Kyanar:

 

Is that even legal? I though one of the basic tenets of contract law is that one party cannot unilaterally make material changes to the contract without giving the other party the opportunity to reject the terms (i.e. if you don't agree with the amended terms, you would potentially refinance out without penalty).

 

See section H, page 6: https://www.asb.co.nz/content/dam/asb/documents/banking-with-asb/2024/personal-banking-terms-and-conditions-february-2024.pdf

24. What we can change
24.1 We may change any of the general conditions in this document and any specific conditions, which are the interest rates, fees and charges, and other
terms, that apply to a specific account or service.
24.2 We cannot change terms that we tell you are fixed, such as interest rates that are fixed for a set period.
24.3 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 account instead. You can choose to close this account or switch to another account we offer (subject to any account opening criteria) at
any time.
24.4 If you do not want to accept any change we make, you can close any account or end your relationship with us.
25. How and when we will tell you about a change
25.1 When telling you of a change to this agreement, we will:
• give you at least 14 days’ notice of the change; and
• communicate such change, either by direct communication, by display in 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.
25.2 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 criminal activity, including fraud.
25.3 We may change our interest rates at any time without advance notice. We will communicate such changes to you either by direct communication, by display
in 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.