to contact you, as well as how we treat unallocated funds and funds on account in the case that we don't hear back from you.
In all cases, we'll follow local regulations and legislation to make sure we're in line with the law and/or regulators.
Where can I find the new terms and conditions?
You can find the new terms and conditions in the terms and policies section of our Help Centre.
Simply choose Important documents for your region, then select either Corporate Terms or Consumer Terms depending on the account you have with us.
| Please note: for consumer customers in Australia or New Zealand, your terms and conditions are simply named 'Terms'. |