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 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.
Interest rate (p.a)
Reward interest if you make no withdrawals
Combined Base and full reward interest
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.
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.
Interest Rate (p.a.)
Reward Interest if you make no withdrawals
Reward Interest if you make one withdrawal
Combined base and full reward interest
Combined base and partial reward interest
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 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
USD100,000 - USD199,999
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.