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. 3 August

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: [email protected] 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: [email protected] 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 Contents General Terms and Conditions 1. Introduction to this agreement What this agreement covers Opening an account Operating an account Joint accounts Authorising others to operate your accounts Payments into your account Payments out of your account Overdue amounts Statements Interest and charges for transactional 14 and savings accounts 12. Liability Changes to these conditions and 17 other specific conditions 14. Confidentiality of your information Withholding tax Security Waiver Transferring rights and obligations Electronic Communication Consumer Guarantees Act Suspending accounts or transactions Ending this agreement or an account or service If you have a complaint Governing law 24 3

5 Specific Terms and Conditions 1. Term deposits Overdrafts Cheques Bank cheques FastCash cards FastPhone Youth accounts and school banking Job starter s, Tertiary and Graduate packages Save the Change FastNet Classic, Mobile Banking, Foreign 37 Currency Accounts, Foreign Exchange 4

6 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 or in our Guide to Fees brochure. 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 Transactional and savings 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. Term deposits 2.5 Term deposits are covered by these conditions. 2.6 A term deposit is a New Zealand dollar deposit that earns a fixed rate of interest for a fixed term. By investing in a term deposit you are agreeing to invest your money for a fixed period of time. 5

7 2.7 To invest in a term deposit, you must either be an existing customer or first comply with our account opening terms and conditions. 2.8 You can make a deposit in any manner agreed with us, including cheque, cash or transferring money from another account with us. The amount you invest is payable to us at the time your term deposit is made. FastCash cards 2.9 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 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 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 2.12 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 non face-to-face 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. 6

8 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 instructions with conditions attached to them. 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. 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 You appoint each other joint customer as your agent to receive Credit Contracts and Consumer Finance Act 2003 disclosures, notices, and other communications on your behalf. The joint customer receiving the disclosures, notices, and other communications acknowledges that it is receiving these 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. 7

9 Individually and jointly responsible 5.6 Each of you is individually 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, regardless of each individual joint customer s precise share of responsibility. 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 you give us consistent instructions. 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 obtain instructions from all 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. 8

10 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. 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 account, type of payment and whether the payment was made on a business day and within 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. This usually takes two business days. 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 process it but you will not be able to use the funds until we re reasonably satisfied that the amounts deposited will be met. When funds become available will depend on factors listed in 7.1 above. Foreign cheques can take considerably longer and are subject to laws and regulation 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. 9

11 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. Please refer to our Guide to Fees brochure for the charge, a copy is available from any ASB branch and at asb.co.nz 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. 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 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 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 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 including any joint account 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 due to insufficient funds, 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. FastCash cards 8.4 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. 10

12 8.5 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), 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. 8.6 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. 8.7 There are limits on how much you may withdraw or pay out of your accounts using your card. You may pay out a maximum of $5,000 per card, per day. You may withdraw a maximum of $2,000 per card, per day. 8.8 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. 8.9 Where you make a cash withdrawal at an ATM overseas displaying the Visa PLUS symbol, we will charge you an offshore service margin. The margin 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 8.10 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 responsible 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. Cheques 8.12 When we receive a cheque you have written we will take the money from your account on the same day. 11

13 8.13 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. There is a charge for this service. Please refer to our Guide to Fees brochure for the charge, a copy is available from any ASB branch and at asb.co.nz. We will not be able to stop cheques in some circumstances, for example if the cheque has been cashed 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 will charge a dishonoured cheque charge where this occurs. Please refer to our Guide to Fees brochure for the charge, a copy is available from any ASB branch and at asb.co.nz. 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 8.18 Electronic payments are payments made by FastPhone, FastNet Classic, ASB Mobile, 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 of doing so Payments made through FastPhone are subject to a maximum daily limit. This limit is $10,000 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 will charge you an unpaid transaction charge where this occurs. Please refer to our Guide to Fees brochure for the charge, a copy is available from any ASB branch and at asb.co.nz. 12

14 Automatic payments 8.23 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, acting reasonably. 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 8.26 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 other 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 other organisation so they can cancel the direct debit A direct debit instruction will remain in effect until: (a) We learn of your death, bankruptcy or other lack of legal capacity; (b) Your account is closed; (c) Your cancel the direct debit instruction; or (d) The business or other organisation authorised to collect the payments cancels the direct debit instruction. We may refuse to carry out a payment instruction in any of the circumstances set out in condition Overdue amounts 9.1 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: 13

15 (a) (b) money may be transferred from one account to another; 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. 9.2 You must pay, on request, any costs reasonably incurred by us to recover money you owe us which is overdue for payment (for example, collection agency costs). 10. Statements Provision of statements 10.1 We will make a statement available each month there are payments on the account, and at least every six months, unless otherwise agreed with you. 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 a replacement statement charge for this. Please refer to our Guide to Fees brochure for this charge, a copy is available from any ASB branch and at asb.co.nz We do not make statements available for term deposits. We will provide you with a term deposit confirmation at the time you make your term deposit. Discrepancies/errors 10.4 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 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. 11. Interest and charges for transactional and savings accounts 11.1 This condition 11 does not apply to term deposits. How we calculate and pay interest, and what charges are payable on term deposits is described in Section 1 of the Specific Terms and Conditions We will calculate any interest we pay or charge on a daily basis. 14

16 You can find out our current interest rates 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) fees and service charges that relate to any of your accounts details of these can be found in our Guide to Fees brochure, a copy is available from any ASB branch and at asb.co.nz; (b) any expenses we reasonably 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 any of your accounts with us including any joint account. 12. Liability Our liability 12.1 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 12.3 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 12.4 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 in Conditions 12.6 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 15

17 (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 12.7), 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 card 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. Limited liability trustee 12.9 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: 16

18 (a) the dishonesty of, or wilful breach of trust by, you at any time; 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. 13. Changes to these conditions and other specific conditions 13.1 Subject to condition 13.2, we may change any or all of these conditions at any time We will not change the specific terms in Section 1 of the Specific Terms and Conditions that apply to your term deposit unless: (a) we allow you to withdraw all or part of your term deposit before the maturity date; (b) we end your term deposit before the maturity date in circumstances described in condition 22; or (c) you and we agree When informing you of a change to these conditions, we will: (a) give at least 14 days notice of the change; and (b) communicate such change, either by direct communication, by display in our branches, by notice in the media (including public notices), by notice on our website or by any other method of electronic communication used by you We do not have to give you advance notice if we need to make changes to immediately restore or maintain the security of a system or an individual facility, including the prevention of systemic or individual criminal activity, including fraud We may change our interest rates at any time without advance notice. We will communicate such changes to you in accordance with Condition 13.3(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 (subject to any account opening criteria) at any time If you do not accept the changes we make to your transactional or savings account, you may close your account without fee or charge subject to any: (a) right we have to combine or set-off any part of your account balance; or (b) legal obligation we have to pay any part of your account balance to a third party. Condition 22 Ending this agreement or an account or service applies. 14. Confidentiality of your information Collecting and using information 14.1 We will collect, hold and use information about you for the purposes of: 17

19 (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); (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; (g) conducting market research, data processing and statistical analysis; and (h) both us and our related companies (whether incorporated in New Zealand or elsewhere) monitoring whether information must be disclosed to the Government or 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 Your information may be held on behalf of ASB by data storage providers, including cloud-based storage providers, in New Zealand or elsewhere. Releasing information 14.4 You agree 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; 18

20 (f) a regulator for the purpose of carrying out its functions in connection with our business; (g) credit reporting agencies, other credit providers and debt collection agencies; (h) guarantors and proposed guarantors; (i) the Government and foreign governments where we believe disclosure is required to comply with regulatory and other requirements; (j) any previous or current employer, if we need to confirm your employment history and income; and (k) 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 You authorise us to: (a) confirm your employment history and income with any previous or current employer; (b) 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; (c) 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 14.7 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 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 14.9 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. 15. Withholding tax 15.1 Unless you hold a current Certificate of Exemption (or other legal exemption), we are required by law to deduct from any gross 19

