Easter, Anzac holidays cause massive pay delays
(27 April 2011 – Australia) Some Australians expecting pay to be in bank accounts over the long weekend were warned by the major banks that delays could last over a week.
Banks said the convergence of Easter and Anzac Day this year would prevent payments and funds from being cleared.
Pay or funds deposited last Thursday would not be settled or posted to an account at another bank until as late as Thursday, 28 April.
'This year the combination of the national public holidays for Easter and Anzac days results in a five-day period where clearing and settlement process will be delayed,' Australian Banker's Association spokeswoman Heather Wellard said.
'The practice is no different from any other weekend, previous Easter long weekends or other Australian-wide public holidays such as the Christmas period.'
Ms Wellard said the online, mobile, ATM and telephone banking services offered by the banks would be available as normal. The payment holiday is expected to affect all of Australia's banks.
The pay delay comes after a series of problems related to payments at Australia's banks in recent months.
Late last week, the National Australia Bank experienced a second major delay in its payments systems that forced the bank to open up branches over the weekend to accommodate customers and offer to reimburse them for losses.
Banks will also be in the spotlight when the Senate Economics Committee is scheduled to report its findings on its inquiry into competition in the banking industry.
Pay or funds deposited last Thursday would not be settled or posted to an account at another bank until as late as Thursday, 28 April.
'This year the combination of the national public holidays for Easter and Anzac days results in a five-day period where clearing and settlement process will be delayed,' Australian Banker's Association spokeswoman Heather Wellard said.
'The practice is no different from any other weekend, previous Easter long weekends or other Australian-wide public holidays such as the Christmas period.'
Ms Wellard said the online, mobile, ATM and telephone banking services offered by the banks would be available as normal. The payment holiday is expected to affect all of Australia's banks.
The pay delay comes after a series of problems related to payments at Australia's banks in recent months.
Late last week, the National Australia Bank experienced a second major delay in its payments systems that forced the bank to open up branches over the weekend to accommodate customers and offer to reimburse them for losses.
Banks will also be in the spotlight when the Senate Economics Committee is scheduled to report its findings on its inquiry into competition in the banking industry.
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