Unclaimed money at ASB.
If it's been five or more years since you last transacted on your accounts, and we haven’t had any other contact with you during that time, the money in your account(s)* may need to be treated as unclaimed – in accordance with the Unclaimed Money Act. In such situations, we're required by law to transfer your money to Inland Revenue (IRD) as 'unclaimed money'.
How does this affect me?
We'll try and contact you about any money that may become unclaimed. In order for us to do that, it's important that your personal details with us, such as email address, phone number and postal address, are up to date - here's how to update them.
If there's no new activity or response from you by a specific date (we'll let you know what date this is), your account(s) will be closed – in line with our banking terms^ – and your money will be transferred to IRD.
Once unclaimed money is transferred to IRD, you will need to contact them directly to claim the funds.
Please note, if you have $100 or less in your account(s) and your money remains unclaimed after the specified date, it will be donated to charity.
What do I need to do?
If you've received a message from us about unclaimed money, email firstname.lastname@example.org and let us know if you want to keep your account(s) open. Please include your reference number in the email.
The easiest way to avoid your account(s) falling into unclaimed money scope in the future is to regularly log in to ASB internet or mobile banking, or to transact on one of your accounts.
When is money treated as unclaimed?
Under the terms of the Unclaimed Money Act, we're required to transfer the money in a customer’s bank account(s) to Inland Revenue (IRD) when:
- None of the customer’s bank accounts have been transacted on for 5 years or more, and;
- The customer has not interacted with us on any other matter over the same 5-year period, and;
- We are unsuccessful in making contact with the customer.
For Term deposits, there is a further applicable condition – in addition to those above:
- The Term deposit has been auto-reinvesting for 5 years or more since the end of the first term, and the maturity date of the term that took it over 5 years has been reached.
*Accounts include any Term deposits that have been auto-reinvesting for 5 years or more since the end of the first term. KiwiSaver accounts are excluded.
^As per our Personal Banking terms and conditions and Business, Rural and Corporate Banking terms and conditions, we reserve the right to close your account(s) by giving you 14 days’ notice in writing.
Term deposits: Unclaimed Term deposits may need to be broken before the end of their current term.
Foreign Currency Accounts: Unclaimed money in Foreign Currency Accounts will be converted to the NZD equivalent (at the prevailing exchange rate) before being transferred to Inland Revenue, or donated to charity if the balance of the account(s) is $100 or less.
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