21 interest payable, Resident Withholding Tax or Non-Resident Withholding Tax, as appropriate If you are a non-resident, you can in certain circumstances elect for Approved Issuer Levy (AIL) to apply instead of Non-Resident Withholding Tax. If you have made this election and we are able to lawfully apply AIL, we will: (a) not deduct Non-Resident Withholding Tax from gross interest payable on your accounts; (b) pay to the Inland Revenue the prescribed amount of AIL; and (c) deduct an amount equivalent to the AIL paid to the Inland Revenue from the gross interest before it is credited to your account or paid to you. The AIL deduction amount is not refundable. 16. Security 16.1 If you have provided, or in the future provide, us with a security interest over any property it will also secure any money you owe us under this agreement. This is subject to any other agreement you make with us. 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 exercise our rights of enforcement under the security to sell the property and the proceeds of that sale are insufficient to repay any money you owe us at that time, you will remain indebted to us for the balance of money owing Unless otherwise agreed with us, you must not give someone else a security interest over the same property. If you do, we may require you to repay your overdraft or, we may exercise our rights of enforcement under the security 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. 17. 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. 18. Transferring rights and obligations 18.1 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

22 19. Electronic Communication 19.1 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). 20. 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 21.1 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; (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; 21

23 (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. 22. Ending this agreement or an account or service 22.1 This agreement will continue until you or we end it You may close an account (other than a term deposit), end a service and where all accounts are closed and services ended, end this agreement by advising us at any ASB branch or by phone You can ask to withdraw all or part of your term deposit before its maturity date by coming into a branch or by phoning We may agree to or refuse your request for any reason. If we agree to your request the returns on your term deposit will be adjusted as described in Section 1 of the Specific Terms and Conditions We may close an account (other than a term deposit) or end any service and where all accounts are closed and services ended, end this agreement by writing to you and giving you 14 days notice We may close an account (other than a term deposit) or end any service and where all accounts are closed and services ended, end this agreement immediately if: (a) 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); (b) we reasonably consider that by continuing the agreement we may breach a court order or other legal requirement; or (c) you have broken this agreement in any other way. 22

24 22.6 We may end your term deposit before its maturity date in the following circumstances: (a) if we allow you to withdraw a part of your term deposit early and the remaining principal amount is less than the term deposit minimum at that time; (b) if we exercise any of our rights to combine your accounts or to set-off amounts you have deposited with us against amounts you owe us and the remaining principal amount is less than the term deposit minimum at that time; (c) if we have reasonable grounds to do so, including if you are or we consider you may be using or obtaining an account, service or money illegally, acting fraudulently or unlawfully, or behaving improperly; or (d) if we reasonably consider that by allowing the term deposit to continue we may breach a court order or other legal requirement. If we end your term deposit before its maturity date, the returns on your term deposit will be adjusted as described in Section 1 of the Specific Terms and Conditions We may close an account (other than a term deposit) 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. 23

25 23. If you have a complaint 23.1 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 23.2 We are a member of the Banking Ombudsman Dispute Resolution scheme. You can contact the Banking Ombudsman at: Freepost Po Box Featherston Street Wellington [email protected] 23.3 We are registered on the register of financial service providers as ASB Bank Limited (registration number FSP29003). 24. Governing law This agreement is governed by New Zealand law and the courts of New Zealand shall have exclusive jurisdiction. 24

26 Specific Terms and Conditions 1. Term deposits 1.1. We will pay interest at the frequency and rate agreed with you at the time you make your term deposit You can invest in a term deposit for a term of between 30 days and five years. Other terms may be available from time to time You can elect for interest to be payable as set out in the table below: Term Minimum investment Interest frequency options Less than 6 months $5,000 On maturity 6 months or greater $10,000 Monthly $5,000 Quarterly; six-monthly; annually $5,000 On maturity Term deposits advertised as special As advertised for the special. As specified in the conditions of the special. As specified in the conditions of the special. 25

27 Interest payment options Paid to your nominated ASB or other bank account in New Zealand, or invested together with the principal amount into a new term deposit. Paid to your nominated ASB or other bank account in New Zealand. Paid to your nominated ASB or other bank account in New Zealand, or compounded (i.e. reinvested in the same term deposit). Paid to your nominated ASB or other bank account in New Zealand, or invested together with the principal amount into a new term deposit. Interest calculation method Interest is calculated based on the annual interest rate and the number of days in the term. Interest is calculated based on the annual interest rate and the number of days in the month. Interest is calculated based on the annual interest rate and the number of days in the interest period. Interest is calculated based on the annual interest rate for each full year, and where applicable, as though there was an annual compound of interest on the anniversary of the initial investment. Interest for a part year is calculated based on the annual interest rate and the number of days in the part year. As above, depending on the interest frequency option or options specified in the conditions of the special. As above, depending on the interest frequency option or options specified in the conditions of the special. 26

28 1.4. The minimum amount you may invest is set out in the table above. The maximum amount you may have invested, either solely or with any other person, in one or more term deposits at any one time is $10,000,000. For a term deposit advertised as a special, the minimum and maximum amounts you may invest may differ. We may change the minimum and maximum amounts you may invest from time to time. 1.5 No charges are payable in connection with a term deposit, except: (a) if we allow you to make an early withdrawal; (b) where your term deposit is ended by us before its maturity date; (c) if we exercise any of our rights to combine your accounts or to set-off part of your term deposit against amounts you owe us; or (d) if you are a non-resident investor and you elect for ASB to pay Approved Issuer Levy (AIL). 1.6 It is at our discretion whether we agree to you making an early withdrawal of your term deposit prior to the maturity date. Information on ASB s process for making an early withdrawal from term deposit is available at asb.co.nz. 1.7 If we allow you to make an early withdrawal we will apply a reduced rate of interest to the amount that is withdrawn early. The reduced rate of interest will be the reference rate less 2% per annum. The reference rate is the standard interest rate for term deposits offered to the public by us on the date you made your term deposit: (a) for an amount equal to the amount of your term deposit; (b) for the period from the date you made your term deposit to the date of early withdrawal (the completed term). If you have reinvested your term deposit at any time the date you made your term deposit is the date of reinvestment. 1.8 The adjusted interest payable on the amount withdrawn early will be interest at the reduced rate for the completed term, using the interest calculation method for the on maturity interest option set out in the table above. 1.9 We will deduct any gross interest already paid on the amount that is withdrawn early from the interest payable. If this is more than the interest at the reduced rate for the completed term we will deduct from the amount that is withdrawn early an amount equal to the difference In the event that the interest payable on your term deposit is adjusted due to early withdrawal, then this may result in an overpayment of any withholding tax previously deducted from interest paid on the term deposit. You can generally apply for a refund of overpaid withholding tax (if any) by filing a tax return or other relevant form with the Inland Revenue Department If we end your term deposit before its maturity date, or we exercise any of our rights to combine your accounts or to set-off part of your term deposit against amounts you owe us, the 27

29 returns on your term deposit will be adjusted in the same way as set out above for early withdrawals. You can find out the amount of adjusted interest as at the date you contact us from any ASB branch or by phoning ASB s Investor Express Line on The circumstances in which we can end your term deposit before its maturity date are set out in condition We may withhold payment of your returns after the due date if we: (a) hold your term deposit as security; (b) have reasonable grounds to do so, including if there is a third party claim affecting your term deposit; or (c) are required by law to do so. 2. Overdrafts 2.1 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. We can also reduce your overdraft limit at any time. 2.2 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. 2.3 A communication from us setting out the amount you owe us is proof that you owe the amount stated in the communication unless you prove otherwise. 2.4 If we have agreed with you that you will make monthly repayments of your overdraft and you are unable to keep up your payments because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you can apply to us to postpone, during a specified period, the dates on which payments are due under your agreement with us. To apply for this change you need to: (a) make a request to us in writing which explains your situation and requests the change; and (b) reasonably expect to be able to keep up your payments if the change is made. You should apply to us as soon as possible. If you leave it too long, we may not have to consider your application. 2.5 You may cancel your overdraft at any time by advising us at any ASB branch or by phone. Where you cancel your overdraft you must repay the debit balance of your account immediately. We may charge you, and you must pay: (a) the amount of any reasonable charges we have to pay in connection with the cancellation of the overdraft, for example, legal fees and fees for credit reports; and (b) interest and fees on the debit balance of your account for the period from the day of your first draw down under the overdraft until the day you repay the debit balance on your account in full. Arranged overdrafts 2.6 An arranged overdraft is an overdraft up to a limit we agree, 28

