faster payments

what has changed?

On 10 July 2019, SBS Bank made changes to when we process payments you make from your account to other bank accounts or when paying a bill.

These changes affected payments made via SBS Internet Banking, the SBS Mobile Banking App, Telephone Banking or over the counter at an SBS Bank branch. The changes also affected when you receive money from another bank account. We also updated our Electronic Banking Terms and Conditions to reflect the changes.

The changes mean we will process payments on the same day on business days (not weekends or public holidays), as long as they are authorised by the cut-off time. The recipient should receive it on the same day. If your payment isn’t authorised on time, we’ll process it the next business day.

Transfers between SBS accounts are made as soon as they are authorised, including after our cut-off times, weekends and public holidays. 

The changes do not affect the way Direct Debit or Cheque payments are processed or cleared. These changes also do not affect our Account Fees and Charges, although these do continue to apply when relevant.


summary of changes

 

From July 2019

Key things to consider

 

Submitting payments

»  Inward and outward payments are made throughout the day on business days (intraday processing).

» Payments authorised before 9.30pm on business days will be processed and should appear in the recipient’s bank account the same day.

» Payments authorised on business days after the new cut-off time of 9.30pm will be processed after 9am the following business day and appear in the recipient’s bank account shortly after that.

» Payments authorised on weekends or holidays (after 9.30pm the previous business day) will be processed after 9am on the next business day and appear in the recipient’s bank account shortly after that.

» Payees will receive payments more frequently throughout the day.

» You will need to ensure there are enough funds available at the time of making any payment.

» It is important to ensure that payment details are correct at the time submission

 

 

 

Insufficient funds

» Sufficient funds must be available at the time of payment submission.

 

 

Payment processing times

» Future-dated payments should appear in the recipient’s bank account shortly after processing on the same day.

» Automatic payments are processed early in the morning of the payment due date. If there are insufficient funds to cover the payment, it will be retried later in the day and/or again the following two business days.

» Direct debits being paid into your account will be visible throughout the day. Direct debits being paid out of your account will continue to be processed at the end of day.

» Amending or deleting future-dated payments is not possible on the day the payment is to be made. 

 

 

Credit Card Payments

» Your payments will only be considered made once they’re credited to the card account.

Depending on how you pay, a delay of two business days is normal before your payment is credited to your card account. So, you’ll usually need to arrange for payments to be transferred a few business days before the payment due date to make sure they’re credited in time.

» No change

 

payment cut-off times

Payment type Cut-off times

Internet Banking/Mobile App payments (such as bill payments)

9.30pm 

Amending or deleting future or recurring payments (Internet Banking or App automatic payments)

12am (midnight) on the day of payment

Credit card payment

9:30pm 

Direct credit (payments from other banks into SBS Bank accounts) 

9:30pm

 

 
A copy of the current Southland Building Society (SBS Bank) Disclosure Statement along with our Term Investment Terms & Conditions and QFE Adviser Disclosure Statement are available on request and free of charge from any branch or agency of SBS Bank or on this website
© Southland Building Society, 2016