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.