Product Disclosure Statement (PDS)

Bano Pty Ltd (trading as Bolt Financial Group) ACN 643 260 431
Preparation date: 22 November 2024
Version: 1.7

Issued by Bolt Financial Group ACN 643 260 431 AFSL No. 536984
Level 13, 2 Bulletin Place, Sydney, 2000, NSW, Australia
Website: www.bolt.app
Email: contact@bolt.app

  1. PURPOSE OF THIS PRODUCT DISCLOSURE STATEMENT

Bano Pty Ltd (trading as Bolt Financial Group) (Bolt, us,we, our) holds an Australian Financial Services License (AFSL No. 536984). Under this licence Bolt is authorised to:

  • provide general financial product advice for:

    • basic deposit products;

    • deposit products other than basic deposit products;

    • non-cash payment products; and

    • securities, and

  • deal in a financial product by:

    • issuing, applying for, acquiring, varying, or disposing of non-cash payment products, and

    • applying for, acquiring, varying, or disposing of basic deposit products, deposit products other than basic deposit products, non-cash payment products and securities on behalf of another person,
      (together, the Products and Services).

This product disclosure statement (PDS) is designed to provide you with the information you need to determine whether the Bolt Account we offer is appropriate for you and explain the terms and conditions, rights and obligations associated with the Bolt Account.

Before deciding to acquire the Bolt Account, you should read and consider all sections of this PDS, including the terms and conditions which govern your use of the Bolt Account, which are located here: Bolt App(Terms). You can also obtain a free copy of the Terms by contacting us to request a printed copy or by visiting our website (www.bolt.app).

If you decide to obtain the Bolt Account, you should keep this PDS for future reference. To assist you in understanding this PDS, the definition of bolded and capitalised words is provided on page 13 of this PDS. The information in this PDS may change from time to time and is up to date as at the date stated above.

  1. IMPORTANT INFORMATION

It is your responsibility to take all reasonable steps to ensure that you fully understand the Bolt Account, as well as the risks that are involved in acquiring or obtaining the Bolt Account.

This PDS does not take into account your financial situation, personal objectives or needs. Before using the Bolt Account, you should read this PDS carefully, and then consider your objectives, financial situation and needs. We recommend that you seek independent financial advice to ensure that the Bolt Account is suited to your financial situation and requirements.

This PDS is intended only for persons that reside in Australia. Accordingly, this PDS is not an offer to sell or invitation to treat in relation to Bolt Account in any place in which, or to any person to whom, it would not be lawful to make that offer or invitation. The distribution of this PDS outside Australia may be restricted by the laws of places where it is distributed and therefore persons into whose possession this document comes should seek advice on and observe those restrictions. Failure to comply with relevant restrictions may violate those laws.

This PDS is only required to be provided to a Retail Client. If you are a Wholesale Client, then providing you with this PDS does not mean we wish to treat you as a Retail Client. Any information that is not materially adverse information is subject to change from time to time and may be updated by inclusion on our website (www.bolt.app).

Where this PDS includes a reference to content on our website (www.bolt.app), the relevant content of the website referred to forms part of this PDS. If you cannot find that information on our website, you can contact us and ask for a copy of the statement or information without charge.

Examples we use in this PDS are only for illustration and are included to help you understand the Bolt Account. They are not exhaustive. To the extent permitted by law, we do not accept any responsibility for any loss arising from your use of this PDS. Should you have any queries about this PDS, please contact us.

  1. ABOUT BOLT

Bolt is regulated in Australia by the Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC).

The Bolt Account is a mobile application that offers you a sophisticated payment solution. In order to open an account with Bolt, you must read, acknowledge and accept the Terms contained on the Bolt mobile application, , then set up an account with us. You can fund your Bolt Account by transferring money from your bank account to your Bolt Account. It may take up to 2-5 business days for the funds to appear in your Bolt Account.

By logging into your Bolt Account you can conveniently and securely access the following services:

  • receive funds from a bank account held in your name with an Australian Authorised Deposit-taking Institution (ADI);

  • receive funds from a bank account held in your name with an overseas bank through the SWIFT network;

  • receive funds from a third party’s bank account held with an Australian ADI or another institution;

  • receive funds from a third party’s account held with Bolt;

  • convert funds from one currency to another currency;

  • make payments to a bank account held in your name with an Australian ADI;

  • make payments to a third party’s bank account held with an Australian ADI or another institution;

  • make payments to a third party’s account held with Bolt;

  • make payments to a third party bank account held with an overseas bank through the SWIFT network;

  • open a virtual bank account via a third party platform;

  • make payments to merchants from your Bolt account with a Mastercard / Union Pay prepaid card associated with your Bolt Account. Bolt is a principal member of Mastercard and Union Pay;

  • The Card may also be used at ATMs that accept Mastercard/Union Pay Cards. ATM transaction fees and charges will apply; and/or

  • Pay for goods and services from your Bolt Account with a Mastercard / Union Pay non reloadable prepaid card.

