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GXBank Help Centre

What is a Cooling Off Period and when is it implemented?

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Cooling Off Period (COP) is a waiting period that act as a security measure to prevent any unauthorised access to your GX Savings Account. The Cooling Off Period may be triggered for

12 hours when you login after performing any of the following activities: 

  • Chosen to remove your account from your device

  • Reinstalling the GXBank app on your device

  • Factory reset on your device

  • Clearing your device's cache and data

  • Removed and re-enabled the device passcode

  • Your device encounters security scan issues

The 12-hour cooling off period will restrict the following activities due to security restrictions:

  • Manual debiting transactions, eg. sending money to another bank, or any online transaction
  • Loan drawdown
  • Subscribing to insurance

1 hour when you create your first account with GXB

The cooling off period will restrict the following activities:

  • all transactions initiated by customer, e.g., sending money to another bank, or any e-commerce card transaction

  • subscribing to insurance

1 hour when you increase your fund transfer limit

  • The cooling off period will allow you transfer up to your current limit until your new limit takes effect

72 hours (it's only for some of our awesome customers!) when you first accept and activate your FlexiCredit Line of Credit.

  • During this short 72-hour window, you won't be able to make any withdrawals. It's just a temporary measure to give everything a chance to settle and make sure it's really you making the moves. Thanks for your understanding – it's all part of keeping your money safe and sound!

Important Note: Please do not delete the GXBank app, factory reset the device or clear the device cache and data before you remove the account from your device.