Bank’d Product Disclosure Statement
Bank'd
Product Disclosure Statement
Bank'd (Kids Money App Pty Ltd) Wallet · Bank'd Debit Mastercard®
Version 1.0.0 · Dated 2/10/26
Issued by Kids Money App Pty Ltd ACN 672 025 302, trading as Bank'd, Corporate Authorised Representative No. 001323900 of Change Financial Payment Services Pty Ltd ABN 92 651 106 955, AFSL 534901.
About this Product Disclosure Statement
This Product Disclosure Statement (PDS) is issued by Kids Money App Pty Ltd ACN 672 025 302, trading as Bank'd (Bank'd, we, us, our). It relates to the following products:
the Bank'd Wallet — a reloadable non-cash payment facility used by a parent or guardian to load and manage value; and
the Bank'd Debit Mastercard® — a reloadable card used by a child (as cardholder) to make purchases where Mastercard is accepted, including, where supported, through a Digital Wallet, and, together with the Wallet, through the Bank'd app and website.
The purpose of this PDS is to help a parent or guardian decide whether to acquire the Bank'd Wallet and Card(s), and to understand their features, benefits, risks, fees and charges. Please read all of this PDS together with the Bank'd Terms and Conditions, which are available on our website and in the app.
You can ask us for an electronic or paper copy of this PDS or the Terms and Conditions at any time, free of charge.
Important information
About Bank'd
Kids Money App Pty Ltd ACN 672 025 302, trading as Bank'd, operates the Bank'd app and website and is responsible for this PDS. Bank'd is a corporate authorised representative (Corporate Authorised Representative No. 001323900 of Change Financial Payment Services Pty Ltd ABN 92 651 106 955 (Change Financial), the holder of Australian Financial Services Licence number 534901, explicitly for the purposes of providing advice and dealing in deposit and payment products, limited to non-cash payment products
Bank'd provides the app, website, subscription and customer services to parents and cardholders, including support with accounts, lost or stolen cards and general queries. Bank'd can be contacted via the in-app support, our website at https://www.bankd.com/, or support@bankd.com.
About the card issuer
The Bank'd Wallet and the Bank'd Mastercard® Debit Card are issued by Change Financial, not by Bank'd. The Card Products are subject to separate terms and conditions between you and Change Financial (the Change Financial Terms), being the Change Financial Cardholder Terms and Conditions available at https://www.bankd.com/change-financial-cardholder-terms-and-conditions.html and the Change Financial Product Disclosure Statement available at https://www.bankd.com/change-financial-product-disclosure-statement.html. Both are also available on our website and in the app. You enter a separate contractual relationship with Change Financial when you acquire the Card Products.
Change Financial does not charge you any fees in connection with the Bank'd Wallet or the Card. All fees and charges payable by you are charged by Bank'd and are set out in the 'Fees and charges' section of this PDS.
General advice only
The information in this PDS does not consider the parent's or the child's individual objectives, financial situation or needs. Any advice is general advice only. You should seek advice if you do not understand any part of this PDS or the Terms and Conditions.
Where to find our documents
The documents that apply to the Bank'd Wallet, Card and services are:
Document | Issued by | Where to find it |
|---|---|---|
Bank'd Product Disclosure Statement (this document) | Bank'd | |
Bank'd Terms and Conditions | Bank'd | |
Bank'd Privacy Policy | Bank'd | |
Cardholder Terms and Conditions | Change Financial | https://www.bankd.com/change-financial-cardholder-terms-and-conditions.html |
Product Disclosure Statement | Change Financial | https://www.bankd.com/change-financial-product-disclosure-statement.html |
Target Market Determination | Change Financial | https://www.bankd.com/change-financial-target-market-determination.html |
Financial Services Guide | Change Financial | https://www.bankd.com/change-financial-financial-services-guide.html |
Key features of the Bank'd Wallet and Card
The Bank'd Wallet is a reloadable non-cash payment facility. It is used by a parent to load value, allocate funds to a child, and manage the child's Card and balances.
The Bank'd Card is a Mastercard debit card used by a child to make purchases wherever Mastercard is accepted. Transaction limits and merchant-category restrictions apply. The Card cannot be used to withdraw cash.
The Bank'd Card is not a credit card. It is not linked to any line of credit or overdraft, and no credit is provided to you or to your child. You cannot spend more than the Available Balance, except in the limited circumstances described under 'Negative balances and arrears' below. Neither the Bank'd Wallet nor the Card is attached to a separate deposit account held by you with an authorised deposit-taking institution.
Bank'd features
Spending — the child can spend up to the available value in their child sub-account, subject to limits and controls set by the parent.
Savings — value can be allocated to savings, which are held in the child sub-account. Savings allocations form part of the Wallet balance and are subject to the ownership and insolvency risks described under Available Balance and your subscription.
Savings goals — a child or parent may set savings goals and allocate savings towards them.
Tasks — parents can set tasks for a child which, when completed and approved by the parent, may result in funds being allocated to the child.
Allowances — parents can schedule recurring allowance payments to a child's balance.
Shopping mall — through the Bank'd app and website, users may make purchases such as gift cards, which are paid for by debiting the available balance held in connection with the account (see 'How purchases are made' below).
Digital Wallets — where supported, the Card may be added to a Digital Wallet (for example, Apple Pay or Google Pay) on a compatible device and used to make contactless purchases. A Card added to a Digital Wallet remains subject to the same limits, merchant restrictions, freezes and parental controls as the physical Card.
Parental controls — the parent can lock/unlock the card, set spending limits, restrict merchant categories, enable or restrict a child's ability to make purchases, and receive transaction notifications.
How purchases are made
Purchases may be made in three ways: (a) using the Card at merchants where Mastercard is accepted; (b) using the Card through a Digital Wallet on a compatible device, where supported; and (c) through the Bank'd app and website (for example, the shopping mall and gift cards), where the purchase amount is debited directly from the available balance held in connection with the account. Purchases made under (a) and (b) are processed through the Mastercard network. Purchases made through the app or website are processed by Bank'd and are not processed through the Mastercard network.
Available Balance and your subscription
The Available Balance is the value available to be spent or used in connection with an account or child sub-account at a given time. It is the value that has been loaded and cleared, less any holds, pending transactions, fees or amounts allocated to savings or savings goals.
Access to and use of the Available Balance through the Card is subject to a current, paid Bank'd subscription. If your subscription lapses or is suspended for non-payment, the Card will be frozen and cannot be used to spend funds until the subscription is brought up to date. The subscription controls your ability to access and spend the recorded balance using the Card. What happens if a subscription is not brought up to date is set out in section 4 of the Bank'd Terms and Conditions, available at https://www.bankd.com/terms-and-conditions.html, and under 'Cancellation' below.
Funds received to top up a Wallet are held in a pooled account with Australian Settlements Limited (ASL) in the name of Kids Money App Pty Ltd. Those funds belong to Kids Money App Pty Ltd and are not held on trust for the Account Holder or any Cardholder. Change Financial records the Wallet balance and each Card balance. If Kids Money App Pty Ltd or Change Financial became insolvent, you may be an unsecured creditor for your Wallet and Card balances and may not recover all or part of those balances.
Pre-authorisations and holds
Some merchants (for example, fuel stations, hotels and some online merchants) obtain a pre-authorisation before the final transaction amount is known. A pre-authorisation places a hold on the amount requested by the merchant. While a hold is in place, that amount is not part of the Available Balance and cannot be spent, even though it has not yet been paid to the merchant.
Where a merchant does not complete or finalise a pre-authorised transaction, the hold may remain in place for up to 10 calendar days before being released and the amount returned to the Available Balance. The amount held by a merchant may be more than the final transaction amount.
Eligibility
The parent must be a resident of Australia. The Card can be used anywhere Mastercard is accepted, including overseas — international transaction fees apply (see 'Fees and charges').
Bank'd does not restrict use of the products based on the age of the child. Bank'd complies with applicable requirements relating to the marketing of financial products to children, and handles the personal information of parents and children in accordance with the Privacy Act 1988 (Cth), the Australian Privacy Principles and the Bank'd Privacy Policy available at https://www.bankd.com/privacy.html.
Applying for a Bank'd Wallet or Card
Applications must be made through the Bank'd app or website. Once you have successfully applied — including completing any required identity verification (KYC) checks — the Wallet and Card(s) will be issued. The parent must download the Bank'd app to access and operate them.
