FAQ

With regret, we are announcing that Volt will be closing its deposit-taking business and intends to return its banking licence. Following the pandemic and the current challenging global economic climate we were unable to secure the funding needed to continue. Our priority now is to ensure account holder funds are returned to account holders as soon as possible.

Volt is doing everything possible to return the deposits in an orderly and timely manner. The Australian Prudential Regulation Authority (APRA) is closely monitoring this process.

Account holders must transfer any balances in their Volt accounts to another financial institution before the 5th of July 2022. We will provide customers with further information on any changes to our operations via email, and our website www.voltbank.com.au.

It means your deposits with Volt will no longer earn interest from the 29th of June 2022. For all Wealth Cash Manager, interest bearing Retail Cash Manager and Retail Term Deposit accounts , any accrued interest earned up to that date will still apply and interest accrued has been credited to accounts. This interest accrued and credited as of the 29th of June 2022 will appear in any closing account statements.

If you held a balance in your Volt Spend and Save account during June, the interest for the month of June 2022 will be paid as normal on the 1st of July 2022. If you have already withdrawn your funds you will need to log back into the app on the 1st of July 2022 and transfer any interest from your account. 

To ease with the transition of funds to external accounts quickly Volt has increased daily transfer limits to $250,000. Please arrange this transfer as you would normally do with any transfer to your external account by the 5th of July 2022.

Yes. Your money is safe, and Volt will continue to provide service while we help account holders transition funds out. Volt has adequate funds and liquidity to support the return of deposits in full. Volt is undertaking a return of deposits in an orderly and timely manner. The Australian Prudential Regulation Authority (APRA) is closely monitoring this process. In addition to this, deposits are protected under the Australian Government Financial Claims Scheme which guarantees deposits up to $250,000 per account holder. You can find out more information about the guarantee at the FCS website.

As outlined in our product terms and conditions, we calculate interest earned by multiplying the available balance in your account at the end of each day by the daily interest rate. We have done this and credited all interest accrued to your account up to the 29th of June 2022 when the interest rate was changed to zero. This interest will be paid to your Volt account on the 29th of June 2022 except for the Save and Spend accounts which will be paid on the 1st of July 2022. We recommend that you log into the Volt app and transfer the credit interest to your nominated financial institution. Sometimes you may not see the interest credit transaction in the Volt app on the 1st however you will see that your account balance has increased by the interest amount. Once your account is closed, this credited interest will be shown on your closing account statements.

All statements on your account(s) are available from the Volt App until the accounts are closed. For Volt App, Customers please log into the Volt App and download any statements for your account(s). Please note that you will lose access to the statements via the Volt App once the account is closed. For all customers, we will email you a closing statement once your account is closed. Following closure of your account(s), should you wish to request bank statements for current or prior financial years from Volt, please email Volt as soon as possible at [email protected]

We will provide you with a closing statement once your funds have been transferred out of Volt and the account is closed. This can be used as your End of Financial Year Statement.

Volt will no longer accept deposits from the 5th of July 2022. All deposits received after the 5th of  July 2022 will automatically be redirected back to the account from the sending financial institution. Please arrange to transfer any balances held in your Volt account out as soon as possible and, in any event by the 5th of July 2022. If you have any regular deposits to your Volt account (e.g. your salary, regular contributions to your accounts etc.), please arrange immediately for these to be paid to an alternate Financial Institution.

Your accounts are still operational and any funds received before the 5th of July 2022 will be credited as normal. Once the funds reach your account you should transfer them back out to an account at another financial institution. All deposits received after the 5th of July 2022 will automatically be redirected back to the account held at the sending financial institution. Please arrange to transfer any balances in your Volt account out as soon as possible and, in any event by the 5th of July 2022.

Any existing payment disputes you have advised to us will be finalised according to the timeframes previously communicated to you. Any new payment disputes raised after the 29th of June 2022 can still be raised for assessment. All payment disputes that are successfully processed will need to be paid to an alternate financial institution – please make sure you have provided this information to us. Please call 13 VOLT (13 8658) to discuss any new or existing payment disputes

Your access and account are still operational until the 5th of July 2022, and Volt will continue to provide service to you as you transition your banking arrangements to another financial institution during this time. Please note we ask that you no longer make any deposits. We will provide you with further information on any changes to the operation of your account and access to your account via email, and our website www.voltbank.com.au

Yes, you can transfer to any Australian account as long as you have the correct BSB and Account number. Please make sure that you check the BSB and Account number before you confirm the payment to avoid any issues.
Currently Volt only allows payments to be made on the day you wish to transfer your funds. However, please note that we have increased the daily limit to $250,000 to make transferring your balance out easier so future transfers won’t be necessary.
If you have a pre-existing arrangement where a nominated party has been approved to operate on your behalf, then there is no change to this arrangement. We unfortunately cannot accept any new voluntary arrangements. This does not affect any new legal obligations we receive e.g. requests for Power of Attorney, Public Trustee Orders, or Deceased Estate notifications.
Once your payment has been processed by Volt, it may take up to 3 business days to be received by your other financial institution. As the time taken to process transfers varies from institution to institution, this is the maximum time period they are allowed to take. Please note that Volt has no ability to influence the time a financial institution may take to process incoming payments.

Your Volt Debit Mastercard will continue to work until the 5th of July 2022. However, we do not recommend that you use your Mastercard at this time. Please transfer your balances to an external bank account. You should destroy your card ensuring you cut through the embedded Chip as well as the mag-stripe on the back and dispose of your card securely. When your account is closed, your MasterCard will no longer be operational.

