23 February 2023
ASB customers can show their support for cyclone hit regions without spending a cent, with ASB True Rewards dollars now able to be donated to the New Zealand Red Cross New Zealand Disaster Fund.
In addition to ASB’s $2 million donation to New Zealand Red Cross, the bank has introduced options for customers to get behind relief efforts. Along with making New Zealand Red Cross donations at ASB branches and via ASB’s online banking, customers can now also gift their True Rewards dollars, which are earned by making purchases with the bank’s reward credit cards.
ASB Executive General Manager Personal Banking Adam Boyd says with Cyclone Gabrielle hitting at a time when many Kiwi are struggling with financial pressures, it made sense to give customers the option to use their True Rewards to help with cyclone relief.
“As New Zealand’s stepped up to help those impacted by this devastating event, we’ve been asking ourselves what ASB can do to make it easier for our customers to contribute. Activating the tens of millions of True Rewards dollars collectively available to our customers is a practical and affordable way for customers to give directly to New Zealand Red Cross.
“While many communities are clearly still doing it tough, it’s been incredible to see the hard work underway as recovery begins. With a long road ahead, ASB is encouraging Kiwi in a position to help to get behind New Zealand Red Cross or other efforts such as local mayoral relief funds.”
True Rewards is ASB’s credit card loyalty programme, with each True Rewards dollar worth one New Zealand dollar.
For more information on contributing True Rewards dollars visit the ASB True Rewards website here.
ASB has a range of financial support measures available for personal, business, and rural customers impacted by the extreme weather and is urging customers to reach out so the bank can help.
ASB is offering $2,000 per household in one-off ex gratia payments for customers whose homes have been red or yellow stickered, and to small businesses that have been significantly impacted.
Business customers with turnovers of less than $2m a year and who have their main business account with ASB, and personal customers whose homes have been red or yellow stickered since Friday 27 January, and who had an active banking relationship with ASB prior to the damage occurring are eligible for the payment.
ASB is also extending broader financial support to weather impacted customers, including the option to suspend home loan principal repayments for up to three months and temporary overdrafts for eligible personal customers for weather related expenses or hardship at 0.01% pa* - up to $2000, or $5000 if they are a home loan customer. In addition, ASB has introduced a $400 million low-cost lending programme to support impacted business, rural and corporate customers.
Eligible personal customers can call ASB’s dedicated phoneline 0800 272 735 (option 3) to apply for the ex-gratia payment. Small business customers can apply for the ASB Small Business $2,000 Relief Payment online. Applications must be received by 31 March. Customers requiring additional financial support, including those wishing to apply for a temporary overdraft, should speak to their relationship manager or call 0800 272 735 (option 3). Business, commercial and rural customers should speak to their relationship manager or call 0800 272 287 if their business is supported through ASB’s Business Centre.
For more information on customer support measures visit Extreme weather support l ASB
*This would equate to 20 cents interest on a $2000 overdraft over a 12-month term. Due to technology constraints the interest rate cannot be set at 0%. We are working to address this.
Note to Editors:
The New Zealand Disaster Fund will be used to support the work of New Zealand Red Cross on the response and recovery to Cyclone Gabrielle and to help communities prepare for future emergencies in Aotearoa New Zealand. This includes providing essential supplies such as stretchers, blankets, bedding and hygiene kits, and deploying satellite phones, generators and other equipment. This also includes providing crucial psychosocial support and practical help to those who have been forced to leave their homes. It will also include partnering with others to help meet communities’ needs in the recovery ahead.
The fund will also be used by New Zealand Red Cross to help New Zealand communities to prepare for, respond to, and recover from future emergencies and disasters. This includes: