Personal Banking Terms and Conditions

Transcription

1 Personal Banking Terms and Conditions Important things you should know This document also includes an ASB QFE Disclosure Statement. 29 September

2 ASB QFE Disclosure Statement Financial Advisers Act 2008 This Disclosure Statement relates to financial adviser services provided by ASB Bank Limited (ASB) and its Qualifying Financial Entity (QFE) advisers to retail clients in relation to the financial products set out in this document. It was prepared on 1 April Name of QFE: ASB Bank Limited Trading names: ASB Bank Limited BankDirect Main place of business: ASB North Wharf, 12 Jellicoe Street, Auckland 1010 Phone: helpdesk@asb.co.nz It s important to read this document This information is important. It should help you make an informed decision on which financial adviser to choose. We may also give you other information that can help with the financial decisions you make. What sort of adviser are we? ASB is a Qualifying Financial Entity (QFE) and is a member of the QFE group called ASB Bank QFE Group. Employees of ASB and other members of the ASB Bank QFE Group (our advisers) may provide you with financial adviser services relating to our products and services. As a QFE, ASB takes responsibility for the financial adviser services you get from our advisers. We ll ensure our advisers exercise care, diligence and skill in providing financial adviser services to you. ASB also has other obligations under the Financial Advisers Act 2008 (including regulations made under that Act) and under the general law. What are our products and services? This Disclosure Statement relates to financial adviser services that ASB offers to retail customers in relation to the following classes of financial products: term deposits issued by ASB transaction and savings accounts issued by ASB cash and term portfolio investment entity funds (also known as PIEs) issued by ASB Group Investments Limited (a member of the ASB Bank QFE Group) and promoted by ASB loans, including home loans, personal loans, personal overdrafts and personal credit cards provided by ASB ASB may also from time to time provide financial adviser services in relation to financial products provided by third parties, including contracts of insurance (health, life, risk, travel, motor, home and contents) and pre-paid foreign currency products. 1

3 If your ASB adviser can t help with the advice you need, they ll refer you to another adviser who can. What should you do if something goes wrong? If you have a problem, concern, or complaint about our products or financial adviser services, please let us know so we can try and fix the issue. You can do this in several ways: contact a Customer Services Representative at your nearest branch, or ask to speak to the Branch Manager call our Contact Centre on use our feedback form available from any ASB branch or at asb.co.nz contact a Customer Care Manager on or directly on (09) If we can t find a way to fix the issue, you can also contact the Banking Ombudsman, who may be able to help. You can contact the Banking Ombudsman at: Address: Freepost PO Box Featherston Street Wellington 6146 Telephone number: address: help@bankomb.org.nz You can also report information about ASB or any of our advisers to the Financial Markets Authority. Their contact details are below. How is ASB regulated? ASB is licensed as a QFE and regulated by the Financial Markets Authority to provide financial adviser services. If you re interested, you can check the status of ASB as a QFE and which other entities are a member of the ASB Bank QFE Group on the register of financial service providers at fspr.govt.nz ASB is also a registered bank, registered with, and supervised by, the Reserve Bank of New Zealand. Where can you find out more? If you have any further questions on this Disclosure Statement, you can visit asb.co.nz/qfe for more information. You can also find out more about financial advisers from the Financial Markets Authority. You can contact them at: Web: fma.govt.nz Address: PO Box 1179 Wellington 6140 Telephone number: (04)

4 Personal Banking Terms and Conditions. These are the conditions of an agreement between us, ASB Bank Limited, ASB North Wharf, 12 Jellicoe Street, PO Box 35, Shortland Street, Auckland 1140 and you. You agree to be bound by these conditions by applying for or using an ASB account or service. General Terms and Conditions 1. Introduction to this agreement 1.1 These conditions are for our bank accounts and related banking services for personal customers. 1.2 This agreement is made up of the general conditions and specific conditions in this document and other specific conditions we give you for these accounts and services. Specific conditions are the interest rates, charges and other terms that apply to a specific account or service. We may give you these specific conditions separately for example in application forms, letters, leaflets, on our website, in our guide to fees brochure or by phone. 1.3 If any specific condition conflicts with any general condition, the specific condition will apply. 1.4 This agreement only covers banking services we provide for personal use. We have different agreements if you are a customer for the purposes of a business, club, charity or other organisation, or if you are acting as a director, partner or sole trader. 2. What this agreement covers Bank accounts 2.1 Transactional and savings accounts are covered by these conditions. 2.2 Money can be paid directly into a transactional or savings account in cash, by cheque or by direct transfer from another account. 2.3 You can take money out of your transactional accounts in many different ways, such as by cheque, card, in cash, direct transfer to another account or direct debit. There may be some limits to the ways you can take money out of a savings account, compared to a transactional account. 2.4 We may agree to give you an overdraft on your transactional account. FastCash cards 2.5 FastCash cards are covered by these conditions. The conditions of use for our other cards, such as credit cards and Visa debit cards are covered by separate agreements. 3

5 2.6 You can use FastCash cards to take money from your transactional accounts and some savings accounts by making cash withdrawals from ATMs, getting cash out from some retailers, paying for goods and services in New Zealand and overseas. 2.7 You may also be able to use your FastCash card at ASB ATMs for a variety of other services such as making deposits, paying bills, accessing your credit card account, transferring funds, topping up your Vodafone mobile phone or making a balance enquiry. FastPhone 2.8 Once you have registered, you can give us instructions and access information on your accounts by phone using FastPhone, our automated telephone banking service. 3. Opening an account 3.1 To open an account, or apply for a service, you may be required to complete and sign an application form. 3.2 You will be required to provide proof of your identity and address to open an account and at other times, for example, when you cash a cheque, or when you withdraw certain amounts out of your account. 3.3 You may not be eligible for all of our accounts or services or all the features they have. If we decline to provide you with an account or a service, we do not need to provide you with a reason why. 4. Operating an account 4.1 We may, at our sole discretion, accept instructions from you or people authorised to operate your accounts by telephone, facsimile, , text or any other means. You authorise us to act on these instructions. 4.2 You may be required to provide us with further information about you and relating to the operation of your accounts from time to time. 4.3 You authorise us to carry out any transactions you initiate by any means using your PIN (for example using an ATM), using your FastNet Classic access code or username and password or your FastPhone ID code. 4.4 We will not take any further steps to verify such instructions or transactions but we may, at our discretion, make enquiries or confirm instructions. 4.5 We do not accept conditional instructions. 4.6 We will exercise reasonable skill and care to ensure that transactions are made as instructed. We will not be liable to you or any other party if instructions are unauthorised, forged or fraudulently given and we could not reasonably have detected that from the instructions received. To the maximum extent permitted by law, you will indemnify us for any losses we incur acting on such instructions. 4

6 4.7 You may operate several accounts under the same name using the same base account number, but with a different suffix for each account. You can transfer money between these accounts through an electronic banking service (for example, FastNet Classic, FastNet Mobile, FastPhone, or using an ASB ATM) or at an ASB branch. 5. Joint accounts Operating joint accounts 5.1 Unless you have specified that two or more joint customers are required to operate your joint accounts, any of you can give us instructions independently of the others on your joint accounts. This means any one of you can, for example, withdraw all or any money in an account without the knowledge of the others, end a service, apply for overdrafts, cards and other services or different accounts which are covered by this agreement. 5.2 We will not normally make enquiries about the purpose of any payment instruction or other instruction or confirm the instructions with the other joint customers but we may, at our discretion, make enquiries or confirm instructions. 5.3 If you have specified that two or more joint customers are required to operate your joint accounts, those joint customers must together give us instructions on your joint accounts. There are some limited maintenance functions that any one of you may do independently of the others on your joint accounts, for example, requesting information on transactions, stopping a cheque and ordering a statement. If you have specified that two or more joint customers are required to operate your joint accounts you will not have access to FastCash cards, FastNet Mobile, FastPhone, FastNet Classic (you may have access to view balances and access statements) and Save the Change services. 5.4 Each joint customer appoints each other joint customer on their joint account as their agent to receive Credit Contracts and Consumer Finance Act 2003 disclosures, notices, and other communications on their behalf. The joint customer receiving the disclosures, notices, and other communications acknowledges that it is receiving these on its own behalf and on behalf of the other joint customers. A joint customer may, by notifying us, terminate the appointment of another joint customer as their agent for receiving these disclosures, notices, and other communications. 5.5 Unless a cheque is crossed not transferable or account payee only, we may accept for payment into your joint account a cheque, or other payment in favour of any one or more joint customers. Liability 5.6 Each of you is separately responsible for complying with the terms of this agreement. If any one of you does not comply with the terms, we can take action against any or all of you alone or together. For example, we can take action to recover the whole of any joint account debt from any one or more of you, even if you did not know about the debt. 5

