Changes to Business Lending Master Terms

Effective from 28 February 2024

Clauses 3.1 and 3.5 will be updated to clarify that we divide annual interest by 366 in leap years.

View our current Business Lending Master Terms (PDF 263KB).

If you need more information, call us on 0800 275 269.

Changes to Standard Terms and Conditions

Effective from 22 February 2024

The changes include:

  • updating clause 2.9 to say that you must tell us if there’s any change in your business operations or purpose for your organisation
  • updating clause 22.7 for how alterations to trusts or estates are evidenced, and to permit us to automatically update the Authorised Signatories on the estate or trust account in accordance with the underlying document (for example, a deed of appointment of trustee) if it evidences a change in trustees, executors, or administrators
  • updating clause 23.1 to clarify how we define ‘Maturity Date’ and finding this date from your Confirmation
  • updating clause 23.1 to remove the definition of ‘Return’ for Term Deposits and rewording clauses 23.10, 23.12, 23.13, and 23.14 to remove the reference to the defined term ‘Returns’
  • updating clause 23.9 to clarify that where applicable, we will deduct Withholding Tax from interest earned on Term Deposits
  • updating clause 23.20 to clarify the Principal is repaid on the Maturity Date and some or all of your net interest is too
  • adding a new section 24 relating to how we calculate and pay interest for Non-Profit Organisation transaction accounts. This addition includes:
    • clause 24.1 with a new definition ‘Lowest Daily Balance’
    • clause 24.3 to clarifying when we pay credit interest for Non-Profit Organisation transaction accounts
    • clause 24.4 to clarifying how we calculate credit interest for Non-Profit Organisation transaction accounts, including that credit interest is calculated on the Lowest Daily Balance in each month
    • clause 24.5 to clarifying when no credit interest is payable for a month, including for part-months and some instances when you close your account
    • clause 24.6 for how to ask for more information for Non-Profit Organisation accounts
  • correcting minor typographical errors and making other clarifying or formatting changes.

View our current Standard Terms and Conditions (PDF 359 KB).

View our updated Standard Terms and Conditions (PDF 311KB), effective from 22 February 2024.

If you need more information, call us on 0800 275 269.

Changes to Master Privacy Policy

Effective from 18 December 2023

We’re making changes to our Master Privacy Policy wording to increase transparency, and accommodate changes to our business and operating environment.

The changes include:

  • adding additional examples about how we collect, use, and share personal information, which may not be covered by the existing wording
  • adding wording to reflect new initiatives we are part of.

If you have any questions about our Master Privacy Policy, call us on 0800 275 269 or visit a branch.

Changes to credit card travel insurance policies

Effective from 28 February 2024

We’re making changes to our credit card travel insurance policies.

Overview

Most of the changes are to improve the readability of our policies and include:

  • creating more consistency across our benefit clauses
  • referring to numbered clauses throughout so they’re easier to identify
  • re-ordering sections so important information is upfront
  • incorporating Business travel wording into our Platinum policy document for dual cardholders (customers who have both BNZ Advantage Visa Platinum and BNZ Advantage Visa Business credit cards)
  • refreshing the privacy section.

Changes to eligibility

To be eligible for travel insurance, you’ll need to use your BNZ Advantage Visa Platinum or BNZ Advantage Visa Business credit card to make a payment of any amount towards your upcoming trip.

Transition

Any claims occurring on or after 28 February 2024 will be assessed against the new policy wording, unless you arranged your travel and/or started your trip before 28 February 2024. In this case, AIG will consider which policy wording gives you the best claim outcome.

If you have any questions about these updates, or any other aspect of your travel insurance, you can visit bnztravel.co.nz or call our BNZ Travel team on 0800 269 872 (8am-6pm, Monday to Friday).

 

Changes to personal and business fee guides

Effective from 16 November 2023

We’re making changes to our personal and business fee guides.

Personal account, service, and facility fees

The changes include:

  • adding foreign currency accounts for India, Thailand, and Samoa on page 3 (previously page 1)
  • clarifying that fees are charged and rebates are in the foreign currency of the foreign currency account in footnotes 1 and 2 on page 3 (previously page 1)
  • adding footnote 1 to refer to the Business and Agribusiness Account and service fees guide for business and trust Rapid Save accounts on page 2 (previously page 3)
  • removing the direct debit account blocking fee on page 4
  • removing the following fees from the service and investigative charges on pages 6:
    • stop payments direct debits fee
    • certificate of balance fee
    • auditors’ confirmation report fee
  • reducing transaction research fees on page 6:
    • online image fee from $0.50 to ‘no charge’ per item
    • manual image fee from $2.00 to ‘no charge’ per item
  • reducing the electronic credit recovery fee from $75.00 to $40.00 per transaction on page 7 (previously page 6)
  • updating the heading ‘Definitions’ to ’Meanings of specific terms’ and removing definition of ATM on page 10 (previously page 9)
  • amending ‘branch/staff assisted transactions’ to ‘staff assisted transactions’ in all instances
  • correcting minor typographical errors, and making other clarifying or formatting changes.

View our current Personal account, service, and facility fees guide (PDF 126KB).

View our updated Personal account, service, and facility fees guide (PDF 126KB), effective from 16 November 2023.

Business and Agribusiness account and service fees

The changes include:

  • adding Rapid Save account on page 2
  • adding foreign currency accounts for India, Thailand, and Samoa on page 4
  • updating the cash handling fees to clarify when fees will be charged on page 6
  • removing the direct debit blocking fee on page 7
  • removing the following fees from the service and investigative charges on page 8:
    • stop payments direct debits fee
    • certificate of balance fee
  • reducing transaction research fees on page 8:
    • online image fee from $0.50 to ‘no charge’ per item
    • manual image fee from $2.00 to ‘no charge’ per item
  • reducing the electronic credit recovery fee from $75.00 to $40.00 per transaction on page 8
  • updating the heading ‘Definitions’ to ‘Meanings of specific terms’ and removing definition of Electronic transactions on page 9
  • amending ‘branch/staff assisted transactions’ to ‘staff assisted transactions’ in all instances
  • correcting minor typographical errors, and making other clarifying or formatting changes.

View our current Business and Agribusiness account, service, and facility fees guide (PDF 146KB).

View our updated Business and Agribusiness account, service, and facility fees guide (PDF 152KB), effective from 16 November 2023.

If you need more information, please phone 0800 275 269.