Effective 2 March 2022

Table of Contents


What is a volt Cash Management account?

A Volt Cash Management Account is an account:

  • that allows access to funds held in the Account any time; and
  • has flexible methods to make payments and withdrawals from the Account


Is a Volt Cash Management Account right for you?

This Account is likely to be right for you, if you’re OK with making deposits and withdrawals using electronic banking.

It may not be right for you, if you like making or receiving payments by cheque or need to deposit cash or like to visit a bank branch.


Are you eligible to open this account?

You must be:

  • at least 18 years of age
  • an individual (for personal, sole trader business or as a  Trustee of a SMSF) or an authorised signatory of a company for a Trust or Corporate Account
  • an Australian resident for tax purposes


Understanding these terms

When you activate your Account, you agree to the terms below.

Please read them carefully. They will help you get the best out of your Account and the best out of us. Some words are explained at the end of these terms.

These terms are governed by the laws of New South Wales and we and you accept the non- exclusive jurisdiction of the courts having authority to interpret them.

Access to and transactions on your Account are subject to separate Volt Electronic Banking Terms and Conditions we give you with these terms. Please read them too.

Please keep a copy of both these terms available at cma.voltbank.com.au/terms handy so you can refer to them, if you need to.

These terms may change occasionally. We’ll tell you about those changes or you can find the current version anytime at cma.voltbank.com.au/terms. More details in Part E.



Our privacy policy tells you how we manage personal information. You can find that policy at voltbank.com.au/privacy-policy. You may like to download a copy for your records.

We will not share any information we have about you unless you have consented to us doing so but in some circumstances we may not provide services to you if you don’t.



From time to time, we may get it wrong. If this happens, please tell us. We appreciate constructive feedback. The more information you give us, the easier it will be for us to improve.

There are more details of how we handle complaints in Part G.



You may:

  • want to find out interest rates, access methods or features we offer currently on your Account
  • want us to explain terms that are not clear to you
  • have read these terms and cannot find the right answer
  • have ideas about how we can improve our products or services
  • want to make a complaint or give us other feedback

Please email us at [email protected] or contact us by phoning us on 13 VOLT (13 8658) during our standard business hours.

We will do our very best to answer your questions within one business day. It may take us a bit longer to deal with complaints, if we have to investigate.


Our Ambitions 

We want:

  • to help you take control of your Account
  • your Volt Bank experience to be a great one – one you will share positively with your family and friends
  • to change the way banking is done in Australia – a way that is fair, reasonable and ethical.


Who is Volt Bank?

We are a new digital bank. Volt Bank Limited ACN 622 375 722 Australian Financial Services Licence 504782 issues the Account to which these terms apply.

Your contact details

We will communicate with you via the email address you gave us or by SMS. Please keep us updated if you change any of the following:

  • email address
  • residential address
  • name
  • marketing preferences
  • phone number

We may ask for evidence of the change or other particulars to protect you and ensure we have the right contact details.


Note: We may decide not to open an account for you.  Also, we may close your account if you do not activate it within 90 days of opening it.

Opening your Account

We’ve made it easy for you to open an account with us. An organisation that you’re already a customer of has told you about us and our Account. You consented to them sharing your personal details with us, for the purpose of allowing us to open an Account for you. This organisation, acting as our agent, has collected information and verified your identity to help us:

  • ensure you are the person you say you are
  • check your identity under Anti-Money Laundering law
  • ensure you’re eligible to open an Account with us

We’ve then opened an Account for you, and sent you the details, including your Account number.

We may accept deposits before you accept our Account terms. In that case, we may block your Account or allow limited withdrawals until you have completed your Account opening requirements.

You have 90 days to activate your Account. We tell you if we close your Account or decide not to open an Account for you.


Note: there may be caps on the amounts you can deposit with Volt.


Minimum and maximum balances

You do not have to have a minimum amount to open or maintain your Account.

You can’t hold more than:

  • $2,000,000 in your Account if you have a Corporate CMA; or
  • $245,000 in your Account if you have a Retail CMA or a Wealth Cash Manager CMA.

If you do put more than the maximum amount into the Account(s) we may transfer the excess between your Volt accounts or back to your nominated account or we may ask you to withdraw it.

