From the 10th through to 14th of November New Zealand banks will be changing the time that online payments are processed. This change affects automatic payments, some Direct Debits and online payments between banks.

Standard processing times for these transactions currently happen at around or after 10pm for most banks. From mid-November this will change to a much earlier time, between 4am and 7am on the same day -depending on which bank you bank with.

This means that any incoming payments that previously covered outgoing payments will now arrive AFTER outgoing ones, and so you will need to ensure the funds are in your account the day before the selected date of payment.

If you need to change a direct debit, you will need to contact the company you’re paying and talk through your payment options. All other electronic payment dates can be changed by logging into internet banking, your mobile app, or by phone banking.Banking Changes

ANZ has a short video for us that easily explains this change.

If you are at all concerned on how this will affect you and your payments with Pioneer Finance, please call our office today on 0800 000 724 to ensure you have made the necessary changes to your account.