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Notices

Changes to our Personal Banking Terms and Conditions

We have rewritten and reformatted our Personal Banking Terms and Conditions to make them easier to read and understand. A copy of the new terms and conditions will be available on the terms and conditions page of asb.co.nz from 25 May 2017.

We have removed the specific terms and conditions for our term deposits, Savings Plus account, Tertiary, Graduate, Job starter, and youth accounts from the Personal Banking Terms and Conditions and put them into separate documents. These specific terms and conditions will also be available on the terms and conditions page of asb.co.nz from 25 May 2017.

ASB announces the following fee changes

ASB is changing the following fees as set out in the below table.

Fee
New Fee
Previous
Credit card late payment fee
$9
$15
Credit card over limit fee
$0
$20
Dishonoured cheque
$0
$20
Unpaid automatic payment/bill payment/IRD payment/direct debit
$0
$20

These changes are effective from Monday 15 May 2017 for new and existing customers. The new fees will be available at asb.co.nz from Monday 15 May 2017. Fees are subject to change.

Important changes to ASB Home Loans

ASB announces the following Home Loan fee changes

Fee
Previous fee
New fee
Home Loan Switch/refix fee
$50
$0
Release of repaid mortgage fee
$50
$0

These changes are effective from Thursday 27 April 2017 for new and existing customers. Fees are subject to change.

Changes to ASB Visa Business Rewards, effective 1 April 2017

We are making changes to the ASB Visa Business Rewards card.

After 31 March 2017, there will no longer be access to travel insurance for any new trips booked and paid for using an ASB Visa Business Rewards card. However until then, travel insurance is still available, provided cardholders meet the conditions and activate their travel insurance cover before 31 March 2017.

A cardholder may still be covered for travel after this date but only if they activate their travel insurance for this travel prior to 31 March 2017 in accordance with the ASB Visa Business Rewards Credit Card Travel Insurance Policy Wording*. If a cardholder is booking travel after this date, they will need to arrange their own insurance.

We have also reduced our six monthly account fee so from 1 April 2017:

  • The six monthly account fee will reduce from $50.00 to $35.00
  • The six monthly additional card fee will reduce from $20.00 to $10.00 per card

A copy of our Rates and Fees incorporating these changes will be available here from 1 April 2017.

* Terms and conditions apply to travel insurance, refer to the ASB Visa Business Rewards Credit Card Travel Insurance Policy Wording for details.

Changes to Guide to business banking fees, effective 1 April 2017

We are making some changes to our Guide to business banking fees. The main purpose is to change the credit card account fees section for ASB Visa Business Rewards. From 1 April 2017, we will change:

  • The six monthly account fee will reduce from $50.00 to $35.00
  • The six monthly additional card fee will reduce from $20.00 to $10.00 per card

We have also taken the opportunity to remove the Personalised card fee for Visa Debit cards because we no longer offer this option for new cards.

A copy of our Guide to business banking fees incorporating these changes will be available here from 1 April 2017.

ASB announces the following interest rate changes:

The ASB Margin Lending interest rate increased from 5.85% p.a. to 6.00% p.a.

This change is effective on and from Friday 17th February 2017 for new and existing ASB Margin Lending customers. New interest rates will be available from www.asb.co.nz on Friday 17th February 2017. Interest rates are subject to change.

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+
0.55% p.a.

ASB Cash Management Account interest rate changes are effective on and from Friday 17th February 2017 for new and existing customers. New interest rates will be available from www.asb.co.nz on Friday 17th February 2017. Interest rates are subject to change.

Changes to CommSec Financial Services Guide (FSG) and Commsec Trading Terms and Conditions

CommSec is making changes to the CommSec Financial Services Guide (FSG) and CommSec Trading Terms and Conditions, which will take effect on Saturday 18 February 2017. These changes relate to the removal of conditional order fees, late settlement fees and advanced chart fees. These can be found on our website from 18 February.

ASB announces the following Term Deposit & Term Fund interest rate changes:

Term
Balance
New rate
90 days
$10,000+
2.75%
7 months special*
$10,000+
3.65%
9 months
$10,000+
3.35%
18 months special*
$10,000+
3.75%

This change is effective from 9:00am 21 January 2017.

*Limited time only.

ASB announces the following interest rate changes:

ASB is changing the interest rates on the following savings and transaction accounts as set out in the below table. The changes are effective 20 January 2017.

Account
Interest type  
New Interest rate (p.a.) effective 20 January 2017  
FastSaver
All credit balances
0.10%
ASB Cash Fund
$0 - $9,999
0.20%
$10,000 - $24,999
0.35%
$25,000 - $49,999
0.40%
$50,000 - $99,999
0.45%
$100,000 -$19,999,999
0.50% 
$20,000,000 +
0.50% 
Prizesaver
All credit balances
0.10%
Flexisave
$0-999
0.00%
$1,000+  
0.10%
Moneymaker
$0-999
0.10%
$1,000+  
0.10%
Accelerater
$0-999
0.00%
$1,000-$4,999
0.00%
$5,000+
0.00%
Bonus Interest on all tiers (no withdrawals/ transfers)
0.10%
Savings On-Call
$0 - $9,999
0.20%
$10,000 - $24,999
0.35%
$25,000 - $49,999
0.40%
$50,000 - $99,999
0.45%
$100,000+
0.50%
Unlimited
$100,000+
0.10%
Business Saver
All credit balances
0.10%

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 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.

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