There are currently no government fees or charges associated with your Xinja Accounts. We will let you know if the government introduces any fees and charges applicable to your Account in the future.
Do I earn interest on my Xinja Accounts?
Interest is not paid on your Xinja Bank Account.
We will pay a tiered variable interest rate on credit balances in your Xinja Stash.
This means that there may be a different interest rate applicable to different portions of your Stash balance. For example, if interest rates are tiered as follows: (NB: these are EXAMPLES only – not our current interest rates)
||EXAMPLE Interest Rates
|Credit balances of up to $50,000
|Credit balances of more than $50,000 up to $150,000
|Credit balances of more than $150,000
If you deposit $75,000 into your Xinja Stash you will earn 0.40%pa of the first $50,000 and 0.65%pa on balances above that amount.
NOTE that the interest rates and tiers above are an example only. You can find the actual details of the current interest rate applicable to different balances on your Stash on the Xinja website or in the App. We will also print the applicable interest rates in your statements of account.
The interest rate forms part of these Terms and Conditions. Interest is calculated daily (on the balance of your Stash at 12:00am (midnight) and credited to your Stash monthly in arrears on the first day of the following month. Xinja will calculate the daily interest rate by dividing the annual interest rate by 365 (even in a leap year). If you make a transfer to your Stash on the last day of the month, the first time interest will be credited to your Stash will be on the first day of the next month (for example, if you make a deposit to your Stash on Sunday, 31 October, you will receive your first interest payment on that deposit on Monday, 1st December).
9. CLOSING YOUR ACCOUNT
How do I close my Accounts?
You can close your Xinja Accounts at any time except when your account has a negative balance or if there are pending transactions. In this instance, you must top up your Account to a zero before you can close the Account. We may withhold enough money to cover any pending transactions. If you close your Xinja Bank Account your Debit Mastercard will automatically be cancelled. If you have a Stash, your Stash will also need to be closed if you close your Bank Account.
Can Xinja close my Accounts?
We may close one or more of your Xinja Accounts if there have been no transactions on the Account for at least 12 months. This excludes any transactions initiated by us, for example interest payments or fee transactions.
In this case, we may write to you asking if you want to keep your Account open. If you don’t respond, we will treat your Account as ‘dormant’ and we may stop paying interest if the Account is a Stash. If your Account remains ‘dormant’ for 7 years, we are required by law to transfer any balance exceeding $500 to the Australian government as ‘unclaimed money’.
Xinja may close your Stash, acting reasonably, by giving you at least 7 days prior notice via email, SMS or push notifications. If there is a balance, we will pay you the balance along with any accrued interest to your Bank Account.
Xinja may close your Bank Account, acting reasonably by giving you at least 14 days prior notice via email, SMS or push notification. If we close your Bank Account, we will also close your Stash. If there is a balance, we will pay you the balance to your nominated account with another financial institution.
What happens when my Xinja Bank Account is closed?
If you close your Bank Account, you will no longer be able to access your Account via the App or use your Debit Mastercard.
We will transfer any balance to the bank account of your choice. If any of your Accounts have a negative balance at the time that it is closed, you must pay us the balance due plus any interest and fees.
What happens if Xinja temporarily blocks my Xinja Accounts?
If we block access to your Xinja Accounts at any time, we may also block your Debit Mastercard and you won’t be able to use your card until you contact us to unblock your Account.
10. CHANGES TO THESE T&CS
How will I know if Xinja makes changes to these Terms and Conditions?
We may make changes to these Terms and Conditions by notifying you in one of the following ways:
- email to the last email address you have given us, or
- SMS to the last mobile number you have given us,
In addition, we may send push notifications if you have opted-in to receive them.
How much notice of any changes will Xinja give me?
We will give you at least 30 days notice of:
- the introduction of a new fee or charge including a government charge
- any increase in an existing fee or charge
- the changes to the way we calculate and pay interest
- the changes that increase your liability for losses relating to any transactions on your Account
- the introduction, removal or change to any transaction limits on:
- your Accounts eg. daily PayAnyone limits, or
- electronic equipment eg. ATM withdrawal limits (value and number)
If we make any other changes to these Terms and Conditions not described above , we will give as much notice as we can before the change takes effect.
From time to time, we may need to make changes immediately (without notice to you) in order to comply with applicable laws and regulations, but we will always give at least the notice period prescribed by any applicable legislation or industry codes.
Where a change is immaterial or doesn’t have a negative impact on you, we may not give advance notice of the change.
11. OTHER IMPORTANT STUFF
When will I receive statements and other communications about my account?
Statements will be made available via the Xinja App every 6 months, following the end of June and end of December each year. All electronic statements are available via the App and we don’t provide hard copies of statements unless if we are required to do so by law or are unable to provide electronic statements for any reason.
You should check your statement as soon as you receive them and let us know immediately if you think there are any Unauthorised Transactions or errors.
Can Xinja combine or offset my Xinja Accounts?
If you owe us any money, we have the right to combine, set off or otherwise apply the whole or any part of any one of your Xinja Accounts towards paying off the amount you owe us. We may do this without prior notice, but we will notify you as soon as possible after we do this.
How do I make a complaint? 😔
If you have a concern about your Xinja Accounts, please contact Xinjarati by:
- Telephoning us on – 1800 946 527 or +61 2 8598 8525 (if overseas) during our Standard Business Hours; or
- Emailing us on – [email protected].
We will forward your complaint to our Chief Operating Officer who will acknowledge receipt of it in writing and provide an estimate of the time it will take to investigate the circumstances. The Chief Operating Officer will then investigate your concerns and contact you if further information is required. Following our investigation, the Chief Operating Officer will provide you with a written response.
Xinja hopes that we will be able to resolve any of your concerns, however, if we are unable to resolve your concerns to your satisfaction, you may choose to lodge a complaint with the Australian Financial Complaints Authority (AFCA). The contact details for AFCA are:
Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001
Ph: 1800 931 678
Email [email protected]
AFCA will investigate the complaint and make a determination. This is a free service for you.
What about my privacy?
Xinja is committed to keeping your personal information safe.
What is anti-money laundering / counter terrorism financing?
Xinja is a bank and we’re obligated to comply with the Anti-Money Laundering / Counter Terrorism Financing Act (AML / CTF Act). Therefore before we can open a Xinja Bank Account for you we must verify your identity. We may also block, delay, freeze or refuse transactions if we have reasonable grounds to suspect that the transaction may:
- breach a sanction or law of Australia or another country; or
- directly or indirectly involve the proceeds of crime.
If a transaction is blocked or frozen, we won’t be liable for any loss that you may suffer including consequential loss.
If we require additional information about any transaction, you must provide us with the information that we request. You agree that where Xinja is legally obliged to do so, we may disclose the information to regulators, law enforcement agencies, other financial institutions and other third parties.
You declare and agree that when we process your transactions in accordance with your payment instructions, you will not breach any law or regulation in Australia or any other country and you indemnify Xinja against any potential losses which arise as a result of your instructions.
Does the Australian Government’s Financial Claims Scheme apply to my Account?
You may be entitled to payment under the Australian Government’s Financial Claims Scheme. Payments under the Financial Claims Scheme are subject to a limit for each depositor. Information about the Financial Claims Scheme can be obtained from http://www.fcs.gov.au or the APRA hotline on 1300 13 10 60.
When do I provide my tax information?
You must declare your tax residency when opening a new account and/or when we request it. This includes the status of your foreign tax residency.
What is a TIN?
TIN stands for Tax Identification Number. If you are a tax resident of another country, you will be asked for your TIN issued to you in that country, if you have one. TIN is an international term which may have a different name in some countries.
I’m a tax resident of Australia, do I need to provide my Tax File Number (TFN)?
We are authorised to collect your TFN, and its use and disclosure is regulated, by tax laws and the Privacy Act. You’re not obliged to provide us with your TFN. However, if you don’t provide your TFN or provide a TFN exemption, we are required to withhold tax at the highest marginal tax rate plus the Medicare Levy from any interest that you earn on a Stash. The amount we withhold will be paid to the ATO.
You can provide us with your TFN when you open your Stash or at any other time.
We are required to report the details of any interest income earned, withholding tax deducted and TFNs quoted to the Australian Taxation Office.
Where can I find more information?
If you need more information:
For further information on FATCA: Visit the IRS web site and search for FATCA
For further information on CRS: Visit the OECD or ATO web sites and search for CRS
Info on TINs: Visit the OECD web page on TINs
What are my liabilities for Unauthorised Transactions?
