1. These terms and conditions (the “Rules”) apply to the Refer a Friend program (“Refer a Friend Program”, “the Program”).  By participating in the Program, you agree to be bound by these Rules. To qualify for the Program, the person making the referral (“you”) must be an existing registered and active account holder of Clover.com.au Pty Ltd ACN 602 834 597 (“we”, “us”, “Clover” or “our”).
  2. You choose the persons you would like to refer (“Your Friend”). Your Friend must be 18 years or older You must share the unique link available on your Clover account dashboard, or as otherwise emailed to you from Clover, with Your Friends whom you believe would be interested in Clover’s products or services. 
  3. Your Friend must be a new client to Clover (not having previously held an account with Clover). All accounts are opened subject to our standard terms and conditions.
  4. To qualify for the Refer a Friend Program, Your Friend is required to open an account with Clover using your unique link, make their first deposit of funds into their account and otherwise remain a registered and active account holder (“Active Referral”).
  5. On and from the day that Your Friend qualifies as an Active Referral, Clover will waive its ongoing management fee (Fee) payable for a tranche of funds up to $5,000 of your account balance (“Refer a Friend Reward”). Your Friend will also receive the Refer a Friend Reward in relation to a tranche of up to $5,000 of their account balance. Please note that any other fee, such as the ETF management fee, which is charged directly by the ETF provider, is not part of the Program and will continue to apply.
  6. There is no limit to the number of Your Friends that you can refer to Clover. Clover will waive its Fee payable for each subsequent tranche of up to $5,000 of your account balance for each of Your Friends that qualifies as an Active Referral. For example, if you refer 3 of Your Friends to Clover, each of whom qualifies as an Active Referral, Clover will waive its Fee payable on up to $15,000 of your account balance. Additionally, Clover will waive its Fee payable for a tranche of up to $5,000 of each of Your Friend’s account balances. 
  7. The Refer a Friend Reward will be applied by way of a Fee rebate. If your account balance is less than your cumulative Refer a Friend Reward rebate, the Refer a Friend Reward will apply to the extent of your account balance. Clover is not required to provide you with a Refer a Friend Reward in excess of the Fees you are otherwise obliged to pay to Clover. The Fee rebate will be calculated on the Fee tier applicable to your full account balance. Clover’s tiered Fee structure is located here https://www.clover.com.au/pricing
  8. Your Refer a Friend Reward will apply for so long as Your Friend qualifies as an Active Referral. If Your Friend no longer qualifies as an Active Referral, your Refer a Friend Reward will cease in respect of that Friend. Your Friend will no longer qualify as an Active Referral when their account is closed and/or has an account balance of zero dollars.
  9. In the event that you no longer hold an account with Clover and/or your account balance is zero dollars, Your Friend will still continue to receive their Refer a Friend Reward for so long as they maintain an active account.
  10. You can only refer an individual or company to Clover once. If you have referred an individual or company to Clover, you cannot refer the same individual or company to Clover again. You cannot refer yourself via a new account or a joint account.
  11. If a friend is referred by multiple Clover customers, you will only receive the Refer a Friend Reward if Your Friend signs up using your unique referral link. Should Your Friend sign up with another customer’s unique referral link, that customer will receive the Refer a Friend Reward.
  12. Clover reserves the right to remove a Refer a Friend Reward at its sole discretion, from time to time and without prior notice to you or Your Friend.
  13. This Refer a Friend Program and any obligations of Clover pursuant to it will be revoked or withdrawn from participants who abuse the spirit or intention of it. We reserve the right to cancel or withdraw the Refer a Friend Program at any time in the case of any suspected abuse of the Program. Further, where any of these Rules are breached or there is any reason to suspect a participant has acted fraudulently or obtained an unfair or unintended advantage pursuant to this Refer a Friend Program, we reserve the right to discontinue the Refer a Friend Rewards.
  14. We are the sole arbiter of the Refer a Friend Program, these Rules and any other issues arising under this Program. Exceptions to these Rules are at the sole discretion of Clover’s management, and our decision is final. We reserve the right to alter, amend or terminate the Refer a Friend Program or any aspect of it at any time and without prior notice.
  15. We will not be held liable for any losses incurred by you or Your Friend as a result of your (or their) account or in relation to this Refer a Friend Program. 
  16. Any dispute or situation not covered by these Rules, will be resolved by our management and that decision will be final and binding on all parties.
  17. If at any time all or any part of any provision of these Rules are or become illegal, invalid or unenforceable in any respect under the law of any jurisdiction, such provision(s) will not affect or impair the legality, validity or enforceability in that jurisdiction of the remainder of that provision or all other provisions of these Rules or the legality, validity or enforceability under the law of any other jurisdiction of that provision or all other provisions of these Rules.
  18. These Rules are to be governed by and construed in accordance with the laws of Victoria, Australia and will be subject to the jurisdiction of the Victorian courts.

So how does it work?

Example 1

Example 1

Customer A has an account balance of $6,000. Customer A refers Customer B using their unique referral link. On 15 March, Customer B deposits $7,000 into their Clover account. 

In March, Customer A’s Fee rebate will be $2.50^. In June, Customer A’s Fee rebate will be $2.50~ (assuming the balance doesn’t exceed $9,999). 

In March, Customer B’s Fee rebate will be $2.50^. In June, Customer B’s Fee rebate will be $2.50~ (assuming the balance doesn’t exceed $9,999).

^ ($5,000/$9,999)*$5

~ ($5,000/$9,999)*$5

Example 2

Customer A has an account balance of $55,000. Customer A refers Customer B using their unique referral link. On 1 March, Customer B deposits $15,000 into their Clover account. 

In March, Customer A’s Fee rebate will be $2.55^ (assuming that the applicable Fee tier for the month remains at 0.60% pa).

In March, Customer B’s Fee rebate will be $2.76~ (assuming that the applicable Fee tier for the month remains at 0.65% pa).

^ ($5,000*0.60%*(31/365))

~ ($5,000*0.65%*(31/365))

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