30 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 specific to your arranged overdraft before we give you the overdraft. 2.7 If there is any amount overdrawn on your account on the date we give you an arranged overdraft that overdrawn amount will be deemed to be repaid in full and re-advanced under your arranged overdraft. 2.8 You may draw and pay within your overdraft limit more than once and redraw amounts paid. If you exceed your overdraft limit at any time you must pay the amount over limit immediately. 2.9 You will pay interest at the annual interest rate on the daily overdrawn balance. We calculate interest on the basis of the number of days elapsed and a 365 day year. Interest will be debited to your account on the 2nd of each month or, on the last day of the month if you have an ASB Unlimited account, and when your account is closed. Annual interest rates are available from any ASB branch and at asb.co.nz If you have an ASB Tertiary account we may give you an interest free period for the length of your tertiary study or apprenticeship on the condition that you continue to qualify for the account and you deposit your wages/salary/student loan/student allowance or other income into your ASB Tertiary account during this period. If you have an ASB Graduate account or an ASB Job Starter s account we may give you an interest free period for two years on the condition that you continue to qualify for the account and you deposit your wages, salary or other income into your account during this period. If you have an ASB Introduction Package Streamline account we may give you an interest free period for six months. At the end of an interest free period you will pay interest at the unsecured annual interest rate. Annual interest rates are available from any ASB branch and at asb.co.nz You will be charged an establishment fee at the establishment of your overdraft limit, and a monthly overdraft facility fee. These will be debited to your account on the 2nd of each month or, on the last day of the month if you have an ASB Unlimited account, and when your account is closed. Please refer to our Guide to Fees brochure for these fees, a copy is available from any ASB branch and at asb.co.nz If you exceed your overdraft limit this will be treated as an unarranged overdraft and you will be charged interest at our unarranged overdraft interest rate (see condition 2.16 for a description of how this is charged) and you may be charged a monthly unarranged overdraft fee until the amount in excess of your arranged overdraft limit is repaid in full. You will be required to pay this interest and fee without notice or 29

31 demand from us. Please refer to our Guide to Fees brochure for this interest rate and fee, a copy is available from any ASB branch and at asb.co.nz If we require you to provide us with security for your overdraft the provisions of condition 16 of the General Terms and Conditions apply. Unarranged overdrafts 2.14 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 not agree to give you an unarranged overdraft Where we agree to give you an unarranged overdraft, you will be charged interest at our unarranged overdraft interest rate and charged a monthly unarranged overdraft fee. Please refer to our Guide to Fees brochure for this rate and fee, a copy is available from any ASB branch or at asb.co.nz 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. We calculate interest on the basis of the number of days elapsed and a 365 day year. Interest and the monthly unarranged overdraft fee will be debited to your account on the 2nd of each month or, on the last day of the month if you have an ASB Unlimited account, and when your account is closed. 3. Cheques 3.1 You may request a chequebook at any ASB branch or by phone. We ll mail your chequebooks to you. 3.2 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. 3.3 You should never sign cheques in advance or leave any details blank after a cheque has been signed. 3.4 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). 4. Bank cheques 4.1 You may ask us to issue a bank cheque. We will charge you a charge for the bank cheque. Please refer to our Guide to Fees brochure for this charge, a copy is available at any ASB branch and at asb.co.nz. 4.2 We may refuse payment on a bank cheque in certain circumstances, such as when: 30

32 (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. 4.3 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. 5. FastCash cards Your card and PIN 5.1 You may request a FastCash card from any ASB branch or by phone. You must sign your card as soon as you receive it. 5.2 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. 5.3 Cards belong to us and must be returned immediately if we ask you to do so. 5.4 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 (f) other easily accessible personal data (e.g. drivers licence or any other numbers easily connected with you). 5.5 To protect yourself against card fraud you must safeguard your card and PIN: (a) Do not record your PIN anywhere. Memorise it instead. (b) Never tell anyone (including Police, bank staff or your family) your PIN. (c) Make sure no one can see you enter your PIN at ATMs or when using EFTPOS. (d) Consider using a different PIN for different cards. (e) Take care of your card. Do not leave your card in an unattended vehicle, wallet or purse or anywhere where a thief could remove a card without being noticed. 31