You are liable for all losses and liabilities arising from Unauthorised Transactions where we can prove that it’s likely that you contributed to losses or liabilities as a result of:
- fraud or failing to comply with Xinja’s security requirements
- you unreasonably delayed to notify us that your Passcode has been compromised or breached
If a loss or liability arises as a result of your unreasonable delay in notifying us of an actual or potential breach of your Passcode safety, you will be liable for the full amount of any losses that occur between the time you became aware of the breach and the time that you notified us. You WON’T be liable for any part of the loss that:
- exceeds any daily transaction limit on any one day that applies to your Xinja Accounts;
- arises during a period which exceeds any other periodic transaction limit that is applicable; or
- which exceeds the actual balance of the relevant Xinja Account.
If it’s not clear whether you have contributed to the loss caused by an Unauthorised Transaction that required your Passcode, then your liability is limited to the lesser of:
- the balance of the Xinja Accounts from which the Unauthorised Transaction was made; or
- the actual loss at the time you notify Xinja that your Passcode had been breached.
You are not liable for losses incurred by you as a result of:
- fraudulent or negligent conduct of any person other than you (NOTE – this means that you WILL be liable if the loss or liability was contributed to or caused by your fraud or negligence and the limit on your liability outlined above WILL NOT apply.
- your Passcode is forged by another person or is faulty
- transactions which required the use of your Passcode but occurred before you set up your Passcode
- a transaction being incorrectly debited more than once to the same Xinja Account
- Unauthorised Transactions occurring after you have notified Xinja that your Passcode has been breached
- Unauthorised Transactions where it’s clear that you didn’t contribute to the losses.
What are Xinja’s liabilities?
We are responsible for losses and liabilities that are caused by failure of our system to complete a transaction, after being accepted in accordance with your instructions.
However, if, in our reasonable opinion, you should have been aware that our system was unavailable for use or malfunctioning, our responsibilities will be limited to correcting errors in your Xinja Account and refunding any charges or fees imposed as a result.
We are not liable for any losses or liabilities caused by the failure of our system where our system hadn’t accepted your payment or transaction instructions.
Android Device means a mobile device including a smartphone or tablet device running 7.0 (Nougat) or higher.
App Password means the 6 digit code set by you that is used to access your Xinja App.
Apple Device means a ‘compatible mobile device’ manufactured by Apple Pty Limited ABN 46 002 510 054 (or its related bodies corporate) including iPhones or iPads (models include iPhone SE and iPhone 6 or later).
Business Day means a day the banks are open for business in Sydney which is not a Saturday, Sunday or public holiday.
Direct Debit Request means an authorisation that you provide to a merchant authorising that them to debit your Xinja Bank Account for regular payments.
Passcode means any code used to access your Xinja Accounts and includes your PIN, your App Password, any ‘one off code’ sent to your mobile phone number to verify a transaction and the code or biometric identifier for your Android Device or Apple Device.
Pay Anyone (called ‘Send Money’ on the App) means a payment facility that enables you to send money to a bank account held with any other Australian financial institution.
PIN means a 4 digit Personal Identification Number used to access your money using the Xinja Debit Mastercard.
Send Money means a Pay Anyone transaction.
Standard Business Hours 8.00am – 8.00pm (Sydney time), five days a week (except on Christmas day, Boxing Day and New Years Day).
Terms and Conditions (or T&Cs) means these terms and conditions applicable to Xinja Accounts as amended from time to time.
Unauthorised Transaction means a transaction which appears to Xinja as being authorised by you but which you did not in fact authorise.
Xinja means Xinja Bank Limited ACN 618 937 054 AFSL 501764 and its related bodies corporate.
Xinja App means the mobile app used to access your Xinja Accounts.
Xinja Bank Account (or Bank Account) means a transactional bank account offered by Xinja.
Xinja Debit Mastercard (or Debit Mastercard) means the card issued by Xinja which is linked to your Xinja Bank Account.
Xinja Account means any personal bank account offered by Xinja and includes a Xinja Bank Account and a Xinja Stash.
Xinja Stash (or Stash) means a savings account opened with Xinja.
Xinjarati means our customer support team.
Mastercard® is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
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