You can only access your Bolt Account via the Bolt Application. To login to your Bolt Account you must enter your account login and password. You must keep your account login and password secure at all times.

The Account includes a foreign currency exchange service, which allows you to convert Australian currency (AUD) held in your Account to another Supported Currency as part of making a payment or transfer from your Account. The conversion is undertaken in real-time once you have accepted our foreign exchange conversion terms, which includes the exchange rate. However, Bolt may refuse to enter into, or cancel, any foreign currency conversion at its absolute discretion.

You can make payments in AUD or another Supported Currency from your Bolt Account. Bolt may place limits on the amount of funds that you can receive, hold, transfer and withdraw from your Bolt Account to comply with regulatory requirements. Any such limits can be viewed on Bolt’s website (www.bolt.app) or you can contact us to request this information without charge.

You can transfer AUD into your Bolt Account from a bank account that you hold with an Australian ADI by following the instructions on the Bolt Application. Other people using the Australian banking system can also transfer AUD into your Bolt Account. In some circumstances, you may also receive funds in another Supported Currency.

You can transfer the funds held in your Bolt Account to an Australian bank account held in your name, to a third party’s Bolt Account, or to a third party’s Australian bank account or overseas bank account by following the instructions on the Bolt Application.

You are also able to review and check your Bolt Account balance and view your Bolt Account statements. The list of Supported Currencies is available on our website (www.bolt.app) and subject to change from time to time.

  1. HOW DO WE HANDLE YOUR FUNDS?

Your Bolt Account is an electronic payment facility. The funds shown in your Bolt Account will be held in a bank account with an Australian ADI until you spend, transfer your funds to another person or withdraw your funds. Your funds are segregated from our funds and held in a pooled bank account with an ADI who is regulated by the Australian Prudential Regulatory Authority (APRA) to carry on banking business, including accepting deposits from the public in accordance with Australian law.

You have no right to any interest on funds deposited in our bank accounts which we will retain, unless we decide to pass any amounts on to you in our sole discretion. We may withdraw some of your funds in the event there are outstanding fees owed to us or in such other circumstances as referred to in the Terms.

Sometimes there may be a discrepancy in the balance shown in your Bolt Account due to uncleared funds, processing of payments to merchants, a software malfunction, or for other reasons set out in our Terms. You may request copies of statements and/or records we hold about the funds that you have deposited into your Bolt Account. We will provide you with those statements and/or records within 5 business days or such longer period as we may agree to in writing with you.

  1. FEATURES AT A GLANCE

Typically, Bolt Accounts have the following features. Not all of these features are available for all users. By logging in to our website, you will see the particular features which have been enabled for your Bolt Account.

  • Access to your Bolt Account 24/7: You can access your Bolt Account and our services 24 hours a day, 7 days a week.

  • Access to transaction history: You are able to access your complete Bolt Account transaction history at all times.

  • Access to a Mastercard or Union Pay prepaid card: Subject to meeting certain requirements you may be eligible for a prepaid Mastercard or Union Pay card linked to your Bolt Account which can be used to make payments at merchants who accept card payments from Mastercard or Union Pay.

  • Instant money transfers in certain circumstances: Certain payments may be instantaneously, including:

  • payments made in AUD from your Bolt Account to a third party’s Bolt Account;

  • payments in AUD from a third party’s Bolt Account to your Bolt Account;

  • payments made in AUD to your Bolt Account from a third party’s bank account held with an Australian ADI where the payment is made via the New Payments Platform;

  • payments made in AUD from your Bolt Account to a third party’s bank account held with an Australian ADI where the payment is made via the New Payments Platform.

  • Currency exchange: You are able to convert AUD to another Supported Currency for the purposes of making a payment or transfer of funds from your Bolt Account. The currency exchange occurs immediately following your acceptance of the foreign exchange conversion terms proposed by Bolt.

  • Rewards: Bolt may offer rewards to you for holding funds in your Bolt Account, which may include a cash reward based on a percentage of the amount of funds held within your Bolt Account.

  1. SIGNIFICANT RISKS

6.1 Counterparty risk

You are reliant on our ability to meet our obligations to you under the Terms. This risk is often described as “counterparty risk”. We are also reliant on agreements that we have entered into with third party service providers and the actions of these third parties may impact on our ability to fulfill our obligations to you.

