Product disclosure statement

1. About this product disclosure statement

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

This PDS is issued by Hay Limited ABN 34 629 037403, 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 Citro Card and Account. You should read this PDS in full before using your Citro Card and Account.

The use of the Citro Card and Account is governed by this PDS and the Terms and Conditions of the Citro Card and Account. The Terms and Conditions for use of the Citro Card and Account 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 in nature. 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 Citro Card and Account are appropriate for your particular circumstances. 

You should also consider the Citro Card and Account Target Market Determination (TMD) and the Citro Card and Account Terms and Conditions before making a decision about this product. These documents can be found on our website at: 

• www.joincitro.com.au/tmd
• www.joincitro.com.au/terms

2. Important information

This PDS has been prepared by Hay. Hay is the issuer of the Citro Card and Account.

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 persons 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 prohibited 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.

The information in this PDS is subject to change and is up to date at the date of this PDS. Where new information is materially adverse, Hay will issue a new PDS or supplementary PDS. However, where the information is not materially adverse, Hay will not issue a new PDS or supplementary PDS, but you will be able to find the updated information on the Citro website at https://www.joinitro.com.au/pds.

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3. Parties Involved in the Issue and Distribution of the 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 services, including the issuing of non-cash payment products such as the Citro Card and Account.

Hay Limited has authorised Citrus Innovations Pty Ltd ABN 25 667 285 654 (Citro) to provide general product advice in relation to the Citro Card and Account, and to arrange, distribute, and promote the Citro Card and Account on behalf of Hay.

3.1 Card Issuer

The Issuer of the Citro Card and Account is Hay and if you hold an approved Citro Account and Card, you will have a contract with Hay Limited.

3.2 Card Distributor

Citro is responsible for the distribution and provision of factual product information about the Citro Card and Account as issued and approved by Hay. Citro is also authorised by Hay to provide customer service support for the Citro Card and Account. This authority is provided under Authorised Representative No. 001305395

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

• tell you anything about the Citro Card and Account 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 Citro Card and Account; and
• do anything else on Hay’s behalf, other than marketing, arranging for the issue of and providing customer services for the Citro Card and Account.

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4. The Citro Reward Program linked to this Card and Account

Citro administers the rewards program attached to the Citro Card and Account. The rewards program operates under its own terms and conditions and separate to the Hay issued Card and Account.

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5. Who is eligible for the Citro Card and Account

Retail Individuals will need to satisfy specific eligibility criteria to maintain this product. To qualify, the Retail Individual must:

• Be an individual person; and
• Have a valid Australian residential address; and
• Be aged 50 years or older; or
• employee of Citro or any of its related body corporates.

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6. About the Citro Card and Account

The financial product issued by Hay is a non-cash payment product. The Citro Card is linked to the Citro Account, a digital account (which is not a bank account). Citro Card transactions can be performed by the customer using the Citro App (or website) and/or the Citro Card locally and/or overseas.

You can link your Citro Account to another Australian Financial Service provider’s account which will be the source of funds at the time of any Card transaction. You can earn cashback rewards at participating merchants and these cashback amounts are credited to your virtual Account that Hay will open in your name. The amount available in your Account being the Available Balance will comprise of the rewards you have earned via the Citro Program or funds received via a PayTo instruction or a deposit via another source we advise you of. You can utilise the monies in the Account for ATM withdrawals, other purchase transactions via your Citro Card or to allow Hay to initiate a BPAY instruction to deposit monies to your superfund account based on your instructions. The Citro Card is not a credit card.

• You can obtain a Citro Card and Account via the Citro Website and App.
• Funds will be directly deposited to the Citro Account using the cashback rewards you have earned using the Citro Card and Account or a PayTo arrangement.
• Once you have an Available Balance in the Citro Account, you can use the Citro Card anywhere in the world (where Visa Debit cards are accepted) to access your funds and make payments, subject to any restrictions set out in this PDS and the Terms and Conditions.
• You can use the Citro Card to withdraw cash at ATMs (subject to daily limits).
• The Citro Rewards program allows you to use the BPay capability for personal Superannuation contributions (subject to eligibility criteria found in the Citro Rewards Terms and Conditions issued by Citro and Citro Card and Account Terms and Conditions issued by Hay).
• You can only access the Available Balance in the Citro Account.
• The Citro Account cannot have a negative balance but if it does, any such balance becomes immediately due and payable.
• Your Citro Account is not a bank account, and no interest is payable on the Available Balance.
• The Citro Card is not a credit card.

