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Wages Problems since SEPA?

  • 24-01-2014 9:14am
    #1
    Closed Accounts Posts: 5,175 ✭✭✭


    Ever since this SEPA changeover, i have noticed a delay in receiving Wages,

    before when i woke up on payday the wages would be there, but in the past two months now its not even been there by 9am, its coming in mid-morning/afternoon randomly, it can be really annoying if you have DD's that come out on payday.

    is anybody else having issues?

    (the company paying out wages uses Bank of Ireland i am with PTSB if that makes a difference...)


Comments

  • Registered Users, Registered Users 2 Posts: 1,292 ✭✭✭Galadriel


    hoodwinked wrote: »
    Ever since this SEPA changeover, i have noticed a delay in receiving Wages,

    before when i woke up on payday the wages would be there, but in the past two months now its not even been there by 9am, its coming in mid-morning/afternoon randomly, it can be really annoying if you have DD's that come out on payday.

    is anybody else having issues?

    (the company paying out wages uses Bank of Ireland i am with PTSB if that makes a difference...)

    Yep, I got paid yesterday but the money didn't arrive into my account until 10.30am, I am with PTSB but my colleagues who are with BOI and AIB also had issues.


  • Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    hoodwinked wrote: »
    Ever since this SEPA changeover, i have noticed a delay in receiving Wages,

    before when i woke up on payday the wages would be there, but in the past two months now its not even been there by 9am, its coming in mid-morning/afternoon randomly, it can be really annoying if you have DD's that come out on payday.

    is anybody else having issues?

    (the company paying out wages uses Bank of Ireland i am with PTSB if that makes a difference...)
    Any time I set up a direct debit I always make sure it's a couple of days after payday to allow some breathing room in case of any delay. Perhaps you could consider moving your direct debits if possible.


  • Closed Accounts Posts: 5,175 ✭✭✭hoodwinked


    murphaph wrote: »
    Any time I set up a direct debit I always make sure it's a couple of days after payday to allow some breathing room in case of any delay. Perhaps you could consider moving your direct debits if possible.

    well yes that is my plan :) but i wanted to know if anyone else's pay was coming in later than usual since sepa has arrived,


    with ptsb its now just after 10am it goes through, so much for faster payments, :rolleyes:

    in the FAQ on the aib site they say
    How will the change from EMTS Credit Transfers to SEPA Credit Transfers impact my business?
    The impact on your business could depend on a number of factors, including your software provider and volume of transactions.

    Currently, using EMTS Credit Transfers, a file for payment on the 28th of the month will have a value date of the 28th. You can upload the file with this date, and AIB will make sure it’s paid on that day.

    As part of the SEPA changes, you will now be required to upload your files with a “Debit Date”, which is one business banking day prior to the day the beneficiaries receive funds. For example, if you require staff to be paid on the 28th, the Debit Date on the file must be the 27th and the file must be uploaded on or before the 27th. If you don’t, the staff won’t receive their salaries until the 29th.

    Another major change is when AIB will secure funds to pay files.

    Today, using the above dates as an example, funds are debited on the 28th, the value date. Going forward, funds must be in your account a day earlier – on the “Debit Date” i.e. the 27th..

    see here

    so if i am reading that correctly companies now have the funds coming out of their accounts one day earlier too.....


  • Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    Maybe just the Irish banks or just your bank is making a mess of it. My employer paid me (into German account) for the first time through SEPA today and it was exactly the same as always, no quicker no slower.


  • Registered Users, Registered Users 2 Posts: 139 ✭✭Legislator


    Banks are obliged to value date and make funds available on the business day that the money is due, there is no set time on that business day when the account should be credited. The timing of the posting should not impact on direct debits due on the same day.


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  • Registered Users, Registered Users 2 Posts: 3,130 ✭✭✭mel.b


    I have just switched to PTSB and it is the same. My emoloyer uses Ulster Bank and we were warned that it may go in later. Previously i was with Danske and the money was there literally just after midnight, now it is sometime mid-morning.


  • Registered Users, Registered Users 2 Posts: 188 ✭✭Marchbride


    Mine was suppose to be in yest but still nothing! My employer just switched to ulster bank and I to PTSB. I was told yest eve that it was a problem with ulster bank n my wages would be in by closing yesterday but nothing!!!


  • Registered Users, Registered Users 2 Posts: 7,806 ✭✭✭GerardKeating


    Galadriel wrote: »
    Yep, I got paid yesterday but the money didn't arrive into my account until 10.30am, I am with PTSB but my colleagues who are with BOI and AIB also had issues.

