Deposit and Withdrawal Policy
This Policy describes how Customer may deposit funds to its Account using a payment card (credit or debit card), and/or withdraw funds to its account with another payment services provider.
General
This Card Deposit & Withdrawal Policy applies to:
- Deposits made via User Profile to Customer Account with a payment card (credit or debit card);
- Withdrawals from Customer Account via User Profile to account of Customer with another payment services provider.
Important
This Policy covers only deposits made by cards and deposits made by fund transfers shall be covered by QBANQ General Terms and Conditions.
Customer is aware that depositing funds to the Account results in money being electronically issued to the Customer for the amount of such deposit less Fees applied. In turn each withdrawal results in redemption of the electronic money held by Customer. Therefore, regulation in regard to electronic money issuance and redemption may be applied to each particular transaction.
QBANQ may amend this Policy including Deposit & Withdrawal options at its own discretion and the current version shall be always available at QBANQ Webpage https://qbanq.co.nz/deposit-withdrawal.
Definitions not defined herein, shall have the same meaning as defined by QBANQ General Terms and Conditions. This Policy is supplemental to procedures and terms set out in QBANQ General Terms and Conditions.
Key Requirements
Name Verification
Name on the card used for the deposit shall be the same as the name of the Account.
Withdrawal Restriction
Withdrawals are allowed only to the account with the same recipient's name as Account's name the withdrawal is being made from.
Third Party Payments
Payments to third persons shall be not considered as withdrawals, but rather outgoing transfers and are covered by QBANQ General Terms and Conditions.
Compliance: All deposits and withdrawals are subject to, and may be restricted according to, QBANQ General Terms and Conditions, including Prevention of money laundering and terrorism financing requirements.
Deposits
In order to make a deposit using a payment card, Customer must follow these steps:
Log in to your User Profile
Access your account through the user dashboard
Select Top-up
In main dashboard Select Top-up
Enter top-up amount
Specify the amount you wish to deposit
Enter card details
Enter card data and name on card
Complete payment
Select Pay to complete the transaction
Currency Conversion
If Customer does not have an Account in currency in which deposit was made the amount of deposit will be converted according to rate set under QBANQ General Terms and Conditions.
Deposits
In order to make a deposit using a payment card, Customer must follow these steps:
Log in to your User Profile
Access your account through the user dashboard
Select Beneficiaries
Select Beneficiaries and chose the destination account
Enter withdrawal amount
Specify the amount you wish to withdraw
Complete withdrawal
Select Make payment to process the withdrawal
Card Withdrawals Not Supported
Withdrawals back to card are currently not supported.