"Guards have wanted crew leaders to get more of an increase in their pay to recognise the high level of responsibility they carry," Ms Ovens said.
"They are exposed to huge dangers as they pick up millions of dollars from banks and large retail stores. In Australia, the same company's guards carry guns, but here in New Zealand they have to rely on the crew leader to keep them safe."
The company has offered all guards a 2 per cent pay increase and a further 1.4 per cent or consumer price index next year, whichever is greater.
"When we learnt this morning that the major banks have reported core earnings of $3.5 billion in their first half results, it is offensive that they can't pass on better wages through their contractors to the people who keep their businesses operating," Ms Ovens said.
The guards are also frustrated with changes to their daily run, roster changes and overtime rates.