We have made a change the ASB Personal Banking Terms and conditions (Clause 14, Section C). This change will not allow ASB insurance payments to be made if your account is suspended. This change is effective 1 March 2021. The updated document will be available here.
Important changes to Orbit and Orbit FastTrack fees
From 1 October 2019, ASB is changing the way we calculate the monthly fee on Orbit and Orbit FastTrack home loans. This affects all customers with an existing Orbit or Orbit FastTrack facility.
|Orbit Limit||Current Monthly Fee||New Monthly Fee|
|Up to and including $100,000||$12||$6|
|Above $100,000 and up to and including $250,000||$12||$12|
Orbit fees will continue to be charged on the second of each month and we will calculate this fee based on your Orbit limit as at the last day of the prior month.
ASB PrizeSaver - changes to the terms and conditions and monthly prize draw pool
We've made some changes to the ASB PrizeSaver terms and conditions and the total monthly prize draw winnings.
Effective 1 October 2019, the winning prize pool will have 10 winners of $1,000 every calendar month moving forward.
We have updated clause 6 of the PrizeSaver terms and conditions effective 1 October 2019 to reflect the above 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:
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.