Business Days and Cut off times

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 Days

Business Days are 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.

Cut off times

We will ensure that all funds received for value and accepted for your account prior to the applicable cut-off time on a Business Day are credited to your account, will begin to accrue interest and will be made available to you from the date we receive the funds. Funds received after the applicable cut-off time will be deemed to have been received by us on the next Business Day. (Cut off times range from 4:00pm – 6:00pm)

Cut-off times for all funds received is 6:00pm on a Business Day, with the following exceptions:

• Cheques lodged after 5:00pm, unless otherwise specified at the lodgement point, will not be verified and so will not be processed until the following Business Day
• International Payments as defined in our Terms and Conditions is 4:00pm
• SEPA Instant Credit Transfers to PTSB payment accounts (Current Accounts, Demand Deposit Accounts and Credit Card Accounts) do not have a cut-off time and will process to your account within 10 seconds of PTSB receiving the payment 24/7 every day of the year
• For any other accounts, rather than reject the payment, we will process the payment to your account on the same or next business day subject to cut-off times above.

International Payments means a payment to your account either from an account outside Ireland in any currency or from an account in Ireland in a currency other than Euro.

We will take reasonable steps to ensure that all funds transferred from your account, before 6:00pm on a Business Day to another bank, will be with the receiving bank no later than the next Business Day with the following exceptions:

Currency payments processed via SWIFT have the following cut off times.

*Thai Baht instructions will have a value date of two business days in the future.

SEPA Instant Credit Transfers

PTSB payment accounts can now receive SEPA Instant Credit Transfers. For Current Accounts, Demand Deposit Accounts and Credit Card Accounts this means that when a SEPA Instant Credit Transfer is received, the payment will be paid to your account within 10 seconds 24/7 every day of the year.

For any other accounts not eligible under SEPA Instant Credit Transfers, will process the payment to your account on the same or next business day subject to cut-off times above.

Where a SEPA Instant Credit Transfer has been received over the weekend or on a public holiday, the statement date will appear as the next working day but the payment narrative will reflect the date that the payment was received.

Direct Debits and Cheques

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 5:00pm each day. This means that lodgements made after this time may not be included in any assessment on whether to pay such items.