You are not allowed to overdraw your Account. If you do so you must pay us back immediately.


Who else can operate on your Account?

Note: If you have a joint account you may be liable for the actions of your joint accountholder.

Only authorised signatories can operate on your account. We will treat a person as authorised to act on your behalf and operate on your Account only if they satisfy us that their authority is genuine.

If you have a joint Account each one of you has the full right to withdraw, deposit, or otherwise manage the operation of your Account. Your liability under these terms and conditions is both joint and separate with the other accountholder.  If your Account becomes overdrawn, we can ask either accountholder to put the money back into the Account as you are jointly liable for the debit balance.

You agree that each joint account holder acts as agent for the other and any notice or statement we give any joint account holder is taken to be a notice or statement given to all joint account holders, except where we are legally obliged to do otherwise. You agree that each joint account holder may have access to information about the Account or any associated account without the consent of the other joint account holder.

If a shared account holder dies, the remaining account holder owns the credit balance in the Account.

If you opened an Account through a third party we may act on that third party’s instructions in relation to your Account. The terms of your agreement with that third party may affect the way your operate your Account with us. For instance some third parties may not allow you to have a joint account or set up a direct debit with your account. We may act in accordance with any authority you provide to that third party.

We are not liable for any loss or damage caused to you by persons authorised to operate on your  account, except where it arises from fraudulent  conduct by our employees or agents, or if we are liable by law.


RailsPay Debit Cards

Note: Sections 3.3, 3.4 and 3.5 only apply to you if you have applied for a RailsPay Debit Card. Section 3.6 applies if your Service Supplier uses RailsPay to offer our account.

Note: Railspay (not Volt Bank) is responsible for managing use of any debit card Railspay issues to you.

If you opened an Account through a third party (a Service Supplier) your Service Supplier may have arranged to issue a debit card (Railspay debit card) to you under arrangements your Service Supplier has with Railspay Pty Ltd (Railspay).  

Your use of the Railspay debit card is subject to the terms (Railspay debit card terms) of an agreement between you and Railspay. Under the Railspay debit card terms:

  • Railspay (not Volt Bank) is responsible for settling the transactions you make with your Railspay debit card;
  • you are responsible directly to Railspay to pay for the transactions made using your Railspay debit card and to pay any other amounts payable (like fees) by you to Railspay under the Railspay debit card terms (collectively Railspay debit card settlement amounts);
  • Railspay requires you to authorise us to debit your Account and pay the amount of your Railspay debit card settlement amounts from time to time as notified by Railspay to us.  
  • Railspay may notify us of your Railspay debit card settlement amounts daily in which case, under the authority you give us in this clause, we will debit your Account daily with the amount of those obligations and pay Railspay; 
  • Railspay (not Volt Bank) manages any unauthorised transactions by use of your Railspay debit card and any transactions you make with your Railspay debit card by mistake; 
  • Railspay will arrange to credit your Account with any payments or refunds they must make to you under the Railspay debit card terms; 
  • Railspay (not Volt Bank) will arrange to issue you with statements of transactions made using your Railspay debit card and other amounts payable by you to Railspay under the Railspay debit card terms; and
  • Your Service Supplier may manage the arrangements, relating to issuing a Railspay debit card to you and your use of that Railspay debit card.


Railspay settlement amount authority

In consideration of Railspay issuing a Railspay debit card to you, you authorise and direct Volt to:

  • debit your Account from time to time with:
    • the value of all transactions made with your Railspay debit card over a period; and
    • any other amounts payable by you to Railspay under the Railspay debit card terms for that period, as notified by Railspay to us; and
  • pay the amount debited to Railspay.

We will give you particulars of amounts debited to your Account and paid to Railspay in the statements of your Account we issue under these terms and on your request by emailing us at [email protected] or by phoning us on 13 VOLT (13 8658) during our standard business hours.

We may decide not to process a payment to Railspay if:

  • that payment would result in you exceeding a transaction limit on your Account; 
  • that payment would overdraw your Account, even if we allowed you to overdraw your Account previously; 
  • we have suspended your Account under clause 3.9 of these terms; or
  • your Account is closed.

If you have reason to believe that your Railspay debit card is being misused, you may cancel the authority you give us in this clause 3.5 by emailing us at [email protected] or by phoning us on 13 VOLT (13 8658) during our standard business hours.  Otherwise, you must give us at least seven days’ notice if you wish to cancel that authority.  

We will notify Railspay if:

  • you cancel the authority you give us in this clause 3.4;
  • we decide not to process a payment to Railspay under this clause 3.4; or
  • your Account is suspended or closed.  

In that case, Railspay may cancel your Railspay debit card.


Disclosure to Railspay and your Service Supplier

Note: when you seek to use your Railspay debit card to make a payment, Railspay or your Service Supplier will ask us for details of the balance available in your Account to help Railspay to decide whether to authorise the payment. 

If you are issued with a Railspay debit card, you authorise us to disclose to Railspay or your Service Supplier details of your Account (including, amongst other things, transactions you make on your Account and the balance of your Account) to assist them to manage your Railspay debit card and manage the supply of the Railspay debit card and related services to you.


Service Supplier Apps

For transactions other than Railspay debit card transactions, you may  operate on your Account through a Service Supplier app your Service Supplier makes available to you.  To the extent: 

  • you need to make a manual transaction (other than by using a Railspay debit card) on your Account;
  • you need to change particulars of your Account other than by using the Service Supplier app;
  • you wish to close your Account

You must contact your Service Supplier and give them directions for making those manual transactions, changes to your Account   particulars or Account closure.  

Also, to the extent we may need instructions to adjust the balance of your Account or to check the particulars of your Account, we will seek instructions from your Service Supplier, not you.  The Service Supplier will contact you for directions to give us.

You authorise us to:

  • act on the Service Supplier’s instructions to make the manual transactions on your Account , to change your Account particulars or to close your Account in accordance with the directions you give the Service Supplier; and
  • contact the Service Supplier for instructions in relation to adjusting the balance of your Account or the check the particulars of your account. 


Transaction / Withdrawal Limits

Note: there is a cap on the amount you can withdraw or transfer on any one day.

You can operate your Account by:

  • transferring money between your Volt accounts; or
  • making payments by NPP, Pay Anyone, or BPAY® .

The following daily withdrawal limits will apply:

  • For Corporate CMA Accounts  a daily withdrawal limit of $2,000,000 applies to money being transferred from your Account;
  • For Wealth Cash Manager CMAs a daily withdrawal limit of $245,000 applies to money being transferred from your Account; and
  • For all other Cash Management Accounts a daily withdrawal  limit of $20,000 applies to money being transferred from your Account..

Note that transfers between Volt accounts do not form part of the daily withdrawal limit and you are able to transfer any amount you like.



We adjust the balance of your Account, if we need to correct a transaction error or if a recorded transaction is rejected or reversed.

Another financial institution may claim that a payment was made by mistake into your Account. We will consider that financial institution’s request carefully. If there is clear evidence that the payment was made by mistake, we will adjust the Account balance by deducting the amount of the mistaken payment from the Account and paying it to the other financial institution.

We tell you if we adjusted your Account and will:

  • give you reasons why
  • give you any evidence on which we relied to make the adjustment

Also, we record the adjustment in your statements which are a record of your Account. More about statements and mistaken payments can be found in the Volt Electronic Banking Terms & Conditions.


Overdrawn Accounts

Note: we may charge you interest if you overdraw your Account.

Your Account is a not a loan account. Please take care not to overdraw your Account.

We may decide not to process a transaction that would overdraw your Account, even if we allowed you to overdraw your Account previously.

When you overdraw your Account, you have an overdrawn balance on your Account. That overdrawn balance is an amount you owe to us. We may charge you interest at 10% p.a on the overdrawn balance.

You must deposit money into your Account to repay an overdrawn balance immediately without us asking you to do so.

We may combine your accounts to help you repay that overdrawn balance. See the Product terms for more information about combining accounts.


You may be suffering hardship because you lost your job or had to pay unexpected expenses. There are other reasons for hardship.

If you cannot repay an overdrawn balance because you are suffering from hardship, please contact us on 13 VOLT (13 8658) and we will try to work out an appropriate repayment arrangement with you.


Suspending your Account

Note: we can suspend operations on your Account.

We may suspend your Account if we:

  • are required to do so by law or by an Australian regulator
  • consider there is suspicious activity on your Account
  • become aware that there is a dispute in relation to the account
  • are notified or otherwise become aware of the bankruptcy of an account holder; or
  • we consider it to be necessary to prevent financial harm or abuse.
  • become aware that you’re no longer able to manage your affairs
  • become aware that you can no longer give us instructions

If we suspend your Account, we will need to do so quickly without telling you. We will tell you about it as soon as possible after the suspension.

If we suspend your Account, you cannot make withdrawals from the Account during the suspension. Your available balance is $0 during the suspension.

If the suspension is due to:

  • a cause under our control, we will diligently take steps available to us to overcome that cause; or
  • a cause not under our control, we will suspend your Account until we have enough evidence that there is no longer any cause for the suspension.

We tell you in writing:

  • if we need anything from you to lift the suspension
  • as soon as possible after we lift the suspension

If we cannot sort out the cause for the suspension within a reasonable time, we may close your Account and pay the available balance of the Account to any other account you may nominate outside Volt.


Account statements

On any day, you can access your Volt Account to request your transaction history. Sometimes you may not see interest credits or particular transactions for a few days. 

Every 6 (six) months we will give you a statement of your Account (Account statement). You can also access your Account at any time to review these statements.

Each Account statement sets out details of transactions we recorded on your Account since the date of the last statement  and in the period covered by the statement. Please check Account statements carefully as soon as you can.

You can ask us by emailing us at [email protected] or by phoning us on 13 VOLT (13 8658) during our standard business hours if you have a query or dispute about a transaction.

We will do our best to give you details about any transactions you dispute or assist in examining the disputed transaction.


How we calculate interest

We may pay interest on credit balances in your Account.

If we do we calculate interest each day by multiplying the available balance on your Account at the end of that day by the daily interest rate. We accrue the interest we calculate on your Account over a month and pay it into your Account on the first day of the next month.

You can access your Account to find out whether we are paying interest on your Account and, if so, what the annual interest rate is. Rates of interest are variable at our discretion. Current interest rates are available by contacting us.

When we may charge fees

We do not charge regular Account keeping fees on an Account.

We will advise you if we become aware of any Government charges or third party fees and when they are payable.

We debit your Account with any fee or charge on the date it is payable. We may do so even if that debit will overdraw your Account. If we debit a fee or charge and there is an overdrawn balance on your Account:

  • we charge interest on that overdrawn balance; and
  • you must repay that overdrawn balance.

We may introduce fees or the Government may introduce charges, we pass on to you, on your Account. If that happens, we will tell you in advance. More details on changes to these terms are in Part E.



If we have good business reasons to do so, we may change:

  • any interest rate we apply to your Account;
  • minimum or maximum account balances
  • any fee we have introduced under these terms and when fees are payable. We may also introduce new fees
  • your liability for losses relating to electronic transactions on your Account
  • a daily or other periodic limit on transactions
  • any other of these terms

Some reasons we may have for changing these terms are to:

  • ensure we comply with the law or codes of practice or the way in which they are interpreted or applied
  • make new services available on your Account
  • improve existing services on your Account
  • cover new or increased costs we incur in managing your Account
  • improve the security of your Account or our systems.

Notice of changes

We’ll tell you by mail, email, advertisement, SMS or any other way legally permitted of the changes and provide a summary of those changes and when they will take effect. Where we are required to provide you with notice in writing you agree that we may satisfy this requirement under any law or applicable code by any of the following means:

  • email to your nominated email address;
  • making the information available on our website after first notifying you by SMS message to your mobile phone number;
  • sending you a notice through the mail.

How much notice will we give for changes?

We’ll tell you about interest rate changes or changes to the minimum or maximum balances no later than the day the change takes effect.

Transaction limits

We may change any transaction limit (that is the amount you can transfer out of your Account) or introduce a new transaction limit on your Account immediately if:

  • you asked us to change that transaction limit; or
  • we have to make the change to:
  • protect the Account
  • restore or maintain the security of our systems


NOTE:  We can introduce fees on your account and change the amount of fees.

