Important notice for KiwiSaver, Investment Funds and Superannuation Master Trust customers
From 3 April to 6 April, account balances for ASB KiwiSaver Scheme, ASB Investment Funds or ASB Superannuation Master Trust will not be updated in FastNet Classic and the ASB Mobile App.
Due to settlement of year-end tax obligations, ASB will not be able to process any ASB KiwiSaver Scheme, ASB Investment Funds or ASB Superannuation Master Trust transactions on Wednesday 1 and Thursday 2 April 2020. This includes withdrawals, account closures and fund switches. Any transactions we would normally process on these days will be processed on or after 3 April.
While we work to meet our tax obligations, there will be a delay in balances being updated. From 2 April to 6 April, the amount shown is your balance as of 31 March 2020.
What happens between 1 April and 2 April?
We run a process known as annual tax attribution where we settle any year-end tax obligations from your investment with Inland Revenue. This is a standard process that occurs on 31 March each year.
We apologise for any inconvenience this may cause you, especially with the uncertainty of our current economic situation. We want to assure you this is an annual occurrence and is not related to COVID19.
ASB announces the following Business and Rural interest rate changes:
The Floating Base Rate has decreased from 2.65% p.a. to 2.25% p.a.
The Business Saver Rate has decreased from 0.10% p.a. to 0.05% p.a.
These changes will be effective on and from 20 March 2020. Interest rates are subject to change.
Changes to True Rewards from 31 May 2020
From 31 May 2020, we are introducing an expiry date to True Rewards dollars. This means from this date, True Rewards dollars will expire after five years from when they were earned.
This change will impact existing as well as future True Rewards dollars. True Rewards dollars will be redeemed in the order they were earned, so your oldest True Rewards dollars will be used first.
If you have more than 1 True Reward dollar due to expire on 31 May 2020, ASB will contact you directly either by letter or email at least 30 days before the expiry date with details.
Further information can be found at our True Rewards FAQs
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 announces the following Business and Rural interest rate change:
The Business Floating Base Rate has decreased from 2.80% p.a. to 2.75% p.a.
This change will be effective on and from 13 September 2019. Interest rates are subject to change.
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.