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Notices

ASB announces changes to the Foreign Exchange Terms and Conditions effective from 01 July 2024.

ASB has made the following changes to the Foreign Exchange Terms and Conditions effective from 01 July 2024. 

We have:

  • Removed clauses relating to Foreign Currency cheques, which will no longer be accepted by ASB.
  • Added the following new clause under clause 2 International Money Transfers:
    • 2.7 You can request that ASB does not convert your funds into another currency when sending an IMT. However, the correspondent bank or the beneficiary’s bank may still convert the funds to another currency. ASB will not be liable in the event this occurs. Any enquiry we make to a correspondent or beneficiary bank on your behalf regarding a payment will be at your cost.
  • Updated the following terminology: "Payee" to "Beneficiary" and "Buy Rate" and "Sell Rate" to "Applicable Foreign Exchange Rate".
  • Made amendments to clause 2.3 (previously clause 4.3) and clause 4 (previously clause 6) to add further clarity.

ASB announces the following changes to the Guide to Fees and Guide to Business Banking Fees - effective 1 July 2024.

From 1 July 2024, ASB will no longer accept foreign currency cheques. The Guide to Fees and Guide to Business Banking Fees will be updated to remove references to fees for foreign currency cheques. 

The asb.co.nz website will reflect these changes from Monday, 1 July 2024. The updated Guide to Fees will be available here and Guide to Business Banking Fees will be available here.

ASB announces changes to the NZHL-arranged Home Loan Fees and Limits guide and the Go Home Loan Fees and Limits guide - effective May 2024.

Following the recent removal of some service fees we are updating the NZHL-arranged Home Loan Fees and Limits Guide and the Go Home Loan fees and Limits guide.

ASB SECURITIES - CHANGES TO OUR TERMS AND CONDITIONS

We've made some changes to the ASB Securities Terms and Conditions.  These changes will come into effect on 10 June 2024.  

What are the changes?

An overview of the key changes to the ASB Securities Terms and Conditions is detailed below.

Through ASB Securities, customers may have a facility set up to trade on the Australian Securities Exchanges (ASX) and these trades are executed on customers' behalf by FinClear Execution Ltd (FinClear Execution). FinClear Execution currently use FinClear Pty Ltd (FinClear) to clear and settle ASX trades. From 10 June 2024 FinClear Execution will use FinClear Services Pty Ltd (FinClear Services) instead of FinClear to clear and settle NZX trades.

The ASB Securities Terms and Conditions will be updated as follows: 

  • We will make changes to the ASB Securities Investment Broker Disclosure Statement and ASB Securities Client Services Agreement Terms and Conditions (clause 41.2) to reflect the appointment of FinClear Services in place of FinClear. 
  • Finclear Execution will also make changes to the FinEx Terms of Trade (contained within the ASB Securities Terms and Conditions) to reflect the appointment of FinClear Services in place of FinClear.

All changes will be effective from 10 June 2024. The updated ASB Securities Terms and Conditions will be available on asb.co.nz from that date. 

Changes to ASB Mobile Banking Terms and Conditions 

We've made changes to our Mobile Banking Terms and Conditions to include ASB's Open Banking Services. These changes are effective from 24 May 2024:  

ASB's Open Banking Services:

  • Condition 1 has been updated to provide a description of open banking.
  • Condition 7 has been added to explain Open Banking Services, including the parties involved, their obligations, and how you can provide and manage your consent.
  • Condition 10 has been updated to clarify the extent of each party's liability in relation to the use of Open Banking Services.
  • Condition 16 relating to privacy has been updated to include open banking.
  • Various other conditions have had minor updates to incorporate open banking. 

Other changes:

  • References in conditions 1 and 4 to your mobile operator or an internet service provider have been updated. For clarity, references to 'Mobile Operator(s)' have been changed to 'Telecommunication Provider(s)'.
  • Condition 18 has been added to explain our complaint processes.  

More information: 
Open Banking is an industry initiative that allows you to securely make payments and share account information with approved third-party service providers. Find out more about Open Banking.  

The updated ASB Mobile Banking Terms and Conditions can be found on our website from 24 May 2024.

Changes to ASB's Rural Term Deposit

Effective from 29 April 2024, the Rural Term Deposit will be renamed to the Business Term Deposit.

ASB announces the following change of interest rate type that is charged on Dishonoured Payments for all ASB Visa Credit Cards - effective 3 April 2024.

ASB is changing the interest rate type that is charged for Dishonoured Payments for all ASB Visa credit cards, from the Cash Advance interest rate (currently 22.95% p.a.), to the card's standard Purchase Interest rate. This change is effective from 3 April 2024.

Interest rates are subject to change.

Account Type Changes

ASB will be closing several legacy accounts, including the Business Focus, Rural Account, Commercial Call, Commercial Call Negotiated, Corporate Saver, Retail Call, Retail Call Negotiated, Call Rate Cheque, Statement Flexisave, Flexisave, Omni, Personal Omni, Personal Omni no interest and the Unlimited Account. Customers on these account types will be migrated onto one of our current account types, commencing March 2024. The terms and conditions, interest rates and fees relating to the customer's new account type will apply. Refer to ASB Bank Limited's Terms and Conditions, Guide to Fees and Guide to Business Banking Fees for details. 

Changes to ASB's Commercial Credit Facility

Effective from 16 March 2024, the Commercial Credit Facility will be renamed to the Business Credit Facility. 

Changes to ASB Personal Banking Terms and Conditions

We've made a change to the Personal Banking Terms and Conditions. The following change is effective 8th February 2024

Reversal of payments into your account: 
We've included the new clause 7.3 which outlines what may occur in the event that you have insufficient funds in your account and we need to take money from your account or reverse a payment in accordance with exisiting clauses 7.1 or 7.2.

Changes to True Rewards Card Conditions of Use and True Rewards balance update from daily to monthly.

We've updated our True Rewards Card Conditions of Use which are effective from 1 February 2024. The changes address ASB's partnership with Woolworths' Everyday Rewards Programme as an alternative rewards programme to ASB True Rewards. You can find the updated True Rewards Card Conditions of Use here. Additionally, this address True Rewards changes, where balances will be updated monthly instead of daily. The True Rewards balances will update two days after the credit card period.

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