Cut off time

Seanachai

If an employer wanted wages to be in an account on a Monday when would they have to pay the money in assuming the employee uses the same bank?

28064212

Depends on the bank
BOI say 17:00 - https://businessbanking.bankofireland.com/payments-and-cards/online-banking/business-online/payment-cut-off-times/#panel5
PTSB say 18:00 - https://www.permanenttsb.ie/legal-information/our-policies-other-important-information/business-days-and-cut-off-time/
KBC say midnight - https://www.boards.ie/ttfthread/2057809906/1#post105340170

EDIT: that BOI figure is for Business on-line accounts, 365 online is 15:30 - https://www.365online.com/online365/spring/termsAndConditionsRepublicOfIreland

Seanachai

28064212 wrote: »

Depends on the bank
BOI say 17:00 - https://businessbanking.bankofireland.com/payments-and-cards/online-banking/business-online/payment-cut-off-times/#panel5
PTSB say 18:00 - https://www.permanenttsb.ie/legal-information/our-policies-other-important-information/business-days-and-cut-off-time/
KBC say midnight - https://www.boards.ie/ttfthread/2057809906/1#post105340170

EDIT: that BOI figure is for Business on-line accounts, 365 online is 15:30 - https://www.365online.com/online365/spring/termsAndConditionsRepublicOfIreland

Are weekends counted in the transfer time? If the employer put the money in on a Friday would there be a risk that it might not be there on Monday?

28064212

Seanachai wrote: »

Are weekends counted in the transfer time? If the employer put the money in on a Friday would there be a risk that it might not be there on Monday?

The requirements are that a transfer made before cutoff must be credited to the recipient's account by the end of the next banking day. So the regulations require it to be there by the end of Monday, but I would expect a same-bank transfer to be much quicker (possibly instantaneous, depending on the bank).

Seanachai

28064212 wrote: »

The requirements are that a transfer made before cutoff must be credited to the recipient's account by the end of the next banking day. So the regulations require it to be there by the end of Monday, but I would expect a same-bank transfer to be much quicker (possibly instantaneous, depending on the bank).

Okay, the payday is Mon 25th but I thought they'd be putting it in yesterday rather than risking it not being in non AIB accounts on Mon morning.

28064212

Seanachai wrote: »

Okay, the payday is Mon 25th but I thought they'd be putting it in yesterday rather than risking it not being in non AIB accounts on Mon morning.

Very much depends on the employer. For some, "payday" is the day they do the payroll, and any banking processes, holidays, weekends etc. are ignored, you'll get it when you get it. For others, payday is the day by which you will have the money. And for some, payday is the day they take "reminders"/complaints about not having been paid for the last 6 weeks, so it could certainly be worse.

If there's nothing explicit in the contract, it's probably going to come down to established practice at that company

Seanachai

Seanachai wrote: »

Okay, the payday is Mon 25th but I thought they'd be putting it in yesterday rather than risking it not being in non AIB accounts on Mon morning.

Unlikely.
There is nothing special about this weekend or Monday morning in banking terms that would require a company to pay early. Ie not a bank holiday.

Enter it on Friday evening and it will be processed on Monday morning.

Seanachai

Deleted User wrote: »

Unlikely.
There is nothing special about this weekend or Monday morning in banking terms that would require a company to pay early. Ie not a bank holiday.

Enter it on Friday evening and it will be processed on Monday morning.

It was there on Sat morning, I assume this means it appeared in my account later on Fri night. One colleague still hasn't got it, but he's with a different bank.

coylemj

Seanachai wrote: »

It was there on Sat morning, I assume this means it appeared in my account later on Fri night. One colleague still hasn't got it, but he's with a different bank.

If your account is in the same bank, the money can appear in your account on Saturday morning from the processing they do on Friday night but it's possible that transfers to people in other banks won't show up until Monday.