By applying for and using the Bank'd Wallet, you agree to this PDS and the Terms and Conditions. For each child issued a Card, the parent agrees to this PDS and the Terms and Conditions and undertakes to ensure the child complies with them.
Access to the Card and associated features requires a paid Bank'd subscription. The Bank'd app may be used without a subscription for its other features; a subscription is required to access and use the Card and the features that depend on it.
Fees and charges
The fees and charges connected with the Bank'd Wallet and Card are set out below. Change Financial, as issuer of the Card Products, does not charge you any fees — all of the fees below are charged by Bank'd. Merchants, financial institutions and third-party payment providers may also impose their own fees or surcharges, which are not set or received by Bank'd. All fees are inclusive of GST.
The Bank'd subscription fee is separate from the fees below. The subscription price is set out on our website and in the app and is confirmed to you before you subscribe. Subscription billing, arrears and cancellation are dealt with in sections 3, 4 and 5 of the Bank'd Terms and Conditions, available at https://www.bankd.com/terms-and-conditions.html.
Transaction fees
Fee | Amount |
|---|---|
Free domestic transactions | First 30 domestic transactions per calendar month |
Domestic transaction fee (after free allowance) | $0.25 per transaction |
International transaction fee | $1.00 + 3% of transaction value |
Other fees
Fee | Amount |
|---|---|
Replacement card fee | From $25.00 (minimum) — the fee may vary depending on the replacement card requested |
Chargeback processing fee — Only payable in limited circumstances. A chargeback is a formal dispute of a card transaction through the Mastercard scheme (for example, where goods are not received or a transaction is unauthorised). This fee only applies where a chargeback you have raised is found not to be valid or is unsuccessful after investigation — it is not charged for genuine disputes that are upheld in your favour, and it is not a fee that applies to normal, everyday transactions. | $25.00 |
Direct debit dishonour fee | $5.00 per failed direct debit (exempt where deposit ≥ $100) |
Negative balances and arrears
In some circumstances (for example, an offline transaction, or where a fee is incurred), the value on the Wallet or Card may become negative. Applicable fees are set out in the fees table in this PDS. Interest on overdue amounts is charged at the Reserve Bank rate plus 6%. If an amount remains outstanding, Bank'd may take reasonable steps to recover it, which may include deducting the amount from the available balance held in connection with your account and, where the amount remains unpaid, referring the outstanding debt to a third-party debt collection agency. Bank'd will comply with all applicable laws and guidelines relating to debt collection.
Interest
You do not earn interest on any value stored on the Bank'd Wallet or Card.
Risks
Significant risks associated with the Bank'd Wallet and Card include:
The Card may have insufficient value to cover a payment, or a load/payment exceeding applicable limits will be rejected.
Failure to safeguard the PIN, card, password or device may result in loss of value. This includes a device on which the Card has been added to a Digital Wallet.
Merchants may refuse to accept the Card at their discretion.
Unauthorised, fraudulent or mistaken transactions may occur; you may be liable if you have contributed to the loss or unreasonably delayed reporting a lost or stolen card.
A pre-authorisation or hold placed by a merchant may reduce the Available Balance for up to 10 calendar days, even where the merchant does not complete the transaction.
The value on the Wallet or Card may become negative where a fee is incurred or a transaction is processed offline.
Purchases made through the Bank'd app or website (such as gift cards) are not processed through the Mastercard network and are not eligible for card chargeback rights.
The Wallet or Card may not operate if cancelled by you or us, if your subscription lapses, or if payment or our systems are unavailable for reasons beyond our control.
Where the Wallet or Card is cancelled, remaining funds are returned to Bank'd by Change Financial before being returned to you, which may add time to the return of your funds (see 'Cancellation' below).
The Financial Claims Scheme does not apply (see below).
Spending Control and Card Freeze
The Bank'd app provides a range of controls that allow parents and, where enabled, children to manage how the Card is used. These include the ability to set spending limits (such as per-transaction or weekly limits), and to block or restrict certain merchants or merchant categories, including previously used merchants and merchants from a list made available in the app.
The app also allows a parent or child to freeze a Card, which is intended to prevent further spending on that Card until it is unfrozen. A freeze is intended to apply to the Card whether it is used physically, online or through a Digital Wallet.
