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Notices

Change to the ASB Visa Platinum Rewards and ASB Visa Gold Travel Insurance policy

Due to the removal of cheques, we have removed reference to cheques from the ASB Visa Platinum Rewards and ASB Visa Gold travel insurance policy. The change is specific to the use of an ASB cheque as a way to pay 50% or more of your overseas travel to meet the activation criteria for your credit card travel insurance policy.

These changes are effective from Monday 16 August 2021 for new and existing customers.

The updated ASB Visa Platinum Rewards travel policy is available here.

The updated ASB Visa Gold travel policy is available here.

ASB is withdrawing all foreign notes services from 2 July 2021

As more customers enjoy the simplicity, convenience and security of ASB Debit and Credit cards when travelling overseas, and with the reduction in international travel due to the COVID-19 pandemic, ASB is withdrawing all foreign notes services from 2 July 2021. This means ASB will no longer buy or sell foreign notes from this date. Find out more.

The applicable Terms and Conditions relating to foreign notes services will be amended as follows, effective from 2 July 2021:

  • Foreign Exchange Terms and Conditions: Section 6. Foreign Cash deleted
  • Foreign Currency Account and Global Markets Term Deposit Terms and Conditions: Clause 6.9, which references fees related to foreign notes used for a foreign currency term deposit, deleted.

The updated Terms and Conditions will be available here.

Change to ASB Rural Savings Products, effective from 10 May 2021

ASB will be withdrawing the following rural savings products on Monday 10 May 2021:

Rural Moneymaker (legacy product)
Farmsaver (legacy product)
Rural Accelerator (legacy product)
Rural Call
Rural Call Negotiated

All impacted customers will be contacted prior to closure.

Changes to Omni and Streamline Fees

ASB wishes to announce an amendment to previously announced fee changes.From 01 March 2021 Omni fees will now be: 
Self-service transactions: Free
Staff assisted transactions: $0.80c

In addition, we are making some changes to the fees on our Streamline product.  From 01 March 2021 the new fees will be:
Self-service transactions: Free
Staff assisted transactions: $0.80c

Change to ASB Personal Banking Terms and Conditions

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.

Changes to ASB Rewards Programme Terms

We've updated the True Rewards Conditions of Use by adding the Expiry of True Reward dollars section (clause 4.7) and also amended clause 6.1 with which True Rewards are redeemed first.

This change is effective from 04 November 2020 onwards. The updated document will be available here.

ASB Merchant Services Terms and Conditions

Paymark charges ASB business customers who use their payment network an EFTPOS administration fee. Effective 1 September 2020, Paymark has increased this fee from $14.00 to $18.00 per merchant terminal per month or part month (plus GST). The schedule of merchant charges in the Paymark Tripartite Agreement Terms and Conditions (available on our website and in our ASB Merchant Facility Terms and Conditions) has been updated to reflect this fee change. The updated documents are available here.

Change to ASB Personal Banking Terms and Conditions

We’ve added an Acceptable Use Policy to the ASB Personal Banking Terms and Conditions (clause five in Section B). This change is effective 27 July 2020. The updated document will be available here.

Covid-19 Update - True Rewards Expiry Extended

Due to New Zealand being under lockdown, significantly impacting our customers' ability to redeem their True Rewards dollars, we will be extending the True Rewards expiry out - with a new date to be confirmed.

We will be directly communicating the extension with all affected customers who still have True Rewards dollars remaining that would have expired on 31 May 2020.

Changes to True Rewards from 31 May 2020

Effective from 31 May 2020, True Rewards dollars will expire once they reach five years after the date they were earned.

As an example, if you earned 5 True Rewards dollars in April 2015 and have not made any redemptions since, then these 5 True Rewards dollars will expire after May 31 2020 unless redeemed prior.

As customers redeem their True Rewards,  the oldest ones will be used first.

If a customer has more than 5 True Rewards dollars due to expire ASB will communicate with them directly,  providing at least 30 days notice.

Further information can be found at our True Rewards FAQs.

ASB Securities announces the following interest rate change - effective 3 April 2020

To reduce ASB Margin Lending interest rate from 5.70% to 4.95% p.a. (-75bps)

ASB to stop issuing foreign currency drafts (cheques), effective 31 March 2020

Effective from 31 March 2020, ASB will no longer issue foreign currency drafts (foreign currency cheques). Customers are advised to send foreign currency payments by International Money Transfer (IMT). This is a quicker and more secure means of payment and the recipient will usually have access to funds as soon as their bank credits the payment to their account.

Foreign currency drafts issued to customers up to and including 31 March 2020 will continue to be valid for six months after the date of issue. Terms and conditions relating to foreign draft issuance will be amended accordingly.

ASB will continue to accept foreign currency cheques for deposit to an ASB account. Terms apply.

ASB announces the following US dollar (USD) foreign currency call account interest rate changes - 31 October 2019

ASB is changing the interest rates on the following USD foreign currency call accounts. These changes are effective 31 October 2019.

Interest rates are subject to change.

  USD Call Account Interest rate (p.a.)
  USD0 - USD99,999 0.00% (unchanged) 
  USD100,000 - USD199,999 0.00% 
  USD200,000+ 0.25% 

These changes also apply to USD foreign currency call accounts held with ASB Securities.

ASB Securities announces the following interest rate changes - Effective 27 September 2019

  • To reduce ASB Margin Lending interest rate from 5.90% to 5.70% p.a. (-20bps); and
  • To reduce ASB Cash Management Account interest rate tiers as follows:
  Balance Band Current (p.a) Rate movement (p.a) New (p.a)
  $0-$499,999 0.00% Unchanged 0.00%
  $500,000+ 0.25% -0.25% 0.00%

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. 

What are the changes?

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.

ASB announces the following US dollar (USD) foreign currency call account interest rate changes - 01 August 2019

ASB is changing the interest rates on the following USD foreign currency call accounts. These changes are effective 01 August 2019.

Interest rates are subject to change.

  USD Call Account Interest rate (p.a.)
  USD0 - USD99,999 0.00% (unchanged)
  USD100,000 - USD199,999 0.25%
  USD200,000+ 0.50%

These changes also apply to USD foreign currency call accounts held with ASB Securities.

Changes to ASB Privacy Statement

The ASB Privacy Statement will be updated to provide further information and transparency about ASB's privacy practices. This statement provides information in addition to what is provided under ASB's terms and conditions, which govern a customer's relationship with ASB.

This amendment will take effect on 14 August 2019.

Changes to Foreign Exchange Terms and Conditions: Travellers Cheques

Further to our previous notice advising a change in our acceptance of Travellers Cheques, our Foreign Exchange Terms and Conditions have been amended to remove Clause 2.5, effective from 1 July 2019.

Changes to our policy for accepting travellers cheques:

From 1 July 2019, ASB will no longer accept travellers cheques for encashment or deposit to an ASB account. After this date, customers should contact the issuer of the travellers cheques for further advice about how and where to redeem them.

ASB announces the following card fee changes.

Effective 14 February 2019

Overseas cash advance/withdrawal fee for all ASB Credit cards, Debit cards and Fastcash cards:

  • Overseas cash advance/withdrawal fee at a Teller or ATM was $7.50, now $0.


Cash advance fee for all ASB Credit cards:

  • Cash advance fee for ATM/FastPhone/FastNet Classic – was $2.00, now $0.
  • Reduction of the teller assisted cash advance fee - was $5.00, now $3.00.
     

Offshore service margin change for ASB Visa Credit cards and ASB Visa Debit cards:

  • Removal of Offshore Service Margin charge for refunded purchases. 

Changes to our True Rewards Card Conditions of Use

We're making some changes to our True Rewards Card Conditions of Use that will take effect from 5 March 2019. You can view the adjusted document here.

ASB Visa Debit purchase limit increase

ASB announces the following change: 

We have increased the daily online purchase limit of our ASB Visa Debit card from $5,000 to $10,000. This change is effective 1 November 2018.

Changes to our ASB Cash Fund and ASB Term Fund terms and conditions

With effect from 27 September 2018, Public Trust will replace Trustees Executors Limited as supervisor for the ASB Cash Fund and ASB Term Fund. As a result, minor consequential changes need to be made to the glossary and sections 3.2 and 9 of the ASB Cash Fund and ASB Term Fund terms and conditions.

The updated terms and conditions can be found here.

 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 Wednesday 8th August 2018.  

What are the changes?

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

ASB Securities Client Services Agreement Terms and Conditions

  • We have updated clause 2.3 to clarify that for an entity the identity requirements apply to individuals who own more than or equal to 25% of the entity.
  • We have updated clause 34.2 to require you to provide us written notice should you cease to be resident in New Zealand or Australia, or should any individuals associated with your CMA or ASB Securities trading account cease to reside in New Zealand or Australia. This includes effective controllers, beneficial owners with greater than or equal to 25% ownership and any authorised persons on your trading account. 

CommSec Terms and Conditions

  • We have amended clause 14 in Part 3 (Account aggregation) by changing  the terminology relating to accounts where we permit aggregation as follows:
    - client ID changed to access code
    - password changed to access password
  • We have amended clause 18 in Part 3 (Your instructions) by adding sub-clause 18.b. so that we are entitled to assume that any instruction received from your individual access code and access password originates from You or the authorised representative to whom the access code and access password is assigned and that such instruction is a valid instruction to access the services. We are not obliged to inquire into the validity of any such instruction received.
  • We have amended clause 28.b in Part 3 (Failure to settle) to clarify that you authorise us to sell securities in Commonwealth Bank that are subject of a trade that has failed to settle.
  • We have amended clause 20 in Part 5 (Implementing a Conditional Order Instruction) to clarify that a Conditional Order Instruction is triggered when the Trigger for the Security occurs on the ASX.

The updated ASB Securities Terms and Conditions can be found on our website.

Changes to Terms and Conditions for Personal Banking: Job starter's Account and ASB Introduction Package

The Personal Banking Terms and Conditions have been updated to reflect changes made to the Job starter's Account and ASB Introduction Package. We no longer offer interest-free periods on new overdrafts on either of these accounts.

In addition to this, ASB FastDeposit boxes no longer accept cash. You will be able to make your cash deposit at our ATMs and the funds will be available to you immediately. If using an ATM drop-box, the funds will be made available the next day, following our verification processes.

These changes are effective 31 May 2018.

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 Thursday 29th March 2018. 

What are the changes?

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

  • We have added a Contents page which outlines what is included in the ASB Securities Terms and Conditions
  • We have clarified that your commitments include compliance with the NZX Participant Rules
  • We have amended the clause covering bringing orders to market to clarify, that we will not accumulate or bundle orders coming to market
  • We have clarified the clause detailing our foreign exchange service, to make it clearer and easier to understand
  • We have clarified that it is our Internet Access Terms that govern access passwords used on our website
  • We have included an additional acknowledgment that requires customers to acknowledge that their ASB Cash Management Account will be the nominated New Zealand dollar account for any ASB Foreign Currency Account opened for the purpose of share trading with ASB Securities
  • We have amended the termination clause, to clarify that ASB Securities may terminate any custody arrangements by giving you 7 days written notice and may close your share trading account if your ASB Cash Management Account is closed, provided that all outstanding obligations have been satisfied
  • We have amended some of the definitions, including the "Conditions" and "Participant Rules" definitions, and removed the "Client Services Agreement" definition

The updated ASB Securities Terms and Conditions can be found on our website.

Important changes to ATM fees  

ASB announces the following fee changes: 

Fee
Previous Fee
New Fee

Other NZ bank ATM usage fee 

$1.00 

$0.00 

ASB credit card cash advance fee (other NZ bank ATM) 

$3.00 

2.00 

This change is effective from 27 March 2018 and affects ASB Visa/MasterCard credit cards, ASB Business credit cards, Visa Debit and FastCash cards. 

This change was originally stated as being effective from 31 March 2018 but has been changed to 27 March 2018. 

Important change to ASB True Rewards

From 1 March 2018, Mobil will no longer be a True Rewards bonus partner offering double True Rewards dollars. Customers will still be able to redeem True Rewards dollars at any Mobil pump in the country, as well as earn standard True Rewards dollars on any purchase with an ASB rewards credit card.

The True Rewards earn rate for each card is as follows:

  • Visa Platinum Rewards and Visa Business Rewards - $1TR for every $100 spent
  • Visa Gold - $1TR for every $130 spent
  • Visa Rewards - $1TR for every $150 spent

Find out more about our rewards credit cards here.

Change to Visa Gold credit card travel insurance provider

ASB announces that from 1 April 2018, ASB Visa Gold credit card travel insurance will no longer be underwritten by Tower Insurance Limited and Cigna Life Insurance New Zealand Limited will be the new underwriter. Terms and conditions apply to travel insurance, please refer to the updated Visa Gold travel insurance policy wording. Exclusions and limitations apply.

These changes are effective from Sunday 1 April 2018 for new and existing customers.

Important changes to ASB Personal Loans.

ASB announces the following personal loan changes:

Fee
Previous fee
New fee

Loan processing fee
(When you apply for a new personal loan)

$250

$99

This change is effective from Friday 1 December 2017. The new fee will be available on asb.co.nz from Friday 1 December 2017. Fees are subject to change.

Effective the 1st November 2017 ASB is introducing the following fee:

Clever Kash replacement fee $50.

Changes to Other Banks' Fees for International Money Transfers

Customers who send International Money Transfers (IMT's) can choose 'sender to pay' to have other banks' service fees deducted from their ASB accounts. In certain cases, despite ASB being notified of pending charges, fees may not have been debited from customer accounts.

From 30 October 2017 customers selecting 'sender to pay' should expect to have other banks' service fees deducted from their ASB accounts.

If you'd like more information, call us on 0800 803 804, visit your local branch or contact your ASB Relationship Manager.

Changes to our Personal Banking Terms and Conditions and Job starter's Account Terms and Conditions

From 21 September 2017, ASB will no longer offer an interest free period for Job starter's Account and Streamline Introduction Package Account overdrafts. This change will apply to new Job starter's Accounts and Streamline Introduction Package Accounts opened after 21 September 2017. To reflect this change, we have amended our Personal Banking Terms and Conditions and Job starter's Account Terms and Conditions by removing references to Job starter's Account and Streamline Introduction Package Account interest free periods.

The new terms and conditions will be available from 21 September 2017.

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