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  • Unit 11, 86 Minnie Street, Southport, Queensland, 4215, Australia

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← Legal & Disclosures

Change Financial Product Disclosure Statement

Change Financial documents

Product Disclosure Statement

Change Financial Payment Services Pty Ltd (ABN 92 651 106 955, AFSL 534901)

Kids Money App Pty Ltd (ABN 40 672 025 302) - Bank’d Wallet and Mastercard® Debit Card

Dated: 01st November 2026

1. Key Information

Introduction

This Product Disclosure Statement (“PDS”) contains important information about the Bank'd Wallet ("Wallet") and your Bank’d Mastercard® Debit Card (“Card”) and their associated features, risks and fees.

This PDS is issued by Change Financial Payment Services Pty Ltd (“CFPS”) ABN 92 651 106 955, Australian Financial Services Licence (AFSL) 534901 who is a member of MasterCard International Incorporated.

In this PDS, “you” refers to the person who acquires the Wallet and Card, (the “Account Holder”, being the parent or guardian, aged 18 or over, who holds the Wallet). “Cardholder” means a person (typically the Account Holder’s child) nominated by the Account Holder to use a Card linked to the Wallet, and “us”, “we” or “our” refers to CFPS.

The information in this PDS does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you. We recommend you read this PDS carefully.

The use of the Wallet and Card is governed by the Terms and Conditions of the Card, which may be attached to this PDS or provided as a separate document and should be read together with this PDS. Your use of the Bank’d app and website, and your Bank’d subscription, are governed by the separate Bank’d Terms and Conditions issued by Kids Money App Pty Ltd, available at https://www.bankd.com/terms-and-conditions.html.

A Target Market Determination for the Wallet and Card is available at https://www.bankd.com/change-financial-target-market-determination.html.

Parties involved in the distribution of the Card

CFPS is the holder of AFSL no. 534901 and a principal member of MasterCard. Under its AFSL, CFPS is authorised to provide financial products and services, including the issuing of non-cash payment facilities such as the Wallet and the Card.

If you hold a Wallet or Card, you will have a financial product with CFPS.

CFPS can be contacted via:

Phone: +61 3 9661 8200; or

Mail: GPO Box 1322, Brisbane QLD 4001

Kids Money App Pty Ltd (ACN: 672025302) is an authorised representative of CFPS (auth rep number 001323900) - Kids Money App Pty Ltd is authorised to arrange and deal with Account Holders and Cardholders in relation to the financial product and services CFPS has issued, limited to the Wallet and the Card.

Kids Money App Pty Ltd offer a range of services around financial literacy, savings and sensible spending, including a mobile application, under the website and mobile application brand name Bank’d (www.bankd.com). The Card product is therefore the Bank’d Mastercard® Debit Card, operated by Kids Money App Pty Ltd .

Kids Money App Pty Ltd is responsible for the distribution and provision of general product information about the Wallet and Card as issued and approved by CFPS, Kids Money App Pty Ltd is also authorised to provide customer service support. Kids Money App Pty Ltd sets and receives the fees described in section 5 and charges a subscription fee for access to the Bank’d platform.

Kids Money App Pty Ltd can be contacted from anywhere in Australia between 9am and 5pm AEST Monday to Friday using the contact details below:

Email: support@bankd.com

or Mail:

Kids Money App Pty Ltd

Unit 11, 82-86 Minnie St

Southport, QLD, 4215

Neither Kids Money App Pty Ltd, nor anyone else acting on its behalf, has the authority on behalf of CFPS to:

  • tell you anything about the Wallet or Card that is inconsistent with the information in this PDS;

  • provide 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 Wallet or Card; and

  • do anything else on CFPS’s behalf, other that marketing, arranging for the issue of and providing customer services for the Wallet and Card.

2. Key Features of the Card

The Wallet

The Wallet is a reloadable facility issued and managed by CFPS. You can top up your Wallet by transferring funds from your external bank account, through the methods supported and advised by Kids Money App Pty Ltd. You can then move funds from your Wallet to each Card linked to your Wallet using the Bank’d app. The Wallet cannot be used to make card purchases directly.

Funds you transfer to top up your Wallet are received into a pooled account held with ASL in the name of Kids Money App Pty Ltd. The funds in the pooled account belong to Kids Money App Pty Ltd; they are not held on trust for you or any Cardholder. CFPS records your Wallet balance and each Card balance, and you can use those balances as described in this PDS and the Terms and Conditions. See the risks in section 4.

General Product Description

The Card is a reloadable MasterCard® Debit Card. Once it has been activated, the Card can be used to make purchases in places that display the Mastercard® logo subject to any prohibited or restricted transactions below.

Mastercard Debit cards can generally be used anywhere Mastercard is accepted but there may be some restrictions where use of the card is not possible. These restrictions often apply to specific merchant categories, not named merchants, and are enforced using Merchant Category Codes (“MCCs”). Please refer to the Card's Terms and Conditions for any specific restrictions.

Transaction filtering logic is used to block certain MCCs at point-of-sale or online checkout and in the event such a transaction is blocked it will be because it was a transaction attempted at a merchant CFPS is not willing to accept purchases being made with as they represent high risk merchants. The Account Holder can also block additional merchant categories in the Bank’d app.

The Card may be activated as described in the Terms & Conditions.

Once activated, you can use the Card until its expiry date and within the applicable limits outlined in this PDS, provided that the total transaction amount does not exceed the Available Balance. Available Balance is subject to a current subscription held with Kids Money App Pty Ltd, as defined in their Terms and Conditions accessible at https://www.bankd.com/terms-and-conditions.html.

Access to the Card depends on an active Bank’d subscription

Access to and use of the Card depends on an active, paid Bank’d subscription with Kids Money App Pty Ltd. The subscription is for access to the Bank’d platform (app and website). The subscription fee is set by Kids Money App Pty Ltd, is shown in the Bank’d app before you subscribe, and is charged to your nominated payment method each year in advance on a recurring basis until the subscription is cancelled. Subscription fees may be deducted from your Wallet balance only if they remain unpaid.

If your subscription lapses or is not paid, your Card(s) will be frozen and cannot be used until the subscription is brought up to date. If the subscription remains unpaid for 7 days, Kids Money App Pty Ltd may instruct CFPS to cancel the Wallet and Card(s). Your Wallet and Card balances are not forfeited – see section 4.

You can use your Card in the following ways:

  • In-store, by selecting ‘credit’ and entering your PIN (if required);

  • In-store, by holding your card against a contactless terminal and waiting for the transaction to be confirmed. There is no need to enter a PIN or sign for purchases of $200 or less.

  • In-store, by using your mobile device’s wallet (such as Apple Pay or Google Pay) if available

  • Over the telephone by providing your card details

  • Online for an e-commerce transaction by entering your card details

  • Online for an e-commerce transaction using ClickToPay

Mastercard’s ClickToPay service enables a secure on-line checkout process, without the need to enter or share card details with the merchant. CFPS may pre-enrol your card with ClickToPay.

Some merchants may apply a surcharge to purchases made by selecting the ‘credit’ option or holding your card in front of a contactless terminal. This should be drawn to your attention before you proceed with the transaction. This surcharge amount will be added to your purchase amount and debited as one transaction.

Neither the Wallet nor the Card is a credit card or a deposit account. You do not earn interest on your Wallet balance or Card balance. The Card can only be used if it has an available credit balance.

Value is loaded to the Card in accordance with the arrangement between CFPS and Kids Money App Pty Ltd. CFPS retain a virtual account in the name of Kids Money App Pty Ltd where Kids Money App Pty Ltd will deposit funds which will become your Account balance. From your Account balance, you may load funds to your Card, and the Card can be used to access these funds.

You can view your Wallet balance, each Card balance and transaction history by accessing the Bank’d Mobile Application (App) as described in the Card Mailer, or by contacting Kids Money App Pty Ltd via support@bankd.com

Prohibited Transactions

The Card cannot be used for the following activities:

  • Making EFTPOS (non-Mastercard) payments.

  • Setting up direct debits

  • Completing a transaction that exceeds the balance available on the Card.

  • Illegal transactions or to purchase illegal goods or services.

The Card should not be used for regular instalment payments

Limitations of the Wallet and Card

The Card is subject to a transaction limit and daily transaction count limit. The available balance must not exceed the maximum limit of the Card at any given time. The limits for the Card are provided in the Terms & Conditions. The Wallet is subject to a maximum Wallet Balance provided in the Terms & Conditions.

Some merchants may impose additional limits at their discretion.

3. Benefits of the Wallet and Card

The benefits of the Wallet and Card include:

  • The Card is a reloadable MasterCard Debit Card that can be used to purchase goods and services wherever the MasterCard® logo is displayed.

  • The Card can also be used to make purchases online or via telephone.

  • The Card can also be used to make contactless transactions for payments under $200 without a PIN.

  • The Account Holder can move funds from the Wallet to each Card, and set spending controls, in the Bank’d App.

  • Transactions on the Card are monitored for fraudulent or Unauthorised Transactions.

  • You are protected against Unauthorised Transactions under MasterCard’s zero liability protection policy. MasterCard’s zero liability protection policy only applies to Transactions processed by MasterCard.

4. Risks of the Wallet and Card

Significant risks to Account Holders and Cardholders are:

  • A Card will expire on its expiry date - it cannot be used after expiry.

  • Unauthorised transactions may occur if:

    • the Card is lost or stolen;

    • a PIN is revealed to any other person;

    • a mobile device passcode is revealed to any other person

    • a mobile device’ biometric authentication is compromised, including the addition of biometric data of another person;

    • a fraudulent transaction has taken place;

  • Unintended transactions can happen if:

    • electronic equipment with which the Card is being used is operated incorrectly;

    • incorrect details are input;

  • In the case of unauthorised transactions or unintended transactions, a cardholder might not be able to get their money back.

  • If the electronic network authorising the use of the Card is unavailable or offline, a cardholder may not be able to undertake transactions or access information using the Card;

  • If your Bank’d subscription lapses or is not paid, your Card(s) will be frozen and may be cancelled (see section 2).

  • The funds in the pooled account belong to Kids Money App Pty Ltd and are not held on trust for you. If Kids Money App Pty Ltd or CFPS became insolvent, you may be an unsecured creditor for your Wallet and Card balances and may not recover all or part of those balances.

  • Kids Money App Pty Ltd may deduct unpaid subscription fees and the other fees in section 5 from your Wallet balance.

  • Kids Money App Pty Ltd or CFPS may cancel the Wallet or a Card at any time. If this happens, CFPS will return any remaining Wallet and Card balance to Kids Money App Pty Ltd, who will then pay it to your nominated bank account (the account from which the funds were deposited), subject to any fees or other amount you owe to Kids Money App Pty Ltd under the terms and conditions, Terms and Conditions accessible at https://www.bankd.com/terms-and-conditions.html. The Card could be lost, destroyed, or stolen.

  • We may suspend or terminate the use of the Card if we notice excessive uses of the Card or other suspicious activities. 

  • Merchants may, at their discretion, refuse to accept the Card as a method of payment.

  • Neither CFPS nor Kids Money App Pty Ltd is an authorised deposit-taking institution (ADI) under the Payment Systems (Regulations) Act 1998 (Cth), therefore any available balance held on your Card is not protected by the Financial Claims Scheme. Further information on the FCS is available on the FCS website at: https://www.fcs.gov.au/

Cancellation

If you cancel your Bank’d subscription, your account and any associated cards will be frozen, and you will no longer be able to make transactions. Any remaining paid subscription period is forfeited and is not refunded.

Before cancelling, we recommend you withdraw any remaining funds from your account, as access to the account will be restricted once the cancellation takes effect. Any funds remaining in your account at the time of cancellation will be dealt with in accordance with the Change Financial Terms, and may need to be returned to you through the withdrawal process, which can take additional time.

Nothing in this clause limits any rights you may have under the Australian Consumer Law.

5. Fees and Charges

All fees and charges are expressed in Australian dollars and are inclusive of any applicable GST.

We do not charge any fees to cardholders for using the Wallet or Card. The fees below are set and charged by Kids Money App Pty Ltd. The subscription fee is charged to your nominated payment method. Subscription fees may be deducted from your Wallet balance only if they remain unpaid. The other fees below are deducted from your Wallet balance.