If we want to make a change to:

  • introduce a new fee or charge (other than a government charge payable directly or indirectly by you)
  • increase a fee or charge (other than a government charge)
  • change the method by which interest is calculated; or
  • change the frequency with which interest is debited or credited

we will give you 30 days’ notice.

Immediate changes

We may change anything immediately if:

  • you asked us to make the change and we agree to it like updating your residential address; or
  • we have to make the change to protect you or restore or maintain the security of our systems.

Other changes

For all other changes we will tell you about the change no later than the day the change occurs if we do not believe the change is adverse to your interests.

If you would like more information about any change to these terms

Please email us at [email protected] or contact us by phoning us on 13 VOLT (13 8658) during our standard business hours.

We will do our best to explain the change.


Combining accounts

An explanation

The law allows us to combine accounts you hold with us. We may do so to work out:

  • how much you owe us (if the debit balances are greater than the credit balances)
  • how much we owe you (if the credit balances are greater than the debit balances)

We may combine accounts only if:

  • they are in your name only
  • you hold each of the accounts in the same capacity. For example, we will not combine an account that you hold in your name only with an account you hold jointly with others
  • there is no agreement between us to keep the accounts separate. For example, we may have promised to keep your Account separate from a loan account you hold with us while we consider a hardship application you made on that loan account.

Hardship applications and arrangements

We will not combine your Account with a loan you have with us if:

  • we are reviewing a hardship application from you about that loan. We may ask you to retain money in your Account while we consider the hardship application
  • you’re complying with an arrangement we have with you about that loan resulting from a hardship application


6.2 Tax file numbers

You may give us your tax file number. You do not have to do so. If you do not do so, Australian tax law may require us to deduct tax at the highest marginal tax, from any interest we pay on your Volt Cash Management Account, and send it to the Australian Tax Office.

If you decide to give us your tax file number, we will securely destroy or de-identify any record of it as soon as possible after we no longer need it.

If you are also a resident of another country and have a Tax Identification Number from that country you must provide us with that information.

We do not use your tax file number in any way to identify you as our customer.


Financial Claims Scheme

The Commonwealth Government makes available a scheme (the Financial Claims Scheme or FCS) for customers holding protected accounts with certain financial institutions (including banks) regulated by APRA, the Australian prudential regulator.

The FCS will pay out a certain amount of money in the unlikely event that an Australian authorised deposit taking institution (like a bank) fails and cannot repay customers the credit balances in their protected accounts. There are limits on the amounts payable under the FCS.

Your Account is a protected account under the FCS.

You can find out more information about the FCS and the limits payable under the FCS from the APRA website at www.fcs.gov.au or the APRA hotline on 1300 558 849.


Unclaimed money

If you have not operated on your Account for at least seven years, the law requires us to pay an amount (unclaimed money) standing to the credit of the Account (currently, that amount must be at least $500) to ASIC. You can apply to ASIC’s MoneySmart website to recover that money.

Once we pay out unclaimed money from your Account, the Account has a nil balance and we may close it. We will notify you before we close your Account at your last known contact address.



If you’re unhappy with your Account or our service, please send us an email at [email protected] or phone us on 13 VOLT (13 8658) during our standard business hours. We try to work out problems as quickly as possible.


Dealing with your complaint

We will respond to any complaint by email or phone. If our response does not satisfy your complaint, please tell us so and ask for the complaint to be reviewed by one of our helpful customer staff. They will contact you as soon as they can.

They are trained to give you the outcome of our investigation into a complaint about:

  • for payment transactions to which the ePayments Code applies, within 21 days; and
  • for any other matter, within 30 days of you making that complaint

If we do not accept all your complaint (in part or full), we will email you and tell you the reasons why.


Taking it further

If you do not agree with our reasons for not accepting all your complaint, you can take the complaint to the Australian Financial Complaints Authority (AFCA), an external dispute resolution body of which we are a member.

AFCA is free to you. If you ask them to review your complaint, AFCA will discuss the complaint with you and us while they seek to resolve the complaint.

You can make a complaint by visiting AFCA’s website at www.afca.org.au. Also, you can phone them (free call) on 1800 931 678.

If you have a complaint about the way we manage your personal information, you can make a complaint to AFCA or to the Office of the Australian Information Commissioner (OAIC). You can contact the OAIC on:

EMAIL: [email protected] 

TELEPHONE: 1300 363 992


By you

Unless you have special arrangements with a Service Supplier to close your Account (refer to clause 3.6) you can close your Account at any time by phoning us on 13 VOLT (13 8658). Be ready to provide us with the account details of where you would like us to transfer your funds and any accrued interest.

If your account is joint, we will take instruction from any one of you.


By us

NOTE:  there are circumstances in which we can close your Account.

We may close your Account at any time. We normally give you at least fourteen days’ notice by email.

We may close your Account immediately without telling you if:

  • we’re not able to verify your identity or the source of your money or your Account no longer meets our risk criteria
  • we consider there is suspicious activity on your Account
  • your Account has never been used and has a nil balance for a consecutive period of at least 90 days
  • we are required to do so under law or by an Australian regulator
  • we suspect on reasonable grounds that there’s been a breach of law
  • We suspect you are threatening or promoting criminal activity, being defamatory, harassing or threatening or exhibiting, promoting or encouraging inappropriate or harmful behaviour.
  • the Account has been suspended under Part C for at least 10 business days.
  • we need to protect you or us from fraud or other loss
  • you’re no longer eligible to bank with us
  • your Account becomes overdrawn and you don’t pay us back immediately
  • we consider it reasonably necessary to do so.



ACCOUNT means your Volt Cash Management Account for Personal, Individual Business, SMSF or Corporate which is governed by these terms.

ANTI-MONEY LAUNDERING law is the Anti-Money Laundering and Counter-terrorism Financing Act 2006 (Cth), the regulations under that Act and the regulatory guidelines issued about that Act.

APP means a computer program or piece of software designed for a particular purpose that you can download onto your mobile phone or other mobile device to provide you with services.

APRA is the Australian Prudential Regulation Authority. APRA regulate the way we do banking business.

AVAILABLE BALANCE is the balance in your Account at a particular time less any amount:

  • deposited into your Account that is not cleared
  • that is subject to a dispute we are investigating.

BPAY® is a registered trademark owned by BPAY® Limited and a system you can use to make payments from your account to others; generally, suppliers of goods or services.

BUSINESS refers to an individual who is a sole trader operating a “small business” which means at the time of opening an account all of the following apply:

(a)  the individual had an annual turnover of less than $10 million in the previous financial year; and

(b)  the individual has fewer than 100 full-time equivalent employees; and

(c)  the individual has less than $3 million total debt to all credit providers including:

(i)  any undrawn amounts under existing loans;

(ii)  any loan being applied for; and

(iii) the debt of all its related entities that are businesses.

BUSINESS DAY is a weekday, excluding public or bank holidays, in NSW.

DAILY INTEREST RATE is the interest rate divided by 365.

INTEREST RATE is the annual percentage rate we use to calculate interest we pay on your Account.

MONTH is a calendar month.

NPP® means the New Payments Platform operated by NPP Australia Limited.

PAY ANYONE is a way to transfer funds, between accounts you hold in Australia, using the direct entry system (space between Pay and Anyone).

PERSONAL INFORMATION is information or an opinion about you, as an individual, and from which you can be identified.

RAILSPAY means RailsPay Pty Limited (ACN 64 603 1558) of c/o Addisons, Level 12, 60 Carrington Street, Sydney NSW 2000 

SECURE MESSAGE means an electronic mail message sent by us to you to retrieve when you log in to your Account or from you to us when you are logged in to your Account.

SERVICE SUPPLIER means any third party you may use to open an Account with us through them as well as to provide you with other services.

SMSF means a Self- Managed Super Fund.

STANDARD BUSINESS HOURS are currently 8am-8pm on a business day. We will tell you if they change.

Your VOLT WEALTH CASH MANAGMENT ACCOUNT is an account we open for you at your request under these terms.

VOLT ELECTRONIC BANKING PLATFORM TERMS AND CONDITIONS refers to the terms and conditions that tell you how you can access and transact on your Account.

WE or US or VOLT BANK means Volt Bank Limited ACN 622 375 722 Australian Financial Services Licence 504782 and our means belonging to us.

YOU means a person that applies to open an Account or that opens an Account with us and your means belonging to you.

Any reference to “$” is to Australian dollars.