33 (f) (g) Do not let anyone else use your card. Always remember to take your card back after using it. (h) Tell us if you change your address so replacement cards are sent to the correct place. (i) Report the loss or theft of your card as soon as you re aware of it. 5.6 You must contact us urgently if your card is lost or stolen, if your card is in the possession of another person, or your card or PIN is misused (or you think it may be): (a) If you are in New Zealand, phone our contact centre on (b) If you are overseas, phone our contact centre on collect. 5.7 You must give us any information and help we reasonably ask for to deal with misuse or unauthorised access to your account, or in relation to any other card transaction we, the police or other authorities are investigating. We may pass on related information to other banks, the police or those involved in processing card payments. 5.8 At your request, we will send you a replacement card to your New Zealand address. A replacement card fee will apply. Please refer to our Guide to Fees brochure for this fee, a copy is available at any ASB branch and at asb.co.nz. Disputes with retailers 5.9 We have no liability to you for: (a) any refusal by a retailer to accept your card; (b) any defect or deficiency in the provision of goods or services acquired through the use of your card; or (c) where you decide you no longer want the goods or services acquired through the use of your card. Any such dispute is to be resolved between you and the retailer Where you have such a dispute with a retailer, you must still pay all amounts due to us. 6. FastPhone 6.1 You may apply for our FastPhone automated telephone banking service at any ASB branch or by phone. 6.2 You may use FastPhone to check your account balances and transaction information, transfer funds between your ASB accounts, order cheque books and monthly statements and pay bills from a nominated account. 6.3 You will need to select an ID code to access FastPhone. 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; 32

34 (e) parts of numbers in the order in which they are printed on your cards; or (f) other easily accessible personal data (e.g. drivers licence or any other numbers easily connected with you). 6.4 To protect yourself against fraud you must safeguard your ID code: (a) Do not record your ID code anywhere. Memorise it instead. (b) Never tell anyone (including Police, bank staff or your family) your ID code. (c) Make sure no one can see you enter your ID code. (d) Consider using a different ID code for different accounts. (e) Contact us urgently if your ID code is in the possession of another person (or you think it may be). 7. Youth accounts and school banking Youth accounts 7.1 Youth accounts are only available to those under 18 years of age. 7.2 If your child is under 13 years of age, you will need to operate the account on your child s behalf. If you want your child to operate the account on their own, you may be required to take responsibility for the account. You can make withdrawals, transfer funds, make deposits, request account balances and ask for information about transactions. You will not have access to a FastCash card and FastPhone. Your child cannot make withdrawals or transfer funds, but can request account balances and information on transactions, order statements and make deposits. 7.3 If your child is 13 years or older, they may open and operate an account on their own. 7.4 If your child is 13 years or older and has an existing youth account with us that is being operated by you, they can operate the account with your permission. Once you have given your child permission to operate the account on their own you will no longer have any right to operate the account or request information on the account without your child s consent. 7.5 After your child turns 18 years of age, the youth accounts will be changed to standard ASB accounts. We will write to tell your child before making the change and will give them the details of the new accounts. Once an account is changed, the fees and interest rates relevant to the new account will apply. Your child will be able to operate the account on their own. You will no longer have any right to operate the account or request information on the account. If your child does not accept the change, condition 13.7 of the General Terms and Conditions applies. 7.6 If your child dies the funds in the account will form part of and be administered as part of your child s estate. 7.7 If you opened a youth account before 22 September 2007, the account may be operated differently. Please contact us for further details. 33

35 School banking 7.8 The school banking service is only available to your child if they have a youth account and attend a school participating in our school banking programme. 7.9 Your child must make their school banking deposit in a school banking deposit envelope. The maximum amount they may deposit in an envelope is $ When payments into your child s account are shown in their account and when they re available to use for withdrawals or other payments out of the account, depends on the type of payment and when your child s school banking day is Where your child pays money into their account via a school banking envelope we will show it in the account and we will allow access to it as soon as it is counted and verified by us. If there is a discrepancy between the amount written on the deposit envelope and the amount we verify is contained in the envelope, the verified amount will be paid into your child s account. 8. Job starter s, Tertiary and Graduate packages Job starter s accounts 8.1 You agree to deposit your wages, salary or other income into your job starter s account. 8.2 The job starter s account and the associated benefits are available for two years from opening the account. When you are no longer eligible for the job starter s account, your accounts will be changed to standard ASB accounts. Once your account is changed, the fees and interest rates relevant to your new account will apply. If you do not accept the change, condition 13.7 of the General Terms and Conditions applies. 8.3 Where we change your type of account we will tell you before making the change and will give you the details of your new account. Tertiary accounts 8.4 You agree to deposit your wages, salary, student loan, student allowance or other income into your tertiary account. 8.5 The tertiary account and the associated benefits are available while you remain a student or apprentice. You need to provide us with evidence of study or apprenticeship. We may request this yearly and in any event, after three years. If you are no longer eligible for the tertiary account, your accounts will be changed to standard ASB accounts. Once an account is changed, the fees and interest rates relevant to your new account will apply. If you do not accept the change, condition 13.7 of the General Terms and Conditions applies. 8.6 Where we change your type of account we will tell you before making the change and will give you the details of your new account. 34