7 Account information and notices 5.7 We may give any information about your joint account and the payments on it to any one of you. We can act on information about you that any of you gives us. 5.8 A notice we send to one of you will count as a notice to all of you. Contradictory instructions 5.9 If you and another joint customer give us contradictory instructions, we may take steps to prevent any of you giving instructions or using the account individually until we are satisfied the dispute is ended. Closure of accounts 5.10 If one of you asks to be removed from the joint accounts, we will remove you and we will advise the other joint customers. All joint customers including the customer who has asked to be removed remain liable for any money owing at the date the joint customer is removed from the joint accounts until full repayment is made If one of you asks to close the joint accounts, we will either close the accounts and open new accounts for the remaining joint customers or we will confirm your instructions with the other joint customers. Death of a customer 5.12 If any of you die, we will continue to act on the instructions of the remaining joint customers in relation to any joint accounts held by you. Any money in the joint accounts will belong to the remaining joint customers The death of a joint customer does not discharge any liability to us. 6. Authorising others to operate your accounts 6.1 You may authorise someone else to operate your account by signing an authority to operate or a power of attorney. For powers of attorney, we will need to see the original signed document or a copy of the original certified by a solicitor or a Justice of Peace in New Zealand. 6.2 Any person you authorise to operate your account will be required to provide proof of their identity and address. 6.3 Any authority to operate you give will continue until you tell us otherwise in writing. 6.4 In certain circumstances, the law may require us to allow someone else to operate your account (for example, if you become incapable or bankrupt, or in the event of your death), and any authority to operate or powers of attorney you have given may become ineffective. 6.5 For security reasons, we may not allow a person who is operating your account for you access to some services, such as FastCash cards, FastPhone and FastNet Classic. 6.6 We will not be responsible for an act (or failure to act) of anyone, you or the law authorise to operate your account. 6

8 7. Payments into your account 7.1 When payments into your account are shown in your account and when they re available for you to use for withdrawals or other payments out of your account, depends on the type of payment and whether the payment was made on a nonbusiness day or after banking hours. Cash 7.2 Where you pay cash into your account at an ASB branch we will show it in your account that day. We will allow you to use it straightaway. We may require you to provide proof of your identity, address, and where the cash has come from, where the amount is over certain limits set by us. 7.3 Where you pay cash into your account via an ASB FastDeposit envelope we will show it in your account and we will allow you to use it as soon as it is counted and verified by us. If there is a discrepancy between the amount you write on your deposit envelope and the amount we verify is contained in the envelope, the verified amount will be paid into your account. 7.4 Where someone else pays cash into your account and the amount is over certain limits set by us, they will be required to provide proof of their identity, address, and where the cash has come from. We may not allow you to use the cash or we may not accept the payment, until this proof has been provided. 7.5 Where you pay cash into your account at an ASB ATM we will show the money in your account straightaway but you will not be able to use the cash until it has been counted, which will be the next business day. Cheques 7.6 When you pay a cheque into your account with us we will show the cheque in your account the same day that we receive it but you will not be able to use the funds until we re reasonably satisfied that the amounts deposited will be met. This usually takes three business days. Foreign cheques can take considerably longer and are subject to the laws and regulations of the country in which they are drawn. 7.7 If the payer stops a cheque that you have paid into your account with us, we will take money from your account for the value of the cheque. 7.8 We may not accept a cheque for payment into your account if it is more than six months old, it is incorrectly completed or it is not on a bank s pre-printed cheque form. 7.9 If you need to ensure that a cheque has been paid, please ask about our special answer service at the time you pay in the cheque. There is a charge for this service If we allow you to withdraw funds before they have been cleared, we are providing you credit and we will require you to repay us (including interest and charges) if the funds are reversed out. 7

9 Other payments 7.11 When we receive a payment that is not made by cash or cheque (for example a direct credit and direct transfers from another account), we will show it in your account that day but you will not be able to use the funds until they have been cleared. For smaller amounts the funds will clear straightaway, larger amounts may take up to three business days to clear It is your responsibility to inform the payer of any changes to a direct credit If you receive a foreign payment into your account our Foreign Exchange Terms and Conditions apply to that payment. A copy of all the Foreign Exchange Terms and Conditions is available from any ASB branch and at asb.co.nz Reversal of payments 7.14 If we believe that you have: (a) received a payment into your account and then transferred that payment, knowing (or you should have known) that the payment into your account was not made by the true owner of the funds; (b) acted fraudulently or negligently; or (c) acted in a way which causes us loss resulting from unauthorised access to your accounts, we may, without giving you prior notice take money from your account for the value of the payment. We may use any money you have in any of your accounts with us to make this payment under Condition There may be other circumstances where we may reverse payments paid into your account, such as when we or the other bank involved have made an error. 8. Payments out of your account General 8.1 We may determine the order in which payments are made from your account. 8.2 It is your responsibility to make sure that you have available funds in your account to cover any payment. If a payment is not made it is your responsibility to make sure the payment is subsequently made. 8.3 We may make a payment from your account without your permission if there is a legal requirement or a court or other authority tells us to do so. 8.4 For security purposes we have internal controls in relation to certain transactions or on the maximum amount that can be taken out of your account in certain circumstances which may mean we refuse to carry out a payment transaction or require you to produce additional identification. 8.5 Unless the law prevents us from doing so, we will try to contact you to tell you we are refusing, or are unable to act on your payment instruction. We will do this at the earliest opportunity. 8

10 FastCash cards 8.6 You may use your card to make EFTPOS payments to participating retailers in New Zealand. You may also be able to use your card to make a cash withdrawal at some participating retailers. 8.7 You may use your card to make cash withdrawals at any ATM in New Zealand (including non-bank ATMs approved by us as a device in which your card can be used), at any Commonwealth Bank of Australia ATM in Australia, and at any ATM overseas displaying the Visa PLUS symbol. If you use your card to make a cash withdrawal from an ATM not displaying the ASB logo you may be charged an access fee. We have no control over the access fee charged. 8.8 If you use your card to withdraw cash or make a payment, we will take the amount withdrawn, or paid, from your account on the business day we receive details of the withdrawal or payment. 8.9 There are limits on how much you may withdraw or pay out of your accounts using your card. These limits are available on our website and may change from time to time Where you use your card to make a cash withdrawal at an ATM overseas, the amount will either: (a) first be converted into US dollars and then into New Zealand dollars; or (b) be converted directly from the currency into New Zealand dollars, at an exchange rate selected either by Visa or by us (as the case may be) from within a range of wholesale exchange rates available or, if applicable, the government mandated rate. The exchange rate will be selected on the date that Visa or we covert the currency, which may differ from the date on which the cash withdrawal occurred Where you make a cash withdrawal at any Commonwealth Bank of Australia ATM in Australia, we will charge you a retail exchange margin. Where you make a cash withdrawal at any other ATM overseas displaying the Visa PLUS symbol, we will charge you a Visa international service assessment and an ASB margin. Margins will be charged to your account along with the total converted amount of the withdrawal. We will charge an overseas withdrawal fee for all overseas cash withdrawals Please refer to our Guide to Fees brochure for the current margins and fees, a copy is available from any ASB branch and at asb.co.nz 8.13 Use of your card overseas may be subject to exchange controls or other government requirements, customs duties and taxes. All such charges are your responsibility We will not be held liable if you are unable to: (a) access ATMs in New Zealand or overseas; or (b) withdraw funds from an ATM. If you encounter difficulties with another New Zealand bank s ATM and cannot resolve them with that bank, we will provide assistance. 9

11 Cheques 8.15 When we receive a cheque you have written we will take the money from your account on the same day You may be able to stop a cheque that has not yet been paid in by calling us with the details of the cheque number, amount and date and who it is payable to. We may charge for trying to stop the cheque, whether or not we succeed. We will not be able to stop cheques in some circumstances (for example if the cheque has been cashed or presented by way of special answer ) You may not ask us to pay a cheque later than when we receive it by writing a future date on it. We will not be liable if we pay the cheque before that future date We may not accept a cheque for payment out of your account if it is more than six months old, it is incorrectly completed, it is not on an ASB cheque form or there are insufficient funds in the account. We may charge you a fee where this occurs. We may also recall all unused cheques if there are insufficient funds in your account to pay cheques you have issued We will not be liable for any loss you suffer as a result of us stopping payment on a cheque If someone asks you to replace a cheque for any reason (because, for example, he or she says it is lost or for the wrong amount), it is your responsibility to ask for the old cheque back and to destroy it, or to ask us to stop the old cheque, before you write a new one. If you do not do this, there is a risk that both the old and replacement cheques will be paid from your account. Electronic payments - generally 8.21 Electronic payments are payments made by FastPhone, FastNet Classic, automatic payment and direct debit You are responsible for checking the details of any payment are correct. We will not be liable if your payment is delayed, not made or sent to the wrong person because you gave us the wrong details or due to any other circumstances beyond our reasonable control It may not be possible to stop or reverse electronic payments once they have been made. We can only recover a payment from the account it has been made to in error with the consent of the account holder. We will use reasonable efforts to recover the payment and, if we manage to do so, we may charge you our reasonable costs If you make a payment on a non-business day we will make the payment on that day if there are sufficient funds in your account Payments made through FastPhone are subject to a maximum daily limit. This limit is available on our website and may change from time to time We may refuse to action a payment out of your account if you have insufficient funds in the account to cover it. We may charge you a fee where this occurs. 10

