Security Bond Terms and Conditions
- These specific terms and conditions apply in addition to the Pay Monthly Terms and Conditions and Business Terms and Conditions (as applicable).
- Unless stated otherwise in this paragraph, words and phrases used in these specific terms and conditions have the same meaning given to them in the Pay Monthly Terms and Conditions and Business Terms and Conditions:
“Security Bond” means a security bond payable by you to us to provide you with an Account and/or Services (including Activation of your Pay Monthly account, or provision of a mobile repayment option);
“2degrees Authorised Distributor” means a retailer authorised by us to accept payment of Security Bonds.
- If on completion of the 2degrees sign up process, we notify you that you have been conditionally approved for 2degrees to provide you with an Account and/or Services, one of the options that may be presented to you is to pay a Security Bond.
- The monetary amount of your Security Bond will be set by us at our discretion and will be based on the credit risk assessment carried out at the time of application
- You can pay your Security Bond to us either via the credit card payment screens when applying via our Online Store or via the point of sale terminals in our stores.
- By paying a Security Bond you are deemed to have accepted these Security Bond Terms and Conditions.
- As soon as we process your Security Bond and you have met any other conditions of approval, you will be able to complete the application process.
- We will hold your Security Bond in a 2degrees nominated bank account. Any interest earned on your Security Bond will belong to 2degrees.
- The Security Bond may be applied by 2degrees to any outstanding Charges during the term of your Account.
You may ask 2degrees to return the Security Bond once the provision of your Services has been active for at least 6 months (and you have made Payment on time for those 6 months), or if you terminate your Account. 2degrees, in its full discretion, will then determine whether your Security Bond may be returned to you.
- If you are a current 2degrees customer, we will return the Security Bond (or the balance remaining (if any) after payment of any outstanding Charges) as a credit to your Account.
- If you are terminating your Account, or you are not a current 2degrees customer, we will return the Security Bond (or the balance remaining (if any) after payment of any outstanding Charges) to a nominated bank account. We will not be liable where you supply us with any incorrect details for the return of your Security Bond.
- You acknowledge that you have no claim against us in respect of any delay in returning your Security Bond, whether that arises because you fail to request its return, or otherwise.
- If you do not request the return of your Security Bond, or we are unable to return your Security Bond to you for any reason, we may apply your Security Bond as we see fit provided six months has elapsed since your Account was terminated.