While Bank'd will use reasonable efforts to apply these controls, limits, merchant restrictions and freezes as you have set them, we cannot guarantee that they will operate without exception or be fully effective in all circumstances. A range of factors outside Bank'd's control may affect whether a control is applied to a particular transaction, including (but not limited to):
offline transactions, where a transaction is processed while a terminal or system is not connected to the payment network and cannot check the Card's status or limits in real time;
delays in the processing, authorisation or settlement of a transaction;
the way a merchant or acquirer submits, categorises or codes a transaction (for example, an incorrect or missing merchant category code);
pre-authorisations, holds, refunds and adjustments;
technical faults, outages or delays in third-party systems, including those of merchants, the card scheme, the issuer, a Digital Wallet provider or payment providers; and
the timing of when a control, limit or freeze is set relative to when a transaction is initiated.
Accordingly, a transaction may in some cases be processed even where a limit, merchant restriction or freeze would otherwise have prevented it. To the maximum extent permitted by law, Bank'd is not liable for any loss arising from a control, limit, merchant restriction or freeze not being applied to a particular transaction, except to the extent such liability cannot be excluded under the Australian Consumer Law. Parents remain responsible for monitoring account activity and for all transactions made on the Card, including by a child.
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.
You may cancel the Bank'd Wallet and any Card at any time through the app or by contacting us. Bank'd may also instruct Change Financial to cancel the Card Products, and Change Financial may cancel them, in the circumstances set out in this PDS, in the Bank'd Terms and Conditions available at https://www.bankd.com/terms-and-conditions.html, or in the Change Financial Terms available at https://www.bankd.com/change-financial-cardholder-terms-and-conditions.html.
Where the Wallet or a Card is cancelled and value remains, Change Financial will first return the remaining balance to Bank'd. Bank'd will then return those funds to you, less any fees, charges or other amounts you owe to Bank'd in accordance with the Bank'd Terms and Conditions. Change Financial does not deduct any fees of its own.
Funds returned to you will be paid to the parent's nominated external bank account. For security and to help prevent fraud and money laundering, funds can only be paid to the same external account from which they were originally deposited, as set out in section 8 of the Bank'd Terms and Conditions. Bank'd may decline or delay a return of funds where it is unable to verify the originating account, where required to comply with law, or where it reasonably suspects fraudulent or unauthorised activity. Returns are processed within a reasonable time, and processing times may vary depending on your financial institution.
Financial Claims Scheme
The Financial Claims Scheme (FCS) is administered by the Australian Prudential Regulation Authority (APRA) to protect depositors up to a cap if an authorised deposit-taking institution fails. As at the date of this PDS, the FCS applies to deposits only. It does not extend to debit card products or non-cash payment facilities, including the Bank'd Wallet, the Card, or any value held on them.
This means that if the issuer or the institution holding the funds fails, any value held on the Bank'd Wallet or Card will not be protected by the FCS, and you may lose all or part of that value.
Keeping your password and card secure
You must keep your password, PIN and device secure. No-one from Bank'd or Change Financial will ever ask you for your password or PIN. You should:
never disclose your password or PIN to anyone;
not access the Bank'd app or website via a link in an email or text message;
not choose a password or PIN that is easily guessed (such as a birth date, repeated or sequential numbers);
keep secure any device on which the Card has been added to a Digital Wallet, including by using a passcode, fingerprint or face recognition, and remove the Card from the Digital Wallet if the device is lost, sold or given away;
supervise your child's access to the device; and
regularly review account activity and report any unauthorised or mistaken transactions as soon as possible.
Complaints
Most questions and complaints are resolved quickly and directly by our support team. If you have a query or complaint about the Bank'd Wallet, Card or any Bank'd service, please contact Bank'd customer support in the first instance through our support ticketing system, available via the in-app support chat, our website at https://www.bankd.com/support.html, or support@bankd.com. This is the primary way that complaints are handled, and we will work with you to resolve your complaint promptly.
As a final resort only — if your complaint has been through our support process and you are not satisfied with the outcome — you may escalate it to the Australian Financial Complaints Authority (AFCA), a free and independent external dispute resolution scheme. AFCA is not the first point of contact and will generally not review your complaint unless you have first raised it with us and given us the opportunity to resolve it. AFCA can be contacted at: www.afca.org.au · 1800 931 678 · info@afca.org.au · GPO Box 3, Melbourne VIC 3001.
Bank'd is not responsible for resolving disputes about goods or services purchased with the Card from a merchant — please contact the merchant directly for those.
Taxation
This PDS does not take into account your individual tax circumstances. You should obtain your own independent tax advice regarding any impact of using the Bank'd Wallet or Card.
Updating this PDS
Bank'd may update this PDS from time to time. Changes that are not materially adverse may be made by posting an updated version on our website and in the app, effective from the date posted. Where a change increases fees or is otherwise materially adverse, we will give at least 30 days' prior notice and may issue a supplementary or replacement PDS. You consent to being notified of changes via the Bank'd app, by email, by SMS or by post.
Definitions
In this PDS, unless the context requires otherwise:
Account Holder — see Parent. Account Holder is the term used for the Parent in the Change Financial Terms.
Available Balance — the value available to be spent or used in connection with an account or child sub-account at a given time, being the value loaded and cleared, less any holds, pending transactions, fees or amounts allocated to savings or savings goals. Access to and use of the Available Balance through the Card is subject to a current, paid Subscription.
Allowance — a recurring payment scheduled by a parent to be allocated to a child's balance at set intervals.
Bank'd — Kids Money App Pty Ltd ACN 672 025 302, trading as Bank'd.
Bank'd Platform — the Bank'd app and website.
Bank'd Terms and Conditions — the Bank'd Terms and Conditions covering the Bank'd Platform, the Subscription, promotions, purchases and goods, available at https://www.bankd.com/terms-and-conditions.html.
Business Day — a day that is not a Saturday, Sunday or public holiday in Queensland.
Card — the reloadable debit Mastercard® issued by Change Financial to a child at the parent's request, including where that Card is added to and used through a Digital Wallet.
Change Financial — Change Financial Payment Services Pty Ltd ABN 92 651 106 955, AFSL 534901, the issuer of the Card Products.
Change Financial Terms — the Cardholder Terms and Conditions and the Product Disclosure Statement issued by Change Financial for the Card Products.
Child / Cardholder — the individual issued with a Card at the parent's request.
Child sub-account — the record of value allocated to a particular child, including their spending and savings balances, forming part of the Wallet.
Corporate Authorised Representative — a body corporate appointed under section 916A or 916B of the Corporations Act 2001 (Cth) to provide financial services on behalf of an Australian financial services licensee. Bank'd is appointed as Corporate Authorised Representative No. 001323900 of Change Financial, explicitly for the purposes of providing advice and dealing in deposit and payment products, limited to non-cash payment products.
Digital Wallet — a digital wallet service provided by a third party (for example, Apple Pay or Google Pay) into which the Card may be added on a compatible device and used to make contactless and online purchases.
Gift Card — a gift card from a third-party brand made available for purchase through the Bank'd Platform and supplied by a third-party gift card provider.
Identity Verification (KYC) — the identity verification and related checks required before the Card Products are issued or certain features are made available.
Parent — the individual (aged 18 or over) who holds a Bank'd account, is responsible for the account and for the child's use of the Card and Platform, loads and allocates funds to the Wallet and to each Card, and sets and manages the spending limits, merchant restrictions and other controls that apply to each Card. Referred to as the Account Holder in the Change Financial Terms.
Pre-authorisation — a hold placed on an amount in the Available Balance at the request of a merchant before the final transaction amount is known, which may remain in place for up to 10 calendar days if the transaction is not completed.
Savings — value allocated within a child sub-account and set aside from the child's spending balance; savings form part of the Wallet balance and are subject to the same ownership and insolvency risks.
Savings Goal — a specific savings target set by a child or parent, towards which savings may be allocated.
Shopping mall — the in-app and website feature through which users may purchase gift cards and other products, paid by debiting the available balance.
Subscription — the paid Bank'd subscription that unlocks access to the Card Products and the features that depend on them.
Task — an activity set by a parent for a child which, when completed and approved by the parent, may result in funds being allocated to the child.
Value — the monetary value stored on the Wallet or Card from time to time, in Australian dollars.
Wallet / Bank'd Wallet — the reloadable non-cash payment facility issued by Change Financial.