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SEPA Bank Holiday

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  • 01-05-2014 2:13pm
    #1
    applehunter
    Registered Users Posts: 6,033 ✭✭✭


    So my wages won't go through now until tomorrow.

    Are there any other SEPA bank holidays we should know about?


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  • Options
    #2
    Legislator
    Registered Users Posts: 139 ✭✭Legislator


    applehunter wrote: »
    So my wages won't go through now until tomorrow.

    Are there any other SEPA bank holidays we should know about?
    No, only impacts when our Bank Holidays are not aligned with TARGET Bank holidays which only happened on 1st May. All but four countries in Europe have a bank holiday today.    


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    #3
    Bank of Ireland: Billy
    Closed Accounts Posts: 1,066 ✭✭✭Bank of Ireland: Billy


    Hi applehunter, 

    Many thanks for your post and thank you Legislator for posting the TARGET information.

    You can view payment information on this and an FAQ here

    Thanks

    Billy


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    #4
    bappelbe
    Registered Users Posts: 283 ✭✭bappelbe


    Bank of Ireland: Billy wrote: »
    Hi applehunter, 

    Many thanks for your post and thank you Legislator for posting the TARGET information.

    You can view payment information on this and an FAQ here

    Thanks

    Billy
    I still do not understand from a technical point of view how a bank holiday in a different country can affect payments between 2 banks in Ireland. it makes no sense!
    Both Irish banks computers are working and can do transactions, if it has to go through a third computer in another country why is it not working on a "Bank holiday" which is not a holiday in one of its client countries.
    SEPA is looking like a huge waste of time to me, it delays lots of transactions, all so we can have a lovely IBAN number


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    #5
    Legislator
    Registered Users Posts: 139 ✭✭Legislator


    The issue is that the European Central Bank (ECB) which operates the settlement system for interbank transactions is closed on 1st May and as such payments for value on May 1st cannot be settled and exchanged between banks. The ECB has a number of other bank holidays but these are also bank holidays in Ireland so no impact on payments. 

    SEPA is a political initiative and by law member states have to participate. Where we used to have 34 different payment systems in Europe we now have one and approx. 5000 banks participate.   


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    #6
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    Hi bappelbe,

    Thanks for your post. 

    As Legislator has said correctly, this is due to the SEPA payments system being closed on May 1st due to the bank holiday in most European countries. 

    The benefits of SEPA not only include an easier way and cost effective way to make international transfers across the Euro zone, it also provides you with extended information on debits and credits into your account when you are logged into Bank of Ireland 365 Online. 

    More details on the benefits of SEPA can be found here

    Please let us know if we can help with any further query. 

    Thanks,
    Sarah


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    #7
    bappelbe
    Registered Users Posts: 283 ✭✭bappelbe


    Legislator wrote: »
    The issue is that the European Central Bank (ECB) which operates the settlement system for interbank transactions is closed on 1st May and as such payments for value on May 1st cannot be settled and exchanged between banks. The ECB has a number of other bank holidays but these are also bank holidays in Ireland so no impact on payments. 

    SEPA is a political initiative and by law member states have to participate. Where we used to have 34 different payment systems in Europe we now have one and approx. 5000 banks participate.   
    It still does not answer why it is not kept open because banks in Ireland are open.

    It is a computer process to transfer payments and as such the bank holiday should not matter to it.

    the system of 34 payments seemed to work - I have a business and make payments routinely worldwide it worked prior to this, and now it is all delays (note the Revenue payments out of my account are also delayed - though I am not complaining about that;-))
    The fact that is a "political initiative and by law member states have to participate"  does not make it a good system.


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    #8
    Chibs
    Registered Users Posts: 243 ✭✭Chibs


    I was due to be paid today and nothing has come into my account yet. Can you inform me when i will receive my wages??


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    #9
    Seve OB
    Registered Users Posts: 15,985 ✭✭✭✭Seve OB


    Bank of Ireland: Sarah wrote: »
    Hi bappelbe,

    Thanks for your post. 

    As Legislator has said correctly, this is due to the SEPA payments system being closed on May 1st due to the bank holiday in most European countries. 

    The benefits of SEPA not only include an easier way and cost effective way to make international transfers across the Euro zone, it also provides you with extended information on debits and credits into your account when you are logged into Bank of Ireland 365 Online. 

    More details on the benefits of SEPA can be found here

    Please let us know if we can help with any further query. 

    Thanks,
    Sarah
    I have not seen one single benefit since SEPA came in.  So far every single thing has all been entirely negative. We are in-undated with calls today with people not getting their money.

    See my rant on SEPA here  


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    #10
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    Hi Chibs,

    Thanks for posting.

    If you were due to be paid on May 1st or May 2nd, your payment will arrive today. Please check with your employer to ensure they had made arrangements to take into account the SEPA processing system being closed on May 1st. 

    Stevieob, due to the processing system being closed yesterday, credits are currently being processed and will arrive over the course of today. 

    If you need help with anything else, please let us know.

    Thanks,
    Sarah


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    #11
    bappelbe
    Registered Users Posts: 283 ✭✭bappelbe


    Bank of Ireland: Sarah wrote: »
    Hi Chibs,

    Thanks for posting.

    If you were due to be paid on May 1st or May 2nd, your payment will arrive today. Please check with your employer to ensure they had made arrangements to take into account the SEPA processing system being closed on May 1st. 

    Stevieob, due to the processing system being closed yesterday, credits are currently being processed and will arrive over the course of today. 

    If you need help with anything else, please let us know.

    Thanks,
    Sarah
    Speaking as an employer I saw warnings about a bank holiday and SEPA and assumed it meant that there would be a delay if I was making payments to a country which had a bank holiday.

    There is no reason that payments between Irish banks should be delayed because of a bank holiday in Germany, the computers are all on and I would be very surprised if human interaction was required for these transactions.

    I realise that this is not a BOI issue, it is a SEPA issue but as I said above it is causing a lot of problems with no major advantage.


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    #12
    Tow
    Registered Users Posts: 7,410 ✭✭✭Tow


    Bank of Ireland: Sarah wrote: »
    The benefits of SEPA not only include an easier way and cost effective way to make international transfers across the Euro zone, it also provides you with extended information on debits and credits into your account when you are logged into Bank of Ireland 365 Online.

    If only BOI implemented this properly and used the proper (ISO20022) names and lengths for all the fields... International life would be so much better.

    BTW: When (if ever) are BOI going to connect directly into the system, going through a 3rd party appears to be adding more of a delay than the other banks have? It is after all, it is designed to be 'real time' and 'express'.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



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    #13
    Seve OB
    Registered Users Posts: 15,985 ✭✭✭✭Seve OB


    Bank of Ireland: Sarah wrote: »
     Please check with your employer to ensure they had made arrangements to take into account the SEPA processing system being closed on May 1st. 

    Thanks,
    Sarah
    As an employer, we were only informed of the May 1st issue on Tuesday gone..... after I had sent all our files for payments.

    How do BOI explain the tardiness of this information being rolled out to their customers and how do BOI expect that employers should have had arrangements in place when we knew nothing of the SEPA May 1st being a closed day???


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    #14
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    Hi stevieob,

    We have checked this with our Business Online team and the Business Online Homepage was updated on the 24th of April to advise of the payments closure on May 1st. 

    Thanks,
    Sarah


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    #15
    Tow
    Registered Users Posts: 7,410 ✭✭✭Tow


    Bank of Ireland: Sarah wrote: »
    the Business Online Homepage was updated on the 24th of April to advise of the payments closure on May 1st.

    The 24th was much too late. I queried you (BOI) on the 15th, at that point it would appear BOI support had not heard of the problem. SEPA first debits have to be sent before 3PM and 6 full bank working days in advance of being debited, the 24th is only 4 days.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



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    #16
    Seve OB
    Registered Users Posts: 15,985 ✭✭✭✭Seve OB


    Bank of Ireland: Sarah wrote: »
    Hi stevieob,

    We have checked this with our Business Online team and the Business Online Homepage was updated on the 24th of April to advise of the payments closure on May 1st. 

    Thanks,
    Sarah
    Fair enough

    but when you have been logging into the same page every day for the last 10+ years, you tend not to look at very much.........

    it is default for me as soon as IE opens, BOL is my homepage.....(cause thats all I use IE for), I just throw in my user name and password and do my business.

    BOI were inexcusably slow out of the blocks here and nothing will change my opinion of that.


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