Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

ASB Bank Introduces Low Cost Banking Option


MEDIA RELEASE
2 November 2001


ASB Bank Introduces Low Cost Banking Option
And Revises Fees


Statement made by Barbara Chapman, Head of Retail Banking and Marketing, ASB Bank Limited


ASB Bank has responded to the challenge of bank fees and charges by introducing a new transaction account that will allow customers to minimise the fees they pay.
To be known as Streamline, the account will be available from 19 November, 2001.

The account is designed for people who are frequent users of their account through automated devices such as Eftpos, and who wish to keep the fees they pay to the absolute minimum. For this reason we have set the Eftpos transaction charge at 20 cents, which is lower than the Eftpos charge for all other ASB Bank accounts.

The Bank believes there is a strong demand in the market for a low cost banking option that is also practical and flexible, and has structured an account to provide this for customers who are frequent users of automation.

As only 6% of banking transactions are now initiated in branches, the new account responds to today’s focus on electronic banking.

We view the introduction of Streamline as a significant development. Banks can no longer provide a service which is free to everyone but have a responsibility to respond to changing customer demand and provide options which minimise the cost of banking to customers.

ASB Bank has held its fees and charges for more than two years, and following the introduction of Streamline, we will from December 1, 2001 be increasing some fees. The key changes are that ATM fees will increase to 50 cents (from 35 cents) in some products to more accurately reflect the cost of providing that service, and cheque fees will increase to 65 cents (from 50 cents) to further reduce the cross subsidisation of that service.

Base fee rebate thresholds in two accounts have also been lifted from $500 to $1000, which standardises this rebate level across our current core product range.

Existing rebates for Superannuitants, customers under age 18, and customers who have a significant banking relationship, such as a home loan, with us will not be changing.

We are advertising these new charges in the public notice columns of newspapers and notifying customers individually.

For the majority of customers, the key issue is having easy access to a full range of services, and paying a fair charge to use those services. Our new charges reflect the cost to the Bank of providing those services.

By introducing our new, low cost account before we modify fees, we are giving our customers the option to change to the accounts that best suits their needs.

As part of the changes we are inviting customers to take a Financial Health Check, which will enable us to advise them which accounts will give them the most cost effective banking option.

Ends.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>

ALSO:

Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>

ALSO:

Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>

ALSO:

MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>

ALSO:


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>

ALSO:


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>

ALSO:

NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>

ALSO:

Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>

ALSO: