As New Zealand makes the exciting move to 7 day payment processing this Friday, we want to make sure you are prepared for the changes to the direct debit process. Please note:
- Direct debits can now come out any day of the year, not just business days, so it is important to know when your payments are due.
- The cut off for having sufficient funds in your account is 1pm on the day the direct debit comes out.
- If you don’t have enough money in your account when the direct debit comes out the payment may be dishonoured.
If you need to change the date of your direct debits to align with money coming into your account, now is a good time to do it. To arrange this you will need to contact the company that is withdrawing the direct debit directly.
If we have your mobile number, in the event your account has become overdrawn due to insufficient funds when a direct debit comes out, we will send you a message to let you know.
To learn more about these changes, 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