Business Days and Cut off time

In our General Terms and Conditions booklet we set out the contractual provisions relating to our processing of lodgements and payment instructions. These provisions make reference to “Business Day” and “cut off time”.

Business Day

Business Day is defined in the conditions as a day (other than a Saturday, Sunday, public holiday or bank holiday) on which the Bank’s branch network is generally open for business in the Republic of Ireland.

Bank Holidays in 2016 are as follows:

  • Friday 1st January
  • Thursday 17th March
  • Friday 25th March
  • Monday 28th March
  • Monday 02nd May
  • Monday 6th June
  • Monday 1st August
  • Monday 31st October
  • Monday 26th December
  • Tuesday 27th December
  • Monday 2nd January 2017

Cut off time

Cut off times for the purpose of receipt of payment and transfer instructions and for the processing of lodgements is 6.00pm on each Business Day, with the following exceptions:

  • Payments to banks within Ireland not compliant with SEPA standards have a cut-off time of 3pm.
  • Foreign Currency payments processed via SWIFT have a cut off time of 11am
  • Euro payments made via SWIFT have a cut off time of 1pm

For Direct Debits and cheques debited from accounts which cause the accounts to be overdrawn or in excess of any agreed overdraft limit, the Bank makes a decision on whether to return these items as unpaid based on the balance in the account at approximately 5pm each day. This means that lodgements made after this time may not be included in any assessment on whether to pay such items.

What is SEPA?   |   What is SWIFT?

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