    I cannot find the link, but one of the comments on the SEPA changes, was there at present the funds then to Arrive early, a debit for due on Monday is there Saturday morning, but that this would no longer be the case under SEPA, it would arrive on the "correct" day.


  • Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    We got an email this morning saying if we were with the same bank as our employer, pay would go in at 2am, if with a different bank 9-10.30am.
    Also, 123.ie took their 3 direct debits off me (due on the 27th) at just after midnight tonight 25th.
    I have never seen them take money on a Saturday morning.
    Sky are also due on 27th but didnt take their money :confused:


  • Registered Users, Registered Users 2 Posts: 29,088 ✭✭✭✭_Kaiser_


    Wonderful! I'm due to be paid on the 28th and reading this it's anyone's guess if this will happen.

    I remember posters cheerleading it as the best thing to happen in years but it seems to me that the only people it'll actually benefit is the small percentage that do international transfers. For those of us who only do local/national banking and use credit cards/paypal for anything else it seems to be nothing but hassle what with new account numbers/sort codes and now delays.

    As for the benefits to business - strangely they all managed just fine for years under the "old system" so who exactly is winning from this??


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  • Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    Kaiser2000 wrote: »
    As for the benefits to business - strangely they all managed just fine for years under the "old system" so who exactly is winning from this??
    Businesses mostly, but the idea is to make it cheaper to do business which should ultimately filter down to consumers.

    I am personally benefitting from SEPA already (as a consumer). I pay my AIB credit card by SEPA direct debit from my German current account. I also pay a mortgage on a rental property in Dublin by SEPA DD from a German account and the tenant pays the rent into the same German account by SEPA standing order.

    I will move my other tenants to free German accounts and will be in a position to close my remaining Irish bank accounts and save on some fees.

    Anyone who moves from one Eurozone country to another for work reasons will also benefit. We've all seen it: the new colleague frantically running around trying to get a bank account open so he can get paid and pay his bills out of it. Now the new guy will just give HR his existing Eurozone bank details and carry on as before. It will encourage worker mobility in the EU.

    SEPA is about all forms of electronic payment within the Eurozone, so it also encompasses POS transactions with your debit card. Previously many people would have felt the need to have a credit card when travelling in the Eurozone. Now they will be assured that their debit card will be accepted just like at home. Indeed, when visiting Germany a credit card can be of little use as many retailers ONLY accept debit cards due to high transaction costs being charged by credit card companies. Even IKEA until very recently didn't accept credit cards in their German stores!

    Looking beyond the immediate benefits, SEPA lays the foundations for truly pan-European competition in banking. Currently in Ireland not one single bank offers condition free fee free banking. There are always strings attached. In other Eurozone countries this is not the case. My online only German bank charges no fees for anything, allows me to withdraw cash at any ATM worldwide that displays the VISA logo (read: almost every ATM worldwide) and pays interest on positive balances both on the VISA card and on the current account itself. Without SEPA it would be impossible for such banks to offer their services outside their borders without a massive investment in a foreign presence. Small peripheral countries like Ireland stand to gain the most from competition in the current account market (this will take time, but would be impossible without SEPA).

    I think to write off SEPA because of some hiccups at the start is very premature. It is perhaps the biggest change to banking in Europe in decades, if not ever. There are bound to be some small bugs to iron out but the benefits are potentially massive.


  • Registered Users, Registered Users 2 Posts: 29,088 ✭✭✭✭_Kaiser_


    murphaph wrote: »
    Businesses mostly, but the idea is to make it cheaper to do business which should ultimately filter down to consumers.

    I am personally benefitting from SEPA already (as a consumer). I pay my AIB credit card by SEPA direct debit from my German current account. I also pay a mortgage on a rental property in Dublin by SEPA DD from a German account and the tenant pays the rent into the same German account by SEPA standing order.

    I will move my other tenants to free German accounts and will be in a position to close my remaining Irish bank accounts and save on some fees.

    Anyone who moves from one Eurozone country to another for work reasons will also benefit. We've all seen it: the new colleague frantically running around trying to get a bank account open so he can get paid and pay his bills out of it. Now the new guy will just give HR his existing Eurozone bank details and carry on as before. It will encourage worker mobility in the EU.

    SEPA is about all forms of electronic payment within the Eurozone, so it also encompasses POS transactions with your debit card. Previously many people would have felt the need to have a credit card when travelling in the Eurozone. Now they will be assured that their debit card will be accepted just like at home. Indeed, when visiting Germany a credit card can be of little use as many retailers ONLY accept debit cards due to high transaction costs being charged by credit card companies. Even IKEA until very recently didn't accept credit cards in their German stores!

