Notices - 2018
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.
