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BANKS HAVE BEEN contacting employers in recent weeks to ensure there’s no repeat of problems that saw thousands of people left without wages this time last year.
The May Day bank holiday takes place in Ireland next Monday – but on the Continent, the holiday is being observed on Friday.
It means that inter-bank transactions won’t be processed on either Friday or Monday.
Companies and government agencies with large payrolls have been advised to arrange payments a day early – otherwise, many workers expecting to get their monthly payment on Friday wouldn’t get it until next Tuesday.
Industry body the Banking and Payments Federation, Ireland has also placed ads in national papers in recent weeks, advising bosses of the deadline.
“Employers, for example, who normally pay weekly wages on Friday or monthly salaries on the 1st of the month (including standing orders) will need to submit their payments to their bank by Wednesday 29th April to ensure that beneficiary accounts are updated (credited) on Thursday 30th April,” the BPFI notice said.
“If employers do not pay early, some employees may not receive their wage/salary payments until Tuesday 5th May, as Monday 4th May is a local bank holiday in Ireland.”
A pan-European payment system came into effect last year – and problems over the May bank holiday weekend in 2014, dubbed a ‘SEPA holiday’, caught many people off-guard, despite a pre-deadline information campaign.
A spokesperson for Bank of Ireland said the bank had been pro-actively contacting employers in recent weeks as part of an industry-wide awareness effort, and that the response had been very positive.
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In this day and age it’s unbelievable that banks can’t allow payments to be automated to be made outside of “working days”
Banks should consider that people work outside of normal business hours (9 to 5). With that, they should be paid accordingly on their payday regardless of public and bank holidays.
Good job I’m paid in brown envelopes under the table so….
It begs the question, would Friday’s be a better day for bank holidays?
Funny how banks can use automation take money from you over weekends…
It is really ridiculous debits and credits by cards can be made automatically in real time, but not transfers.
What is silly though is, instead of using “Is it a bank holiday EVERYwhere?” as the basis for closing the transfer system, they use “Is it a bank holiday SOMEwhere?”
Monday is the bank holiday in Ireland ….. so can anyone please explain why the banks can’t do their job on Friday?
Eh maybe read the article and you might just understand what they are talking about?
The system they use doesn’t work on Friday because it’s a Bank Holiday in the rest of the Euro zone. The banks can enter the details on Friday but they won’t be processed, similarly the receiving backs won’t process the details thry receive on Monday as it’s a bank holiday here.
In this same way does all of this mean that inter bank transfers in the rest of the euro zone won’t be working on may the 4th on account of it being a bank holiday in Ireland?
It’s an Euro holiday on Friday and Bank holiday in Ireland on Monday.
So Irish Euro currency bank accounts are not updated on both days.
Monday is a normal business day in the rest of the Eurozone.
I bet their money won’t be messed with on Friday!
Small consolation, but this also means any direct debits due on Friday or Monday are delayed to Tuesday
Better get my wages!!!!
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