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ASB Removes Millions Of Dollars In Transaction Fees

ASB has this month removed a number of transaction fees across its personal and business accounts, including fees on Visa Debit cards, staff assisted transactions, and the establishment of personal overdrafts.

Customers across more than 800,000 accounts will benefit from the fee-free ASB Visa Debit card, saving them a combined $8 million per year. The removal of staff assisted transaction fees is expected to benefit more than 180,000 customers each year, reiterating ASB’s commitment to supporting customers in vulnerable circumstances, who are more likely to require support with their banking.

Adam Boyd, Executive General Manager Personal Banking, said: “Earlier this year we removed monthly base fees and transaction fees from a number of personal and business accounts, removing more than $14 million in account fees over the year. With the rising cost of living, we know every bit counts, and removing further fees totalling more than $8 million per year helps to put money back in our customers’ pockets.”

ASB has a range of financial wellbeing tools available to help New Zealanders with the increased cost of living, including Support Finder to help New Zealanders establish what government support may be available to them, and Card Tracker to help customers understand and manage the subscriptions they are paying for.

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