If our business becomes insolvent, you will become an unsecured creditor to the extent that you have money in your Bolt Account. The extent to which you may recover these funds will be determined by applicable insolvency laws. In relation to this we note that your funds are not held on trust. In the potential event of our business becoming insolvent your funds would be exposed to potential creditors.

6.2 Incorrect beneficiary or other payment detail errors

Bolt will not refund your money if you make an error when providing instructions in relation to the transfer or withdrawal of funds from your Bolt Account. You are responsible for any errors or mistakes made while transacting on your Bolt Account. There is also a risk that a person may make an error when attempting to transfer funds to your Bolt Account resulting in those funds not being received or a person may mistakenly transfer funds to your Bolt Account and that those funds must be returned.

6.3 Payment reversals

Bolt may, without notice, reverse a transaction or remove funds from your Bolt Account in certain circumstances including where fraud is suspected or where we reasonably believe that there is a risk associated with the transaction or your Bolt Account.

6.4 Delay or loss of funds

There is a risk that your money may be delayed or lost due to unforeseen circumstances. Bolt will not provide a refund in such circumstances. This includes catastrophic disasters, pandemics, terrorist attacks, and other events beyond our control that affect our services.

6.5 Operational risk

The Bolt Application and website (www.bolt.app) are operational 24 hours a day, seven days a week. Bolt’s client service teams are open Monday to Friday between 9am and 5pm (AEST), except for Australian public holidays.

We have obligations under Australia’s Anti-Money Laundering and Counter-Terrorism Financing laws. One of these obligations is to screen clients and transactions for risks of money laundering, terrorist financing and other criminal activity. There is a risk that a transaction may be delayed or cancelled due to the processes or systems that we have in place for these screening purposes. Our banking and other partners also use similar processes which may also delay or cancel a transaction without notice. Neither we, nor our banking and other partners, are required to tell you the reasons for the delay or cancellation. if there is a suspicion of money laundering, terrorism financing or other criminal activity

6.6 Account suspension and/or termination

We may hold, suspend or cancel your Bolt Account in certain circumstances including where fraud is suspected, where we reasonably believe there is a risk associated with your Bolt Account or where you have breached our Terms.

6.7 Cyber-security

There is a risk that your Bolt Account or contact details may become compromised and we receive an instruction that appears to be from you, to pay money on your behalf. If we send money in these circumstances you will be solely responsible for any loss if it is as a result of an unauthorised data breach or data disclosure or cyber-attack against you, your business, your Bolt Account or your email account.

6.8 Systems risks

Bolt relies on technology providers to provide you with our services. We ensure that these systems are regularly updated and maintained. Any disruption to the system of a third party provider is beyond our control and we will not be liable for the disruption.

-6.9 Electronic systems

We take steps to ensure that our electronic systems are regularly updated and maintained. However, there are also risks associated with the use of software including errors and buys, and delays or interrupted service. This means that you may be unable to use our website (www.bolt.app) and use our Products and Services when you wish and you may suffer a loss.

6.10 Use and access to the Bolt Application

You are responsible for providing and maintaining the means by which you access the Bolt Application. These may include, without limitation, a personal computer, modem and telephone or other access system available to you.

While the internet is generally reliable, technical problems or other conditions may delay or prevent you from accessing our website (www.bolt.app). If you are unable to access the internet and thus, the Bolt Application, it may mean you are unable to transact on your Bolt Account when you want, and you may suffer a loss as a result.

We reserve the right to suspend the operation of the Bolt Application (and website) or any part or section of them at any time if required.

6.11 Discretionary powers

Under the Terms, Bolt has a number of discretionary powers which may affect you. You should ensure that you understand these discretionary powers by reading the Terms carefully.

6.12 No cooling off

There are no cooling off rights in relation to our Products and Services.

6.13 Exchange rate risk

Foreign currency exchange rates are subject to fluctuations which are outside our control. If you exchange currency as part of making a payment or transfer, you will be subject to fluctuations in the value of that currency. If funds are reversed or paid to the Account in a currency other than AUD, then you may suffer loss resulting from any movements in the currencies before funds can be converted to AUD and settled to your Account.

6.14 Non-supported payments

There is a risk that you may make a payment in a foreign currency to an account which does not accept or otherwise accommodate that currency. In these circumstances, the beneficiary bank may convert the foreign currency to another currency which is compatible with the beneficiary bank account. Fees and charges, including foreign currency conversion charges, may apply in those circumstances.

6.15 Payment limits

Bolt may from time to time introduce limits on the transactions that can be undertaken either through the Bolt Account or through the prepaid card associated with the Bolt Account. There is a risk that you will not be able to make certain payments due to these transaction limits.