Fee (charged by Kids Money App Pty Ltd)

Amount

Bank’d subscription fee (for access to the Bank’d platform; required to access the Card)

$155.40 per year, shown in the app before you subscribe (subject to different promotions and discounts)

Domestic transactions – first 30 per calendar month

Free

Domestic transaction fee (after the first 30)

$0.25 per transaction

International transaction fee

$1.00 + 3% of the transaction value

Replacement card fee

From $25.00, depending on the card requested

Chargeback processing fee – only where a chargeback you raise is found to be invalid or is unsuccessful

$25.00

Direct debit dishonour fee (top-ups)

$5.00 per failed direct debit (not charged where the top-up is $100 or more)

Some merchants may charge additional fees for using the Card to purchase goods and/or services. This fee is determined and charged by the merchant and is not retained by Us.

Purchase of goods or services in a currency other than Australian dollars will be converted to Australian dollars by Mastercard.

Other transaction fees may be applied from Kids Money App Pty Ltd.

The applicable fees for the Card are set out in the fees table in section 5 of this PDS.

6. Problems or Disputes

If you have a query or complaint about the Wallet or Card, you should initially direct the query to Kids Money App Pty Ltd.

If a cardholder has any complaint, concern or issue with a product or service, or a dispute with a merchant, this must be addressed directly with the merchant. If the concern or issue is not resolved, or the cardholder is not satisfied with the way in which the merchant deals with their concern or issue, they can contact Kids Money App Pty Ltd Customer Support on:

If you are unable to resolve your issue with Kids Money App Pty Ltd directly, you can escalate your enquiry to CFPS via complaintsofficer@changefinancial.com. We aim to resolve the matter on your initial contact with Kids Money App Pty Ltd. However, if the matter cannot be resolved immediately, we will take the following steps:

  • let you know who is handling your complaint;

  • keep you informed of what is happening; and

  • aim to resolve your complaint within 30 calendar days of first receipt (including receipt by Kids Money App Pty Ltd).

If we are unable to resolve your complaint to your satisfaction within 30 calendar days of first receipt (including receipt by Kids Money App Pty Ltd), you may be eligible to escalate the complaint to the Australian Financial Complaints Authority (AFCA).

CFPS is a member of AFCA (membership number 93185). AFCA is an external dispute resolution scheme which provides a free and independent service.  

You can contact AFCA using the following details:  

  • Email: info@afca.org.au  

  • Phone: 1800 931 678 (or +61 1800 931 678 if calling from overseas)  

  • Online: www.afca.org.au  

  • Mail: GPO Box 3, Melbourne, VIC, 3001. 

7. Changes to this PDS

CFPS may, at any time, update the information in this PDS.

You agree that CFPS may notify you any change that is not considered materially adverse to the cardholders by updating this PDS via the Kids Money App Pty Ltd website and App.

If the changes may be materially adverse to the cardholder, the cardholder will be provided with a replacement or supplementary PDS. We will give you at least 30 days’ notice of any new fee or fee increase.

8. Other Important Information

CFPS will communicate with you via email or through publishing on our website https://changefinancial.com to give you a notice, other documentation, or information.

Terms and Conditions

The Terms and Conditions for the Wallet and Card can be accessed from the Kids Money App Pty Ltd website at https://www.bankd.com/change-financial-cardholder-terms-and-conditions.html and in the App. You should read and understand these terms before acquiring the Wallet and Card as they primarily govern the legal relationship between you and us.

Anti-Money Laundering and Counter Terrorism Finance Laws

The Anti-Money Laundering and Counter Terrorism Finance Laws require us to collect and verify certain identification information about you. We will collect personal information from third parties to verify your identity for this purpose as well. Failure to provide the requested identification information may result in the Card being suspended.

Privacy

We will collect, handle and use your personal information in accordance with our privacy policy available here: https://changefinancial.com/privacy-policy/. Kids Money App Pty Ltd also collects and handles personal information about you and the Cardholder in accordance with the Bank’d Privacy Policy, available at https://www.bankd.com/privacy.html.

Our privacy policy contains important information about the purposes for which we collect personal information, the entities to which we may disclose the information we collect (including any overseas disclosures that we may make), how you can access and seek correction of the personal information we hold about you or how you can make a complaint about our handling of your personal information.