BankDirect was a
direct bank A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct bank has no ...
ing division of the
Australian owned
ASB bank, which provided internet and phone based banking in
New Zealand
New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island count ...
. The bank advised customers on 29 August 2017 they will be moved to ASB products and services over the next few months.
History
BankDirect began in October 1997 and was the only bank in New Zealand to only operate via Internet and phone without any physical branches. BankDirect used the leverage of not having physical branches to offer lower home loan interest rates and higher interest rates on their savings accounts.
On 29 August 2017 BankDirect advised customers that they will be progressively moved to ASB accounts. All BankDirect customers will switch to
ASB within the following months and will get new ASB
credit card
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...
s/
EFTPOS
Electronic funds transfer at point of sale (EFTPOS; ) is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. EFTPOS ...
cards to replace BankDirect ones.
External links
BankDirect
See also
*
ASB
*
Commonwealth Bank of Australia
The Commonwealth Bank of Australia (CBA), or CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States and the United Kingdom. It provides a variety of financial services including retail, busine ...
*
direct bank A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct bank has no ...
References
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Banks of New Zealand