36 Graduate accounts 8.7 You agree to deposit your wages, salary or other income into your Graduate account. 8.8 The Graduate account and the associated benefits are available for two years from opening the account. You need to provide us with evidence that you have graduated from an NZQA-approved New Zealand institution or completed an apprenticeship within the last two years of opening your account. When you are no longer eligible for the Graduate account, your accounts will be changed to standard ASB accounts. Once an account is changed, the fees and interest rates relevant to your new account will apply. If you do not accept the change, condition 13.7 of the General Terms and Conditions applies. 8.9 Where we change your type of account we will tell you before making the change and will give you the details of your new account. 9. Save the Change 9.1 With Save the Change set up on your eligible ASB transaction account, when you make a payment using your FastCash or Visa Debit card in New Zealand we round up the amount to your chosen selected amount and transfer the savings from your transaction account to your eligible ASB savings or investment account. 9.2 When you set up Save the Change you need to nominate an eligible transaction account you hold with us and an eligible savings or investment account which you or a family member or friend hold with us. Details of our eligible transaction, savings and investment accounts are available from asb.co.nz/savethechange, together with a list of qualifying transaction types. 9.3 You may nominate up to ten eligible savings or investment accounts to receive a share of the savings for each transfer. We will divide the change equally between the nominated accounts. If the change cannot be split evenly, the first account nominated will receive the additional amount. 9.4 When you use your FastCash or Visa Debit card to make a payment by EFTPOS or make other qualifying transactions, the amount of the payment debited to your transaction account will be rounded up to the chosen selected amount and the difference will be combined with the savings from your other payments on that day. The combined savings will be transferred from your transaction account to the nominated savings or investment account overnight. 9.5 We will not make a Save the Change transfer if that transfer will overdraw your transaction account (or take you further overdrawn, if you do not have an arranged overdraft). If you have an arranged overdraft or Orbit/Orbit FastTrack facility with us, we will not make a transfer that will take you over your overdraft or facility limit. 35

37 9.6 Your joint transaction account will only be eligible for the Save the Change service if you can give us instructions independently of the others on your joint account. We will apply Save the Change to any FastCash and Visa Debit cards issued to the joint customers on that account. All joint account transfers must be made to the same nominated savings or investment account. 9.7 If, for any reason a transfer cannot be made to any of your nominated accounts, we will suspend the Save the Change service. We may not be able to advise you why a transfer to a family member or friend cannot be made. 9.8 If, for any reason a transfer cannot be made to one of your nominated accounts, we will refund the transfer to your nominated transaction account and we will recalculate the split of the savings for the next transfer to ensure that the savings are divided equally between the remaining nominated accounts. 9.9 If any qualifying transactions are subsequently cancelled or reversed, or you notify us of any fraudulent payments after the savings have been transferred, the corresponding savings will remain in the nominated savings or investment account You can switch Save the Change on or off, or change your nominated accounts via FastNet Classic, at any ASB branch or by phoning us. 36

38 10. FastNet Classic, Mobile Banking, Foreign Currency Accounts, Foreign Exchange The conditions of use for our FastNet Classic internet banking service, mobile banking services, foreign currency accounts and foreign exchange services are covered by separate agreements. These agreements are available from any ASB branch and at asb.co.nz. The general terms and conditions contained in this agreement also apply to these accounts and services.

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40 Keep in touch Drop in to any ASB branch Call Visit asb.co.nz Visit us at facebook.com/asbbank Follow us on twitter.com/asbbank 1 asb.co.nz ASB Bank Limited