Banks not lodging money around Christmas time

vicwatson

Every year there’s this issue around Christmas that occurs, because a bank is shut for holidays no electronic banking seems to happen ie my salary due on a Thursday, today Stephens day, has not arrived into my account despite it being paid electronically for years this occurs every year at this time

I though the banking world by now would have a system in place that automatically fires the money like any other Thursday

Why doesn’t it work? Are humans still required to press a button to send electronic payment? Seems ridiculous

Wilfuler.

BOI ?

vicwatson

Wilfuler. wrote: »

BOI ?

Salary comes from a BOI account yes

Are they exceptional or...?

Wilfuler.

vicwatson wrote: »

Salary comes from a BOI account yes

Are they exceptional or...?

They're sh1t for transactions out of hours

Most of the banking world are up to speed. Unfortunately when it comes to anything technical BOI are stuck a few decades behind.

vicwatson

Shouldn’t this just happen automatically though, surely BOI or others don’t need a human to press a send button on all these electronic transactions?

I just can’t see why a non working day is any different to a working day given these are all electronic payments, same **** every year

So when should it be in my account? The next bank “working” day ie next monday ???

GerardKeating

vicwatson wrote: »

Salary comes from a BOI account yes

Are they exceptional or...?

Why blame the banks because your employer could not cope with the christmas period, as you said, this occurs every year, and has done so since electronic payments started. My salary was also due today, but my employeer paid it a week early to avoid this.

jahalpin

This nothing to do with the Irish banks, the 26th December is one of 6 EUR currency holidays, it is not possible to send EUR on these days as the clearing system is closed

Your employer should have planned better and paid on the 24th

The next business day is the 27th

Wheety

I was due to be paid today but my employer paid on Monday instead.

I know that doesn't help you but your employer should have planned ahead.

Jim2007

vicwatson wrote: »

Every year there’s this issue around Christmas that occurs, because a bank is shut for holidays no electronic banking seems to happen ie my salary due on a Thursday, today Stephens day, has not arrived into my account despite it being paid electronically for years this occurs every year at this time

It happens every year at this time because of SEPA rules and a thing called a BANK holiday. So you should be used of it by now and plan accordingly.

And bank holidays are usually the busiest for banks because it is the only chance they have to do maintenance on systems, change hardware, move data centres etc... so no everything does not just happen like magic.

jimmynokia

Jim2007 wrote:

It happens every year at this time because of SEPA rules and a thing called a BANK holiday. So you should be used of it by now and plan accordingly.

They can take the money out no problem. What's your point.

scwazrh

jimmynokia wrote: »

They can take the money out no problem. What's your point.

That annoys me .Money always goes no matter what time or day of the week but money coming in is subject to clearing or slower processing times.its the same with credit back to your debit card it takes a couple of days to show up but a debit on the card shows up immediately

martyoo

The issue is with your employer not BOI. I paid my staff Monday to avoid this.

naughtysmurf

My wages are due into my account on Fri Dec 27, arrived into my account on Dec 25, PTSB, couldn't believe it but happy days

SEPT 23 1989

Paid a double week last Thursday

GerardKeating

jahalpin wrote: »

The next business day is the 27th

27th is a bank holiday as well, but not a public holiday.

vicwatson

vicwatson wrote: »

Shouldn’t this just happen automatically though, surely BOI or others don’t need a human to press a send button on all these electronic transactions?

I just can’t see why a non working day is any different to a working day given these are all electronic payments, same **** every year

So when should it be in my account? The next bank “working” day ie next monday ???

Why is your employer so incompetent that they can’t organise a salary payment in advance of the Christmas period like every other employer.

jimmynokia

Alyson Dirty Drug wrote:

Why is your employer so incompetent that they can’t organise a salary payment in advance of the Christmas period like every other employer.

The only ignorant one here is you. Different hours and pay cycles, there is jobs out there that are not a basic standard pay cycle That's why they can't be paid.

ciara1052

Probably a stupid question, I had a standing order set up with BOI that was due to be transferred yesterday but also hasn't been transferred today (I thought in the event of bank holidays it was just pushed to the next day).

Will this just not be processed?
I've zero issues doing it manually myself just didn't want to come out twice if anyone else has any experience with something similar?

Ohmeha

ciara1052 wrote: »

Probably a stupid question, I had a standing order set up with BOI that was due to be transferred yesterday but also hasn't been transferred today (I thought in the event of bank holidays it was just pushed to the next day).

Will this just not be processed?
I've zero issues doing it manually myself just didn't want to come out twice if anyone else has any experience with something similar?

Don't manually do another transaction, your standing order should come out on the next banking date. Public/Bank Holiday yesterday 26th and Bank Holiday today 27th thus your standing order should transfer for next banking date which will be Monday 30th

KBC in error did the opposite with one of my standing orders this month that fell on a weekend and debited my account early on the Friday which was a breach and a letter of apology was issued

vicwatson

GerardKeating wrote: »

Why blame the banks because your employer could not cope with the christmas period, as you said, this occurs every year, and has done so since electronic payments started. My salary was also due today, but my employeer paid it a week early to avoid this.

jahalpin wrote: »

This nothing to do with the Irish banks, the 26th December is one of 6 EUR currency holidays, it is not possible to send EUR on these days as the clearing system is closed

Your employer should have planned better and paid on the 24th

The next business day is the 27th

Jim2007 wrote: »

It happens every year at this time because of SEPA rules and a thing called a BANK holiday. So you should be used of it by now and plan accordingly.

And bank holidays are usually the busiest for banks because it is the only chance they have to do maintenance on systems, change hardware, move data centres etc... so no everything does not just happen like magic.

martyoo wrote: »

The issue is with your employer not BOI. I paid my staff Monday to avoid this.

Anahi Dazzling Chimpanzee wrote: »

Why is your employer so incompetent that they can’t organise a salary payment in advance of the Christmas period like every other employer.

Thanks for all the helpful advice, and the pleasant tone in which it was delivered;) I wish you all a happy new year.


There is still NO REASON that this has to happen in 2019, there are people living in Space on a daily basis, no reason why a human is required for normal transactions to occur over a holiday period.

Mrs OBumble

vicwatson wrote: »

There is still NO REASON that this has to happen in 2019, there are people living in Space on a daily basis, no reason why a human is required for normal transactions to occur over a holiday period.

It's nothing to do with human intervention.

Computers still needs to be off-line for maintenance, upgrades etc.

Think of it like your smartphone: every so often, an update is available. While it it is being applied, you cannot make or receive calls. Something similar needs to be done to the bank computers. That's part of the reason why there are still bank holidays, even in 2019.

Wilfuler.

Mrs OBumble wrote: »

It's nothing to do with human intervention.

Computers still needs to be off-line for maintenance, upgrades etc.

Think of it like your smartphone: every so often, an update is available. While it it is being applied, you cannot make or receive calls. Something similar needs to be done to the bank computers. That's part of the reason why there are still bank holidays, even in 2019.

Total BS

19th century thinking

Ush1

Mrs OBumble wrote: »

It's nothing to do with human intervention.

Computers still needs to be off-line for maintenance, upgrades etc.

Think of it like your smartphone: every so often, an update is available. While it it is being applied, you cannot make or receive calls. Something similar needs to be done to the bank computers. That's part of the reason why there are still bank holidays, even in 2019.

Hmm, not really. Amazon I'm sure are constantly doing updates and maintenance but don't bring there website down for a number of days every year. Same for numerous tech companies.

Lucifer

It's just like AIB online banking goes off every night between 3am and about 7am. System can't process payments and have users logged in! They are all a bit behind the times.

mlem123

I'm assuming OP working in the public sector? I think they deem they have to large a workforce to pay early or something

Marcusm

vicwatson wrote: »

Thanks for all the helpful advice, and the pleasant tone in which it was delivered;) I wish you all a happy new year.


There is still NO REASON that this has to happen in 2019, there are people living in Space on a daily basis, no reason why a human is required for normal transactions to occur over a holiday period.

It’s not a human being processing the transaction. There are a specified number of days per year on which transactions can not be processed. The days vary by country and by currency. When this is the case, each currency system specifies a defaul situation with respect to payments falling on those days - generally they default to the next business day. It is open to the person making the payment to specify that value must be received by the particular date meaning that it is processed earlier s

The issue here relates to the payer and not the payment system.

Marcusm

Wilfuler. wrote: »

Total BS

19th century thinking

Not really if you appreciate the scale of perhaps 1,000 different institutions across 27 or more jurisdictions. If you cannot offer resilience across the whole cohort then you have to have a suspension. You are dealing with a lot of institutions with legacy systems.

Jim2007

Wilfuler. wrote: »

Total BS

19th century thinking

You mean as opposed to clueless thinking...

In the real world, no one wants to pay for the service and no bank is willing to invest in a service that does not make money. So hardware is extended beyond it expected life time, parts are cannibalised from older machines etc... software gets fixed and extended using the 'quick and dirty' method and users do the testing.

Banking has become a commodity industry and the race to the bottom is on. And once the race is over and the competition has been eliminated you can expect to pay though the nose for the services.

Mrs OBumble

Wilfuler. wrote: »

Total BS

19th century thinking

Funny guy. You know what century computers were invented in, right?

Comparing Amazon and an Irish bank is like comparing an apple-orchard to a guy with five apple trees in his back yard. Vastly different economies of scale.

Ush1

Mrs OBumble wrote: »

Funny guy. You know what century computers were invented in, right?

Comparing Amazon and an Irish bank is like comparing an apple-orchard to a guy with five apple trees in his back yard. Vastly different economies of scale.

It's not just an Irish bank thing.

From reading up on it, looks like transfers are purposely slowed down for two reasons. Anti fraud and banks using the money while in transit.

Jim2007

Ush1 wrote: »

banks using the money while in transit.

This was outlawed a long time ago....

368100

It depends if it's SEPA clearing days or not....money usually only transferred between banks on these days.
In this day and age though it's antiquated. Technology is there a good while to make it instant

Jinglejangle69

So a mortgage debit comes out automatically on the 27th but wages don’t go into an account until the 30th to cover the payment??

How is that logical, BOI happy to take a direct debit no matter what.

Rang BOI and was told yeah that’s just the way it is.

Amateur hour.

Skid X

Any payroll operator who doesn't pay wages early in December to take account of bank delays isn't looking after their employees.


The banks are woeful but they do warn customers for weeks in advance of the Christmas downtimes.


The wages operators need to react to this.

Jim2007

Jinglejangle69 wrote: »

So a mortgage debit comes out automatically on the 27th but wages don’t go into an account until the 30th to cover the payment??

How is that logical, BOI happy to take a direct debit no matter what.

Rang BOI and was told yeah that’s just the way it is.

Amateur hour.

Yes you are. A mortgage debit is internal and can be processed at the banks discretion. A transfer is not and usually involves an other bank or branch which is subject to SEPA rules on top of everything else.

Del2005

Jim2007 wrote: »

Yes you are. A mortgage debit is internal and can be processed at the banks discretion. A transfer is not and usually involves an other bank or branch which is subject to SEPA rules on top of everything else.

So how come I can top up my Revoult card instantly and any money I spend on my debit card is gone as soon as I tap. Yet it takes over 12 hours to transfer the same money if I use SEPA in the afternoon.

lawred2

Salary paid on the 20th.. as happens every year. Sounds like your employer is a dope

lawred2

Del2005 wrote: »

So how come I can top up my Revoult card instantly and any money I spend on my debit card is gone as soon as I tap. Yet it takes over 12 hours to transfer the same money if I use SEPA in the afternoon.

Those are all card transactions though and only place reservations on funds in your account. The actual collection process only happens on working banking days same as transfers.

Del2005

lawred2 wrote: »

Those are all card transactions though and only place reservations on funds in your account. The actual collection process only happens on working banking days same as transfers.

I sent my Sister €20 by SEPA yesterday and she won't have it till tomorrow or Friday. If I'd sent it by Revoult where I'd have to add credit to my card to send it to her card she'd have already spend the money which according to your post isn't available for her to spend.


So if I'd sent the money by Revoult she could have spent the money yesterday which won't be in her account till Thursday! How can she spend the money if it hasn't been transferred till several days afterwards?

lawred2

Del2005 wrote: »

I sent my Sister €20 by SEPA yesterday and she won't have it till tomorrow or Friday. If I'd sent it by Revoult where I'd have to add credit to my card to send it to her card she'd have already spend the money which according to your post isn't available for her to spend.


So if I'd sent the money by Revoult she could have spent the money yesterday which won't be in her account till Thursday! How can she spend the money if it hasn't been transferred till several days afterwards?

If you sent money to someone within the same bank, they'd have it instantly too.

SEPA is an inter bank transfer system

Marcusm

Del2005 wrote: »

I sent my Sister €20 by SEPA yesterday and she won't have it till tomorrow or Friday. If I'd sent it by Revoult where I'd have to add credit to my card to send it to her card she'd have already spend the money which according to your post isn't available for her to spend.


So if I'd sent the money by Revoult she could have spent the money yesterday which won't be in her account till Thursday! How can she spend the money if it hasn't been transferred till several days afterwards?

Card rails are set up to confirm card transactions 24/7 365 but the money has not moved - it has simply confirmed that the transaction is valid. Revolut is essentially advancing funds based on the confirmation of future payment (just as a retailer lets you walk out with goods against a promise from the card issuer not receipt if funds). Bank transfers are not the same; they are an instruction to transfer and most receiving banks will not permit the funds to be used until they have cleared.