Notices
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 Guide to Fees and Personal Banking Terms and Conditions
Effective 1 November 2018 ASB will be withdrawing the special answer service on cheque deposits. This will mean that deposits made via cheque will be subject to standard cheque clearance times.
We are also making changes to our Omni bank account statement frequency.
These changes will come into effect on 1 November 2018.
The updated Terms and Conditions can be found on our site here.
ASB announces the following interest rate changes:
ASB is changing the interest rates on the Savings Plus account as set out in the below table. The changes are effective 1 October 2018.
|
Product
|
Interest type
|
Interest rate (effective 01/10/18)
|
|---|---|---|
|
Savings Plus |
Reward Interest if you make no withdrawals |
1.95% p.a. |
|
Reward Interest if you make one withdrawal |
0.55% p.a. |
|
|
Combined base and full reward interest |
2.20% p.a. |
|
|
Combined base and partial reward interest |
0.80% p.a. |
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.
Changes to our Merchant Facility Terms and Conditions:
We've made some changes to the ASB Merchant Facility Terms and Conditions and Paymark Merchant Tripartite Agreement Terms and Conditions. These changes will come into effect on August 1 2018.
These changes are due to the removal of the EFTPOS Manual Offline Voucher service and a change in the calculation method for merchant service fees.
ASB Merchant Facility Terms and Conditions
- Schedule 4 clause 1.1
Paymark Merchant Tripartite Agreement Terms and Conditions
- Clause 2.1
- Clause 5.1.2
- Clause 5.3
- Clause 7.1
- Clause 10.2
- Part A of Schedule
The updated Terms and Conditions can be found on our site 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.
Changes to our Foreign Currency Account and Global Markets Term Deposit Terms and Conditions:
We've made some changes to the ASB Foreign Currency Account and Global Markets Term Deposit Terms and Conditions. These changes will come into effect on 31 May 2018.
Together with some minor wording changes and removal of the Term Deposit minimum balance table, we have added the following condition:
Authority to operate
Unless otherwise agreed by us, the persons authorised to operate your nominated New Zealand dollar account are authorised to operate your Global Markets foreign currency accounts, in accordance with the account operating instructions applicable to your nominated New Zealand dollar account.
The new Terms will be available from 31 May 2018.
Changes to our FastNet Business Terms and Conditions
We've made some changes to the ASB FastNet Business Terms and Conditions. These changes will come into effect on Thursday 29th March 2018.
Transaction information will now be available on FastNet Business for up to 7 years. This period was previously 2 years.
We have updated the terms of our professional trust platform to reflect changes in legislation regarding Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). Please see section 5 of ASB's FastNet Business Terms and Conditions for details.
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.
ASB announces partnership with Sovereign and AIA for provision of life insurance products
ASB's and Sovereign's parent company, the Commonwealth Bank of Australia (CBA), has announced that it has agreed to sell its life insurance businesses in New Zealand (Sovereign) and Australia (CommInsure) to AIA. ASB life, health and disability insurances are underwritten by Sovereign.
As part of the transaction, ASB will enter into a 20-year distribution agreement with Sovereign and AIA for the provision of Sovereign and AIA life insurance products to its customers in New Zealand. All existing customers will retain all of their current benefits as outlined in their policies. Insurance remains a key product offering for ASB and we will continue to work together in partnership to provide Kiwis with a comprehensive range of insurance options.
The transaction is expected to be completed in 2018 but is subject to certain conditions, including regulatory approvals in both New Zealand and Australia.
For more information see our FAQs.
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.
Changes to our Business, Rural and Corporate Terms and Conditions
Due to internal process changes, we will be changing our Business, Rural and Corporate Terms and Conditions by replacing clause 21.1(i) with the following:
Clause 21.1(i) All cash items shall be treated as uncleared funds until counted and verified by us. This usually takes two business days. All non-cash items shall be processed in the usual manner.
The new terms and conditions will be available from 4 September 2017.
Replacement Product Disclosure Statements for Interest Rate Swaps and Foreign Exchange Options
A replacement product disclosure statement for Interest Rate Swaps and a replacement product disclosure statement for Foreign Exchange Options both dated 14 July 2017 have been lodged on the offer register and are available on request from your Global Markets dealer.
ASB announces the following interest rate changes:
ASB is changing the interest rates on the Savings Plus account as set out in the below table. The changes are effective 1 July 2017.
|
Product
|
Interest type
|
Interest rate (effective 01/07/17)
|
|---|---|---|
|
Savings Plus
|
Base Interest
|
0.25% p.a.
|
|
Combined base and full reward interest
|
2.25% p.a.
|
|
|
Combined base and partial reward interest
|
0.85% p.a.
|
Changes to our Personal Banking Terms and Conditions
Due to changes being introduced to the Tax Administration Act 1994 to support the implementation of the Common Reporting Standard in New Zealand, which aims to reduce global tax evasion generally, we will be changing our Personal Banking Terms and Conditions.
Section 36 will have the following point added:
"36.2 You must tell us immediately if your tax residency changes."
The new terms and conditions will be available from 1 July 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.
