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Notices

Contact centre hours are changing

From 13 January 2017 our contact centre will be open from 6:30am - 11:00pm daily.
If you have any questions feel free to contact us on 0800 803 804 and our friendly team will be on hand to help.

ASB announces the following interest rate changes:

ASB is changing the interest rates on the Savings Plus account as set out in the below table. The changes are effective 1 January 2017.

Product
Interest type
Interest rate (effective 01/01/17)
Savings Plus
Reward Interest if you make no withdrawals
2.00% p.a.
Reward Interest if you make one withdrawal
0.60% p.a.
Combined base and full reward interest
2.50% p.a.
Combined base and partial reward interest
1.10% p.a.

Change to our Credit Cards Merchant Services Agreement General Terms and Conditions, effective 22 December 2016

We are making a change to our Credit Cards Merchant Services Agreement General Terms and Conditions. The purpose for the change is to enable us to give you documents, notices and communications in relation to your products and services in electronic form by electronic communication through, for example, FastNet Classic or FastNet Business.

A copy of our Credit Cards Merchant Services Agreement General Terms and Conditions incorporating this change will be available at asb.co.nz from 22 December 2016.

ASB ANNOUNCES THE FOLLOWING BUSINESS AND RURAL INTEREST RATE CHANGES:

The Business Base Rate has decreased from 10.25% p.a. to 10.15% p.a.
The Rural Base Rate has decreased from 7.05% p.a. to 6.95% p.a.
The Floating Base Rate has decreased from 3.50% p.a. to 3.40% p.a.
The Corporate Indicator Rate has decreased from 4.45% p.a. to 4.35% p.a.

These changes will be effective on and from 2 December 2016. Interest rates are subject to change.

ASB announces the following interest rate changes:

ASB Cash Management Account interest rates have changed as set out in the below table.

Balance
Interest rate
$0-$249,999
0.00% p.a.
$250,000-$499,999
0.25% p.a.
$500,000+
0.75% p.a.

ASB Cash Management Account interest rate changes are effective on and from Tuesday 22nd November 2016 for new and existing customers. New interest rates will be available from www.asb.co.nz on Tuesday 22nd November 2016. Interest rates are subject to change.

ASB announces the following interest rate changes:

ASB is changing interest rates on a number of ASB savings and transactional accounts as set out in the table below. The changes are effective 18 November 2016.

Product
Balance
Rate (effective 18/11/2016)
FastSaver
0.25% p.a.
Cash Fund
$0 - $9,999.99
0.40% p.a.
$10,000 - $24,999.99
0.55% p.a.
$25,000 - $49,999.99
0.60% p.a.
$50,000 - $99,999.99
0.65% p.a.
$100,000 - $19,999,999.99
0.70% p.a.
$20,000,000+
0.70% p.a.
Savings On Call
$0 - $9,999.99
0.40% p.a.
$10,000 - $24,999.99
0.55% p.a.
$25,000 - $49,999.99
0.60% p.a.
$50,000 - $99,999.99
0.65% p.a.
$100,000+
0.70% p.a.
Prizesaver
0.15% p.a.
Flexisave
$1,000+
0.15% p.a.
Moneymaker
$0-$999
0.15% p.a.
$1,000+
0.15% p.a.
Accelerator
Bonus interest on all tiers
0.15% p.a.
Business Saver
0.25% p.a.
Unlimited
$0-$99,999
0% p.a.
$100,000+
0.25% p.a.
Headstart
1.00% p.a.

ASB announces the following interest rate changes:

Credit interest on Orbit Home Loan and Orbit Fast Track Home Loan has been removed.

Interest will no longer be paid to customers with a positive credit balance on Orbit and/or Orbit Fast Track.

This change will be effective on and from Friday 2 December 2016.

There are no changes to debit interest rates:

  • The Housing Variable rate applies to all Orbit and Orbit FastTrack facilities documented before 31 October 2016
  • The Orbit Variable rate applies to Orbit and Orbit FastTrack facilities documented on or after 31 October 2016

Changes to ASB Credit Card Conditions of Use and ASB Visa Low Rate, effective 1 November 2016

Credit Card Conditions of Use

We are making some changes to our Credit Card Conditions of Use. The main purpose for the changes is to introduce Smart Rate Purchase transactions. A Smart Rate Purchase transaction will be a transaction for the purchase of goods or services over a certain value on which we have agreed to charge a special interest rate for a set period of time. The details of Smart Rate Purchase transactions will be available as specified by us. We have also made some amendments to the allocation of payments condition to include Smart Rate Purchases in the order of payment allocation.

We have also taken this opportunity to make some other changes as follows:

  • we have clarified how we communicate with you when we make changes to or introduce any payment, fee or charge in condition 13.3;
  • we have made the Charges condition (condition 8) clearer and easier to understand; and
  • we have updated the condition in relation to the Dynamic Currency Conversion (condition 4.19) to be clearer and easier to understand. 

A copy of our Credit Card Conditions of Use incorporating these changes will be available at asb.co.nz from 1 November 2016.

More information about the introduction of Smart Rate Purchase transactions will be available on asb.co.nz/light from 1 November 2016.

ASB Visa Low Rate

We are making changes to ASB Visa Low Rate for new and existing cardholders. The specific changes are as follows:

  • we will change the name to ASB Visa Light.
  • we will no longer charge these fees:
    • Individual account fee
    • Joint account fee
    • Additional card fee

A copy of our Rates and Fees incorporating these changes will be available at asb.co.nz from 1 November 2016.

More information about the changes to ASB Visa Low Rate will be available at asb.co.nz/light from 1 November 2016.

Changes to ASB Visa Debit Card Conditions of Use, effective 1 November 2016

We are making a change to our Visa Debit Card Conditions of Use. We have updated the condition in relation to the Dynamic Currency Conversion (condition 4.16) to be clearer and easier to understand.

A copy of our Visa Debit Card Conditions of Use incorporating these changes will be available at asb.co.nz from 1 November 2016.

Changes to ASB Guide to fees, effective 1 November 2016

We are making some changes to our Guide to fees. The main purpose is to change the credit card account fees section for ASB Visa Low Rate. We will change the name of ASB Visa Low Rate to ASB Visa Light. We will no longer charge the individual account fee, joint account fee and additional card fee for new or existing ASB Visa Low Rate cardholders. We have also taken the opportunity to make some other changes as follows:

  • we have removed the Personalised card fee for Visa Debit cards because we no longer offer this option for new cards.
  • we have updated the explanation of the ASB Retail Exchange Margin charged on ASB MasterCard credit cards to make it clearer and easier to understand. This is charged on overseas cash withdrawals made at a Commonwealth Bank of Australia ATM.
  • we have updated the explanation of the currency conversion of overseas transactions to make it clearer and easier to understand. This applies to card transactions made in a currency other than New Zealand dollars.

A copy of our Guide to fees incorporating these changes will be available on asb.co.nz or at any ASB branch from 1 November 2016.

More information about the changes to ASB Visa Low Rate will be available at asb.co.nz/light from 1 November 2016.

More information about the change to personalised Visa Debit cards is available on asb.co.nz.

Notices to FMA

Payment changes

Direct debit processing times have changed

On 28 November 2016 ASB introduced changes to the way that payments are made. One of these changes included processing direct debits earlier in the day rather than after midnight.

We are aware that some customers will have timed deposits to be in their account in the evening before a direct debit is processed, however with the earlier processing of direct debits these may occur before the deposit is in the account. This could result in the direct debit being dishonoured, resulting in unpaid bills and bank fees.

Some ways to avoid this from happening might be to:

  • Transfer sufficient money into your account early on the day a direct debit is due that will cover the amount of the expected debit
  • Request the company you are paying to schedule the direct debit to the next business day after you normally get a deposit into your account
  • Discuss with ASB options such as a temporary overdraft to cover your direct debit payments if you’re unsure you’ll receive a deposit into your account in time to cover your direct debit payments

If you have been affected by this change please contact us and we will work with you to avoid this occurring in the future. If you have been charged any dishonour fees as a result of the change we may also be able to refund these for you.

Upcoming change to payments

A new industry standard, effective 28 November 2016, will increase the certainty of payments by removing the ability for any electronic payment to be dishonoured due to insufficient funds. An electronic payment is a type of transaction commonly referred to as automatic payments, bill payments and direct credits.

This improvement will mean ASB customers can be confident that they will have full access to electronic payments deposited in to their account from other banks as soon as the payment is received.

Previously most electronic payments were received by ASB from other New Zealand banks as un-cleared funds. This meant that the sending bank could dishonour the payment within 3 business days if the sender did not have sufficient funds.

From 28 November ASB customers will only receive electronic payments in to their account if the sender has sufficient funds to make the payment. The payment will be immediately cleared and available.

Cheques and direct debits can still be dishonoured by the paying bank due to insufficient funds and cheques will continue to take 4 business days to clear.

This change does not affect the way payments are paid from ASB accounts with the exception of direct debits. Please note from the 28 November 2016 ASB will be processing direct debits received from both ASB and other banks earlier during the day instead of at the end of the day. Customers should ensure their accounts have adequate funds to cover any expected debits and be aware the debit may be applied earlier on the scheduled day for payment than it has previously.

We encourage customers to only make and schedule payments using available funds to avoid unexpected fees and interest.

Before confirming any payment, we encourage all customers to always check the payment details. In the event of a mistake, for example paying the wrong account or duplicating a payment, we may still be able to help if we’re immediately contacted. Find out more about this process here.

For our business customers who initiate direct debits, they’ll now be able to approve and submit direct debit files for same day processing until 11pm. This is a change from the current cut-off time of 6pm. Any transactions submitted after 11pm will be held over and processed the next business day soon after 6pm.

If you'd like more information, call us on 0800 803 804, visit your local branch or contact your ASB Relationship Manager.

ASBNotices