12 Automatic payments 8.27 We may cancel an automatic payment authority, without notice to you, when three or more consecutive automatic payments are not made due to insufficient funds in your account We may cancel or reduce an automatic payment authority for any other reason. We will contact you when we do so. We will do this at the earliest opportunity. If we don t cancel or reduce an automatic payment authority it will remain in effect until: (a) the final payment has been processed; or (b) you cancel the automatic payment You may cancel, alter, or suspend an automatic payment authority at any branch, via FastNet Classic, or by phoning us. Direct debits 8.30 We allow direct debit payments to be collected from your account on the date specified in the direct debit instruction we receive from the business or other organisation you have authorised to collect payments from your account If you change your account details you will need to notify the business or other organisation collecting payments from your account of the changes If you have any queries or a dispute about a direct debit payment that has been collected from your account, you will need to contact or resolve the dispute with the business or organisation directly You can cancel a direct debit by notifying us at any one of our branches as long as you tell us at least four days before the payment is due to be made. You must also tell the business or organisation so they can cancel the direct debit. 9. Overdraft facilities 9.1 Overdrafts are always repayable on demand. This means that we can ask you to repay all or part of your overdraft (and any interest and charges) at any time, even if we have agreed a period for the overdraft with you. We can also reduce your overdraft limit at any time. 9.2 An arranged overdraft is an overdraft up to a limit we agree, taking into account your personal circumstances, and which you arrange with us in advance so as to increase the available funds in your account. We will provide you with the terms of any arranged overdraft. 9.3 We will charge an overdraft establishment fee and a monthly overdraft facility fee for arranged overdrafts. Details of these fees are available from any ASB branch and at asb.co.nz 9.4 If you try to make a payment out of your account for which you do not have available funds (for example, you do not have an arranged overdraft or you exceed your arranged overdraft limit), we will treat this as a request for an unarranged overdraft. We will consider whether we agree to your request taking into account your personal circumstances. We will not be liable to you if we do 11

13 not agree to give you an unarranged overdraft. 9.5 Where we agree to give you an unarranged overdraft, you will be charged interest at our unarranged overdraft interest rate and a monthly overdraft fee. The fee will depend on whether you have an arranged overdraft in place and the balance of your unarranged overdraft. More details can be found in our Guide to Fees available from any ASB branch and at asb.co.nz 9.6 We will charge you interest on the daily unarranged overdraft balance. Interest will be calculated daily and charged to your account on a monthly basis. The current rate is available from any ASB branch and at asb.co.nz. 9.7 Interest rates on overdrafts and other amounts owed to us are subject to market fluctuations and may be varied by us at any time. This is subject to any other agreement you make with us. 10. Overdue amounts 10.1 If any money you owe us (for example on a loan, credit card, overdraft or otherwise) is overdue for payment, we may use any money you have in any of your accounts with us to reduce or repay (by way of set-off or otherwise) what you owe us. We may also use money from any joint account you operate. For this purpose: (a) money may be transferred from one account to another; (b) any number of accounts may be treated as one; (c) money in one currency may be used to buy money in another currency; and (d) term deposits may be broken. We may do this without prior notice, but we will inform you once we have done it You must pay, on request, any costs incurred by us to recover money you owe us which is overdue for payment (for example, collection agency costs). 11. Statements Provision of statements 11.1 We will make a statement available each month there are payments on the account, and at least every six months. Where a formalised credit limit is in place we will make a statement available at least every 45 business days You can ask us to send you a copy of a paper statement we have already provided (whether on paper or electronically) but we may charge you for this. Discrepancies/errors 11.3 You are responsible for checking statements or other account information we give you. If you tell us about any errors on your account, or if we notice any errors, we will correct them as soon as reasonably possible. If we make an error we will refund you any fees or charges you have paid as a result of the error. 12

14 11.4 You must give us any information and help we reasonably ask for to deal with misuse of or unauthorised access to your accounts, or in relation to any other transaction we, the police or other authorities are investigating. We may pass on related information to other banks, to those involved in processing card payments, or to the police or other authorities. 12. Interest and charges 12.1 We will calculate any interest we pay or charge on a daily basis. You can find out our current interest rates by contacting us at an ASB branch and at asb.co.nz We pay interest, if any, monthly by crediting it to your account We may deduct from your account bank charges, government charges, and any amounts owed to us, including: (a) transaction and service fees that relate to any of your accounts details of these can be found in our Guide to Fees brochure available from any ASB branch and at asb.co.nz; (b) any expenses we may incur in connection with your accounts; (c) interest when you exceed your agreed borrowing limit or when your accounts become overdrawn, with or without prior arrangement with us; and (d) interest on any unpaid interest We may take any interest and charges you owe us from the same account, or from other accounts as allowed by Condition Liability Our liability 13.1 If we break this agreement we will not be liable for losses or costs caused by abnormal and unforeseeable circumstances outside our reasonable control, which would have been unavoidable despite all efforts to the contrary, for example delays or failures caused by industrial action, problems with any system or network and mechanical breakdown Nothing in this agreement limits our liability for acting fraudulently or negligently or otherwise excludes or limits our liability to the extent we are unable to exclude or limit it by law. Your liability 13.3 You are responsible for all liabilities relating to your accounts and your relationship with us and indemnify us against these liabilities unless the liability results directly from our fraudulent or negligent acts or omissions. Liability for losses resulting from lost or stolen FastCash cards, PINs or ID codes 13.4 Provided you notify us immediately when any of the events listed below have occurred, you will have no liability to us arising from any unauthorised use of a FastCash card, other than as provided 13

