You may have heard that a significant change is coming to the way payments are processed in New Zealand. Starting on Friday May 26th, 2023, electronic transfers between New Zealand bank accounts will move to everyday processing.
This means that from this date you will be able to move money between New Zealand based banks 365 days per year, including weekends and public holidays, between the hours of 9:00am and 9.30pm.
To make sure you're prepared, it's important to know when your direct debits and automatic payments will be withdrawn and ensure you have enough funds to cover payments that may come out any day of the year moving forward. This will help you avoid any potential fees or charges for insufficient funds.
As part of this change, there will also be some changes to our terms and conditions effective Friday May 26th, 2023. These changes can be viewed here.
If you have any questions about these changes, or would like to learn more, please visit our website here.
Alternatively, if you need help preparing for this change, you can call our friendly Contact Centre team on 0800 727 2265 or send us a secure message via online banking.
The SBS Bank Team