Fund Reversal Policy. Policy overview. Scope and purpose

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1 Policy overview Scope and purpose bux s Fund Reversal Policy (the Policy) provides instructions relating to how bux applies policy settings and conducts work practices in relation to fund reversals via the bux app. The Policy is designed to ensure that any fund reversals made to customers are consistent with the Policy and do not breach any of the provisions of the Australian Competition and Consumer Act 2010 or any other requirements. Legislative environment The legislative environment regulating the implementation of the Policy includes the following pieces of legislation: The Competition and Consumer Act (Cth), specifically Schedule 2 the Australian Consumer Law; the ASIC Corporations (Non-Cash Payment Facilities Instrument 2016/211); the ASIC e-payments Guide; and the Fair-Trading Act 1987 (NSW). In summary, the above legislation imposes the following obligations on companies in relation to funds reversal: Competition and Consumer Act, Schedule 2 Australian Consumer Law: o Consumers have a right to ask for repair, replacement or refund under Australian Consumer Law if a product or service they buy fails to meet a consumer guarantee. ASIC Corporations (Non-Cash Payment Facilities Instrument): o A non-cash payment facility must provide a disclosure document to investors which sets out the procedures for dealing with failed, mistaken or unauthorised transactions. ASIC epayments Guide: o In the case of a system malfunction, it is the responsibility of the service provider to both correct the error and refund the consumer appropriately. Fair Trading Act: o promotes fair trading and consumer protection through the application of the Australian Consumer Law within NSW. This Policy has been drafted to ensure that bux and its employees comply with the above obligations, and to maintain customer satisfaction. Definitions and abbreviations For the purposes of the Policy, the term fund/s refers to a sum of money. The term account balance refers to the available funds credited to the individual bux customer for the use of bux services. The term transaction means any completed activity affecting a customer s bux account balance that is the result of an action performed by the account holder or is at his / her request, this includes; loading the bux account, sending money to a beneficiary, toping up a mobile phone, purchasing international calling credit, paying a bill via the app, purchasing an e-commerce gift card or receiving a fund reversal. A transaction can occur in any of these bux use cases: bux load: cash bux load: credit or debit card bux load: bank account

2 bux send money: bank account bux send money: cash pick up bux send money: mobile wallet bux mobile top up bux international calling bux bill payment bux e-commerce (Amazon Gift Card) The term load account refers to the monies a customer loads into the bux account in their name via a credit card payment, debit card payment, bank account transfer or cash payment. The term beneficiary means the person or third party who is receiving funds from the bux customer. The term send money refers to the bux account holder using their bux account balance to provide funds to their selected beneficiary via their selected method of funds transfer. The term mobile top up refers to the use of the pre-paid mobile recharge service, to add mobile credit to a pre-paid mobile phone. The term international calling credit refers to the purchasing of credit to make international calls, to make international calls though the app to a mobile or land line. The term bill payment refers to paying a company who has issued a bill via the apps bill pay service. The term e-commerce refers to the purchasing of an Amazon gift card using a bux account balance. The term fund reversal refers to monies returned to a customer via their bux account, credit card, debit card or bank account. The term method means the process or procedure used to complete a task or action via the bux app. The term consumer error means any information provided by the bux user, any bux user action in the app that is out of the control of bux or any misuse of the bux service that in any way contributed to the problem. The term change of mind means the customer has decided, through no fault of bux, not to use a bux service. The term transaction fee means the additional amount charged to the customer for the provision of a service within the app. This charge can occur when a customer loads a bux account, sends money, tops up a mobile phone, purchases international calling credit, pays a bill or pays for a gift card by one form of payment (e.g. a credit card) rather than another (e.g. cash). The term transaction error means a fault within the bux technology platform or technology platform of a bux third party that prevents a transaction from occurring as promoted or promised by bux to the customer. The term service unavailable means that the service was not available at the point in time that the customer was wanting to use the bux service. The term cost incurred means the cost charged to the customer by a third-party supplier which is out of bux s control. The term liability means the state of being legally responsible for something.

