Hundreds of dollars suddenly appearing in Kiwis' ASB bank accounts - here's why

Imagine opening your bank app and spotting a random $571 sitting there. That’s exactly what’s been happening to nearly 200,000 ASB customers, after the bank agreed to a massive $135.6 million settlement over a class action case.

Payments of up to almost $600 have started rolling out, with eligible customers receiving a payout of either $285.91 or $571.82, depending on which group they fall into - though most seem to have not known it was coming.

Some confused Kiwis jumped on Reddit last week, trying to figure out if the money was legit.

“I got a random $500+ from the bank. Does anyone know why? It says ‘a recently settled representative proceeding’. If it's safe to spend. I'm going to be king at work, after today's lunch, shout lol,” one person asked.

“I got this also and wondered what it was,” said another.

Why is ASB paying out NZ customers?

The payout comes after ASB was accused of not properly disclosing changes to loans under the Credit Contracts and Consumer Finance Act between 2015 and 2019.

After four years in High Court, the bank was approved for a $135.6 million settlement - but hasn’t admitted any wrongdoing.

Payments started rolling out earlier this year and will continue through to November, depending on how easily customers can be contacted.

If you’re eligible for the payout, the good news is that you don’t need to do anything - though there’s no saying exactly when you may receive the payout throughout the year.

Meanwhile, ANZ is still fighting a similar case, which could mean even more payouts could be arriving for their customers.

So if you suddenly notice a few hundred bucks pop up in your account… you now have a good idea as to why.