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Notices

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%

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.

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