Your Volt Debit Mastercard will continue to work until the 5th of July 2022. However, we do not recommend that you use your linked Mastercard at this time. Please transfer your balances to an external bank account. You should destroy your card ensuring you cut through the embedded Chip as well as the mag-stripe on the back and dispose of your card securely.

MasterCard will cease processing Volt debit card transactions from the 5th of July 2022. Please set up alternate arrangements for any direct debits from your card before then. We recommend you contact any merchants you have ongoing debiting arrangements with and provide an alternate Card to them as soon as possible to ensure there is minimal disruption to the services they are providing to you.

MasterCard will cease processing of card transactions from the 5th of July 2022. However, any existing card disputes you raised prior to that time will be finalised according to the timeframes previously communicated to you. Any new card disputes raised after the 29th of June 2022 can still be raised for assessment. All card disputes that are successfully processed will need to be paid to an alternate financial institution- please make sure you have provided this information to us. Please call 13 VOLT (13 8658) to discuss any new or existing Card Disputes.

You should unlink any PayIDs you have registered with us from your Volt account(s). Volt will no longer accept deposits from the 5th of July 2022. All deposits attempted to your PayID after the 5th of July 2022 will automatically be rejected and will not be processed. Please arrange to transfer any balances in your Volt account out as soon as possible, and in any event by the 5th of July 2022.

Volt will no longer accept any deposits, including NPP deposits from the 5th of July 2022. All NPP deposits attempted after that time will automatically be rejected and will not be processed. Please arrange to transfer any account balances in your Volt account out via your app as soon as possible, and in any event by the 5th July 2022.

Yes you can if your destination bank supports NPP; otherwise the payment will be returned to Volt. Please check that your destination bank supports NPP before sending money via NPP or PayID.

As of the 5th of July 2022 BPAY payments will no longer be possible from your Volt account. Please make alternate arrangements to pay any bills using BPAY from another account.

Please contact Customer Care on 13 VOLT (13 8658) to discuss any BPAY payments that have not been received by your biller. Any existing BPAY payment disputes you have advised to us will be finalised according to the timeframes previously communicated to you. Any new BPAY payment disputes raised after the 29th of June 2022 can still be raised for assessment. All BPAY payment disputes that are successfully processed will need to be paid to an alternate financial institution- please make sure you have provided this information to us. Please call 13 VOLT (13 8658) to discuss any new or existing BPAY payment disputes.

You need to transfer your full balance to an external nominated bank account in the usual way before the 5th of July 2022. Just make sure you know the external account name, BSB and account number when you make the transfer. The daily limit has now been increased to $250,000 to make the transfer easier. Once your Volt accounts are zero balance, Volt will then close your account and send you a closing balance statement. If you have any trouble you can email us at [email protected] or phone us on 13 VOLT (13 8658).

Your accounts are still operational, and you can continue to transfer funds out as normal. In the event you have difficulties Volt can assist you to transition your banking arrangements to another financial institution. Should you encounter any difficulty transferring funds please email us at [email protected] or call us on 13 VOLT (13 8658) together with the details of the external account including account name, BSB and account number.

Please try the following options:

  1. Ensure your login details and password is correct. If you have forgotten your password, use the “Forgot password?” link on the login page to reset your password.
  2. Update your Volt app to the latest version by Uninstalling and Reinstalling. The latest version of the Volt app is v3.8.1 for iOS users and v2.13.0 for Android users.
  3. Ensure you have “Cookies” enabled on your phone and browser settings. Cookies are required to help authorise and authenticate your login details as part of Volt’s app security.
  4. If you are still unable to log in to the app, please email [email protected] or call us on 13 VOLT (13 8658) for assistance.
If you have accidentally entered the incorrect BSB and account information we may be able to contact the bank it was sent to and recover your funds. There are certain circumstances where we may be able to recover your payment, however we cannot guarantee that your funds will be recovered. Please email [email protected] or call us on 13 VOLT (13 8658) for assistance.

If you have set up your Volt account to receive your salary or any other automated deposits set up, please contact the payer and provide them with an alternative bank account.

Your Volt bank account will continue to operate as normal until the 5th of July 2022 and any deposits received up till this date will be processed as normal.

After the 5th of July 2022 all deposits sent to your Volt account will still be safe, they will however be returned to the originating bank and will be held there until you contact the payer and provide an alternative bank account for them to resend the funds.

If you have set up any automated payments from your Volt account, please contact the business where your payments are set up and provide them with an alternative bank account.

Your Volt bank account will continue to operate as normal until the 5th of July 2022 and any automated payments made up till this date will be processed as normal.

After the 5 of July 2022 any automated payments you have authorised to be withdrawn from your Volt account will be rejected and there may be fees charged by your originating bank. To avoid this, it is important that you update any automated payments you have authorised with an alternative bank account.

After the 5th of July 2022 all payments sent to your Volt account will still be safe; they will however be returned to the originating bank and will be held there until you contact the payer and provide an alternative bank account for them to resend the funds.

If you have your salary credited to your Volt account after your account is closed, we will return the payment back to your payroll provider / employer and you will need to update them with a new nominated bank account so they can re-send the funds to you.

We will automatically deregister the PayID you had linked to your Volt account, and from 13 July you will be able to link your PayID with your account held at another financial institution. If you prefer your PayID to be deregistered before this date, you can sign into the Volt App and from the ‘Settings’ cogwheel, select ‘Manage PayID’, and select ‘Trash Can’ symbol on the PayID you wish to deregister, and proceed to ‘Remove PayID’. This will take effect immediately.