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7. Available balance

The Available Balance of your Citro Account is held on trust for you at an Australian ADI (Bank) in a segregated customer funds account.

In accordance with this PDS and the Terms and Conditions you acknowledge that the Available Balance can be used to meet Hay's settlement obligations in respect of your transactions and to provide security for its settlement obligations.

The Available Balance in your Account does not earn interest and it does not operate like a bank, credit union or building society account. Deposits into the Account are not bank deposits and are not protected by the Australian Government Financial Claims Scheme.

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8. Benefits of the Account and Card

8.1 The benefits of this Card and Account:

• transactions on the Card can earn you cashback rewards as per the Citro Rewards program managed by Citro; these cashback rewards are credited to your Account;

• it reduces the need to carry cash and is a convenient way to make payments at merchants who accept Visa Debit Cards;
• you can only access the value that you have in your linked account or the Available Balance which helps you control spending (and is subject to daily limits);
• the Card can be used on the internet or telephone to make payments;
• the 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);
• you can see detailed information about merchants you purchase goods from on the Citro App;
• you receive the Visa exchange rate at the interbank rate at the time of settlement (no margin, spread or fees charged by Hay); and

• the Available Balance in your Account are the funds utilised to make contributions to your Superannuation Fund using the BPay capability.

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9. Risks of the Citro Account and Card

9.1 The risks of this Card and Account:

• Unauthorised transactions could happen if your Citro 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 Citro Card and 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 Available Balance is in your Citro Account the more you could lose due to an unauthorised transaction;
• 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;
• merchants and ATM operators (domestic and international) may charge fees for using the Card at their facilities and these fees may increase;
• if the network enabling the use of the Citro Card and Account is unavailable, you may not be able to perform transactions or get information using the Citro App;
• merchants may, at their discretion, refuse to accept the Citro Card as a method of payment. You should always check with the merchant that it will accept the Citro Card before purchasing any goods or services;
• you will not earn interest on any Available Balance that is stored on your Citro Card and Account;
• the Financial Claims Scheme (see fcs.gov.au) does not apply in relation to your Citro Card and Account. If Hay fails, any Available Balance held on your Citro Account will not be protected by the FCS, and you may lose all or part of your Available 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 Citro Card and Account may have on your personal tax liability.

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10. Fees

The Citro Card and Account fee are listed below: 

Transaction fees          Charged by Hay                Charged by Citro

Account opening                            $0                                                            -

Account keeping                            -                                                               $1.99 per month, waived for the                                                                                                                         first 12 months from date of                                                                                                                         joining or any other period                                                                                                                         confirmed by Citro in writing.

Overdrawn                                      $0                                                            -

Direct debit dishonour                   $0                                                            -

ATM withdrawal                              $0 at all major bank ATMs^*

Domestic transaction                     $0                                                            -

International transaction                0%                                                           -

Card Replacement Fee                   $0                                                             -

Transaction dispute fees

Card payments                                $0                                                            $0

Non-card payments and transfers  $0                                                            Up to $20

* Hay does not charge any ATM fee. A fee may be charged by the ATM Operator

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11. Limits

The default limits that apply to the Citro Card and Account are below:

Default limits

Maximum balance                                              $50,000

Minimum balance                                               $0

Maximum transfer into the Account per day    Up to $10,000

Maximum ATM cash out per day                      $20

Maximum single Card transaction                     Up to $10,000

Maximum Card spend per day                          Up to $10,000

BPay is only enabled for personal                      Up to $500
superannuation contributions if you
choose to contribute to your
superannuation account with the
Available Balance in your account
and have provided instructions to
Citro to do so. 

At any time, Hay may adjust these limits for the Card and Account or the Citro Rewards program so you can find the current limits that apply to your Citro Card and Account and the Citro Rewards program within the Citro App.

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12. Cooling off rights

There are no cooling-off rights attached to the Citro Card and Account. However, you may cancel the Card and close your Account at anytime.

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13. Lost, stolen or compromised Card

If your Citro Card is lost or stolen, or you believe it may have been compromised, you can Freeze the card using the Citro App.

You should also immediately report your card lost, stolen or compromised by contacting the Citro Support Team by email to support@joincitro.com.au or by calling the Citro Support team between 09:00 am – 05:00 pm Australian Eastern Standard Time from Monday to Friday on 1300 869 596 and request a new card.