    Looking beyond the immediate benefits, SEPA lays the foundations for truly pan-European competition in banking. Currently in Ireland not one single bank offers condition free fee free banking. There are always strings attached. In other Eurozone countries this is not the case. My online only German bank charges no fees for anything, allows me to withdraw cash at any ATM worldwide that displays the VISA logo (read: almost every ATM worldwide) and pays interest on positive balances both on the VISA card and on the current account itself. Without SEPA it would be impossible for such banks to offer their services outside their borders without a massive investment in a foreign presence. Small peripheral countries like Ireland stand to gain the most from competition in the current account market (this will take time, but would be impossible without SEPA).

    I think to write off SEPA because of some hiccups at the start is very premature. It is perhaps the biggest change to banking in Europe in decades, if not ever. There are bound to be some small bugs to iron out but the benefits are potentially massive.

    All of that is non-applicable to I'd imagine most people

    Most people use their current accounts for day-to-day purchases, direct debits for utilities and with the introduction of Visa Debit from all the main banks, online shopping for those who didn't already have a credit card or PayPal.

    So while it may well benefit business I very much doubt the savings you talk about will be passed on (precedent would suggest otherwise) and certainly not by Irish banks, and while your personal circumstances of being a landlord living in Germany with Irish tenants may result in your finding SEPA very convenient, it's the exception rather than the rule.

    In short once again the average fee-paying domestic bank customer in Ireland is inconvenienced to accommodate the needs of our EU friends and business. You may think that selfish or short-sighted of me but I think I've already paid enough towards the banking system in Ireland/Europe without having my life made harder for the privilege.


  • Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    Kaiser2000 wrote: »
    Most people use their current accounts for day-to-day purchases, direct debits for utilities and with the introduction of Visa Debit from all the main banks, online shopping for those who didn't already have a credit card or PayPal
    Visa Debit is a direct result of SEPA. Laser along with all the other national payment systems are being replaced by systems capable of cross border payments. Visa Debit or VPay and maestro are replacing all the old national only systems with SEPA compliant ones.


  • Registered Users, Registered Users 2 Posts: 2,733 ✭✭✭Nermal


    Kaiser2000 wrote: »
    In short once again the average fee-paying domestic bank customer in Ireland is inconvenienced to accommodate the needs of our EU friends and business. You may think that selfish or short-sighted of me but I think I've already paid enough towards the banking system in Ireland/Europe without having my life made harder for the privilege.

    It is short-sighted, SEPA is a step along the road to a true single market in banking that will benefit you in the long run.


  • Closed Accounts Posts: 4,916 ✭✭✭shopaholic01


    My DDs are very erratic at that moment. One went out nearly 2 weeks late, but most seem to be paid a day or two early. What happens if one is paid early and the funds aren't there to cover it? I always make sure there is enough in my a/c on the due date.


  • Registered Users, Registered Users 2 Posts: 29,088 ✭✭✭✭_Kaiser_


    My DDs are very erratic at that moment. One went out nearly 2 weeks late, but most seem to be paid a day or two early. What happens if one is paid early and the funds aren't there to cover it? I always make sure there is enough in my a/c on the due date.

    Presumably the DD would bounce and you'd be charged a fee?


  • Registered Users, Registered Users 2 Posts: 139 ✭✭Legislator


    In the domestic electronic clearing the Irish Banks bilaterally exchange transactions with each other, typically around 5PM each business day. This allowed Banks to process their transactions overnight and in many cases accounts were updated by midnight or early morning. With the move to SEPA bilateral exchanges have ended and banks now submit their interbank payments to a European clearing house which provided reach for the vast majority of Banks in SEPA. As a result Banks don't receive their payments until early morning and will most cases post to account by 8 AM. In most accounts should be credited by 11 AM. This change of posting has no impact on Standing Orders or direct debits due on that date.


  • Registered Users, Registered Users 2 Posts: 11,264 ✭✭✭✭jester77


    I don't even know what day I get paid, never mind what hour :eek:

    But I've seen no issues since SEPA was introduced, everything working as it should.


  • Registered Users, Registered Users 2 Posts: 1,871 ✭✭✭Karen23


    I haven't had a problem with wages yet but have had issues with direct debits being returned as unpaid even though there was enough money in the account.

    I contacted the bank and they told me to contact the companies with my iBan and Bic numbers as account numbers and sort codes may no longer be accepted by them.


  • Registered Users, Registered Users 2 Posts: 1,943 ✭✭✭bittihuduga


    In my opinion, all this delay is caused due to lack of knowledge and in most cases the sending agents rather than banks.
    in SEPA there are several payment cycles- for eg you could send a payment at 9am with a payment date of today. this payment reaches the other bank same day.


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