ANZ customers can reclaim funds from expired travel cards
Following an ASIC investigation, ANZ will allow customers to reclaim funds left on expired travel cards.
Have you ever lost track of your travel money card and then found that you can’t access your leftover funds after the card has expired? This is no longer an issue for Travelex Money Card customers.
What has changed and what this means for you
As of August 25 2015, ANZ is now one of three travel money card issuers that will no longer try and reclaim leftover funds once the card expires. The switch in policy follows an Australian Securities and Investment Commission (ASIC) investigation. ASIC that if ANZ had not altered its terms and conditions, $3.5 million would have been forfeited three years after the cards expired.
ANZ aren’t the only provider to be caught out on this technicality. ASIC also reported that Cuscal, the issuer of , and Bank of China, issuer of Australia Post’s travel money card, had made similar changes to their terms and conditions. In October last year, the Commonwealth Bank was also forced to return $2.2 million sitting in 45,000 expired travel money cards following a similar investigation.
In an obvious win for consumers, all 16 travel money cards available on the Australian market now allow customers to reclaim leftover funds. While ANZ confirmed that customers had always been able to claim their money after the card expired, the process is explained much more clearly clearer in an updated version of the terms and conditions for the cards. Cardholders will also be notified before and after their cards have expired and will be provided with the instructions necessary to reclaim their funds.
Other changes to come
With the use of travel money cards increasing by 70% over the last two years, ASIC believes that this review will result in other positive changes to protect consumers. Some of these potential improvements include:
- Improved transparency in Product Disclosure Statements (PDS) about how customers can reclaim funds after expiry
- Removal or reduction of fees such as inactivity fees
- Improved communication to notify customers of impending expiries and explain how they can reclaim any remaining funds
How do I reclaim my funds?
You can reclaim your funds by logging into the Travelex Money Card portal on this page.
While this change is an undeniable improvement for travel money card customers, reading the terms and conditions of the relevant PDS is the best for cardholders to avoid nasty surprises in the first place. At the very least, familiarise yourself with the costs of the card and how your funds will be managed – before and after your holiday.
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