Notices - 2020

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.