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SEPA 1st May

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  • 23-04-2014 10:50pm
    #1
    sitstill
    Registered Users Posts: 1,380 ✭✭✭


    I heard earlier that the SEPA system is closed down for the day of the 1st May as it is a bank holiday in most countries. Is it true that DDs won't be taken or salaries won't be paid on that day?


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    #2
    Legislator
    Registered Users Posts: 139 ✭✭Legislator


    Its a bank holiday in all but 4 European countries and the European Central Bank is closed so its not possible to settle for interbank transactions. Payments, direct debits and credit transfers, due for value 1st May will mostly be delayed until 2nd May.


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    #3
    whydoibother
    Registered Users Posts: 318 ✭✭whydoibother


    This week, just after Easter Monday, I have noticed two instances in which SEPA payments have not been effected by the Bank of Ireland. I have contacted them in regards to this and they deny any responsibility, however I find it strange. I should have been paid today and funds from my account should have been transferred to Liberty Insurance this week. I have contacted both the bank that pays me and Liberty Insurance. The other bank said the money was sent to my account on Tuesday, so it should have arrived at least today, and Liberty Insurance says that they have applied the Direct Debit onto my account also on Tuesday but no money has left my account to pay them. I have asked the BOI directly if they were having problems with SEPA payments, they blame the other banks.


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    #4
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    Just in case this is an issue for anyone, as 1st of May is a bank holiday for many countries around Europe, TARGET, the European Settlements system used for SEPA will be taking a holiday, so payments scheduled for the 1st wont be processed until the 2nd


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    #5
    baingal nancer
    Registered Users Posts: 434 ✭✭baingal nancer


    Only noticed this today on permanet tsb site, might affect prople who are due to be paid tomorrow like myself

    Payments customer notice

    23rd April 2014
    Please note: Transactions made up to 6pm on the business day of 30th April 2014 may take an extra day to process due to Central Banks in many European countries being closed on Thursday 1st May 2014. Transactions processed on the business day of 1st May will reach the receiving Bank on 2nd May.
    The business day of 30th April commences at 6pm on the 29th April.


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    #6
    Carawaystick
    Registered Users Posts: 8,779 ✭✭✭Carawaystick


    Why oh Why does the payments system ever get shut down?
    Is it not automated? or are there little pixies in the ecb manually handling every transaction?
    I bet there'll be no transactions done on Monday either.


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