  1. WHAT ARE THE COSTS?

We may charge fees for providing you with our Products and Services. Our fees are published on our website (www.bolt.app). Alternatively, you can contact us to request this information without charge. Our fees are updated from time to time.

Bolt may introduce new fees and charges or increase its existing fees and charges at any time by giving you notice via the Bolt website (www.bolt.app) and/or Bolt Application.

  1. REMUNERATION OR OTHER BENEFITS RECEIVED BY BOLT STAFF

Bolt’s directors and employees (including any employees of a related body corporate) are remunerated by salary. Our directors and employees may also be eligible for a discretionary bonus based on their performance, both financial and non-financial. Employees may also be rewarded by monetary and non-monetary benefits. It is not possible to determine in advance what (if any) additional benefits any employee will receive as these benefits are not generally attributed to any particular product or service they provide.

Bolt’s shareholders (including any shareholders of a related body corporate) will also receive a benefit based on Bolt’s ongoing company performance. You may request more details about the way these people or entities are remunerated within a reasonable time after receiving this PDS and before any financial Products and/or Services are provided to you.

  1. OTHER REMUNERATION RECEIVED BY BOLT

As part of its Services, Bolt has entered into agreements with third parties to provide certain services. Under these agreements, some of these third parties may pay Bolt. Furthermore, Bolt has referral arrangements in place with certain third parties and may receive fees for referring you to those third parties. Where this is the case, you will be notified at the time of the referral.

  1. STOPPING OR CANCELLING A PAYMENT

Once a funds transfer has been processed from your Bolt Account, we may not be able to cancel it. An attempt to recall the funds can be made but will be subject to further fees charged by the banks/service providers involved. Those charges will be passed on to you and are outside of our control. We will also pass on to you any costs we incur (including foreign exchange costs) in arranging the recall. We will also charge you an administration fee for assisting with the recall.

If you wish to cancel a transaction, we will charge you a cancellation fee in addition to requiring you to reimburse us for our losses incurred as a result of the cancellation. The amount of the cancellation fee is available on our website (www.bolt.app) or by contacting us to request a copy without charge.

If you believe that you have instructed to make a funds transfer in error or that an unauthorised transaction has occurred, you must notify us immediately.

We are not obliged to provide you with any services . If we do agree to provide a service and/or product to you, then we may terminate, delay, suspend, block or refuse to enter, adjust or complete a transaction if we believe on reasonable grounds that, for example:

  • you are otherwise in breach of the Terms; or

  • providing you with a service or product may breach any law in Australia or any other country,

and we will incur no liability if we do so.

  1. TAX IMPLICATIONS

There may be tax implications for you in relation to any transactions you enter into in relation to your Bolt Account. Taxation laws are complex and vary depending on your personal circumstances. Accordingly, you should discuss any taxation questions you may have with your tax adviser before using our Products and Services.

  1. WHAT TO DO IF YOU HAVE A PROBLEM OR CONCERN?

We have established procedures to ensure that all enquiries and complaints are dealt with. In the event you have a complaint, you can contact our Complaints Officer by email contact@bolt.app and outline your complaint. We will try and resolve your complaint quickly, fairly and within prescribed time limits.

If the complaint cannot be resolved to your satisfaction, you may have the right to refer the matter to the Australian Financial Complaints Authority (AFCA) which is an external dispute resolution service of which Bolt is a member (member number 78414). AFCA provides fair and independent financial services complaint resolution that is free to consumers.

You can contact AFCA:

  • By phone: 1800 931 678 (if in Australia) or +61 1800 931 678 (if outside Australia);

  • in writing: GPO Box 3, Melbourne, Victoria, 3001, Australia;

  • online: www.afca.org.au; or

  • by email: info@afca.org.au.

  1. PRIVACY

At Bolt the privacy of your personal information is important to us. We have practices which include the secure storage of personal information and safeguards against the accidental release of personal information. We handle all information provided to us in accordance with our Privacy Policy. You can obtain a copy of our Privacy Policy on our website (https://bolt.app/privacy) or by contacting us to request a copy without charge.

  1. DEFINITIONS

Bolt Account means the digital wallet that we provide to you which enables you to receive and make payments.

Bolt Application means the application downloaded by a user to a mobile device and the secure section of our website (https://www.bolt.app).

Representative includes a director or employee of Bolt, and a director or employee of any company related to Bolt.

Retail Client means a customer or a potential customer of Bolt who is not a Wholesale Client.

Supported Currency means each currency approved by Bolt from time to time that can be used to make a payment from the Account.

Wholesale Client has the same meaning as in section 761G of the Corporations Act 2001 (Cth) but does not include a Sophisticated Investor.