3 Process, procedures, guidelines and service levels A. Process & procedures It is the responsibility of the bux customer to contact bux if they notice any problem with a payment, transfer or mobile top up. A customer should ensure that they contact bux customer support as soon as they notice an issue has arisen. If the customer waits for an extended period of time (usually more than 3 months) to notify bux of an issue, it is in bux s discretion to refuse a funds reversal request. The process for contacting bux customer support is outlined below. In the app: Tap the hamburger menu located on the bottom right hand side of the screen. Tap on Support and the bux chat support screen will appear. Enter your details and click on Initiate Chat. bux s friendly support staff will be there to log your issue. Once an issue is logged, it will be investigated, within the process and timeframes outlined in this document. On the website: Upon going to bux.com a chat pop up will appear in the bottom right hand corner with the headline how can we help. Enter your details and click on Initiate Chat. bux s friendly support staff will be there to log your issue. Once an issue is logged, it will be investigated, within the process and timeframes outlined in this document. Via An can be sent to support@bux.com. In the subject line you must have URGENT: Transaction issue [your first and last name], [your bux account number]. In the body of the include the below details: o Your name; o Customer bux account number; o Transaction number or screen shot of your transaction receipt that you are contacting bux about; and o Details of the issue you have experienced. bux s friendly support staff will be there to log your issue. Once an issue is logged, it will be investigated, within the process and timeframes outlined in this document. B. Guidelines The guidelines for a fund reversal are applied equally to all bux transactions. The guidelines stated below outline the type of use, the situation and the action that will be taken in relation to a fund reversal. Please note for all fund reversal situations where the customer has loaded their account with cash the customer will need to withdraw the funds from their bux account via the apps Withdrawal functionality or provide bux with their bank account details and bux will arrange a fund transfer to their selected bank account with the full refund amount. The tables below set out the situations in which bux will apply a fund reversal to a customer s account, and the method by which this will occur. bux is not required to apply a funds reversal in a situation where the customer has: Acted fraudulently;

4 Failed to keep their personal details (e.g. PIN or password) secret; Simply changed their mind about partaking in the transaction with bux; or Unreasonably delayed notifying bux or relevant financial institution that a mistake has been made in account details entered, that there has been a transaction error or that their card has been lost or stolen. ISSUE: Transaction time Change of Mind: The proposed transaction time does not meet customers needs once they go to transact and triggers a change of mind and The bux account load fee. Service Fault: The proposed transaction time does not meet customers needs due to the actual transaction time being different to the time displayed at the time the customer completed the transaction due to a technical error with bux or a bux partner or supplier. and The bux account load fee; Credit for any other frees incurred in the processing of the fund reversal to the customer. ISSUE: Transaction error User Error: The customer makes an error when selecting, entering or inputting information into the bux app which results in a transaction failure. and

5 The bux account load fee. Failed KYC: The transaction cannot be processed because the customer for any reason was not able to be verified in relation to bux s regulatory obligations for KYD, AML and ATF. a) Refund the customer s bux account; and The full transaction amount. a) Refund the customers bux account: and Failed Transaction Service Fault: The transaction cannot be processed due to a fault or technical error with bux or a bux partner or supplier: The bux account load fee; Credit for any other frees incurred in the processing of the fund reversal to the customer. ISSUE: Change of mind Change of Mind: the customer has changed their mind about using any of the bux services and no longer wants to be a customer. and The bux account load fee.

6 ISSUE: Service not available and Service Fault: The customer goes to use a bux service but finds that the service they wish to use is not available with bux. The bux account load fee; Credit for any other frees incurred in the processing of the fund reversal to the customer. C. Service levels The bux customer service team is committed to the below minimum timeframes when responding to customers: Contact method to bux customer service (support@bux.com) Private message social channel (Facebook, Twitter, Instagram, YouTube & LinkedIn) Public message social channel (comment on post, ad or a review on a social channel or the app/play store) In app message via support Website chat Timeframe for response Within 24 hours Within 24 hours Within 12 hours Immediately where possible Immediately where possible The bux finance team will use its best endeavours to comply with the following minimum timeframes when responding to and processing a customer request for a fund reversal: Transaction Type Load: cash Load: credit or debit card Load: bank account Send money: bank account Send money: cash pick up Send money: mobile wallet Mobile top up International calling E-commerce (Amazon Gift Card) Timeframe for response 5 business days 5 business days 5 business days