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Notices

Changes to Other Banks' Fees for International Money Transfers

Customers who send International Money Transfers (IMT's) can choose 'sender to pay' to have other banks' service fees deducted from their ASB accounts. In certain cases, despite ASB being notified of pending charges, fees may not have been debited from customer accounts.

From 30 October 2017 customers selecting 'sender to pay' should expect to have other banks' service fees deducted from their ASB accounts.

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

ASB announces the following business interest rate change:

  • The Floating Base Rate has decreased from 3.43% p.a. to 3.38% p.a.

ASB announces partnership with Sovereign and AIA for provision of life insurance products

ASB's and Sovereign's parent company, the Commonwealth Bank of Australia (CBA), has announced that it has agreed to sell its life insurance businesses in New Zealand (Sovereign) and Australia (CommInsure) to AIA. ASB life, health and disability insurances are underwritten by Sovereign.

As part of the transaction, ASB will enter into a 20-year distribution agreement with Sovereign and AIA for the provision of Sovereign and AIA life insurance products to its customers in New Zealand. All existing customers will retain all of their current benefits as outlined in their policies. Insurance remains a key product offering for ASB and we will continue to work together in partnership to provide Kiwis with a comprehensive range of insurance options.

The transaction is expected to be completed in 2018 but is subject to certain conditions, including regulatory approvals in both New Zealand and Australia.

For more information see our FAQs.

Changes to our Personal Banking Terms and Conditions and Job starter's Account Terms and Conditions

From 21 September 2017, ASB will no longer offer an interest free period for Job starter's Account and Streamline Introduction Package Account overdrafts. This change will apply to new Job starter's Accounts and Streamline Introduction Package Accounts opened after 21 September 2017. To reflect this change, we have amended our Personal Banking Terms and Conditions and Job starter's Account Terms and Conditions by removing references to Job starter's Account and Streamline Introduction Package Account interest free periods.

The new terms and conditions will be available from 21 September 2017.

ASB announces the following business and rural interest rate changes:

  • The Business Base Rate has decreased from 10.30% p.a. to 10.23% p.a.
  • The Rural Base Rate has decreased from 7.10% p.a. to 7.03% p.a.
  • The Floating Base Rate has decreased from 3.55% p.a. to 3.43% p.a.
  • The Corporate Indicator Rate has decreased fro 4.50% p.a. to 4.43% p.a.

These changes will be effective on and from 8 September 2017. Interest rates are subject to change.

Changes to our Business, Rural and Corporate Terms and Conditions

Due to internal process changes, we will be changing our Business, Rural and Corporate Terms and Conditions by replacing clause 21.1(i) with the following:

Clause 21.1(i) All cash items shall be treated as uncleared funds until counted and verified by us. This usually takes two business days. All non-cash items shall be processed in the usual manner.

The new terms and conditions will be available from 4 September 2017.

Replacement Product Disclosure Statements for Interest Rate Swaps and Foreign Exchange Options

A replacement product disclosure statement for Interest Rate Swaps and a replacement product disclosure statement for Foreign Exchange Options both dated 14 July 2017 have been lodged on the offer register and are available on request from your Global Markets dealer.

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 July 2017.

Product
Interest type
Interest rate (effective 01/07/17)
Savings Plus
Base Interest
0.25% p.a.
Combined base and full reward interest
2.25% p.a.
Combined base and partial reward interest
0.85% p.a.

Changes to our Personal Banking Terms and Conditions

Due to changes being introduced to the Tax Administration Act 1994 to support the implementation of the Common Reporting Standard in New Zealand, which aims to reduce global tax evasion generally, we will be changing our Personal Banking Terms and Conditions.

Section 36 will have the following point added:
"36.2 You must tell us immediately if your tax residency changes."
The new terms and conditions will be available from 1 July 2017.

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