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14. Closing your Citro Card and Account

You can cancel your Citro Card, or close your Citro Card and Account by contacting the Citro Support Team via email to support@joincitro.com.au or by calling Citro Support team between 09:00 am – 05:00 pm Australian Eastern Time from Monday to Friday on 1300 869 596.

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15. Disputing a Transaction

We encourage you to review your transaction history regularly. Where your Citro Card is used for unauthorised transactions, we will seek to reverse the transaction if we can under the Visa Scheme Rules (Chargeback). Your ability to dispute a transaction or reverse an unauthorised transaction may be lost if you do not notify us immediately (see Chargeback and Disputed Transaction in section 2 of the Citro Card and Account Terms and Conditions). It is your responsibility to regularly review your online transaction history to identify unauthorised transactions. 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 or such other period prescribed by law.

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16. Feedback and Resolving Complaints

When you provide feedback, Hay and Citro have the opportunity to improve services to you. If you have a query or complaint relating to the Citro Account and Citro Card that Citro has provided to you, you should initially direct the query to Citro via:

Mail:                Level 25, 50 Bridge Street Sydney NSW 2000
Email:              support@joincitro.com.au
Website:          www.joincitro.com.au

Please provide a full explanation of your feedback or complaint. Citro may request further details from you.

When dealing with your complaint we will undertake the following:

• Keep a record of your complaint;
• Acknowledge your complaint within 1 business day;
• Respond within 30 calendar days;
• If we cannot complete our investigation within 30 calendar days, we will let you know why before the 30 calendar days lapse.

If you are unable to resolve your issue with Citro directly, you can escalate your enquiry to Hay via complaints@hellohay.co. Hay will check with you to make sure you are satisfied with how your complaint was handled.

If we are unable to resolve the matter to your satisfaction, you may refer the compliant to the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers. It is important you raise your concerns with us first before going to AFCA, as AFCA will generally encourage this before they will investigate. The contact details for AFCA are:

Mail:                 GPO Box 3, Melbourne VIC 3001

Phone:              1800 931 678 (free call)

Email:               info@afca.org.au

Website:           www.afca.org.au

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17. Terms and conditions

The Terms and Conditions for use of the Citro Card and Account is a separate document but forms part of this PDS and can be accessed at www.joincitro.com.au/terms.

You should read the Terms and Conditions for the Citro Card and Account before acquiring the Citro Card and Account as they set out the legal relationship between you and us. You can download an electronic copy of the Terms and Conditions via the Citro app or website.

The Terms and Conditions for the Citro Card and Account cover:

• how to use your Citro Card and Account; 
• restrictions of use of your Citro Card and Account;
• security requirements and what to do if you lose your Citro Card, or your Citro Card and 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 Citro Card and Account; and
• what to expect if there are 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 them. We strongly encourage you to read and understand the Terms and Conditions as well as the Privacy Policy before obtaining the Citro Card and Account.

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18. Applicable laws

18.1 Privacy

Hay is committed to complying with the Privacy Act 1988. The Hay Privacy Policy sets out detailed information about how, why, and when personal information is collected, disclosed, used, stored, and otherwise handled by Hay. Hay’s Privacy Policy is available at hellohay.co/privacy. You may request a copy of the Policy in hardcopy. 

The Hay Privacy Policy sets out:

• the purposes for which we collect your personal information;
• the consequences if you do not 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.

18.2 Anti-Money Laundering and Counter Terrorism Finance (AML) laws

As the issuer of the Citro Card and Account, we must comply with the Anti-money Laundering and Counter-terrorism Financing Act 2006 (Cth) (AML Act) and its related Regulations. There are several obligations under the AML Act which we must comply with including Know Your Customer and certain reporting obligations. Accordingly, as part of the application process we will require evidence of who you are and where you live. As part of our legal obligations, we need to verify this information and accordingly, we check the information you provide against records maintained by credit reporting and fraud prevention agencies/organisations. However, we do not perform a credit check on you and the searches we perform are only for verifying your identity.

You must let us know as soon as possible when any of your details change.

We may need to block, delay, Freeze or refuse transactions or suspend or close your Citro Card and Account where we reasonably consider that a transaction is fraudulent or in breach of the AML Act or where we have concerns regarding your money laundering or terrorism financing risk. We must block the Citro Card and Account until we verify your identity. We are not responsible for any loss that arises where this occurs. Where we can, we will let you know why we have stopped the transaction or Frozen the Citro Card and Account. However, in some cases our legal obligations will stop us from being able to tell you and failing to inform you of the reasons will not be a breach by us of these Terms.