15 in Conditions 13.5 and The events referred to are the following: (a) a FastCash card is lost or mislaid; (b) a FastCash card is stolen; (c) you know that your FastCash card is in the possession of another person; or (d) you believe that another person has used your FastCash card or gained knowledge of your PIN or ID code If any loss arises from the unauthorised use of a FastCash card, which you have caused or contributed to (as explained in Condition 13.7), your liability shall be lesser of: (a) the actual loss at the time we were notified; and (b) the maximum amount that you would have been entitled to withdraw from the account between the time the FastCash card was lost or stolen and the time we were notified You are liable to us for all losses arising from the unauthorised use of a FastCash card, PIN or ID code which results from your fraud or negligence You will be treated as having caused or contributed to the loss arising from the unauthorised use of your FastCash card if you have breached this agreement, for example (but not limited to) by: (a) selecting unsuitable PINs or ID codes; (b) failing to reasonably safeguard your FastCash card; (c) keeping records of PINs or ID codes; (d) parting with your FastCash card, or allowing someone else to use your Fastcash card, or disclosing your PIN or ID code to any other person; (e) failing to take all reasonable care to prevent others from identifying your PIN or ID code, for example, when keying-in your PIN; or (f) unreasonably delaying notification to us of the loss or theft of your Fastcash card, or of the actual or possible disclosure to any other person of PINs or ID codes. The amount of your potential liability is set out in Condition You will not be liable to us for any loss suffered by us caused by: (a) fraudulent or negligent acts or omissions of our employees, our agents, or parties involved in the provision of electronic banking services; (b) faults that occur in the machines, cards or systems used, unless the faults are obvious or advised by message or notice on display; (c) unauthorised transactions occurring before you have received your FastCash card; or (d) any other unauthorised transaction where it is clear that you could not have contributed to the loss. 14

16 Limited liability trustee 13.9 If we have agreed in writing that you are a limited liability trustee in respect of a trust, then your personal liability is limited to the assets of the trust. This limitation of personal liability will not apply to the extent that the trust assets have been diminished by, or we cannot have recourse to the trust assets because of, one or more of the following circumstances: (a) the dishonesty of, or wilful breach of trust by, you at any time; and/or (b) a term of the trust excludes or limits your right to be indemnified against the liability, and in such circumstances you will have full personal liability to us. 14. Changes to these conditions and other specific conditions 14.1 We may vary any or all of these conditions at any time When informing you of a variation to these conditions, we will: (a) give at least 14 days notice of such variation; and (b) communicate such changes, either by direct communication, by display in our branches, by notice in the media (including public notices), by notice on our website or any other electronic banking channel used by you No prior notice of a variation will be given where the variation is to protect you or the security of our systems We may change our interest rates at any time without notice. We will communicate such changes to you in accordance with Condition 14.2(b) We may at any time add to, modify or withdraw any of the accounts or services we offer. Where you have an account that we are withdrawing, we will offer you another type of account instead. You can close your new account or switch to another account we offer at any time. 15. Confidentiality of your information Collecting and using information 15.1 We will collect, hold and use information about you for the purposes of: (a) Opening, operating, administering and maintaining any products or services provided to you by us or our related companies (whether incorporated in New Zealand or elsewhere); (b) confirming your identity and address, for example, electronically matching your information with identification information in third party databases; (c) providing you with the use of, and information about, any other ASB products and services and products and services of our related companies (whether incorporated or constituted in New Zealand or elsewhere); 15

17 (d) both us and our related companies (whether incorporated in New Zealand or elsewhere) complying with regulatory and other requirements, for example, liquidity requirements; (e) managing your relationship with us so, for example, we can respond to your queries; (f) monitoring and screening your accounts, products and services for anti-money laundering and countering financing of terrorism purposes and for fraud and crime detection purposes; and (g) conducting market research, data processing and statistical analysis. (h) both us and our related companies (whether incorporated in New Zealand or elsewhere) monitoring whether information must be disclosed to the Government and foreign governments for taxation purposes You authorise us to obtain information about you from our related companies (whether incorporated or constituted in New Zealand or elsewhere) for the above purposes. Releasing information 15.3 Your information may be given to: (a) our related companies (whether incorporated or constituted in New Zealand or elsewhere); (b) our agents and other third parties (whether in New Zealand or overseas) that provide services to, or for us; (c) research firms engaged by us to carry out customer surveys and conduct market research; (d) other banks (including overseas banks), agents, contractors or other financial services providers assisting with international transactions and same day cleared payments; (e) the police, certain governmental agencies or other financial institutions where we reasonably believe that disclosure will assist the investigation, detection and/or prevention of fraud or other criminal offences; (f) credit reporting agencies, other credit providers and debt collection agencies; (g) guarantors and proposed guarantors; (h) the Government and foreign governments where we believe disclosure is required to comply with regulatory and other requirements. (i) any previous or current employer, if we need to confirm your employment history and income; and (j) any other party authorised by you Certain laws require us to disclose information about you. Overseas banks, agents, contractors or financial services providers who assist with international transactions and same day cleared payments will be subject to the laws of their jurisdiction which may require them to disclose your information. 16

18 15.5 You authorise us to: 17 (a) (b) (c) confirm your employment history and income with any previous or current employer. make enquiries relating to your credit record or other information relevant to your account or the provision of credit to you (now or in the future), from credit reporting agencies and other credit providers. You also authorise those parties to provide such information to us. disclose your information (including default information and ongoing credit account information) to credit reporting agencies who will hold and use that information to provide their credit reporting services. This will mean that they may disclose any information they hold about you to eligible customers of their credit reporting services. Accuracy of information 15.6 It s important that you give us complete and accurate information. If you don t, we may decline your application for an ASB account or service 15.7 We will do our best to ensure that the information we hold about you is accurate. Prompt advice of any changes in your personal contact details such as residential or address, or telephone or facsimile numbers will help us do this. Access to information 15.8 Your information will be collected and held by ASB at ASB North Wharf, 12 Jellicoe Street, Auckland. You have rights of access to, and correction of, personal information (as defined in the Privacy Act 1993) held by us. 16. Withholding tax 16.1 Unless you hold a current Certificate of Exemption (or other legal exemption), we are required by law to deduct from any gross interest payable, Resident Withholding Tax or Non-Resident Withholding Tax, as appropriate If you are a non-resident, you can elect for us to pay Approved Issuer Levy (AIL), on interest paid on those of our bank accounts that are registered with Inland Revenue, at the AIL rate applicable from time to time to Inland Revenue. We will deduct an amount equivalent to the AIL from any interest payable. This amount is not refundable. 17. Security 17.1 If you have provided, or in future provide, us with a security interest over any property it will also secure any money you owe us under this agreement. If you fail to meet your commitments to us, then to the extent of that security interest we may be entitled to repossess and sell that secured property If we hold any property, items or documents for you for any purpose, and you owe us money, we may at our discretion exercise a lien over the property, item or document as security.

19 18. Waiver We may from time to time choose not to enforce our contractual rights against you. If we choose not to exercise rights against you, we can still do so later. 19. Transferring rights and obligations 19.1 You may not transfer any obligations or rights, benefits or interests under this agreement or in your accounts or create any security over money in your accounts in favour of someone else unless we say you can in writing To the extent permitted by law, we may at any time, and without notice to you, transfer or assign all or any of our rights and obligations in respect of your accounts or our banking relationship with you. You consent to any such transfer or assignment. 20. Electronic Communication 20.1 You consent to us giving to you documents, notices and communications in relation to your products and services in electronic form by electronic communication through, for example: (a) FastNet Classic (for example via your messaging inbox and/ or document storage function); or (b) Any other internet banking system provided by us; or (c) Any application available through your mobile device approved by us for this purpose You agree that any such electronic communication is taken to be dispatched by us and received by you at the time it is uploaded to the relevant system You consent to any such documents, notices and communications being in a commonly used format (for example, PDF) and being accessible by commonly used software (for example Internet Explorer). 21. Consumer Guarantees Act You agree that where the products and services provided under these terms and conditions are supplied or acquired in trade, to the maximum extent permitted by law, we and you contract out of the provisions of the Consumer Guarantees Act Suspending accounts or transactions 22.1 We may refuse to carry out a payment instruction, or other transaction on your account such as a withdrawal from one of our branches, or suspend operation of the account: (a) if we learn of your death, bankruptcy or other lack of legal capacity; (b) if we learn that you have committed an act of bankruptcy, or that a petition has been presented for your bankruptcy, or that you have applied for or are subject to any personal insolvency procedure or proceedings under the Insolvency Act 2006; 18

20 (c) if we are notified by any party to your account of a dispute over either the ownership of funds or the operation of the account; (d) if you do not have available funds to make a payment or you have exceeded a limit we have applied to your account or card (such as the daily limit for withdrawals from ATMs); (e) if the payment instruction is not clear or you have not provided us with the correct details; (f) to protect one or all of the parties to an account, or a third party who has reasonably claimed an interest in the account; (g) if we reasonably believe or suspect that carrying out your instruction will give rise to a cause of action against us; (h) if the payment seems unusual compared with the way you normally use your account; (i) if we reasonably believe you or someone else has used or is using or obtaining, or may use or obtain a service or money illegally or fraudulently; (j) if there is a legal requirement or a court or other authority tells us to act in that way; (k) if we reasonably believe that you or payments into or out of your account are subject to a New Zealand or international sanction regime; (l) if you or any person you authorise to operate your account do not meet our identification requirements at any time; or (m) if we consider that we have other reasonable grounds to do so Where we suspend operation of your account your loan deduction payments, insurance payments and any amounts owing to us will continue to be made from your account Where we refuse to carry out an instruction or suspend operation of your account we will advise you as soon as possible. 23. Ending this agreement or an account or service 23.1 This agreement will continue until you or we end it You may end this agreement, close an account or end a service under it, at any ASB branch or by phone We may end this agreement (or any account or service under it): (a) by writing to you and giving you 14 days notice; (b) immediately if: (i) you are, or we reasonably consider you may be using or obtaining or allowing someone else to use or obtain, a service or money illegally, acting fraudulently or unlawfully, or behaving improperly (for example, in a threatening or abusive manner); (ii) we reasonably consider that by continuing the agreement we may breach a court order or other legal requirement; or 19

21 (iii) you have broken this agreement in any other way We may close an account if we reasonably consider you are using it for business purposes. We may offer you a business account instead Where you or we end this agreement, any service or account we provide under it will end and you must on our request: (a) repay any money you owe us, such as any overdrafts and the amount of any cheques, card payments or other payment instructions you have made and which have not yet been taken out of your account; (b) pay any fees, charges and interest that you owe us; and (c) return anything that belongs to us or that we have given you, such as cards and unused cheques (cutting both up before sending them) If you or we end a service (but not the whole agreement), you must take these steps as they apply to that service alone When your account is closed, you are responsible for cancelling any direct payments into or out of your account When this agreement ends (or your account is closed) we will pay or transfer money we hold for you or owe you under this agreement to you. However, we may keep enough money to cover any liabilities owed to us, to adhere to any court order, sanction or other legal requirement or, if you have broken this agreement, any loss of ours as a result In the event of your death we may need to see a probate, letter of administration or other documentation before releasing money in your account to your personal representatives. 24. If you have a complaint If you feel that we have not met your expectations in any way, please let us know. We want to resolve this with you as quickly as possible. Information on our free complaints procedure is available from any ASB branch and at asb.co.nz 25. Governing law This agreement is governed by New Zealand law and the courts of New Zealand shall have exclusive jurisdiction. Specific Terms and Conditions 1. Cheques 1.1 You may request a chequebook at any ASB branch or by phone. We ll mail your chequebooks to you. 1.2 To reduce the risk of fraud or forgery, always keep your chequebook in a secure place. Please advise us immediately if a cheque or your chequebook has been lost or stolen. 1.3 You should never sign cheques in advance or leave any details blank after a cheque has been signed. 20

22 1.4 If you alter the amount payable on your cheque, you (and any other joint customers if you have specified that two or more joint customers are required to operate your joint accounts) must place your full signature beside the alteration. All other alterations must be initialled by you (and any other joint customers if you have specified that two or more joint customers are required to operate your joint accounts). 2. Bank cheques 2.1 You may ask us to issue a bank cheque. We may charge you a fee for the bank cheque. 2.2 We may refuse payment on a bank cheque in certain circumstances, such as when: (a) the cheque has been fraudulently used, is forged or counterfeit, or has been altered; (b) the cheque has been reported lost or stolen; (c) a court has issued an order restraining payment; (d) there has been improper payment for the cheque; or (e) the person presenting the cheque has obtained it by fraud, or knows that a previous owner obtained the cheque by fraud. 2.3 We may stop a bank cheque if it has been lost, stolen, or returned to us by you. We will not stop a bank cheque for any other reason, for example, if you have changed your mind about a transaction or a transaction between you and someone else has broken down, or because faulty goods or services were supplied. 3. FastCash cards Your card and PIN 3.1 You may request a FastCash card from any ASB branch or by phone. You must sign your card as soon as you receive it. 3.2 You must not use your card for anything illegal, or allow anyone else to use your card, card number or PIN and must keep them safe from theft or fraudulent use. 3.3 Cards belong to us and must be returned immediately if we ask you to do so. 3.4 You will be required to have a PIN on your card. You must not choose unsuitable numbers such as: (a) birth dates, months or years; (b) sequential numbers (e.g. 3456); (c) number combinations that may be easily guessed (e.g. 1111); (d) parts of your telephone number; (e) parts of numbers in the order in which they are printed on your card; or 21