Notices
Change to ASB Visa Debit Card Conditions of Use, ASB Credit Card Conditions of Use, and ASB Personal Banking Terms and Conditions
A change ASB implemented on 17 November 2020 increasing the maximum daily ATM withdrawal limits has been reverted. The maximum limit has been reverted from $4,000 to $2,000 per card effective on 25 November 2020. For eligible Credit Cards with Dual Account Access enabled, this limit only applies when accessing your transactional and savings accounts.
The updated ASB Visa Debit Card Conditions of Use is available here.
The updated ASB Credit Card Conditions of Use is available here.
The current ASB Personal Banking Terms and Conditions is 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 announces the following Business and Rural interest rate change
The Business Floating Base Rate has decreased from 1.76% to 1.74% p.a.
This change will be effective on and from 18 September 2020. Interest rates are subject to change.
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.
ASB announces the following Savings interest rate change – effective 01/07/2020
ASB is changing the interest rates on the following Savings account. These changes are effective 01/07/2020. Interest rates are subject to change.
| Savings Plus | Interest rate (p.a) |
|
| Reward interest if you make no withdrawals | 0.45% p.a. | |
| Combined Base and full reward interest | 0.50% p.a. |
Change to ASB Business, Rural and Corporate Banking Terms and Conditions
We've made some changes to the ASB Business, Rural and Corporate Banking Terms and Conditions. These changes are effective 20 May 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 announces the following Savings interest rate changes – 01 04 2020
ASB is changing the interest rates on the following Savings accounts. These changes are effective 01 04 2020.
Interest rates are subject to change.
| Savings Plus | Interest Rate (p.a.) |
| Base Interest | 0.05% |
| Reward Interest if you make no withdrawals | 0.70% |
| Reward Interest if you make one withdrawal | 0.05% |
| Combined base and full reward interest | 0.75% |
| Combined base and partial reward interest | 0.10% |
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)
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 Home Loan interest rate changes - 18 March 2020
The Housing Variable has decreased from 5.20% p.a. to 4.45% p.a.
The Orbit Home Loan and Orbit FastTrack Home Loan rates decreased from 5.30% p.a. to 4.55% p.a.
The HomePlus rate decreased from 6.70% p.a. to 5.95% p.a.
This change will be effective on and from 18 March 2020 for new home lending customers and on and from 25 March 2020 for existing home loans.
SOVEREIGN ANNOUNCES THE FOLLOWING INTEREST RATE CHANGES:
The Variable Rate Loan decreased from 5.30% p.a. to 4.55% p.a. and will be effective on and from 18 March 2020 for new home lending customers and on and from 25 March 2020 for existing home loans.
Interest rates are subject to change. ASB Bank Limited.
ASB announces the following US dollar (USD) foreign currency call account interest rate change – 04 March 2020
ASB is changing the interest rate on the top rate tier of USD foreign currency call accounts. These changes are effective 04 March 2020. 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% (unchanged) | ||
| USD200,000+ | 0.00% |
This change also applies to USD foreign currency call accounts held with ASB Securities.
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.
Changes to ASB Mobile Banking Terms and Conditions: Alerts Services
We've made some changes to the ASB Mobile Banking Terms and Conditions. These changes are effective Tuesday 22 October 2019. The updated document will be available here.
The Alerts Services clause will no longer be included in the ASB Mobile Banking Terms and Conditions as this service will now be available for customers via email and/or notifications without any charges.
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% |
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 | |
| Above $250,000 | $12 | $24 |
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.
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 Home Loans
ASB announces the following Home loan changes:
|
Fee
|
Current Fee
|
New Fee
|
|---|---|---|
|
Home loan processing fee
|
$400
|
$150
|
|
Progress payment construction home loan processing fee
|
$400
|
No change
|
|
Home loan top up fee
|
$150
|
$99
|
|
Home loan re-documentation fee
|
$150
|
$50
|
|
Demand fee
|
$50
|
$125
|
|
Rates demand fee
|
$110
|
$25
|
|
ERA administration fee
|
$50
|
$20
|
|
Alterations to security fee
|
$200
|
$125
|
|
Change parties to loan agreement or owners of a title fee
|
$100
|
$125
|
|
Registrations affecting land titles fee
|
$100
|
$125
|
|
Changes to priorities fee
|
$100
|
$125
|
|
Full settlement fee
|
$100
|
$35
|
This change is effective from Wednesday 31 January 2018. The new fee will be available on asb.co.nz from Wednesday 31 January 2018. Fees are subject to change.
Important changes to ASB Personal Loans.
ASB announces the following personal loan changes:
|
Fee
|
Previous fee
|
New fee
|
|---|---|---|
|
Loan processing fee |
$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.
